Term Insurance 7391 views May 29, 2021

PNB MetLife Century Plan

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.

  1. Income and protection for whole life (till 100 years of age)
  2. Choice of 3 income options based on need
  3. Lump sum at maturity
  4. Multiple premium payment options
  5. Flexibility to choose maturity option
  6. Accumulation of survival benefits payouts
  7. Flexibility to receive income payout on your chosen date
  8. Tax benefits on premiums paid and benefits received
  9. A 15 or 30-day free look period

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!

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Features and Benefits of PNB MetLife Century Plan

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.

What is the Minimum Sum Assured and Premium Amount Under PNB MetLife Century Plan?

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.

What are the Premium Payment Term Options?

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 OptionPremium Payment Term (in years)
Super IncomeSmart IncomeFuture Income
Without5 to 10, 12, 155 to 10, 12, 158, 10, 12, 15
With5 to 10, 12, 155 to 10, 12, 158, 10, 12, 15

Choice of 3 Income Options

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.

Super Income Option

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 BenefitPremium Payment Term
Less than 10 years10 years and above

Smart Income Option

Under this option, cash bonus rates declared during the policy term are not guaranteed and depend on the experience of the underlying fund.

Future Income Option

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 BenefitMinimum Cash Bonus Rate

Here, fixed income will be equal to the sum of all accumulated simple reversionary bonuses divided by the fixed income payout period.

Family Care Benefit

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.

Flexibility to Accumulate Survival Benefit Payout

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.

Choice of Survival Benefit Payout

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 FrequencyIncome Payout Factor
Annual100% of Annual Amount
Half-yearly97% of Annual Amount x 1/2
Quarterly96% of Annual Amount x 1/4
Monthly95% of Annual Amount x 1/12

Note: Policyholders can also choose to receive the benefits on any date of their choice. 

Maturity Benefit Option

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.

  1. Sum Assured on Maturity; plus
  2. Accrued cash bonuses, if not paid earlier; plus
  3. Fixed Income, if applicable and not paid earlier; plus
  4. Terminal Bonus, if declared

Death Benefit

The nominee will receive the following death benefit as a lump sum amount in case of the insured person’s demise.

  1. Sum Assured on Death, plus;
  2. Accrued cash bonuses, if not paid earlier, plus;
  3. Accrued Simple Reversionary Bonus less Sum of all Fixed Incomes already paid(if applicable),
  4. Interim Cash/Simple Reversionary Bonus (if any) plus
  5. Terminal Bonus on death (if declared)

PNB MetLife Century Plan Eligibility Criteria

The below table has all the necessary information about the eligibility criteria of the Century Plan from PNB MetLife. Please check!

DetailPremium Payment TermFamily Care OptionSuper IncomeSmart IncomeFuture Income
Minimum Age at Entry (in years)AllWithout0 (30 days)
Maximum Age at Entry (in years)5 to 9Without555555
10, 12 and 15606560
5 to 10, 12 and 15With505050
Maturity Age (in years)AllWith /withoutMaturity Option 1: 80
Maturity Option 2: 100

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