- About Coverfox
You don’t and will never know when death will come knocking at your door. And when it does, what happens to the people you leave behind? You wouldn't want to leave this world without making sure that your loved ones are financially independent, would you? This is where life insurance can come to your help. An insurance plan is a cushion for your family in times of need.
One such firm which offers great life insurance plans is PNB MetLife, a venture between MetLife International Holdings and Punjab National Bank, also comprising of other important stakeholders such as Jammu and Kashmir Bank and M. Pallonji and Company Limited. With it’s abundant experience, knowledge and proficiency, PNB MetLife has carefully created a range of insurance plans for you to choose from. Its variety of products ensures that one can definitely find a plan most suitable to his/her vision of the future.
PNB MetLife provides a vast range of diverse investment plans for you to choose from. Make sure to research thoroughly before you dive in. The plan you choose must tick every box on your checklist.
Maturity Benefit: The maturity benefit payable will be a total of sum assured on maturity, accrued simple reversionary bonuses, and terminal bonus.
Waiver of premium on Critical Illnesses Benefit (WoP on CI): If you select the “Savings Plus” option, all future premiums that you would otherwise be required to pay under the base policy shall be waived off for the remainder of the premium payment term if you are diagnosed with any of the 35 critical illnesses.
Simple Reversionary Bonus & Terminal Bonus: Your policy gets bonus added to it from the first year. This is payable either at maturity or death or surrender; whichever is earlier.
Death Benefit: The nominee will receive Sum Assured on Death along with the accrued Simple Reversionary Bonuses plus Terminal Bonus (if any), subject to 105% of all premiums paid as on date of death, after which, the Policy shall terminate. Here, the sum assured is the highest of:
|Minimum Age at Entry||8||18|
|Maximum Age at Entry|
|Age at Maturity||80|
|Premium Paying Term|
|Policy Term||10 – 25 years|
|Minimum Annual Premium|
|Minimum Sum Assured||Rs. 2,20,000|
How the Plan Works
This endowment life insurance plan helps accumulate your savings for your financial needs at every stage of life, whether you need money for your home loan or need to pay for your child’s wedding. There are two variations of this plan – savings and savings Plus. At the end of every policy year, simple reversionary bonuses get accrued and form part of the total benefit to the insured at maturity along with the basic sum assured and terminal bonus.
Fund value. Sum assured minus partial withdrawals. 105% of the total premiums paid.
|Premium Payment Type||Single Pay||5 Pay||10 Pay||Regular Pay|
|Minimum Age at entry (years)*||0 (30 days)||0 (30 days)||0 (30 days)||0 (30 days)|
|Maximum Age at entry (years)*||60||54||60 (policy term<=25 years), 55 (policy term>25 years)||60|
|Minimum age at maturity (years)*||18 years||18 years||18 years||18 years|
|Maximum age at maturity (years)*||80||74||80||80|
|Minimum Annualized Premium (Rs) (PREMIER)||1,00,000||100,000||24,000||24,000|
|Minimum Annualized Premium (Rs) (ONLINE)||1,00,000||30,000||24,000||24,000|
How Plan works
It works just like any other life insurance plan where you receive a maturity benefit at the end of the policy as a lump sum or a strategic pay out through settlement options. In the case of the unfortunate death of the life assured, the nominee shall receive the death benefit.
|Particulars||Premium Payment Type||Policy Term||Age (Years)|
|Minimum Age at entry||5 Pay||10||8|
|Minimum Age at entry||5 Pay||15||3|
|Minimum Age at entry||7 Pay||15||3|
|Minimum Age at entry||10 Pay||20||3|
|Minimum Age at entry||12 Pay||20||3|
|Maximum age at maturity||5 Pay||10||70|
|Maximum age at maturity||5 Pay||15||75|
|Maximum age at maturity||7 Pay||15||75|
|Maximum age at maturity||10 Pay||20||80|
|Maximum age at maturity||12 Pay||20||80|
How does this Plan Work?
You earn guaranteed income benefit at various stages in your life and a maturity benefit on survival till the end of the term. PNB MetLife Guaranteed Income Plan is a non-linked, non-participating endowment policy that offers you a guaranteed income plan to avoid any financial obstacles in life. A lump sum benefit can also be availed to tackle any big financial requirements you might face in the future.
Death Benefit** – Sum Assured is payable on death which is the highest of:
Guaranteed Additions – These are added at the end of each policy year during the premium payment term. Guaranteed Additions is a percentage of cumulative premiums viz. 5 Pay – 5% | 7 Pay – 7% | 10 Pay – 10%
|Particulars||5 Pay||7Pay||10 Pay|
|Minimum Age at entry(years)||8||3||3|
|Maximum Age at entry (years)||60||60||60|
|Maximum age at maturity (years)||70||75||80|
How does this Plan work?
