• Pnb Metlife College Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    A savings plan designed to ensure your child’s expenses are covered, the MetLife College Plan gives parents and opportunity start saving early and let their child reap the benefits. This plan is a Non-linked deferred participating endowment plan that has regular cash payout and bonuses through the child’s growing years. In the event of the death of the policyholder, the assured sum along with any bonuses will be disbursed. Any outstanding premiums for the policy will be waived off.

    Eligibility - Who is the MetLife College Plan for?

    The MetLife College Plan is designed for parents who want to have a solid financial plan for their child’s education. Under this plan, the person insured will be the father, the mother or the legal guardian of the child. To be eligible for this plan, customers must meet the following requirements set out by MetLife:

    Type of plan Non-linked deferred participating endowment plan
    Minimum age at entry 20 years
    Maximum age at entry 45 years
    Maximum age at maturity 69 years
    Policy terms 12 years to 24 years
    Premium Payment Term Regular

    Sum Assured and Premium Range - What you Get and What it Costs?

    The minimum and maximum sum assured is laid out by MetLife taking into consideration the cost of raising a child and the cost of education. Listed below is the information related to premiums and sums assured under the MetLife College Plan:

    Minimum Premium
    • Annual Mode: Rs.18,000
    • Other Modes: Rs.30,000
    Maximum Premium Rs. 42,44,482
    Minimum Sum Assured Rs. 2,12,040
    Maximum Sum Assured Rs. 5 Crores

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the MetLife College Plan Covers?

    With the MetLife College Plan, you can be at peace knowing that there is a guaranteed fund for your child’s education. Flexible options to save according to your needs and budget also make this plan very attractive. The benefits offered by MetLife with the College Plan are as follows:

    • Save between 12 to 24 years according to your need.
    • Get an assured fund for the education of your child in the last 3 years of the policy.
    • Avail tax benefits against the policy under Section 80C and 10(10D) of the Income Tax Act, 1961.
    • Boost the payout or maturity benefit with terminal bonuses and reversionary bonuses.

    Death Benefit:

    If the parent dies during the policy term, if the policy is in force, MetLife will pay the nominee the following benefits, irrespective of survival benefits paid:

    Death sum assured - Sum assured upon death plus accrued reversionary bonus, where the sum assured is the higher of the following:

    • Base sum assured
    • 10 times the annualised premiums
    • 105% of all premiums paid
    • Minimum guaranteed sum assured on maturity

    Waiver of premiums - Apart from this, all future premium, if any, will be waived and the policy will remain in force for the remainder of the policy term.

    Survival benefit - If not already paid, as and when due, a fixed amount of the base sum assured will be payable at the end of the year as follows:

    • Policy term minus 1 - 20% of the base sum assured
    • Policy term minus 2 - 20% of the base sum assured
    • Policy term minus 3 - 20% of the base sum assured

    Maturity Benefit:

    At the end of the policy term, the maturity sum assured plus simple reversionary bonus accrued after the death of the life insured, plus any terminal bonus.

    Survival Benefit

    If the policyholder survives, in the last three policy years, 20% of the base sum assured will be payable at the end of each policy year.

    Maturity Benefit

    If the policyholder survives till the maturity date, the following is payable:

    • Maturity sum assured
    • Simple reversionary bonuses
    • Terminal bonus, if any

    The minimum guaranteed sum assured on maturity is equal to 40% of the base sum assured.

    Terminal Bonus

    From the fifth year onwards, the company may declare terminal bonuses as a percentage of the accrued simple reversionary bonus. This bonus is payable at the end of the policy term along with the maturity or death benefit.

    Simple Reversionary Bonus

    This policy will participate from the third year onwards for Simple Reversionary Bonuses. The bonus will be credited to the policyholder at the end of the policy year that occurs immediately after the bonus declaration date. Policyholders are eligible for simple reversionary bonuses if all premiums have been paid. The bonus is expressed as a percentage of the sum assured. Bonuses are no guaranteed through the policy term, however, once it is declared, it is guaranteed. The simple reversionary bonus is payable upon the following events, whichever is earlier:

    • Death of the life insured
    • Maturity of the policy
    • Surrender of the policy

    From the date of death or lapse of the policy, the policy will not accrue any simple reversionary bonus.

    Add-On Plans – Additional Coverage under the MetLife College Plan?

    There are no add-ons available with this plan.

    Exclusions - What the MetLife College Plan doesn’t Cover?

    Under all insurance policies, there are certain exclusions for which the insurance company will not be liable to pay the benefits. Under the MetLife College Plan, the following exclusions will be applicable:

    • If the person insured commits suicide, whether sane or insane, within one year from the commencement date of the policy, the insurance plan is deemed void. The company will not be liable to pay any benefits but will provide the following:
      • Refund of 80% of the premiums paid without interest.
    • If the person insured commits suicide, whether sane or insane, within one year from the reinstatement date of the policy, the insurance plan is deemed void. The company will not be liable to pay any benefits but will provide the following:
      • Refund of 80% of the premiums paid till date of death, provided that the policy is still in force.

    Other Key Features:

    A few features of the MetLife College Plan worth noting have been mentioned below:

    Particulars Details
    Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
    Tax Benefit Tax benefit is applicable at the time of purchase and when the benefits are paid out
    Flexible Terms Policyholders can choose between 12 to 24-year terms
    Education Fund The fund for your child’s education is guaranteed during the last 3 years of the policy term
    Free-Look Period 15 days from the receipt of the policy document
    Surrender Value If premiums have been paid for at least 3 full policy years, a surrender value will be acquired equal to the maximum of Guaranteed Surrender Value and Special Surrender Value
    Reduced Paid-up Value If premiums have been paid for at least 3 full policy years and no further payments are made, the policy will acquire a Reduced Paid-up Value
    Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium
    Grace Period 30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
    Loan Facility Available to a maximum of 90% of the Special Surrender Value of the relevant policy year, currently at an interest rate of 10.5% p.a. (Subject to change)
    Alterations Alteration between modes of premiums payment can be made on any policy anniversary. Presently the fee is Rs.100, subject to change from time to time

    Tax Benefits – How you can save with the MetLife College Plan?

