"Spending a whole day looking for insurance is fun," said nobody, EVER!
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

Met Life Guaranteed Savings Plan

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.

Eligibility - Who is the MetLife Guaranteed Savings Plan for?

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
  • Yearly
  • Half-yearly
  • Monthly
  • Yearly
  • Half-yearly
  • Monthly
  • Yearly
  • Half-yearly
  • Monthly

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 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

Plan Coverage - What the MetLife Guaranteed Savings Plan Covers?

MetLife offers a number of benefits to policyholders for the premium that they pay towards this plan. Some of the benefits include:

  • Meet short-term and long-term goals
  • Guaranteed benefits at maturity
  • Guarantee your child’s higher education
  • Pay limited premiums and get life cover for the entire policy term

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

  • Death Benefit - In case of your unfortunate demise during the policy term, the sum assured upon death will be paid out to the family along with accrued guaranteed additions. The sum assured upon death will be the higher of these four options:
    • Sum assured on maturity
    • 105% of all premiums paid as on date of death
    • Basic sum assured
    • Annualized premium X multiple of annual premium
  • Maturity benefit - If the life insured survives till the end of the policy term, provided all premiums have been paid, the following will be paid out:
    • Sum Assured on Maturity i.e., 70% to 130% of the basic sum assured upon maturity
    • Accrued Guaranteed Additions

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
  • Guaranteed Additions - At the end of each policy year, guaranteed additions are added during the premium payment term. All premiums must be paid up in that policy year to receive this benefit. Guaranteed Additions are calculated as:
    • (The guaranteed addition rate) X (Sum of all premiums received till date)

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

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

There are two riders available under this plan which can enhance the protection of this plan:

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

  • If the life insured commits suicide within a year of the policy’s inception date, whether sane or insane, the insurance policy will be void. The company will refund 80% of the total premiums received without interest. MetLife will not be liable to pay any other benefits or interest.
  • If the life insured commits suicide within a year of the policy’s last revival date, whether sane or insane, the insurance policy will be void. The company will refund 80% of the premiums received without interest or the surrender value, whichever is higher, if the policy is in force. MetLife will not be liable to pay any other benefits or interest.

Other Key Features:

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

Particulars Details
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
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
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

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

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.

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

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:

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

Why you should Buy the MetLife Guaranteed Savings Plan?

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.

Frequently Asked Questions (FAQs):

Q. How is my insurance coverage determined under the MetLife Guaranteed Savings Plan?

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.

Q. How do I purchase the MetLife Guaranteed Savings Plan?

A.

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

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

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

Q. Is there a medical examination required?

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.

Q. How do I claim insurance under this policy?

A. To file in an insurance claim, these are the options available to you:

  • 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
  • You can visit the claims department at the head office in Bangalore
  • You can visit the branch office
  • For group claims, you can contact the regional service team

Q. If I have lost the original policy, can I get a duplicate policy document?

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.

Q. What modes of payment does PNB MetLife use for the disbursement of a claim?

A. Insurance claims disbursed by MetLife will be through cheque or electronic transfer into the nominee’s bank account.

Q. Can I appoint multiple nominees under the MetLife Guaranteed Savings Plan?

A. Under the MetLife Guaranteed Savings Plan, you may appoint more than one nominee to receive benefits in case of your demise.

Q. How long will it take for PNB MetLife to process a 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. What is the process to return a policy within the free-look period?

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:

  • 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.