PNB MetLife Child Plans

PNB MetLife Insurance company is one of the very first insurance companies in India. Since 2001, it has been widespread in all parts of India. PNB MetLife is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and various exclusive branches. Among all, Punjab National Bank (PNB) and MetLife International Holdings Inc. (MIHI) are prime shareholders. PNB and MIHI contribute immensely to the functioning of the company as a whole. Punjab National Bank (PNB) is the foremost national bank in India and MetLife International Holdings Inc. (MIHI) is a top insurance company in India. The financial strength and reputation of both these organisation merge as one in PNB MetLife Insurance Company.

If you are a parent or a to-be parent, you may already have questions about your child’s safety in your mind. Pondering about your child’s life and for you to be always financially able to provide for your child’s requirement in every possible way is what every parent goes through. In recent times, there are a number of child plans that have been established. These child plans will help you secure your child’s future and make sure that he or she can avail the primary necessities of life. As relieving as this sounds, purchasing a child plan can be an added expenditure to regular costs. However, by researching and selecting the right insurance company, plan, budget and so on; you can make this work easily possible for you.

PNB MetLife child plans are structured to take care of all your child’s needs that may change over time. It provides entire cover to your child from education needs to marriage and various other requirements. All in all, PNB MetLife Child plans will help you make money for your child’s future with many other benefits.

Types of Child Plans offered by PNBMetLife Child Plans

PNB MetLife provides two types of child plans. One is a traditional plan that yields guaranteed returns and the other is a unit linked plan which consists of an alternative of using it as a child plan. Both these plans have different characteristics and features.

PNB MetLife College Plan

PNB MetLife College Plan is a traditional plan that functions as a money back plan for your child’s future. It is primarily a child education plan.

Benefits:

The plan earns bonuses since it is a part of the company’s profits.
To fulfill the educational expenses, survival benefits @ 20% of the sum assured is offered in the last three years of the policy.
Reversionary bonus arises from the third year of the policy up until the end of the term.
Maturity benefits given will include the sum assured, accrued reversionary bonuses and terminal bonus, if any.
Upto 90% of the Special Surrender Value is available for loans.
Tax benefits under section 80C and section 10 (10D) of the Income Tax Act,1961are applicable. For example, tax deductions are allowed on the premiums paid and the obtained claim amount.
Survival benefits paid in the ending three years of the policy.

Eligibility:

Age: Minimum age for entry is 20 years and maximum is 45 years.
Maturity age: While there is no minimum maturity age, the maximum is 69 years.
Term of policy: Not less than 12 years and not more than 24 years term.
Sum assured: Minimum is Rs. 2,12,040 and maximum is Rs. 5 crores.
Premium: For Annual mode Rs. 18,000 | Maximum Rs. 42,44,482.
Term of premium payment: Equivalent to the term of the particular policy.
Recurrence of premium payments: Monthly, quarterly, semi-annually and annually.

How it works?

If the insured dies within the time period of the plan, an advantage which is highest of 10 times the Annualized Premium or Base Sum Assured or Minimum guaranteed Sum Assured on maturity or 105% of all premiums paid along with the Accruedreversionary bonus to the beneficiary is paid. All future premiums will be waived off and the policy will continue.

MetLife Smart Child Plan

PNB MetLife Smart Child Plan is a unit linked plan that provides for the child’s well-being in case the insured passes away.

Benefits:

Premiums must be paid for the whole term of the plan.
On maturity, loyalty additions are adjoined at 2% to 3% of the average fund value with regards to the tenure of the selected plan.
There are six funds specifically, Protector II, Balancer II, Preserver II, Virtue II, Multiplier II and Flexi Cap. The premiums paid with the deductions are invested in these funds as per the choice of the policy holder.
Every year four switches are allowed.
A minimum of Rs. 5000 for the facility of partial withdrawals is required. This facility is available only when the plan has finished five years.
The fund value is to be given on maturity of the plan. This fund value can be taken as a lump sum or in instalments in the settlement options as well as an amalgamation of lump sum and instalments.

Eligibility:

Age: Minimum age for policy holder is 18 years and maximum 55 years. Whereas minimum age for beneficiary is 90 days and maximum 17 years.
Term of policy: 10,15 or 20 years.
Premium paying term:Same as policy Term
Sum assured: 10 times more than the yearly premium.
Premium: From Rs. 18,000 to Rs. 2 lakhs.
Term of premium payment: Same as the term of the plan chose.
Recurrence of premium payments: Annually, semi-annually, quarterly or monthly.

How it works?

If the insured dies within the term period of the plan being in force, the payable amount will be highest of; the initially chosen sum assured or 105% of the total premiums paid until the death of the insured. All the remaining premiums are waived off through the premium waiver benefit. PNB MetLife an amount equivalent to one annualized regular premium will be credit on a regular basis as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.The amount that was invested in equity funds is then transferred to the Balance fund II to secure it against market changeableness.

How to apply for PNB MetLife Child Plans?

You can apply for PNB MetLife Child Plans in a few different ways. One is through the internet i.e. online and the other is through intercessors.

Online process: For some plans that are available online, you can follow the steps given below.

Go to PNB MetLife’s official website.
Select the child plan.
Choose the coverage.
Provide all the required details.
The premium will then be decided on the basis of the details given.
Pay the premium using debit card, credit card, net banking, etc.

Intercessors: Intercessors are basically intermediaries like agents, branches, banks, brokers, etc. They do the work on behalf of PNB MetLife Insurance Company. We can visit these institutions and places and manually purchase child plans.

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FAQs on PNB MetLife Child Plan

Which is the best PNB MetLife Child Plan for long term?

Between the two child plans,PNB MetLife College Plan has a longer term of 24 years.

Why should I buy PNB MetLife Child Plans?

Ever since 2001, PNB MetLife has provided for millions of customers and their needs. With the top companies in joint-venture, it functions efficiently and effectively. With a PNB MetLife Child Plan you can be assured that your child’s future is financial secure and stable.

What should I do if i want to change my premium paying?

You can visit any PNB MetLife branch or call on toll free number 18004256969 for assistance.

Why should you opt for PNB MetLife Child Plans?

PNB MetLife Child Plans have saving options to cover various requirements of your child. It is the safest way to secure your child’s growing and changing requirements. PNB MetLife is reliable and one of the most popular insurance companies in India.

How to pay a premium? Modes of premium available?

You can pay premiums through cash or cheque and deposit it at the branch office, online by entering your ID, password and then click on pay premium, facility of drop box, courier, ECS or auto-debit facility.

How can I check policy status for PNB MetLife Child Plans?

You can check the policy status of your PNB MetLife Child Plan by entering your ID and password and logging in on the e-portal. A policy details tab persists, wherein the details of your policy can be checked.

What is the policy renewal process for PNB MetLife Child Plans?

Visit the nearest PNB MetLife branch and fill in the renewal form. Submit the renewal form along with the other required documents.

What is the company’s process to claim for PNB MetLife Child Plans?

Firstly, you need to inform the company about the claim policy by fax, email or letter. You can proceed by visiting any PNB MetLife branch, contacting advisors, connecting to the claims department in the head office or by a regional service team. There is a list of documents that you need to provide as proof to the company. Once you submit them and they get verified, the claims will be settled within 30 days.

What is the policy cancellation process for PNB MetLife Child Plans?

You need to fill and submit a surrender form along with all the policy documents required to a PNB MetLife branch nearest to you. You may have to pay a certain amount for the cancellation. After the company receives the documents and amount, your policy will be cancelled.