PNB MetLife Guaranteed Savings Plan is an individual, non-participating, non-linked savings plus life insurance policy. By serving dual purposes of creating a savings corpus while also ensuring a life cover, the Guaranteed Savings Plan ensures that your family's monetary needs are looked after even in your absence.
It covers you and your family under unfortunate circumstances.
Let's briefly discuss the key benefits that one can avail.
The sum assured on surviving the policy term is calculated as a percentage of the basic sum assured, along with guaranteed additions on the cumulative premiums paid per year.
Both the sum assured and the additional returns on premiums vary per the premium payment term chosen at inception.
|Premium Payment Term||5 Pay||7 Pay||10 Pay|
|Sum Assured on Maturity (% of Basic Sum Assured)||70%||100%||130%|
|Guaranteed Addition Rate||5%||7%||10%|
The nominee is liable to receive death benefit plus accrued returns on premiums paid in case of unfortunate demise of the Life Assured. The lump-sum capital can be used by the Life Assured's family to pursue short-term and long-term goals.
The death benefit is payable as 105% of total premiums paid or annualised premium*premium multiple (see eligibility criteria) or basic sum assured at inception, whichever is highest.
Policyholders are eligible to receive discounts on premiums if the sum assured is [i] Rs. 7 Lakhs and up in case of 5 Pay, [ii] Rs. 3.5 Lakhs and up in case of 7 Pay and [iii] Rs. 3 Lakhs and up in case of 10 Pay.
Policyholders can avail up to 90% of the surrender value as a loan.
Tax exemptions based on premiums paid and benefits received are applicable as per existing tax laws in the country.
Riders safeguard against unexpected events that could otherwise leave a dent in your finances. The riders can be added to the basic plan at nominal charges.
|Premium Payment Term||5 Pay||7 Pay||7 Pay||10 Pay|
|Policy Term||10 years||12 years||15 years||20 years|
|Minimum Age at Entry||8 years||6 years||3 years||3 years|
|Maximum Age at Entry||60 years|
|Maximum Age at Maturity||70 years||72 years||75 years||80 years|
|Minimum Annual Premium||Rs. 46,480||Rs. 24,970||Rs. 21,068||Rs. 14,178|
|Minimum Sum Assured||Rs. 4,00,000||Rs. 2,00,000||Rs. 2,00,000||Rs. 1,50,000|
|Premium Multiple||If Age at Entry is less than 45: 10x, If Age at Entry is 45 or above: 7x or 10x|
Let us assume a healthy 35-year-old female who decides to purchase PNB MetLife Guaranteed Savings Plan for a basic sum assured (BSA) of Rs. 5,50,000.
|Applicable Benefits||Amount Received|
|Sum Assured on Maturity||Rs. 7.16 Lakhs|
|Guaranteed Additions||Rs. 2.75 Lakhs|
|Total Maturity Benefit||Rs. 9.91 Lakhs|
Let us now assume a healthy 35-year-old male who decides to purchase PNB MetLife Guaranteed Savings Plan for a basic sum assured (BSA) of Rs. 4,70,000.
|Applicable Benefits||Amount Received|
|Sum Assured on Maturity||Rs. 4.77 Lakhs|
|Guaranteed Additions||Rs. 0.98 Lakhs|
|Total Maturity Benefit||Rs. 5.75 Lakhs|
In the event that the Life Assured dies by suicide within twelve months from the date of policy inception or from the date of revival of the policy, the beneficiary assigned by the policyholder will be entitled to 80% of the total premium paid till the date of death. Please note that the company is not liable to pay any interest on this amount.
Exclusions under PNB MetLife Serious Illness Rider
The rider benefits cannot be availed under the following circumstances:
Exclusions under PNB MetLife Accidental Death Benefit Rider Plus
Benefits under this rider shall not be applicable if death occurs as a result of:
The claim process at PNB MetLife involves the following steps:
Apply For the Claim:
File a claim on the official website or on their KhUshi App. Alternatively, you could intimate them via email at email@example.com, or send a claim request via post.
In case of death claims, nominees are required to submit important documents (as highlighted in the next section) in the correct format as stated by the company to ensure a smooth process.
Once the documents are received, the claims will be processed within 30 days if further investigation is not required. In cases that require further investigation, claims will be processed within 90 days from the date of receipt of documents.
Note: Depending upon the riders that were bought with the plan, you might be required to submit some additional documents. Please visit their official website for more details or check out the FAQ section at the end of this page.
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Last updated on August, 2021
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