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Children are precious and so is their future. But providing the best for your child can sometimes be a difficult because of the lack of finance. Planning ahead and investing now would make a huge difference in helping your child make their dreams come true.
PNB MetLife offers 5 different insurance plans that are designed to help you plan for your child’s future.
When you take out a Child plan from PNB MetLife, you can benefit from the following:
This is a traditional life insurance plan offered by PNB MetLife that pays out a sum assured and is eligible to receive bonuses. The plan has a survival and maturity benefit as well. The College Plan is specifically designed to help prepare to meet the education expenses of the child. Upon the death of the life insured, the sum assured will be paid to the nominee and future premiums will be waived. Listed below are the benefits payable under the plan:
Plan Name | Entry Age | Maturity Age | Premium |
MetLife College Plan | 20 years to 45 years | 69 years | Annual: Rs.18,000 Other: Rs.30,000 |
This plan is specially designed to cater to the child’s ever-changing requirements. Under this plan, you can prepare financially to meet expenses related to educational costs, marriage, extracurricular needs and financial planning for the child. This is a unit-linked insurance plan that is eligible to invest in 6 funds.
Fund Name | Risk Profile | Asset Category | Asset Allocation Range |
Protector II | Low risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | ||
Preserver II | Very low risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | ||
Balancer II | Medium risk | Government and other debt securities | 0%-60% |
Money market instruments | 60%-100% | ||
Equities | 0%-60% | ||
Flexi Cap | Very high risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | ||
Virtue II | Very high risk | Money market instruments | 0%-40% |
Equities | 60%-100% | ||
Multiplies II | Very high risk | Money market instruments | 60%-100% |
Equities | 0%-40% |
*Premiums vary based on age, location, plan term and other factors
Loyalty Additions - Loyalty additions are payable provided all premiums due are paid up and the policy is in force. Loyalty additions are available only for plans that have a policy term of 15 years or 20 years. At maturity of this plan, loyalty additions will enhance the fund raised for your child. The benefits will be paid out as a percentage of the average fund value, i.e., the average of the fund value at the end of the last 36 months of the policy term as on the date of maturity. Percentages payable on the insurance policy is as follows:
Policy term | Loyalty Addition |
20 years | 3% of the Average Fund Value |
15 years | 2% of the Average Fund Value |
Death Benefit - In the event that the insured or the policyholder dies, the MetLife Smart Child Plan will payout the following benefits to take care or unexpected emergencies and the child’s future. The higher of the following will be paid out immediately to the beneficiary, subject to acceptance of the claim by MetLife:
Waiver of premiums - All future premium towards the policy will be waived and the policy will remain in force till maturity. The insurer will also credit the policyholder’s fund with an amount equivalent to one annualized premium as part of PWB on a monthly basis.
Maturity benefit - At the end of the policy term, the insurance plan will pay out any one of the following:
Liquidity Option
In case of sudden emergencies, you can make a partial withdrawal to meet liquidity needs after completing 5 policy years. The maximum withdrawal limit is 10% of the Fund Value. A minimum of 5 annualized premiums must be paid into the policy. One partial withdrawal is free in a policy year and subsequent withdrawals will be charged. In one policy year, only 2 partial withdrawals are allowed subject to a minimum of Rs.5,000 for each withdrawal. After making a partial withdrawal, the minimum fund value must be equal to 200% of the annualised premium plus applicable discontinuance charges.
Plan Name | Entry Age | Maturity Age | Premium |
MetLife Smart Child Plan | Life insured: 18 years to 55 years Beneficiary: 90 days to 17 years | Not specified | Rs.18,000 p.a. |
This plan is ideal for customers who wish to secure their family’s long term financial needs. The MetLife Bhavishya Plus Plan is a traditional life insurance plan that has has three-fold benefits: protection, money back and guaranteed savings. It is designed to address your family’s needs in your absence. The Bhavishya Plus Plan is a non-linked deferred participating endowment plan. With the Bhavishya Plus Plan, you will be entitled to receive the following benefits:
Apart from the death benefit, all future premiums will be waived. The policy will remain in force for the remainder of the policy term. The nominee will receive the following benefits after the demise of the life insured:
This bonus is payable at the end of the policy term along with the maturity benefit. From the fifth year onwards, the company may declare terminal bonuses as a percentage of the accrued simple reversionary bonus.
