PNB Metlife Aajeevan Suraksha Plan
  • Flexible Premium Payment
  • Joint Life Cover
  • Whole Life Cover
PNB Metlif Aajeevan Suraksha Plan
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PNB Metlife Aajeevan Suraksha Plan

PNB Metlife Aajeevan Suraksha Plan offers individuals a comprehensive life cover with a plethora of benefits and features embedded within the plan. Aajeevan Suraksha Plan offers you the convenience to pay premiums for a shorter period of time or throughout the policy term as well as life cover up to 99 years of age. Insurance holders 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 individuals a choice of 4 benefit options, namely

  • Lump Sum - Death Benefit paid as a lump sum
  • Life Partner - Cover your spouse under the same policy
  • Fixed Income - Level monthly income plus immediate lump sum payout
  • Increasing Income - Increasing monthly income plus immediate lump sum

Additional benefits under the plan 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. In order to reach the right purchase decision it is essential to understand if the plan is tailored as per your needs and requirements. In this article, we shed light on all the pros and cons of the Aajeevan Suraksha Plan.

PNB Metlife Aajeevan Suraksha Plan At A Glance

Cover Option Fixed Term Cover & Whole Life Cover
Benefit Options Lump Sum
Life Partner
Fixed Income
Increasing Income
Entry Age 18 to 65 Years
Maximum Maturity Age 80/99 Years
Sum Assured Minimum: 25,00,000
Maximum: No Limit
Minimum Policy Term Single Pay/ Regular Pay: 10
Limited Pay: Premium Payment Term Plus 5
Maximum Policy Term Fixed Term Cover: Without Return of Premiums - 40 With Return of Premiums - 30
Whole Life Cover: Without Return of Premium - 99 minus age at entry
Premium Payment Term Single Pay/ Limited Pay - 5 to 15 Years/ Regular Pay
Premium Payment Option Yearly/Half Yearly/ Monthly

PNB Metlife Aajeevan Suraksha Plan Benefits

Aajeevan Suraksha Plan has various benefits included that will protect customers in their time of need. We have mentioned below some of the benefits:

  • Death Benefit or Terminal Illness Benefit
    Death or Terminal Illness Benefit option is available to insurance holders as per the benefit option selected by the policyholder at the time of policy purchase.
  • option 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.
  • Option 2 - Life Partner Benefit
    Life Partner Benefit offers individuals the facility to cover both the individual 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, to a minimum of INR 25 Lakhs and a maximum of INR 1 Crore. Insurance holders have to opt for lump sum benefits at the time of inception. We have mentioned below different scenarios under the life partner benefit option:
    1. On the first occurrence of death or diagnosis of terminal illness for the first life:
      • In case the first life insured dies, the policy pays a lump sum amount to the nominee.
      • The policy will continue further with future premiums being waived off.
      • On the subsequent occurrence of death or diagnosis of terminal illness of the second insured life, the sum assured on death of the second life is paid and the policy terminates with the payment of this amount.
    2. On the first occurrence of death or diagnosis of terminal illness for the second life preceding the first life:
      • On death of the second life sum assured is payable as lump sum and the policy shall continue with reduced premiums with respect to the first life.
      • On subsequent death or diagnosis of terminal illness for the first life, the sum assured is paid in respect to the death of the first life and the policy terminates with the payment of this amount.
    3. On the first occurrence of death or diagnosis of terminal illness of both lives simultaneously:
    The sum assured on death with respect to both the first life and the second life will be paid as a lump sum and the policy will be terminated.
  • Option 3 - Fixed Income Benefit
    This benefit allows insured individuals to opt for their monthly income amount. On the first occurrence of death or diagnosis of terminal illness, the sum assured on death shall be payable which is equal to lum sum amount (equal to 100 times of monthly income chosen at the time of inception) payable immediately plus the 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 death of the life assured. This benefit can be availed with both 'Fixed Term' and 'Whole Life' Cover options.
  • Option 4 - Increasing Income Benefit
    Individuals have to select their monthly income amount at the time of inception and on the first occurrence of death or diagnosis of terminal illness, the sum assured will be payable on death. The sum assured on death is equal to the lump sum amount which is (equal to 100 times of monthly income chosen at the time of inception) payable immediately plus increasing monthly income payable over 10 years (120 months) in installments increasing at 10% per annum. However, the first installment of the monthly income will be payable one month from the date of death of the life assured. This option is available under both 'Fixed Term' and 'Whole Life' Cover options.

Additional Benefits Under PNB Metlife Aajeevan Suraksha Plan

There are multiple additional benefits under the plan that insured individuals can avail for their benefit:

  • Return of Premium Benefit
    This benefit is available at an additional premium and has to be opted at the time of policy purchase. 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. This additional benefit is available with both 'Fixed Term' and 'Whole Life' Cover.
  • Maturity Benefit
    The maturity benefit will be 0 if the 'without return of premiums' option is chosen under the policy. The maturity benefit is applicable only if 'Return of Premiums' option is chosen. The Maturity Benefit is equal to Guaranteed Sum Assured on Maturity.
    For Option 1 - Lump Sum, Option 3 - Fixed Income, and Option 4 - Increasing Income, Guaranteed Sum Assured on maturity is the absolute amount of benefit guaranteed to be paid on maturity which is 100% of total premiums paid under the policy.
    For Option 2 - Life Partner, the following summarizes the maturity benefit under different scenarios:
    • On survival of both lives till maturity - Guaranteed Sum Assured on maturity in respect of both lives, which is the absolute amount of benefit guaranteed to be paid on maturity and is equal to 100% of total premiums paid in respect of both life cover.
    • On death or diagnosis of terminal illness of the first life, and survival of second life till maturity - Guaranteed Sum Assured on maturity in respect of the second life, which is the absolute amount of benefit guaranteed to be paid on maturity, and is equal to total additional premiums paid for second life cover.
    • On death or diagnosis of terminal illness of the second life, and survival of first life till maturity - Guaranteed Sum Assured on maturity in respect of the first life, which is the absolute amount of benefit guaranteed to be paid on maturity, and is equal to total premiums paid for first life cover.
  • Special Benefits for Women Policyholders
    Under the PNB Metlife Aajeevan Suraksha plan, female policyholders are entitled to special premium rates.
  • 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 Under PNB Metlife Aajeevan Suraksha Plan

There are 2 riders available under the plan that insurance holders can opt for during the purchase of policy:

  • PNB Metlife Accidental Death Benefit Rider Plus
    In case of accidental death, the rider offers 100% of rider sum assured. The minimum rider sum assured is 50,000 (Regular pay and 10 years of limited pay) and INR 1.5 L for (5 years of limited pay and single pay).
  • PNB Metlife Serious Illness Rider
    This additional rider offers 100% of the rider sum assured on survival of the first 30 days following the diagnosis of any of the listed critical illnesses. The minimum sum assured offered under the rider is INR 50,000 and the maximum sum assured offered under the rider is INR 50 L.

These rider benefits are applicable to the policy according to certain terms and conditions.

PNB Metlife Aajeevan Suraksha Plan Exclusions

The plan has suicide exclusions wherein if the policyholder dies due to suicide within 12 months from the date of commencement of risk or from the date of the revival of the policy, the nominee is entitled to receive at least 80% of the total premiums paid under the policy till the date of death.

Other PNB Metlife Term Insurance Plans

PNB Metlife Mera Term Plan Plus

PNB Metlife Mera Term Plan Plus is an online term plan that can be customized by policyholders according to their financial liabilities. The plan offers lifetime security for the family in the event of adversity leading to the death of the policyholder.

Unique Features

  • Flexibility in death benefit payout
  • In-built Joint Life feature
  • Protection till the age of 99 years

PNB Metlife Aajeevan Suraksha Plan: FAQs

1. What is the PNB Aajeevan Suraksha Plan?

The plan offers comprehensive protection to your family with fixed-term and whole-life cover options. The policy also offers coverage to your spouse under the same plan and comes with 4 plan benefits that are lump sum, life partner, fixed income, and increasing income benefit.

2. Do insurance holders get tax benefits on purchasing Aajeevan Suraksha Plan?

Yes, individuals investing in PNB Metlife Aajeevan Suraksha Plan are entitled to tax benefits as per the Income Tax Act, 1961.

3. What are the additional benefits offered under the Aajeevan Suraksha Plan?

There are various additional benefits offered under the plan such as maturity benefits, surrender benefits, Return of Premium benefits, special premium rates for females, and more.

4. What is the eligibility criteria for PNB Metlife Aajeevan Suraksha Plan?

The eligibility criteria for Aajeevan Suraksha Plan is as follows:

  • Minimum Entry Age - 18 Years
  • Maximum Entry Age - 65 Years

5. What are the riders available under PNB Metlife Aajeevan Suraksha Plan?

The rider benefits available under the PNB Metlife Aajeevan Suraksha Plan are as follows:

  • PNB Metlife Accidental Death Benefit Rider Plus
  • PNB Metlife Serious Illness Rider

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PNB Metlife Term Insurance Reviews

Read what our customers have to say about PNB Metlife term insurance company

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Sahani Kaur

Gandhinagar

April 8, 2024

The PNB MetLife Mera Term Plan Plus I& 039;ve bought it at a low premium, and it is fully satisfactory to me. The insurance expert of PolicyX is too polite, and their online buying facility red...

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Anoop srivastva

Gandhinagar

March 18, 2024

No hidden fees or charges! I have some doubts regarding my PNB MetLife insurance premiums. So I decided to visit policyx.com. Within in couple of minutes, they resolved all of my queries. I am ...

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Piyush

Raipur

May 1, 2023

I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance

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Sudhir Koul

Delhi

May 26, 2022

Very reliable company. I have bought PNB Metlife insurance, and I believe that this company will help me in my hard times.

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neha singh

Cuttack

February 24, 2022

I am a single mother with 2 kids. I always think about the future of my kids. Thats why i invested in term insurance plan with PNB as their claim settlement ratio is good so i am sure that my m...

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Nimrit

Chandigarh

February 18, 2022

Very satisfied with their team who is always available for help. Never worried about my money with them.

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Ritu Verma

Delhi

February 10, 2022

I heard about this company from my friends and family who are already their customers and it is one of the best decisions as the company offers suitable plans for every need.

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Sakhu Wati

Kanpur

November 17, 2021

Very reliable company. I have bought PNB Metlife insurance, and I believe that this company will help me in my hard times.

Bindiya Sinha

Written By: Bindiya Sinha

Bindiya is a seasoned content writer specializing in keeping readers acquainted with the insurance industry, term insurance developments, and life insurance sector shifts. With an experience of 3 years in insurance, Bindiya ensures that her readers stay well informed with the insurance developments and factually correct information.

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