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  • Met Life Guaranteed Income Plan

    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

    Converting big dreams into reality requires sacrifice, savings and a plan! But with the MetLife Guaranteed Income Plan, you can spend on the little joys in life while also benefitting from a lump sum pay out later on. Secure your family’s status with a guaranteed second income. The lump sum benefit can be used to meet important milestones in life, take vacations or invest in your dream. This insurance policy is a non-linked non-participating life insurance plan.

    Eligibility - Who is the MetLife Guaranteed Income Plan for?

    If you wish to purchase the MetLife Guaranteed Income Plan, you need to meet the eligibility criteria set out by MetLife.

    Premium Payment Type 5 Pay 7 Pay 10 Pay
    Minimum sum assured Rs.4 lakhs Rs.2 lakhs Rs.1.5 lakhs
    Premium Payment Term 5 years 7 years 10 years
    Minimum age at entry 8 3 3
    Maximum age at entry 60 60 60
    Maximum age at maturity 70 75 80
    Premium Payment Modes
    • Yearly
    • Half-yearly
    • Monthly
    • Yearly
    • Half-yearly
    • Monthly
    • Yearly
    • Half-yearly
    • Monthly
    Policy Coverage 10 years 15 years 20 years

    Multiple of Premiums:

    Age at Entry 45 years and above Less than 45 years
    Applicable Multiple 10x or 7x 10x

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

    With the MetLife Guaranteed Income Plan, customers can opt for coverage as low as Rs.1.5 lakhs depending on the premium payment term selected. Depending on the sum assured, the premium amount will be determined.

    Particulars 5 Pay 7 Pay 10 Pay
    Type of plan Non-linked non-participating life insurance plan
    Minimum annual premium Rs.52,900 Rs.23,864 Rs.16,666
    Maximum annual premium As per Board approved underwriting policy As per Board approved underwriting policy As per Board approved underwriting policy
    Minimum sum assured Rs.4 lakhs Rs.2 lakhs Rs.1.5 lakhs
    Maximum sum assured As per Board approved underwriting policy As per Board approved underwriting policy As per Board approved underwriting policy

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

    Plan Coverage - What the MetLife Guaranteed Income Plan Covers?

    Insurance plans come with a number of benefits for the life insured and their families. Under the MetLife Guaranteed Income Plan, some of the benefits include:

    • Secure your family’s future and their current lifestyle
    • Get a lump sum benefit that will help you achieve your goals
    • Plan ahead to meet important milestones of life
    • Create a fund to go on vacations
    • Create a second income for yourself and your family

    The policy provides the following coverage for the life insured and the family:

    Guaranteed Income Benefit:

    Depending on your premium payment term, you will receive a regular annual income in the range of 11% to 13% of the basic sum assured.

    Premium payment term Number of income payments Amount Commencement
    5 pay 5 annual income payments 11% of the basic sum assured 6th policy anniversary
    7 pay 8 annual income payments 11% of the basic sum assured 8th policy anniversary
    10 pay 10 annual income payments 13% of the basic sum assured 11th policy anniversary

    Death Benefit:

    In case of your unfortunate demise during the policy term, the sum assured upon death will be paid out to the family. The sum assured upon death will be the highest of these four options:

    • Annualized premium X multiple of annual premium
    • Basic sum assured
    • Sum assured on maturity
    • 105% of all premiums paid as on date of death

    Survival Benefit:

    Based on your premium payment term selected, survival benefits are payable upon the survival of the life insured at the end of the policy term. In addition to the guaranteed income benefit, you can get up to 55% of the basic sum assured which will be payable only at the end of the policy term. The sum assured on maturity is defined as a percentage of the basic sum assured. This varies with premium payments made.

    Premium payment term Sum assured on maturity
    5 pay 30% of Basic Sum Assured
    7 pay 35% of Basic Sum Assured
    10 pay 55% of Basic Sum Assured

    Add-On Plans – Additional Coverage under the MetLife Guaranteed Income Plan:

    If you wish to enhance the protection of this plan, there are two riders available:

    Exclusions - What the MetLife Guaranteed Income Plan doesn’t Cover?

    • Whether sane or insane, if the life insured commits suicide within a year of the policy’s inception date, MetLife will refund 80% of the total premiums received. No interest will be payable. MetLife will not be liable to pay any other benefits.
    • Whether sane or insane, if the life insured commits suicide within a year of the policy’s inception date, MetLife will refund 80% of the total premiums received or the surrender value, whichever is higher. No interest will be payable. MetLife will not be liable to pay any other benefits.

