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.
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||
|Policy Coverage||10 years||15 years||20 years|
|Age at Entry||45 years and above||Less than 45 years|
|Applicable Multiple||10x or 7x||10x|
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
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:
The policy provides the following coverage for the life insured and the family:
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|
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:
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|
If you wish to enhance the protection of this plan, there are two riders available:
A few features of the MetLife Guaranteed Income Plan worth noting have been mentioned below:
|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|
|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|
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.
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:
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.
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.
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.
A. PNB MetLife will take up to 48 hours to process your application upon receipt of all your documents and the premium amount.
A. You can file a claim for insurance through the following avenues:
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.
A. PNB MetLife will pay the benefits of this plan via cheque or electronic transfer into the beneficiary’s bank account.
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.
The documents mentioned above need to be submitted to PNB MetLife. You can submit them via the following places:
A. Yes, you may appoint more than one nominee to receive benefits in case of your demise.