PNB Metlife Aajeevan Suraksha Plan

Overview

PNB Metlife Aajeevan Suraksha Plan offers individuals a comprehensive life cover with a plethora of benefits and features. It provides the convenience to pay premiums for a shorter period or throughout the policy term, with life cover extending up to 99 years of age. Policyholders can also opt to cover their spouse under the same plan and select the return of premiums on survival till the end of the policy term. The plan offers a choice of four benefit options: Lump Sum, Life Partner, Fixed Income, and Increasing Income.

Additional benefits include a 'Return of Premium' option to get your premiums back on survival till maturity, rider benefits, as well as inbuilt coverage against terminal illness. To make the right purchase decision, it is essential to understand if the plan is tailored to your needs and requirements. This article sheds light on all the pros and cons of the Aajeevan Suraksha Plan.

Key Benefits

PNB Metlife Aajeevan Suraksha Plan offers you a range of benefits including:

• Affordable Premium
• Multiple Premium Payment Modes
• In-built Accidental Cover
• Tax Benefits as per prevailing laws
• Double Sum Assured Option
• Advance Premium Feature

Features of PNB Metlife Aajeevan Suraksha Plan

Whole Life Cover

Get complete protection up to the age of 99 years and stay protected with a life cover.

Tax Benefits

You can claim up to 1.5 lakhs of tax benefits under section 80C of The Income Tax Act, 1961, against the premiums paid for this policy.

Increasing Monthly Income

Increasing monthly income for 10 years plus immediate lump sum payout equal to 100 times the chosen monthly income.

Spouse Coverage

With the spouse coverage benefit, you can get coverage for both the husband and wife under a single plan.

Maturity Benefit

The maturity benefit is applicable only if the 'Return of Premiums' option is chosen at the policy inception. The Maturity Benefit is equal to the Guaranteed Sum Assured on Maturity.

Special Benefits for Women Policyholders

Under the PNB Metlife Aajeevan Suraksha plan, female policyholders are entitled to special premium rates.

Return of Premiums

Under this benefit, insured individuals are entitled to receive a maturity benefit which is equal to the guaranteed sum assured on maturity on survival till the maturity of the policy.

Flexible Premium Payment Mode

Aajeevan Suraksha Plan offers flexible premium payment by offering insurance holders to opt for yearly, half-yearly, or monthly premium payment modes.

Riders Associated with PNB Metlife Aajeevan Suraksha Plan

You can add the following riders to your PNB Metlife Aajeevan Suraksha Plan:

PNB MetLife Serious Illness Rider

Get additional health coverage on top of the base cover in case of a diagnosis of any listed critical illnesses.

PNB MetLife Accidental Death Benefit Rider

Get an extra payout on top of the base cover upon your unfortunate death due to an accident.

Plan Options Offered By PNB Metlife Aajeevan Suraksha Plan

PNB Metlife Aajeevan Suraksha Plan offers various additional benefits to policyholders.

1. Lump Sum Benefit

   At the policy inception, individuals can opt for a lump sum payout benefit on the first diagnosis of terminal illness or death of the life insured. The lump sum paid to the insured individual is equivalent to the sum assured on death and is available under both 'Fixed Term' and 'Whole Life' Cover Options.

2. Fixed Income Benefit

   This benefit allows insured individuals to choose their monthly income amount. Upon the first occurrence of death or diagnosis of terminal illness, the sum assured on death shall be payable, which is equal to a lump sum amount (100 times the monthly income chosen at inception) payable immediately, plus a fixed monthly income payable over 10 years (120 months) in installments. The first monthly income will be paid to the nominee one month from the date of the life assured's death. This benefit can be availed with both 'Fixed Term' and 'Whole Life' Cover options.

3. Life Partner Benefit

   The Life Partner Benefit allows individuals to cover both themselves and their spouse under the same plan. The cover for the second life insured shall be less than or equal to 50% of the lump sum amount chosen for the first life, with a minimum of INR 25 Lakhs and a maximum of INR 1 Crore. Insurance holders must opt for lump sum benefits at the time of inception. Different scenarios under the life partner benefit option are mentioned below:

   • If the first life insured dies, the policy pays a lump sum amount to the nominee.
   • The policy will continue, with future premiums waived off.
   • Upon the subsequent death or diagnosis of terminal illness of the second insured life, the sum assured on death for the second life is paid, and the policy terminates.
   • Upon the death of the second life, the sum assured is payable as a lump sum, and the policy shall continue with reduced premiums for the first life.
   • Upon subsequent death or diagnosis of terminal illness for the first life, the sum assured for the first life's death is paid, and the policy terminates.
   • The sum assured on death for both the first and second lives will be paid as a lump sum, and the policy will be terminated.

4. Increasing Income Benefit

   Individuals must select their monthly income amount at the time of inception. Upon the first occurrence of death or diagnosis of terminal illness, the sum assured on death will be payable. The sum assured on death is equal to a lump sum amount (100 times the monthly income chosen at inception) payable immediately, plus an increasing monthly income payable over 10 years (120 months) in installments, increasing at 10% per annum. The first installment of the monthly income will be payable one month from the date of the life assured's death. This option is available under both 'Fixed Term' and 'Whole Life' Cover options.

Exclusions

• Death due to a pandemic is not covered.
• Death caused by any type of adventure sports.
• Death due to consumption of any type of drugs or alcohol.
• Death due to any pre-existing disease not declared at policy inception.
• If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee.