PNB MetLife Super Saver Plan - Savings Plan with Increasing Bonus

Key Benefits of PNB MetLife Super Saver Plan

  • 1

    Growth with Bonuses^^

  • 2

    Maturity Benefit@

  • 3

    Liquidity with Cash Bonuses#

  • 4

    Waiver of Premium benefit*

Overview

PNB MetLife Super Saver Plan is a non-linked, participating life insurance plan that helps you accumulate your savings and provides a long term financial protection for you and your family. Additionally, it also provides a waiver of premiums to ensure that your goals are not compromised in case of critical illness or an untimely demise.

With PNB MetLife Super Saver Plan

  • .    Gain financial strength to fulfil your aspirations and goals 
  • .    Ensure financial protection for your family with Savings + Family Care option where Maturity benefit is paid as scheduled even after death of the Life Assured and no future premiums are payable after death.
  • .    Safeguard your goals from unexpected illnesses where Maturity benefit is paid as scheduled even after death of the Life Assured and no future premiums are payable after death.
         Safeguard your financial needs even after retirement

Product Benefits

Plan options:

This plan offers three Plan options Savings, Savings + Family Care and Savings + Health Care Option.

Savings option: This option offers a Lump sum benefit on death or maturity; wherein the Lump sum benefit is the sum of basic sum assured, accrued simple reversionary bonuses, if any and terminal bonus, if any.

Savings + Family Care option

In addition to the Savings option benefits all the future instalment premiums that would otherwise have been payable under the policy for the remainder premium payment term are not payable after the death of life assured of the policy and Maturity benefit (including all bonuses) will be payable as mentioned in the Maturity Benefit section.

The Policyholder, through the Proposal Form may nominate a child or spouse to receive the Policy Benefits. The nominee is the main beneficiary under this option. In case the nominee is a minor, the details of Appointee will have to be furnished at the inception through the Proposal Form. Nomination shall be allowed as per the provisions of Section 39 of the Insurance Act, 1938 as amended from time to time. The life assured and policyholder should be same under this option.

Savings + Health Care Option: In addition to the Savings option benefits this option offers a Waiver of Premium (WOP) on occurrence of Critical Illness. All the future premiums are waived on occurrence of any one of the 35 listed Critical Illnesses

Bonus options:  

The policyholder shall have the option to choose the following bonus options at inception of the policy:

Option 1: Accumulation: Simple Reversionary Bonus, if any will accrue throughout the Policy Term and is paid as lumpsum on the Maturity Date or death (except in Plan Option 2: Savings + Family Care), whichever is earlier. For Savings + Family Care Option, after death of the Life Assured Simple Reversionary bonus, if any shall be accrued and paid along with Maturity benefit.

Option 2: Liquidity:

        •    Simple Reversionary Bonus, if any accrues during Premium Payment Term and is paid at the Maturity Date or death (except in Plan Option 2: Savings + Family Care) whichever is earlier. For Savings + Family Care Option, after death of the Life Assured Simple Reversionary bonus, if any shall be accrued during premium payment term and paid along with Maturity benefit.
        •    Cash Bonus, if any will be paid at the end of each Policy Year after the expiry of the Premium Payment Term till the Maturity Date or death (except in Plan Option 2: Savings + Family Care), whichever is earlier. For Savings + Family Care Option, after death of the Life Assured Cash bonus, if any shall continue to be paid till Maturity.

Death Benefit:

In the event of the unfortunate death of the Life Assured provided that the policy is still in In-force status on the date of death:

If ‘Savings’ or ‘Savings + Health Care’ option is chosen, the nominee shall receive:

Sum Assured on Death plus the accrued Simple Reversionary Bonuses, if any plus Terminal Bonus, if any, subject to a minimum of 105% of all premiums paid as on date of death and the Policy shall terminate.

If ‘Savings + Family Care’ option is chosen, the nominee shall receive: 

        •    Sum Assured on death
        •    All future premiums, if any, that would otherwise have been payable under the base policy shall be waived for the remainder of the premium payment term  and
        •    At the end of the policy term, following benefit shall be payable:
                o    Sum Assured on Maturity + Accrued Simple Reversionary Bonus, if any + Terminal Bonus, if any.
                o    In addition, if Bonus option 2 - Liquidity is chosen; the cash bonus, if any payout, if any, shall continue to be paid till maturity.

Maturity Benefit

In case the Policy is in In-force status and all due installment premiums have been received by us:

Maturity benefit payable will be the sum of:

        •    Sum Assured on Maturity 
        •    Accrued Simple Reversionary Bonuses, if any
        •    Terminal Bonus, if any

Please refer to the sales literature for more details on the benefits
^^
Growth with Bonus: Simple reversionary yearly bonus, cash bonus and terminal bonus are subjected to the announcement by the company.
#
Liquidity with cash bonus: May be availed under Liquidity bonus option in certain specified product terms + premium payment terms.
*Waiver of premium benefit: It is an optional benefit available under Savings + Heath Care & Savings + Family Care Option.

@
Maturity benefit: Sum assured is guaranteed at the time of maturity only for all inforce policies if all due premiums have been paid.
LD/2019-20/225 EC213

 

Product specification
Plan optionsOption 1: Savings
Option 2: Savings + Family Care
Option 3: Savings + Health Care
Bonus optionsOption 1: Accumulation
Option 2: Liquidity
Minimum age at entry (Years)3
Plan optionAge at entry
Savings0 (30 days)
Savings + Family Care and Savings + Health Care18
Maximum age at entry (Years) 3
Plan optionPremium payment mode
Annual modeOther modes
Savings6055
Savings + Family Care5045
Savings + Health Care
For PPT: 5,7,10 and 12 Pay - 55 years 
For PPT 15 and Regular Pay - 50 years
For PPT:5,7,10 and 12 Pay - 50 years 
For PPT:15 and Regular Pay - 45 years
Minimum age at maturity (Years) 3
Plan optionAge at maturity
Savings18
Savings + Family Care28
Savings + Health Care
Maximum age at maturity (Years) 3
Plan optionAge at maturity
Savings80
Savings + Family Care70
Savings + Health Care
For PPT: 5,7,10 and 12 Pay - 75
For PPT: 15 Pay and Regular pay - 70
Premium Payment Term (PPT) (Years)5, 7,10,12,15 and Regular pay
Policy Term (Years)
Premium Payment TermMinimum Policy termMaximum Policy term
5 and71020
101120
121320
151620
Regular pay10, 12 and 15
This product offers all integer policy terms between the minimum and maximum policy terms mentioned in the table above (both inclusive), depending on the premium payment Term and plan option chosen by the policyholder. For Regular pay only policy term 10, 12 and 15 years will be allowed.
Minimum Annualised Premium (Rs.)
Premium Payment Term (Years)Premium (Rs.)
550,000
735,000
1025,000
12, 15 and Regular pay20,000
Maximum Annualised Premium (Rs.)Basis the Basic Sum Assured accepted as per Board approved underwriting policy
Minimum Sum Assured (Rs.)2,20,000
Maximum Sum AssuredAs per Board approved underwriting policy
Premium Payment modesYearly / Half Yearly / Monthly

3 All 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.

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