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  • Pnb Metlife Child Insurance Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    • MetLife College Plan
    • MetLife Smart Child Plan
    • MetLife Bhavishya Plus Plan
    • MetLife Money Back Plan
    • MetLife Smart Platinum Plan

    Benefits of PNB MetLife Child Plans

    When you take out a Child plan from PNB MetLife, you can benefit from the following:

    • Guaranteed returns on your investment
    • Avail discounts when you choose a higher sum assured
    • Enjoy maturity and survival benefits
    • Tax benefits are available as per the existing tax laws
    • Enjoy flexibility in premium payments
    • Affordable premium rates
    • Loyalty additions

    Child Plans on Offer from PNB MetLife

    MetLife College Plan:

    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:

    • Upon the death of the life insured, the sum assured plus any accrued bonuses is payable immediately.
    • Any outstanding premiums will be waived. The policy will continue to remain in force and will be eligible to accumulate benefits.
    • Upon maturity of the plan, survival benefits plus bonuses. If any, will be paid. The survival benefits are 20% of the base sum assured at the end of each policy year for the last three years of the policy term + 40% of the base sum assured.
    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

    MetLife Smart Child Plan:

    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:

    • Sum assured
    • 105% of all premiums paid

    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:

    • A combination of part lump sum withdrawal on the maturity date along with a regular withdrawal at intervals.
    • 100% of the withdrawal of the Fund Value as on the date of maturity
    • Withdrawals of the Fund Value at regular periods selected by you during an extended Maturity Benefit Period of up to 5 years starting from the date of maturity. The minimum withdrawal in any calendar year is 5% of the fund value on the date of such request, limited to 12 withdrawals per year. You can also withdraw the balance of the Fund Value in one lump sum by terminating the policy during the settlement period.

    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.

    MetLife Bhavishya Plus Plan:

    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:

    • Death Benefit - Upon the unfortunate demise of the policyholder during the policy term, the higher of the following will be payable:
      • 10 times the annualised premium + minimum guaranteed sum assured on maturity (40% of the base sum assured) + Absolute amount to be paid upon death (base sum assured) + 105% of all premiums paid
      • Death sum assured + Accrued simple reversionary bonuses
    • Maturity Benefit - Upon the survival of the policyholder till the maturity date, the following benefit will be payable:
      • Maturity sum assured (40% of the base sum assured)
      • Terminal bonus, if any.
      • Accrued simple reversionary bonus
    • Survival Benefit - Upon the survival of the policyholder, in the last three years of the policy before its maturity date, a fixed amount of 20% of the base sum assured will be payable at the end of each year.
    • Nominee Benefit + Waiver of Future Premiums

    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:

    • 40% of the base sum assured payable at the end of the policy term.
    • 20% of the base sum assured payable at the end of each policy year for the last three years of the policy.
    • Terminal bonuses, if any, payable at the end of the policy term.
    • Simple reversionary bonuses accrued on the policy after the death of the life insured payable at the end of the policy term.
    • Terminal Bonus

    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.

    • 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.

    MetLife Money Back Plan:

    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.

    • Maturity benefit - If the life insured survives till the end of the policy term, 60% of the sum assured will be paid.
    • Death Benefit - The death benefit will be paid irrespective of whether survival benefits have already been paid to the life insured. In case of your unfortunate demise, the higher of these four options will be paid to the nominee:
      • 105% of all premiums paid
      • Chosen sum assured
      • Maturity benefit
      • 10 times the annualised premium
    • Survival benefit - 10% of the sum assured will be paid as survival benefit from the 5th policy year to the 9th policy year. The survival benefit will be paid out in the following manner:
    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 Smart Platinum Plan:

    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:

    • Upon death after the age of 60, the higher of the following will be paid out:
      • 105% of the total premiums paid, including both regular and limited premiums
      • The base fund value, i.e., the value of the units in the base premium account
      • The base sum assured minus any partial withdrawals in the last 24 months before the date of death or any partial withdrawals made post the age of 60, whichever is higher
    • Upon death before the age of 60, the higher of the following will be paid out:
      • 105% of the total premiums paid, including both regular and limited premiums
      • The base fund value, i.e., the value of the units in the base premium account
      • The base sum assured minus any partial withdrawals in the last 24 months before the date of death
    • Upon death during the grace period, notice period or before the discontinuance of the policy due to non-payment of premiums, then the death benefit will be paid after deducting overdue charges, mortality charges, and policy administration charges.
    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

    Why should you buy a Child Plan from PNB MetLife?

    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.