    Other Key Features:

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

    Particulars Details
    Free-Look Period 15 days from the receipt of the policy document (30 days for policies bought through the MetLife website)
    Grace Period 30 days from the due date of unpaid premium For monthly mode, 15 days
    Tax Benefit Tax benefit is applicable as per the provisions of the Income Tax Act, 1961, Section 80C and 10 (10D)
    Assignment In accordance with Section 38 of the Insurance Act, 1938, assignment can be effected
    Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
    Loan Options Available for up to 90% of the Special Surrender Value of your policy at the end of the relevant policy year minus any unpaid premiums for that year
    Service Tax Applicable as per the current service tax laws
    Lapse
    • For 5 pay and 7 pay policies, if premiums for the first two years are not paid in full, the policy will lapse after the grace period. Benefits will cease immediately
    • For 10 pay policies, if premiums for the first three years are not paid in full, the policy will lapse after the grace period. Benefits will cease immediately
    Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium before the policy matures
    Paid-up Value If the policy has acquired a surrender value and no future premiums are paid, then you can surrender the policy or continue with reduced benefits
    Surrender Value For paid-up policies, the surrender value will be paid out as the higher of the Guaranteed Surrender Value or Special Surrender Value of the policy

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

    Policyholders are eligible for tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. For premiums paid towards the policy and for benefits received, tax benefits are applicable. MetLife advises policyholders to consult a tax advisor to take full advantage of all eligible exemptions and benefits available.

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

    Customers looking to purchase an insurance policy from MetLife and existing customers have access to a number of services offered online and offline by MetLife that make insurance convenient, hassle-free and easy. MetLife offers services that enhance the customer’s experience and provide a smooth and seamless insurance process. Some of the benefits offered by MetLife include:

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

    Why you should Buy the MetLife Guaranteed Income Plan?

    MetLife has established a credible relationship with its customers in India since 2001. In partnership with Punjab National Bank, MetLife deals with a wide range of insurance products. Customers can opt for plans that cover savings, protection, retirement and investment. With a 95.4% settlement ratio as of FY 2014-15, PNB MetLife holds on to one of the top spots in the market. As one of the leading insurance companies globally, MetLife offers plans at affordable premiums with great benefits.

    Frequently Asked Questions (FAQs):

    Q. How much insurance cover should I opt for?

    A. The amount of financial protection depends on you and your family’s needs. It is advised to choose a sum that is 10 to 25 times your annual income to negate inflation and unforeseen liabilities. The minimum cover you can opt for under this plan is Rs.1.5 lakhs.

    Q. Is there a medical examination required to apply for the MetLife Guaranteed Income Plan?

    A. Medical tests depend on the sum assured selected and other factors. The examination will be conducted at your home according to your convenience and availability. Certain tests may require a diagnostic center nearby.

    Q. Where can I buy the MetLife Guaranteed Income Plan?

    A.

    • You can visit the nearest PNB MetLife branch.
    • You can contact PNB MetLife via phone, fax, email or SMS.
    • You can visit the PNB MetLife website to request for an advisor to provide assistance while buying this plan.

    Q. How long does PNB MetLife take to process my application for this plan?

    A. PNB MetLife will take up to 48 hours to process your application upon receipt of all your documents and the premium amount.

    Q. How do I claim insurance from PNB MetLife?

    A. You can file a claim for insurance through the following avenues:

    • You can visit the claims department at the head office in Bangalore
    • You can visit the branch office
    • You can contact your financial advisor or sales manager
    • 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
    • For group claims, you can contact the regional service team

    Q. How long will it take for PNB MetLife to process an insurance claim?

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

    Q. How will the money paid out under this plan be given to me?

    A. PNB MetLife will pay the benefits of this plan via cheque or electronic transfer into the beneficiary’s bank account.

    Q. How do I apply for a duplicate policy document?

    A. Download the request form and format of the indemnity bond from the PNB MetLife website. The bond is required on stamp paper of Rs.100 (for Jammu and Kashmir, Rs.40). A fee of of Rs.200 for the issuance of a duplicate policy will be applicable.

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

    A.

    • 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.
    • Send the duly filled and signed copy of the cancellation request form, the original policy document, and ID proof.
    • A cancelled cheque with the name of the policyholder and the account number is also required.

    The documents mentioned above need to be submitted to PNB MetLife. You can submit them via the following places:

    • 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.
    • Visit the nearest PNB MetLife branch.

    Q. Can I appoint two people as my nominees under the MetLife Guaranteed Income Plan?

    A. Yes, you may appoint more than one nominee to receive benefits in case of your demise.