PNB Metlife Insurance Company
PNB MetLife, an associate of Punjab National Bank, is an insurance company Ltd, wherein Punjab National Bank and MetLife International Holdings Inc. are the shareholders to the extent of 30% and 26% respectively. PNB MetLife helps in bringing together the strength of leading life insurance providers, MetLife, Inc.., and the credibility and reliability of Punjab National Bank, which is one of the leading and oldest nationalized banks. PNB MetLife Insurance Company is a profitable company which has declared profits for ten consecutive quarters and helps in providing a wide range of retirement and protection products.
Let’s talk about PNB MetLife three best life insurance products
1. Monthly Income Plan
2. Endowment Savings Plan
3. Money Back Plan
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Let us look at these products in detail
1. Monthly Income Plan – MetLife Monthly Income Plan is a participating plan guaranteeing a regular monthly income for the policy holder and his family for 15 yrs or till the end of the policy term. In short, this plan helps in meeting the retirement needs and guarantees in achieving the financial freedom.
- Death Benefit – During an unfortunate demise of the policy holder, the beneficiary will receive –
- a) During the term of Premium Payment, the recipient will immediately receive 25% of the Base Sum Assured plus all accrued bonuses. Under this situation, the regular monthly income also starts immediately from the first month which falls after the date of the death for 15 yrs.
- b) After the premium payment term, the beneficiary will be paid 25% of the Base sum assured plus all accrued bonuses immediately. In this, the regular monthly income to the beneficiary continues till maturity for the remaining term.
- Maturity Benefit – When the maturity age is reached, the policyholder will receive the accrued simple reversionary bonus along with the terminal bonus, if any.
- Terminal Bonus – A Terminal Bonus is a percentage of the accrued simple reversionary bonus which the company may declare. This is payable only after the last month of the regular income payment.
- Survival Benefit – Here, the regular monthly income that is chosen at the time of inception of the policy for 15 yrs after the end of the premium payment term is paid to the policyholder.
2. Endowment Savings Plan – This plan is a regular savings plan which helps in growing the savings while providing the death coverage to the insured. In this plan, there is flexibility to choose how much amount you want to save and as well as selecting the policy term between 10-30 yrs.
- Death Benefit – When the policyholder dies the beneficiary receives the Base Sum Assured or 10 times the annual premium and accrued bonuses or 105% of all premiums paid till the death, whichever is higher.
- Simple Reversionary Bonus & Terminal Bonus – From the 3rd year of the policy, Bonus gets added to the policy and is payable either at maturity or death or surrender whichever is early.
- Maturity Benefit-At the time of maturity, the policyholder gets the Base Sum Assured and accrued bonus, if any.
3. Money Back Plan – This plan helps in giving a double benefit of guaranteed money back at regular intervals and also protection in case of an unforeseen event.
- Death Benefit – When the policyholder dies, 100% of the sum assured is paid out to the nominees as a death benefit, irrespective of survival benefits already paid.
- Survival Benefit – 10% of the chosen base sum assured is paid out on the completion of the 5th policy year up to 9th policy year.
- Maturity Benefit-60% of the sum assured at the end of the policy is paid.
These products are designed to meet the needs of policyholders like tax saving, wealth creation, and protection based on the traditional platform. PNB MetLife has pioneered in India by enhancing the benefits of Monthly Income Plan. Money Back and Endowment policy were launched to seek maximum customer value while giving the benefit of protection.