PNB Metlife Saral Jeevan Bima
- Avail Family Protection
- High Sum Assured
- Flexible Premium Payment
PNB Metlife Saral Jeevan Bima is a standard term insurance plan designed as per the guidelines of IRDAI. This plan is designed to provide pure protection to individuals and their family members with sum assured options ranging between INR 5 to 50 Lakhs. In case of accidental death of the insured individual, the legal heir/nominee is offered a lump sum death benefit amount. With PNB Saral Jeevan Bima insured individuals have the choice of the policy term to be protected for a fixed term ranging from 5 to 40 years as well as flexible premium payment options like: pay for limited period, one time, or throughout the policy term.
The minimum and maximum entry age for PNB Saral Jeevan Bima is 18 and 65 years respectively. Being a pure protection plan, the plan offers customizations such as sum assured amount, policy term, premium payment flexibility, and more. There is a waiting period of 45 days from the date of commencement of policy under the PNB Metlife Saral Jeevan Bima Plan.
PNB Metlife Saral Jeevan Bima offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 70 years
Minimum term - 5 years Maximum term - 40 years
Basic Sum Assured: ₹50K to no limit.
The policy loan is not available under PNB Metlife Saral Jeevan Bima.
Annual, Semi-Annual, and Monthly
Let's understand how the PNB MetLife Saral Jeevan Bima Plan works with a simple premium illustration.
Aakash, 30 years old, is looking for a pure protection plan to protect his family in his absence against the outstanding education loan he takes to support his child's education.
His financial advisor advised him to buy the PNB MetLife Saral Jeevan Bima Plan Work. He visited PolicyX.com.
Let's understand how the PNB MetLife Saral Jeevan Bima Plan works for him with an example.
| Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
| 30 years | ₹568/month | ₹10,152/year | 30 years | ₹3,04,560 | ₹25 Lakhs |
Key Takeaways: Unfortunately, Mr. Aakash dies in the 10th policy year. The plan terminates on his demise, and his legal heir/nominee receives the death benefit of INR 25 Lakhs as a lump sum, and his wife can repay the education loan taken by the Life insured.
Here are the benefits associated with the PNB Metlife Saral Jeevan Bima
In case of accidental death for Regular Premium or Limited Premium, the death benefit offered by PNB Metlife Saral Jeevan Bima will be higher than 10 times the Annualized Premium, or 105% of all premiums paid as of the date of death, or Absolute amount assured to be paid on death.
PNB Metlife Saral Jeevan Bima is a pure term insurance plan and does not provide any maturity benefit to the customers.
Insurance holders can avail of tax benefits for the premiums paid towards PNB Metlife Saral Jeevan Bima as per the Income Tax Laws under section 80C and 10(10D) of the Income Tax Act, 1961.
In case PNB Metlife Saral Jeevan Bima has lapsed due to the non-payment of premiums within the grace period, it can be revived during the lifetime of the life assured but within the revival period of 5 years and before the date of maturity.
You can add the following riders to your PNB MetLife Saral Jeevan Bima Plan:
The rider plan provides payment of an additional amount on the diagnosis of 10 critical conditions.
This rider offers additional benefits in case the policyholder is diagnosed with any of the terminal illnesses mentioned in the brochure.
This rider ensures that future due premiums are waived off in case of total and permanent disability of the life assured.
Here is the list of exclusions associated with the plan:
PNB Metlife has launched the PNB MetLife Saral Jeevan Bima plan, a simple term plan that allows you to financially protect your family in your absence. It offers various benefits like family protection, choice of policy term and multiple premium payment term options.
If you have doubts or queries regarding the PNB MetLife Saral Jeevan Bima plan or need a human touch, you can contact us through the website policyx.com or at 1800-4200-269.
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Simran is an insurance expert with more than 4 years of experience in the industry. An expert with previous experience in BFSI, Ed-tech, and insurance, she proactively helps her readers stay on par with all the latest Insurance industry developments.
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