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  • Pnb Metlife Rural Plans

    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

    Rural insurance plans are those policies that are specifically designed keeping in mind the many requirements of rural populace. The benefits of these plans are that they offer insurance at a relatively low price and provide the same level of financial security for a policyholder and their family members.

    PNB MetLife offers a few rural plans that serve different purposes including long-term savings, death benefits, survival benefits and the like all for a nominal premium amount.

    Benefits of Rural Plans offered by PNB MetLife

    Listed below are the benefits of the rural plans:

    • Affordable premiums
    • Free-look period of 15 days
    • Pay only for a limited term of 10 years and receive protection for 15 years.
    • Receive death benefits and maturity benefits
    • Avail tax benefits against the policy under Section 80C and 10(10D) of the Income Tax Act, 1961
    • Long-term savings plus protection

    List of Rural Plans offered by PNB MetLife

    PNB MetLife currently has three rural plans to offer for its customer base, all of which are available to be bought offline. These plans include:

    • MetLife Bhavishya Plan
    • MetLife Bachat Yojana
    • MetLife Grameen Ashray

    MetLife Bhavishya Plan:

    This is a non-linked deferred participating endowment plan which provides death benefits but also pays out upon maturity of the plan. This plan emphasises small savings but on a long-term basis to help build up a significant savings portfolio. The MetLife Bhavishya Plan is insurance plan designed to meet your future and present financial goals and requirements. Policyholders will reap the benefits for 15 years through sums assured plus bonuses. Premiums for this plan are set an affordable rates with a premium payment tenure of 10 years. With the Bhavishya Plus Plan, you will be entitled to receive the following benefits:

    • Death Benefit - Upon the unfortunate demise of the policyholder during the policy term, the higher of the following will be payable:
      • Death sum assured + Accrued simple reversionary bonuses
      • 10 times the annualised premium + minimum guaranteed sum assured on maturity (40% of the base sum assured) + Absolute amount to be paid upon death (base sum assured) + 105% of all premiums paid
    • Maturity Benefit - Upon the survival of the policyholder till the maturity date, the following benefit will be payable:
      • Maturity sum assured (40% of the base sum assured)
      • Accrued simple reversionary bonus
      • Terminal bonus, if any.
    • Survival Benefit - Upon the survival of the policyholder, in the last three years of the policy before its maturity date, a fixed amount of 20% of the base sum assured will be payable at the end of each year.
    • Waiver of Premiums - Apart from the death benefit, all future premiums will be waived. The policy will remain in force for the remainder of the policy term.
    • 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 benefit.
    • Simple Reversionary Bonus - This policy will participate from the third year onwards for Simple Reversionary Bonuses.
    Plan Name Entry Age Maturity Age Premium
    MetLife Bhavishya Plan 20 years to 45 years 69 years Annual - Rs.8,000 p.a. to Rs.17,999 p.a. Bi-annual - Rs.10,000 p.a. to Rs.17,999 p.a. Monthly - Rs.15,000 p.a. to Rs.17,999 p.a.

    MetLife Bachat Yojana:

    The MetLife Bachat Yojana stresses on small savings but on a long-term basis to help build up a significant savings portfolio. This is an insurance plan designed to meet your future and present financial goals and requirements. Premium rates are affordable and have to be paid only for but the benefits last for 15 years through sums assured plus bonuses. This non-linked deferred participating endowment plan also has maturity benefits.

    • Upon death of the life insured within the 15-year policy term, the family will receive the sum assured plus terminal bonuses and reversionary bonuses, if any.
    • The premiums are affordable.
    • Upon maturity of the plan, you will receive a sum assured plus bonuses.
    • Pay only for a limited term of 10 years and receive protection for 15 years.
    • Avail tax benefits against the policy under Section 80C and 10(10D) of the Income Tax Act, 1961.
    • Maturity Benefit - If the policyholder survives till the maturity date, the following is payable:
      • Base sum assured
      • Accrued simple reversionary bonuses
      • Terminal bonus, if any
    • Death Benefit - Sum assured upon death plus accrued reversionary bonus and terminal bonus, if any, where the sum assured is the higher of the following:
      • 10 times the annualised premiums
      • 105% of all premiums paid
      • Minimum guaranteed sum assured on maturity
      • Absolute amount assured to be paid on death
    • Simple Reversionary Bonus - This policy will participate from the third year onwards for Simple Reversionary Bonuses.
    • Terminal Bonus - From the fifth year onwards, the company may declare terminal bonuses as a percentage of the accrued simple reversionary bonus.
    Plan Name Entry Age Maturity Age Premium
    MetLife Bachat Yojana 20 years to 60 years 75 years
    • Annual: Rs.6,000
    • Semi-Annual: Rs.10,000
    • Monthly/PSP: Rs.15,000

    MetLife Grameen Ashray:

    The MetLife Grameen Ashray Plan is a flexible and lucrative insurance policy that provides financial protection at affordable rates. This is a short-term plan that helps you ensure your loved ones are taken care of if anything were to happen to you. Some of the benefits of this plan are:

    • Affordable premiums for a short-term plan
    • Simple process to avail the plan
    • Easy documentation
    • Upon the death of the policyholder, the nominee will get the sum assured chosen
    • Tax benefits as per the prevailing tax laws
    • 15-day free-look period
    Plan Name Entry Age Maturity Age Premium
    MetLife Grameen Ashray 18 years to 55 years 60 years Rs.61 to Rs.1,208 (not including taxes)

    Why you need a Rural Plan from PNB MetLife?

    Entering the Indian market in 2001, MetLife tied up with Punjab National Bank, a leading bank in India. The company has made its mark in India and has become one of the fastest growing insurance companies boasting of profits for the last five consecutive financial years. As one of the global leaders in the insurance world, MetLife has established a relationship of credibility and trust with its customers. The insurer offers a range of products related to protection, savings, investment, and retirement products. These plans are designed to be simple and easy to understand for rural folk.