This policy will participate in Simple Reversionary Bonuses from the third year onwards. The first bonus will be declared at the end of the financial year before the third policy anniversary. A percentage of the base sum assured is declared as the bonus which is guaranteed and payable upon death of the life insured, surrender or maturity of the policy.
Plan Name | Entry Age | Maturity Age | Premium |
MetLife Bhavishya Plus Plan | 20 years to 45 years | 69 years | Annual - Rs.8,000 p.a. to Rs.10,000 p.a. Bi-annual - Rs.10,000 p.a. to Rs.17,999 p.a. |
The MetLife Money Back Plan is a non-linked money back life insurance policy that enables customers to invest in a 10-year plan and get guaranteed money back from the 6th year onwards. In case of your unfortunate demise, a lump sum benefit will be payable to the nominee regardless of whether survival benefits have been paid.
This plan pays out if you survive the policy term and in the event of your unfortunate demise. Under this plan, the beneficiary will be entitled to three benefits: survival, maturity and death benefit.
Policy Year | Benefit |
At the end of the 5th year | 10% of sum assured |
At the end of the 6th year | 10% of sum assured |
At the end of the 7th year | 10% of sum assured |
At the end of the 8th year | 10% of sum assured |
At the end of the 9th year | 10% of sum assured |
At the end of the 10th year | 60% of sum assured |
Plan Name | Entry Age | Maturity Age | Premium |
MetLife Money Back Plan | 13 years to 55 years | 65 years | Rs.23,119 to Rs.51,63,875 |
MetLife offers the Smart Platinum plan to be financially ready to meet your child’s expenses. It enables you to enhance your investment portfolio with the option of six different funds. Since this is a unit-linked insurance plan, the investment risk will be borne by the policyholder. The policy provides protection till the age of 99 years with a premium payment period of 5 years, 10 years or your whole life.
Under this plan, the value of the payout depends on the performance of the funds selected by you. The MetLife Smart Platinum Plan offers a choice of 6 funds with a wide range of risk factors. The plans have been listed below.
Fund Name | Risk Profile | Asset Category | Asset Allocation Range |
Protector II | Low risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | ||
Preserver II | Very low risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | ||
Balancer II | Medium risk | Government and other debt securities | 0%-60% |
Money market instruments | 60%-100% | ||
Equities | 0%-60% | ||
Flexi Cap | Very high risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | ||
Virtue II | Very high risk | Money market instruments | 0%-40% |
Equities | 60%-100% | ||
Multiplier II | Very high risk | Money market instruments | 60%-100% |
Equities | 0%-40% |
*Premiums vary based on age, location, plan term and other factors
The plan provides coverage and pays out under the following areas:
Maturity Benefit - Once you attain the age of 99 years, the policy will mature at the start of the policy year. The total fund value in the unit account will be the value of the maturity benefit. This is determined by the net asset value on the date of maturity of the policy.
Death Benefit - In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:
Plan Name | Entry Age | Maturity Age | Premium |
MetLife Smart Platinum Plan | 7 years to 70 years | Not specified | Annual: Rs.30,000 Other: Rs.60,000 |
If you have dependents and feel the need to ensure they are financially protected in case of your untimely demise, then a child insurance plan is an ideal investment. Child insurance plans are designed to help you prepare for your child’s future needs. Be ever prepared to meet your child’s educational expenses, wedding costs and so on.
Founded in 1868, MetLife has catered to over 100 million customers around the globe. In association with Punjab National Bank, MetLife offers its services and products in India. They take pride in their approach of “Our customer First Approach”, and was awarded the “World’s Most Admired Company” among life and health insurers in 2015 by Fortune magazine.
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