PNB Metlife Saral Jeevan Bima

PNB Metlife Saral Jeevan Bima is a standard term 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 Metlife 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 a 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 At A Glance

PNB Metlife Saral Jeevan Bima Benefits

There are various benefits attached to PNB Saral Jeevan Bima that are mentioned below:

How Does PNB Metlife Saral Jeevan Bima Work?

To understand the functionality of PNB Saral Jeevan Bima, we must understand it with an example provided below:

Mr. Aakash, aged 30 years lives with his wife and son, he takes a 10 Lakhs of education loan to support his child's education. Mr. Aakash selects PNB Metlife Saral Jeevan Bima with a sum assured of INR 25 Lakhs, with an annual premium of INR 6,650, and opts for a regular premium payment with a policy term of 30 years. 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 is able to repay the education loan taken by the Life insured.

PNB Metlife Saral Jeevan Bima Exclusions

PNB Saral Jeevan Bima has a suicide exclusion that states for regular and limited pay policies, in case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, the nominee/legal heir shall be entitled to 80% of the total premiums paid till the date of death.