PNB MetLife Aajeevan Suraksha Plan

Key Benefits of PNB MetLife Aajeevan Suraksha Plan

  • 1

    Choose to pay premiums for a limited period or just once

  • 2

    Choose to stay protected for Whole of life or Fixed term

  • 3

    Joint life cover

  • 4

    Return of premiums

Overview

PNB MetLife Aajeevan Suraksha is a comprehensive protection plan that gives you the convenience to pay premiums for a shorter period while keeping you protected for life (up to age 99), or till the term of your choice. You can also choose to cover your spouse in the same plan and choose return of premiums on survival till the end of the policy term which makes it a truly flexible offering. So, opt for PNB MetLife Aajeevan Suraksha and say goodbye to all your worries for life!

With PNB MetLife Aajeevan Suraksha Plan

1)   Choose to pay for a limited period or one time as per your requirement

·        Pay for a limited term of 5 years to 15 years OR

·        Pay just once and stay protected for the entire term

2)   Choose to stay protected for Whole of life or Fixed term:

·        Whole Life Cover: Opt for a coverage upto age 99 years OR

·        Fixed Term Cover: Opt for a coverage of 10 to 40 years1

3)   Customize your plan with a choice of 4 Benefit Options

·        Lump Sum, Life Partner2 Fixed Income, Increasing Income

4)   Opt ‘With Return of Premium3 Option to get your premiums back on survival till maturity.

5)   Special benefits for women

Death Benefit or Terminal Illness Benefit

Death or Terminal Illness Benefit shall be payable according to the benefit option chosen by policyholder at inception. Benefit option, once chosen, cannot be altered during the policy term.


Option 1 – Lump Sum

At inception, you have to choose the lump sum payable immediately on first occurrence of Death or diagnosis of Terminal Illness of the life assured during the policy term. This lump sum amount is equal to Sum Assured on Death. This benefit option can be availed with both ‘Fixed Term Cover’ and ‘Whole Life Cover’ options.


Option 2 – Life Partner

Both the Policyholder (the first life) and his/her spouse (the second life) are covered. Cover for second life would be available upon payment of additional premiums.
At inception, you have to choose the lump sum payable immediately on first occurrence of Death or diagnosis of Terminal Illness of the first life during the policy term. The cover to the Second life shall be less than or equal to 50% of the lump sum amount chosen for the first life, subject to a minimum of Rs.25 lakhs and a maximum of Rs. 1 Crore.

The lump sum amount payable in respect of each life is equal to Sum Assured on Death in respect of each life.

This benefit option can only be availed with Fixed Term Cover option.


Option 3 – Fixed Income
At inception, you have to choose the Monthly Income amount. On first occurrence of Death or diagnosis of Terminal Illness, Sum Assured on Death shall be payable. Sum Assured on Death is equal to lump sum amount (equal to 100 times of Monthly Income chosen at the time of inception) payable immediately plus fixed Monthly Income payable over 10 years (120 months) in instalments, where the first instalment of monthly income will be payable one month from date of death of the life assured. The policy terminates with the payment of the last instalment of Monthly Income.

This benefit option can be availed with both ‘Fixed Term Cover’ and ‘Whole Life Cover’ options.


Option 4 – Increasing Income
At inception, you have to choose the Monthly Income amount. On first occurrence of Death or diagnosis of Terminal Illness, Sum Assured on Death shall be payable. Sum Assured on Death is equal to lump sum amount (equal to 100 times of Monthly Income chosen at the time of inception) payable immediately plus increasing Monthly Income payable over 10 years (120 months) in instalments increasing at 10% simple per annum, where the first instalment of monthly income will be payable one month from date of death of the life assured. The policy terminates with the payment of the last instalment of Monthly Income.

This benefit option can be availed with both ‘Fixed Term Cover’ and ‘Whole Life Cover’ options.

Please refer Terms and Conditions of the product for more details on death benefit

Maturity Benefit

Maturity Benefit will be zero if ‘With Return of Premiums’ option is not chosen under the Policy.

Maturity benefit is payable only if ‘With Return of Premiums’ option is chosen. 

If you choose the ‘With Return of Premiums’ option at inception of the policy, then on survival till maturity of the policy, you will receive maturity benefit which is equal to the Guaranteed sum assured on maturity. This option is available on payment of additional premiums. This option will be available only with Fixed Term Cover option.

Please refer Terms and Conditions of the product for more details on maturity benefit

1Maximum policy term allowed for 'With Return of Premiums' option will be 30 years. 
2 Cover for spouse under 'Life Partner Option' will be available on payment of additional premium and this option will be available only with 'Fixed Term Cover' option 
3 'With Return of Premiums' option will be available on payment of additional premium and this option will be available only with 'Fixed Term Cover' option     

LD/2018-19/386 EC337

ParticularsMinimumMaximum
Entry Age4 (Years)1865
Maximum Maturity Age4 (Years)
Cover OptionAge
Fixed Term Cover80
Whole Life Cover99
Sum Assured (Rs.)25,00,000No limit, subject to Board approved underwriting policy
Premium (Rs.)5000Based on the Basic Sum Assured, Entry Age, Policy Term, Premium payment term, Smoker Status, Benefit Option, Cover Option and Return of Premium Option chosen
Premium payment term (PPT) (Years)Single pay: Single premium payment at inception of the Policy
Limited pay: 5 to 15
Policy term (PT) (Years)Single pay : 10
Limited pay : Premium payment term + 5

For both Single pay & Limited pay options

Cover OptionPolicy term
Fixed Term CoverWithout Return of Premiums: 40
With Return of Premiums3: 30
Whole Life CoverWithout Return of Premiums: 99 minus age at entry
Riders5PNB MetLife Accidental Death Benefit Rider Plus (117B020V02)
PNB MetLife Serious Illness Rider (117B021V02)
3 'With Return of Premiums' option will be available on payment of additional premium and this option will be available only with 'Fixed Term Cover' option
4 All references to age are as on age last birthday
5 Rider Sum Assured shall be subject to Sum Assured of base policy. Premium for all the riders put together shall be subject to a ceiling of 30% of the premium of the base policy. Riders will only be available with Premium Payment Terms of 5 years, 10 years and Single pay. Riders will not be offered if the outstanding term under the base policy is less than 5 years. Rider can be attached only at the inception of the policy.

Download Brochure Terms & Conditions Disclaimer

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