Century Plan - Long Term Savings & Investment Plan

Name: PNB MetLife Century Plan
Brand: PNB MetLife
Rating: 4.4 (3192 reviews)

What would you like to do first?

As you grow your responsibilities grow. You dream of a house, a world tour, worry-free retirement years and much more. However, life may not go as per our plan and its uncertainties could make you compromise on your dreams.

Presenting PNB MetLife Century Plan, a participating life insurance plan that provides you an opportunity to fulfill your dreams, secure your future with an income till age 100 years along with a lifelong cover. Ensure a second income for your retirement years and build a legacy for future generations.

PNB MetLife Century Plan in a nutshell

Income & Protection till 100 years of age
Return of Premium along with Terminal Bonus³ (if declared) as lumpsum at maturity
Waiver of Premium on Death under Family Care Benefit
Option to accumulate and partially or fully withdraw survival benefits
Multiple Income Options available – Super Income, Smart Income & Future Income

With PNB MetLife Century Plan

Get income and protection till 100 years of age
Leave a legacy for your future generations
Get Guaranteed Cash bonus (if declared) @10% under Super Income option and @30% under Future Income option¹
Ensure survival benefits continue to be paid even after death of the Life Assured and no future premiums are payable after death with Family Care benefit.
Safeguard your financial needs even after retirement
Enjoy the flexibility to accumulate the survival benefit payouts and withdraw as and when required
Secure a second income after retirement
Multiple Income Options available – Super Income, Smart Income & Future Income

¹Minimum cash bonus is guaranteed @10% of Annualised premium throughout premium payment under Super Income Option for PPT 10 and above, @5% for PPT less than 10 & @30% of Annualised premium for Fixed Income Payout period under Future Income Option when Family Care Benefit is not opted, and @10% of Annualized premium when Family Care is opted.

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What you get

Choice of 3 Income options based on your need

- Super Income option
- Smart Income option
- Future Income option

Lifelong income

Survival benefit pay-out from first year onwards till 100 years of age^*

Flexibility

To receive your income payout on the date of your choice²

Lumpsum benefit at Maturity

Get return of premiums along with Terminal Bonus³ (if declared) as lumpsum at maturity.

Limited Premium Payment Term

Choose from various premium payment term options of 5 to 10 or 12 or 15 years and stay covered for whole of life.

Flexibility Option

To choose the maturity option of up to age 100 or up to age 80.

Protection for your family

- Get life cover for the entire policy term.
- Safeguard your family’s future even in your absence with no future premiums payable after the death with Family Care option
- Get additional cover through an accidental death and serious illness riders, at a nominal cost

Option to accumulate your Survival benefits

At a specified interest rate and withdraw partially or fully as per your need

Tax benefits

You may be eligible to avail tax benefit⁶ on premiums paid and benefits received, as per prevailing tax laws.

What you don’t get

Suicide Exclusions

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

Did you know?

Long Term Insurance | Century Plan | PNB MetLife

You can accumulate and earn interest on your survival benefits & also withdraw from the accumulated benefit amount as and when required.

You can start getting income from 1st policy year* till age 100 and also stay covered for whole life.

You can customise your survival benefit payouts to coincide with the special dates.

You can choose between maturity options of up to age 100 or up to age 80.

Frequently Asked Questions

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What are the product benefits of the PNB MetLife Century Plan?

Death Benefit

Death Benefit shall be equal to the following and payable as lumpsum:

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

Where,

Sum Assured on Death shall be defined as higher of:

Basic sum assured (BSA), which is the absolute amount assured to be paid on death and defined as 10 times of Annualized Premium.
Annualized Premium multiplied by the Death Benefit Multiple (Please refer Product Brochure for Death Benefit Multiple table).

Death Benefit shall not be less than 105% of Total Premiums Paid as on date of death.

The policy terminates with the payment of Death Benefit except where Family Care Benefit is chosen.

Family Care Benefit

If Family Care Benefit option is chosen at the inception of the policy, then in case of Death of Life Assured, all future premiums payable (if any) shall be waived off. Sum Assured on Death shall be payable as lumpsum and all future Survival Benefits and Maturity Benefit as defined will be paid to the nominee. The annualized premium used to derive the benefits on survival and maturity, for a policy opting for Family Care Benefit will be subject to a guaranteed rate of reduction to cover the additional cost of mortality arising from such policies. Please refer to Terms and Condition.

Maturity Benefit

This product provides option to choose the Maturity date to the policyholder as age 80 years or 100 years. On survival of the Life Assured till the Maturity Date (as chosen), provided that the Policy is in In-force Status, the policyholder will receive aggregate of:

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

Where,

Sum Assured on Maturity is defined as sum of all Annualized Premiums paid during Premium Payment Term plus additional benefit as mentioned under Additional Benefit section in Sales Brochure, if applicable.

