Endowment Insurance Plan | Endowment Savings Plan Plus - PNB MetLife Insurance

Key Benefits of PNB MetLife Endowment Savings Plan Plus

  • 1

    Protect your family’s future

  • 2

    Additional bonuses from 1st policy year

  • 3

    Waiver of premium against 35 critical illnesses

  • 4

    Life Cover for entire policy term

Overview

PNB MetLife Endowment Savings Plan Plus, is an endowment life insurance plan that helps you accumulate your savings for your financial needs at every stage of life. Additionally, this monthly savings plan provides life cover to protect your family along with an option to protect your goals against critical illnesses.

With PNB MetLife Endowment Savings Plan Plus

  1. Create a corpus to fulfill your goals
  2. Pre pay your home loan
  3. Save for your child’s higher education
  4. Save for your retirement needs
  5. Opt to protect your family’s future with waiver of premium against 35 critical illnesses

Product Benefits

Maturity Benefit

On survival of the Life Assured till the Maturity Date, the Maturity Benefit payable will be the sum of:

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

Waiver of premium on Critical Illnesses Benefit (WoP on CI)

Where plan option is “Savings Plus”, if the Life Assured is diagnosed to be suffering from any of the 35 Critical Illnesses, all future premiums that would otherwise have been payable under the base policy shall be waived for the remainder of the premium payment term

Simple Reversionary Bonus & Terminal Bonus

Bonus gets added to your policy from first year of the policy which is payable either at maturity or death or surrender whichever is earlier

Plan Options

  • Savings option
  • Savings Plus option

Death Benefit

In the event of the unfortunate death of the Life Assured, the nominee shall receive Sum Assured on Death (as described below) plus the accrued Simple Reversionary Bonuses plus Terminal Bonus, if any, subject to 105% of all premiums paid as on date of death and the Policy shall terminate.

Where Sum Assured on Death is the highest of:

  • 10 times of the Annualised Premium
  • Sum Assured on Maturity which is the absolute amount of benefit guaranteed to be paid on maturity
  • Basic Sum Assured (BSA) which is the absolute amount assured to be paid on death

Plan option

Minimum age at entry

Savings

8

Savings Plus

18

Savings option- Maximum Age at Entry

Premium Payment Type

Annual

Other modes

Regular Pay

55

50

Limiter Pay (10 pay / 7 pay / 5 pay)

60

55

Savings Plus option- Maximum Age at Entry

Premium Payment Type

Annual

Other modes

Regular Pay

50

45

Limiter Pay (10 pay / 7 pay / 5 pay)

55

50

Plan option

Age at maturity

Savings

80

Savings Plus

Regular Pay: 65 - Limited Pay: 80

Premium Paying Term (PPT) (Years)

Regular pay: Same as policy term
Limited pay: 5, 7 & 10 years

Savings option - Policy Term (Years)

Premium Payment Type

Policy Term

5 Pay / 7 pay

10-25

10 Pay

15-25

Regular pay

10-25

Savings Plus option - Policy Term (Years)

Premium Payment Type

Policy Term

5 Pay / 7 pay

10-25

10 Pay

15-25

Regular pay

10-15

Premium Payment Type

Minimum Annual Premium (Rs.)

5 Pay

48,000

7 Pay

34,000

10 Pay

24,000

Regular pay

18,000

Maximum Premium (Rs.)

As per Board approved underwriting policy

Minimum Sum Assured (Rs.)

2,20,000

Maximum Sum Assured

As per Board approved underwriting policy

Premium Payment modes

Yearly / Half Yearly / Monthly

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