Achieving our dreams and goals sometimes seems far-fetched. With the MetLife Guaranteed Savings Plan, you can start saving up a corpus that could help you achieve your long-term life goals. Flexibility of this plan allows you to choose tenures that are convenient to you and suit your needs. Enhance your protection with riders available which will cover financial losses in case of serious illnesses and accidental death.
If you wish to purchase the MetLife Guaranteed Savings Plan, you need to meet the eligibility criteria set out by MetLife.
|Premium Payment Type||5 Pay||7 Pay||10 Pay|
|Minimum age at entry||8||3||3|
|Maximum age at entry||60||60||60|
|Maximum age at maturity||70||75||80|
|Minimum sum assured||Rs.4 lakhs||Rs.2 lakhs||Rs.1.5 lakhs|
|Premium Payment Term||5 years||7 years||10 years|
|Policy Coverage||10 years||15 years||20 years|
|Premium Payment Modes||
|Age at Entry||45 years and above||Less than 45 years|
|Applicable Multiple||10x or 7x||10x|
With the MetLife Guaranteed Savings 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 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|
|Minimum annual premium||Rs.46,480||Rs.21,068||Rs.14,178|
|Maximum annual premium||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
MetLife offers a number of benefits to policyholders for the premium that they pay towards this plan. Some of the benefits include:
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||70% of Basic Sum Assured|
|7 pay||100% of Basic Sum Assured|
|10 pay||130% of Basic Sum Assured|
The guaranteed addition rate varies between premium payment terms and is given as follows:
|Premium payment term||Guaranteed Addition rate|
|5 pay||5% of cumulative premiums|
|7 pay||7% of cumulative premiums|
|10 pay||10% of cumulative premiums|
There are two riders available under this plan which can enhance the protection of this plan:
A few features of the MetLife Guaranteed Savings Plan worth noting have been mentioned below:
|Tax Benefit||Tax benefit is applicable as per the provisions of the Income Tax Act, 1961, Section 80C and 10 (10D)|
|Free-Look Period||15 days from the receipt of the policy document (30 days for policies bought through distance marketing)|
|Nomination||Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938|
|Assignment||In accordance with Section 38 of the Insurance Act, 1938, assignment can be effected|
|Grace Period||30 days from the due date of unpaid premium For monthly and PSP mode, 15 days|
|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|
|Reinstatement||A lapsed policy can be reinstated within 2 years from the date of first unpaid premium before the policy matures|
|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|
|Service Tax||Applicable as per the current service tax laws|
|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|
Policyholders are also advised to consult a tax advisor to find out all eligible exemptions and benefits available for premium payments made and benefits received under the prevailing tax laws. Under the MetLife Guaranteed Savings Plan, policyholders are eligible for tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. To know more about tax exemptions, please refer to the brochure of the policy.
PNB MetLife offers services that enhance the customer’s experience and provide a smooth and seamless insurance process. 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. Some of the benefits offered by MetLife include:
Boasting of a claim settlement ratio of 95.4% as of FY 2014-15, MetLife in partnership with Punjab National Bank offers a plethora of insurance products in the Indian market. Since 2001, MetLife has established a good relationship with its customers in India providing products that span across savings, protection, investment and retirement. MetLife is a leader in the global insurance world. With the MetLife Guaranteed Savings Plan, you can start saving at affordable premiums to reap the benefits in the long-term.
A. The amount of insurance coverage is left up to you. However, when it comes to insurance, it is advised to choose a sum that is 10 to 25 times your annual income to negate inflation and unforeseen liabilities. The MetLife Guaranteed Savings Plan is intended towards saving a corpus. You can start as low as Rs.1.5 lakh. The maximum sum assured is subject to Board-approved underwriting policy.
A. Upon receipt of all your documents and the premium amount, PNB MetLife will take up to 48 hours to process your application.
A. Medical tests depend on the sum assured selected. Tests will be conducted at your home according to your convenience and availability. Certain tests may require a diagnostic center nearby.
A. To file in an insurance claim, these are the options available to you:
A. Yes, you can apply for a duplicate policy by downloading the request form and format of the indemnity bond. The bond is required on stamp paper of Rs.100 (for Jammu and Kashmir, Rs.40). A fee of Rs.200 for the issuance of a duplicate policy will be applicable.
A. Insurance claims disbursed by MetLife will be through cheque or electronic transfer into the nominee’s bank account.
A. Under the MetLife Guaranteed Savings Plan, you may appoint more than one nominee to receive benefits in case of your demise.
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. 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 need to 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. You can cancel the policy via the following avenues:
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