Overview of Guaranteed Future Plan
PNB MetLife Guaranteed Future Plan is an individual, Non-Linked, Non-participating, Savings Life Insurance Plan that enables you to save systematically and offers guaranteed returns. It also safeguards you against certain unforeseen life events. The plan ensures that you are able to meet your life’s financial goals with higher degree of certainty. The plan offers you complete control and flexibility to customize your savings schedule based on your needs and affordability. You can also choose the manner in which you receive maturity amounts (i.e. Income, Lump-sum or combination thereof) and can also customize the timing to best meet your requirements.
With PNB MetLife Guaranteed Future Plan
- Choice from 4 Plan Options -
Option 1: Endowment Option.
Option 2: Income Option
Option 3: Income + Lumpsum Option
Option 4: Income + Boosters
- Guaranteed Income factor ranging from 103% to 245% of Annualised premium4
- Booster additions ranging from 30% to 406% of Annualised premium in addition to your regular income payout5 with Income + Boosters option.
- Pay as you like: Choose from various premium payment options from 5, 7 to 15 years or Single pay.
- Additional benefits to boost your corpus -
a. Guaranteed additions2 which accrue with every premium payment
b. Wealth additions6 which accrue after completion of premium payment term
c. High Premium Reward for higher premium payment
- Flexibility to receive your income payout on the date of your choice7
- Option to Choose deferment period: You can defer survival benefit payout by choosing any one Deferment Period (0, 1 or 2 in complete years) at inception of the policy.
- Protection: Safeguard against uncertainties
a. Get life cover for the entire policy term.
b. Option to enhance your protection through Accidental Death and Serious Illness rider coverage
- Tax benefits: You may be eligible to avail tax benefit on premiums paid and benefits received, as per prevailing tax laws
^^PNB MetLife Guaranteed Future Plan is an Individual, Non-Linked, Non-participating, Savings Life Insurance Plan (UIN: 117N124V01)
1 Terms and conditions apply
2 Guaranteed Additions (GA) will accrue throughout Premium Payment Term as a percentage of Annualised Premium and will vary based on Premium payment term, entry age and benefit option chosen
3 Boosters will be available with ‘Income + Boosters’ Option only and will not be available with other options.
4 Guaranteed Income Payout percentage will vary based on Premium payment term, age, policy term and benefit option chosen. Guaranteed Income is not payable in Option 1.
5 Booster additions will be available with ‘Income+ Booster Option’ percentage will vary based on Premium payment term, age, policy term.
6 Wealth Additions (WA) will be available with ‘Endowment’ & ‘Income + Lumpsum’ options. WAs accrue after completion of Premium Payment Term as a percentage of Total Premiums Payable and will vary based on Premium payment term and entry age.
7 Policyholder cannot choose the date preceding the due date of the income payout.
*Guaranteed Income shown for entry age 40 years, policy term of 20 years & Annualised premium of Rs. 1 lakh, where Annualised Premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
Product Benefits of Guaranteed Future Plan
Benefits | Option 1
Endowment | Option 2
Income | Option 3
Income + Lumpsum | Option 4
Income + Boosters |
Survival
-
On survival of the Life Assured, provided all due premiums are paid and the policy is fully in-force. | Not applicable | - Annualised Premium plus
- Accrued Guaranteed Additions
| - Annualised Premium plus
- Accrued Guaranteed Additions
| - Annualised Premium plus
- Accrued Guaranteed Additions
- Booster Additions with specified income payouts
|
Maturity
-
On survival of Life Assured to maturity date provided all due premiums are paid | - Total Premiums payable plus
- Accrued Guaranteed Additions plus
- Accrued Wealth Additions
| Not applicable | | Not applicable |
Death
-
On deathof the Life Assured during the policy term | 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.
- Annualized/Single Premium multiplied by the Death Benefit Multiple
- 105% of Total Premiums Paid up to date of death
Where: Basic Sum Assured (BSA) is defined as:
For Single Pay: 1.25 times Single Premium
For Limited Pay: 10 times Annualized Premium |
The death benefit payable on death shall not be less than –
Total Premiums Paid plus accrued Guaranteed Additions and accrued Wealth Additions (if any) till the date of death. | The death benefit payable on death shall not be less than –
Total Premiums Paid plus accrued Guaranteed Additions less Guaranteed Income Payouts made during the Income Payout Period (if any) till date of death | The death benefit payable on death shall not be less than –
Total Premiums Paid plus accrued Guaranteed Additions and accrued Wealth Additions (if any) less Guaranteed Income Payouts made during the Income Payout Period (if any) till date of death. | The death benefit payable on death shall not be less than –
Total Premiums Paid plus accrued Guaranteed Additions and accrued Booster Additions less Guaranteed Income Payouts made during the Income Payout Period (if any) till date of death |