    Under the provisions of the Income Tax Act, 1961, policyholders are eligible for tax exemptions and other benefits. With the MetLife College Plan, benefits are available at the time of purchasing the policy, paying premiums and receiving payouts. You are advised to consult a tax advisor to know more about the applicable benefits on the MetLife College Plan as per the prevailing tax laws which a subject to amendments from time to time.

    Other Benefits – How you can save with the MetLife College Plan?

    Potential customers and existing ones can benefit from a host of services provided by PNB MetLife designed to help save time, make policies available easily and provide convenience. MetLife, through their customer service, their website and through advisors, help customers with all issues and queries related to their insurance products. Some of the services offered by MetLife are as follows:

    • Compare different protection plans
    • Calculate your premium payment using the Premium Calculator
    • Meet an advisor through PNB MetLife
    • Download the brochure for every policy available
    • Download the terms and conditions
    • Get the Premium Rates Form
    • Locate a PNB MetLife branch
    • Contact the customer care via phone, fax, email, or SMS
    • Domestic Medical assistance and emergency assistance
    • 24x7 access to qualified doctors
    • Preventive healthcare packages from leading hospitals and diagnostic centers in India
    • Discounts on wellness packages
    • Medical second opinions

    Why you should Buy the MetLife College Plan?

    MetLife in partnership with Punjab National Bank offers a wide range of protection, investment, savings and retirement products in the Indian market. Since 2001, PNB MetLife has made a mark in the insurance segment of India servicing millions of customers. PNB MetLife doesn’t just provide insurance products but also provides guidance and advice through more than 25,000 financial advisors and bank partners. It is one of the fast-growing life insurance companies in India raking in profits year after year in the last five financial years. With the MetLife College Plan, your child’s education is secured financially with a guaranteed fund. It also provides the advantage of death benefits, maturity benefits, bonuses and more.

    Frequently Asked Questions (FAQs):

    Q. How do I meet an advisor for the MetLife College Plan?

    A. You can meet an advisor from PNB MetLife to discuss the MetLife College Plan through the following avenues:

    • Request online on the PNB MetLife website by filling in the relevant form.
    • You can contact the customer care via phone, fax, email or SMS to request to meet an advisor.
    • You can visit a PNB MetLife branch. You can locate a branch on the website.

    Q. How do I cancel the policy within the free-look period?

    A. If you wish to cancel the policy within the free-look period, you need to submit a written request to cancel the policy and state your objection to the policy within 15 days from the date of receipt of the policy document. You can cancel the policy via the following avenues:

    • Visit the nearest PNB MetLife branch
    • Visit the registered office in Bangalore
    • Apply online on the company’s website. This option is a preliminary cancellation and within 10 working days the hard copy of the cancellation request form must be mailed or couriered.

    You need to send the duly filled and signed copy of the cancellation request form, the original policy document, ID proof and a cancelled cheque with the name of the policyholder and the account number.

    Q. Will I be required to do a medical examination?

    A. The requirement of a medical examination depends on factors such as the sum assured, your age, whether you are a smoker or not, and other such factors. The medical tests needed is based on the decision of the underwriter.

    Q. How do I intimate a claim for insurance to PNB MetLife?

    A. If you need to lodge a claim with PNB MetLife, these are the options available to you:

    • Contact your financial advisor or sales manager
    • Visit the branch office
    • Visit the claims department at the head office in Bangalore
    • For group claims, you can contact the regional service team
    • For BABP channel, the claim can be made to the channel partner or bank who will communicate the claim to the respective branch or claims team

    You can send in your claim in written form via post, email or fax, too.

    Q. What is the settlement process time taken by PNB MetLife?

    A. Once all the documents and the claim form are received by PNB MetLife, the process can take up to 30 days. In case further investigations are required, then the process can take up to 6 months from the date of intimation of the claim.

    Q. Will my nominee still receive benefits if my death occurs outside of India?

    A. Yes, your nominee can file for an insurance claim. The documents required are similar to that of a death within the country. The death certificate will need to be attested by the Indian Embassy of the country in which the death occurred.

    Q. Can I appoint my spouse and my child as nominees?

    A. Yes, you may appoint more than one nominee under the MetLife College Plan. During the time of payout, the nominees will receive their share of the benefits.

    Q. The nominee of this policy died without claiming insurance. Can anyone claim the benefits of this policy?


    • If the nominee dies before the policyholder, the policyholder can nominate someone else and continue the policy.
    • If the nominee dies after the the death of the policyholder, the legal heir can claim insurance. The policy will continue to pay the same benefits as and when due.

    Q. How do I pay my premium towards the MetLife College Plan?


    • You can pay your premiums using the option of “Pay Your Premiums Online” on the PNB MetLife website. Accepted modes of payment are net banking, credit card and debit card.
    • You can set standing instructions with your bank to pay the premium using your credit card
    • You can mail or submit a cheque or DD to PNB MetLife
    • You can use the Electronic Clearance System (ECS) to pay directly from your bank account
    • Auto Debit facility is available for Axis Bank NRE/NRO accounts

    Q. Can I get a duplicate policy document if I have lost the original?

    A. Yes, you can apply for a duplicate policy by downloading the request form and format of Rs.100 indemnity bond. The bond on stamp paper of Rs.100 (for Jammu and Kashmir, Rs.40) is required along with a fee of Rs.200 for the issuance of a duplicate policy.

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