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Term Insurance 7391 views May 29, 2021
PNB MetLife Century Plan is a comprehensive life insurance solution designed to meet regular income along with building a corpus to secure your family’s future. This participating life insurance plan from PNB MetLife provides policyholders income and cover for whole life (till the age of 100 years).
Policyholders can live their life without compromise and secure their family’s future by choosing this plan. Before understanding this plan further, let’s check out its prominent features mentioned below.
Now, we will talk about these features and the benefits of the PNB MetLife Century Plan in detail so that you can purchase it without any second thought. Let’s start without any further delay!
Table of Contents
PNB MetLife Century Plan is a participating life insurance plan that not only provides you a secure future but also a wealth creation opportunity. Here, we are going to discuss its key features and benefits thoroughly.
The minimum sum assured amount depends on the premium payment term. For premium payment terms of 5 to 9 years, it stands at INR 6,00,000, while for 10, 12 and 15 years, it is fixed at INR 2,40,000. However, there is no maximum limit on the sum assured.
The minimum premium amount also depends on the premium payment term. For 5 to 9 years, the premium amount can go as low as INR 60,000, while for 10, 12, and 15 years, the amount stands at INR 24,000.
The premium payment term depends on the income option chosen at the inception of the policy. To know more, check the below table.
Family Care Option | Premium Payment Term (in years) | ||
---|---|---|---|
Super Income | Smart Income | Future Income | |
Without | 5 to 10, 12, 15 | 5 to 10, 12, 15 | 8, 10, 12, 15 |
With | 5 to 10, 12, 15 | 5 to 10, 12, 15 | 8, 10, 12, 15 |
Century Plan from PNB MetLife provides 3 income options to get the survival benefits (in the form of cash bonus) – Super Income, Smart Income and Future Income. Let’s understand each of these three options.
Under this option, policyholders will get a cash bonus during the premium payment term according to a minimum rate as per the below table. Policyholders will get cash bonuses every year from the first policy year until the death or end of the policy term.
Family Care Benefit | Premium Payment Term | |
---|---|---|
Less than 10 years | 10 years and above | |
Without | 5% | 10% |
With | 2% | 5% |
Under this option, cash bonus rates declared during the policy term are not guaranteed and depend on the experience of the underlying fund.
When you choose this income option, a simple reversionary bonus (if declared) will accumulate at the end of each policy year (from 1st to 14th year). The survival benefit will be the sum of fixed income and a cash bonus that the policy will pay every year from the end of the 15th policy year. To know more, check the below table.
Family Care Benefit | Minimum Cash Bonus Rate |
---|---|
Without | 30% |
With | 10% |
With | 2% |
Here, fixed income will be equal to the sum of all accumulated simple reversionary bonuses divided by the fixed income payout period.
You must have noticed the option of choosing the family care benefit in the income options mentioned earlier. You can choose this benefit at the inception of the policy. This benefit ensures that all future premiums shall be waived off if the insured person dies during the policy term.
At any point during the policy term, policyholders can defer the survival benefits (declared cash bonuses and/or fixed income) and accumulate them monthly at RBI’s reverse repo rate. You can also withdraw it at any point during the policy term.
PNB MetLife Century Plan also provides the option to get the survival benefit as yearly, half-yearly, quarterly or monthly installments during the policy term. The below table has more information about the same. Check it out!
Income Payout Frequency | Income Payout Factor |
---|---|
Annual | 100% of Annual Amount |
Half-yearly | 97% of Annual Amount x 1/2 |
Quarterly | 96% of Annual Amount x 1/4 |
Monthly | 95% of Annual Amount x 1/12 |
Note: Policyholders can also choose to receive the benefits on any date of their choice.
Policyholders can also choose the maturity date from two options – Up to age 80 or 100 years. If a policyholder survives till the maturity date, the Century plan will provide the following maturity benefits.
The nominee will receive the following death benefit as a lump sum amount in case of the insured person’s demise.
The below table has all the necessary information about the eligibility criteria of the Century Plan from PNB MetLife. Please check!
Detail | Premium Payment Term | Family Care Option | Super Income | Smart Income | Future Income |
---|---|---|---|---|---|
Minimum Age at Entry (in years) | All | Without | 0 (30 days) | ||
All | With | 18 | |||
Maximum Age at Entry (in years) | 5 to 9 | Without | 55 | 55 | 55 |
10, 12 and 15 | 60 | 65 | 60 | ||
5 to 10, 12 and 15 | With | 50 | 50 | 50 | |
Maturity Age (in years) | All | With /without | Maturity Option 1: 80 Maturity Option 2: 100 |