Insurance Plans 278 views April 13, 2020

PNB MetLife Whole Life Wealth Plan

PNB MetLife is one of the leading insurance providers in India who offers outstanding products to cater to various insurance needs of its customers. the company offers a wide range of insurance products ranging from traditional to unit-linked all designed to satisfy insurance needs at various stages of life. PNB Whole Life Wealth Plan is the best plan for wealth creation. Let us understand the features and benefits of this plan in detail.

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PNB MetLife Whole Life Wealth Plan at a glance

This insurance product is designed for customers who have a goal of wealth creation. The plan is a unit-linked, a non-participating life insurance plan that offers insurance cover along with an opportunity to multiply your investments. The following are key features of the plan:

Whole Life Coverage

Insured is offered a whole life coverage till the age of 99. By choosing this plan the insured can financially protect the family for a longer duration. Additionally, the whole life cover is available by paying a premium for a limited period. Insured can choose to pay for a limited period ranging between 8 years to 25 years, while the insurance cover continues for whole life i.e. till the age of 99 years.

Personalized Insurance Cover

Insured can personalize their life cover. The plan offers two cover options, insured can opt the one which is in sync with his/her financial goals. for safeguarding family in the times of critical illness it is best to choose the ‘Care Benefit’ option.

Personalised Wealth Plan

This plan provides an opportunity to the insured to plan and create a wealth plan by formulating personalized portfolio strategies. The plan offers 11 diverse funds which can be utilized to personalize the investment portfolio.

Systematic Transfer Strategy

Under this plan, the insured can maximize their earnings by transferring their premium to equities in regular instalments.

Rewards

Under this plan, the insured have an opportunity to enhance the fund value with fund boosters at the end of 10th year and 15th year.

Tax Benefit

The insured can avail tax benefit on the premium amount paid as per the prevailing income tax laws.

Benefits of the plan

The PNB MetLife whole life wealth plan offers the following benefits to the insured

Plan option

The policy offers two plan options, insured can opt anyone as per their insurance needs. The Wealth Option, offers wealth creation opportunity, whereas the wealth + care option, offers wealth creation opportunity along with a waiver of all future premiums in the event of the occurrence of any one of the pre-defined 5 critical illnesses mentioned in the policy brochure.

Maturity Benefit

In the event of survival of the insured till the end of the policy tenure i.e. when the insured is 99 years of age, the company shall provide the maturity benefit equivalent to the total fund value. Kindly note, the maturity benefit is payable only if the policy is in force and all due premiums are paid.

Death Benefit

Death benefit paid under the policy is divided into two categories:

In case the death of the life assured occurs before attaining the age of 60 years, the death benefit payable shall be the highest of the following:

  1. The fund value,
  2. The sum assured after deducting partial withdrawal amount if any,
  3. 105% of the premium paid during the policy tenure, excluding tax amount

In case the death of the life assured occurs after attaining the age of 60 years, the death benefit payable shall be the highest of the following:

  1. The fund value,
  2. The sum assured after deducting partial withdrawal amount, if any, made after the Life assured attained 58 years of age,
  3. 105% of the premium paid during the policy tenure, excluding tax amount

Self-Managed Strategy

The life insured has an option to diversify or invest the premium amount in 11 different funds. The insured can choose the portfolio strategy and switch funds depending upon the financial goals, risk appetite, and changing market situation. The 11 investment fund available under this plan is as under:

  1. Mid cap Fund
  2. Premier Multi-Cap Fund
  3. Virtue II
  4. CREST
  5. Flexi Cap
  6. Multiplier III
  7. Balanced Opportunities Fund
  8. Balancer II
  9. Protector II
  10. Bond Opportunities Fund
  11. Liquid Fund

Final Word

The PNB MetLife Whole Life Wealth Plan is a comprehensive insurance plan that offers triple benefits like insurance cover, wealth creation and flexibility of investing in various market-linked funds. This insurance plan is a highly recommended insurance product in one’s investment portfolio.

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