Survival Benefit

On survival of the Life Assured, provided that the Policy is in In-force Status and all due Installment Premiums have been paid, the following benefit will be payable:

Option 1: Super Income - Cash bonuses (if declared) will be paid from first year or first month onwards, based on Income mode selected. Under this option, Cash Bonus (if declared) payable during the premium payment term shall be subject to a Minimum Guaranteed Cash Bonus rate as mentioned below

Family Care Benefit	Premium Payment Term
Family Care Benefit	Less than 10 years	10 years and above
Without	5%	10%
With	2%	5%

Option 2: Smart Income - Cash bonuses (if declared) will be paid from first year or first month onwards, based on Income mode selected.

Option 3: Future Income - Simple Reversionary Bonus, if declared will accrue at each policy anniversary from 1^st policy year till 14^th policy year. The sum of Fixed Income and Cash Bonus will be paid every year from the end of 15^th policy year. Fixed Income shall be paid during Fixed Income Payout Period (refer Terms and Conditions). Cash Bonus, if declared shall be payable until death or end of Policy Term. Cash Bonus (if declared) payable during Fixed Income Payout Period shall be subject to a Minimum Guaranteed Cash Bonus rate as mentioned below.

Family Care Benefit	Minimum Cash Bonus Rate
Without	30%
With	10%

Other Benefits

Flexibility to accumulate Survival Benefit payout	There is an option with Policyholder to defer Survival Benefit Payouts and accrue them instead. The Policyholder can withdraw the accrued Cash Bonuses and/or Fixed Income partly/ fully at any point during the Policy Term.
Flexibility to Choose mode of Survival Benefit payout	There is an option to receive Survival Benefit Payouts as yearly, half yearly, quarterly or monthly installments at any point during the Point Term. The mode of Survival Benefit Payout as requested will be applicable from next Policy Anniversary.
Flexibility to choose the date of survival benefit payout	The benefits, as per the plan option in-force under the policy, will by default be payable on the policy anniversary. Alternatively, the policyholder also have an option to receive the benefits on any date of his/her choice.

For more details on the benefits please refer to the sales brochure or Product Terms and Conditions.

What are the eligibility criteria for PNB MetLife Century Plan?

Particulars	Premium Payment Term	Family Care Option	Option 1: Super Income	Option 2: Smart Income	Option 3: Future Income
Policy Term	All	With/Without	Maturity Option 1: 80 minus Age at entry Maturity Option 2: 100 minus Age at entry
Premium Payment Term (years)		Without	5 to 10,12,15	5 to 10,12,15	8, 10,12,15
Premium Payment Term (years)		With	5 to 10,12,15	5 to 10,12,15	8, 10,12,15
Minimum Age at Entry⁴ (years)	All	Without	0 (30 days)
Minimum Age at Entry⁴ (years)	All	With	18
Maximum Age at Entry⁴ (years)	5 to 9⁵	Without	55	55	55
	10,12 & 15	Without	60	65	60
	5 to 10,12 & 15	With	50	50	50
Maturity Age⁴(years)	All	With/Without	Maturity Option 1: 80 years; Maturity Option 2: 100 years
Minimum Sum Assured (Rs.)	5 to 9⁵	With/Without	6,00,000
Minimum Sum Assured (Rs.)	10, 12 & 15	With/Without	2,40,000
Maximum Sum Assured (Rs.)	All	With/Without	Subject to maximum Basic Sum Assured limit as per Board Approved Underwriting Policy
Minimum Annualized Premium (Rs.)	5 to 9⁵	With/Without	60,000
Minimum Annualized Premium (Rs.)	10, 12 & 15	With/Without	24,000
Maximum Annualized Premium (Rs.)	All	With/Without	As per Board Approved Underwriting Policy.

⁴All reference to age is as on age last birthday. For policies issued to minor lives the risk cover starts immediately at inception. Also, in case the life assured is a minor, the policy will vest with the life assured when the life assured attains an age of 18 years.
⁵Premium Payment Term 5, 6, 7 & 9 years are not available with Future Income Option

How can I purchase PNB MetLife Century Plan?

You can purchase this plan offline in any of the following three ways:

Disclaimer:

PNB MetLife Century Plan is an Individual, Non-Linked, Non-participating, Savings Life Insurance Plan (UIN: 117N129V02)

^*Upto age 80 or age 100 based on maturity option chosen for Super Income & Smart Income options.

²Policyholder cannot choose the date preceding the due date of the income payout.

³Only applicable for policies without Family Care Benefit.

An additional benefit which is 10% of Sum Assured on Maturity shall be added to the Sum Assured on Maturity for policies sold Online.

^{^}Highest bonus declared year on year since inception for its participating policyholders for the FY’23-24

^#The total no of participating policyholders as on 31st March’24 is 5,82,173

⁶Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details

For more details on risk factors, terms and conditions, please read the sales brochure before concluding any sale.

AD-F/2024-25/844