PNB MetLife Guaranteed Savings Plan is a guaranteed savings insurance plan that provides lump sum benefit on maturity along with guaranteed additions on cumulative premiums. This investment option allows you to create a corpus to achieve any goals you have set in your life in terms of finance.
|Age at entry (Years)||Wealth Option: 0 (30 days) Wealth + Care Option: 18||65|
|Policy term (Years)||99 – age at entry||99 – age at entry|
|Premium Paying Term (PPT) (Years)||For age < 45 : 10 For age >= 45 : 8||Wealth Option: 25 Wealth + Care Option: 25, Subject to age of life assured not exceeding 75 years at the end of PPT|
|Premium Payment Modes||Annual, Half Yearly and Monthly||-|
How does this Plan work?
The Wealth Option works like a normal whole life cover where you are required to pay premiums over the premium payment term and your wealth keeps accumulating. However, in the Wealth + Care Option, if you, unfortunately are diagnosed with any of the 5 illnesses mentioned in the policy document, all future payments are paid by the company.
|Minimum Age at entry||13 Years|
|Maximum Age at entry||55 Years|
|Maximum age at maturity||65 Years|
|Policy term||10 years|
|Premium payment term||Regular|
|Min Sum Assured||Rs. 250,000|
|Max Sum Assured||Rs. 5 Crore|
How does this Plan work?
This investment option is a systematic savings plan through which PNB MetLife offers a guaranteed money back with pay outs at regular intervals to you.
|Minimum Age at entry||20 Years|
|Maximum Age at entry||60 Years|
|Maximum age at maturity||75 Years|
|Premium Payment Term||10 years Limited Pay|
|Policy Term||15 years|
|Min. Sum Assured||Rs. 64,800|
|Max. Sum Assured||Rs. 5 Lakhs|
|Min. Premium||Annual:Rs. 6,000 | Semi-Annual:Rs. 10,000 | Monthly/PSP:Rs. 15,000|
|Max. Premium||Rs. 23,999 per Life|
How does this Plan work?
PNB MetLife Bachat Yojana is a long-term savings plan which allows you to address your long term financial needs through affordable premiums and offers you a sum assured plus any bonus that has gotten added to your policy from the third year onwards.
Keeping your convenience in mind, there are several ways in which you may apply for PNB MetLife Investment Plans. But, before you decide to buy the plan, make sure that the plan you select checks off every item in your checklist. Do not settle for anything less as you would be investing your hard-earned money in it. Go through every feature of the insurance policy and understand it thoroughly. You may even consult an advisor for more information.
First and foremost, go to the company's website directly. The company allows you to apply online through its official website. It is an extremely easy process. All you have to do is log onto the website, choose the most suitable plan that fulfils your requirements, select the coverage, and fill out all your details. These are basic details you need to provide such as name, date of birth, phone number, address, etc.
The next thing is to check the premium which is calculated automatically. Once you approve of the amount of premium, you may go ahead and make the payment through the following modes:
And, that is it! Your policy will be issued. Another popular way is to get your policy made through agents, brokers, banks etc. They provide you with all the assistance you may require with respect to the application process.
There are also a few other websites such as Policy Bazaar which allow you to apply through their website. You will be required to fill in a few personal details before you are directed to the insurer’s website as a final step to the process. You will need to provide a few documents to complete the process. These following are the documents required for the PNB Metlife policy application:
Why should you choose PNB MetLife Investment Plans?
PNB MetLife offers you the expertise of MetLife Inc., a leading global life insurance company, and the integrity of Punjab National Bank, one of India's oldest and leading nationalised banks. Together, they have an enormous distribution reach coupled with global insurance knowledge and product range makes them a reliable name in the insurance market of India.
Which is the best Investment Plan of PNB MetLife Investment Plans 2018?
Truth be told, the best investment plan for you may not be the best option for somebody else. Thus, it all depends on what your financial objective is. You must choose an investment plan that best aligns with your goals and your vision of what your future should look like.
Which is the best PNB MetLife Investment Plans for long term?
All the plans mentioned above are great options for a long-term investment plan, but the PNB MetLife Bachat Yojana can definitely help you meet your long term financial goals.
Why should I buy PNB MetLife Investment Plans?
There are a number of reasons you should buy an investment plan from PNB MetLife including their reputed brand value, diversity of products, and of course, the quality of services they provide. Not to mention, the firm as a really high claim settlement ratio.
How to pay premium? What are the modes of payment available?
You can pay your premium online by dropping off cash or a cheque at the office, by courier, or even through a drop box.
How can I check policy status for PNB MetLife Investment Plans?
Your policy status can be checked by accessing your account using the login ID and password. The e-portal will provide all the details regarding your policy including the status.