Introduction:

Stepping into a fruitful career describes the goals and aspirations that individuals wish to obtain for a successful future. However, to facilitate these goals, it is essential to invest in savings at an early age to gain maximum benefits in the long run. Because life is unpredictable, PNB Metlife Super Saver Plan offers excellent coverage to customers opting for the plan. With this plan, you can rest assured that your monetary goals will be taken care of at times of need or in case you, the primary earning member of the family meet an untimely death. This plan is a great option if you are looking for a child plan as it helps you in safeguarding the financial future of your child even if you are no longer around. 

The PNB Metlife Super Saver Plan helps you to gather your savings and offer long-term monetary protection to yourself and your family. While giving you life coverage, the plan offers maturity benefits and provides the opportunity for wealth appreciation. Alongside, the plan offers a Waiver of Premium to make sure that the financial goals are left uncompromised in terms of critical illness.

PNB Metlife Super Saver Plan Details:

Let us take a look at the plan details of the PNB Metlife Super Saver Insurance Plan. It provides 3 plan options:

  1. Savings:

    Under this option, individuals receive lump sum benefits of death or maturity. Here, the lump sum benefit is the basic sum insured, simple reversionary bonus, and terminal bonus (if any)

  2. Savings + Family Care Option:

    Under this, all the future instalment premiums that would be payable under the plan for the remaining premium payment term will not be payable after the life assured’s death. However, the Maturity benefit (inclusive of all bonuses) will be payable as declared in the Maturity benefit section. Here, the nominee is the chief beneficiary under the plan option.

  3. Savings + Health Care Option:

    Besides the savings option benefits, this option provides WOP in terms of sudden critical illnesses. Each of the future premiums is waived in case of diagnosing any of the 35 Critical Illnesses listed under the plan occurs. 

Working of PNB Metlife Super Saver Plan:

With the three plan options: Savings, Savings + Family Care Option and Savings + Health Care Option, you can opt for a plan that best suits your requirements. While paying the premium for a term of 5, 7, 10, 12, 15 years or Regular play, you can rest assured that you get life coverage that can go up to 20 years. In case of death of the insured, the nominee receives a death benefit. Apart from this, Accured Simple Revisionary Bonus, Terminal Bonus is also paid (if declared). Maturity benefit is also an added benefit that you can opt for with the Super Saver Plan. 

Benefits under the PNB Metlife Super Saver Plan

Following are the Benefits under the Metlife Super Saver Insurance Plan: 

Death Benefit:
In case the insured individual passes away during the term of the policy, the following are the benefits that are obtained under policy options: 

  • Benefits for individuals that choose Savings or Savings + Healthcare Option
    The nominee gains the sum assured on death along with the simple reversionary bonus and terminal bonus (if any). However, this bonus is subject to a minimum of 105% of the total premium paid till the death date. Thereafter, the policy shall end.
  • Benefits for individuals that choose Savings + Family Care Option
    Under this option, the nominee will receive the sum assured on death and future premiums. Later, when the policy term ends, the nominee receives the sum assured on maturity along with a simple reversionary bonus and terminal bonus (if any).

Maturity Benefit:
In case you outlive the policy term, you are eligible for a maturity benefit when your policy matures. With this, you can achieve the sum assured on the Maturity as a whole along with simple reversionary bonuses and terminal bonuses (if any). 

  1. Savings and Savings + Health Care Option
    The maturity benefit will be the total of: 
    1. Sum Assured on Maturity 
    2. Accrued Simple Reversionary Bonuses, if any 
    3. Terminal Bonus, if any
  2. Savings + Family Care option
    The maturity benefit will the total of: 
    1. Sum Assured on Maturity 
    2. Accrued Simple Reversionary Bonuses, if any 
    3. Terminal Bonus, if any

Sample illustration of premium amount & sum assured in PNB Metlife Super Saver

To understand the PNB Metlife Super Saver plan better, let us go through the following example:

Ravi Sharma is a college professor. He wants to secure his future and has purchased the PNB Metlife Super Saver Plan. Under the various situations and plan options, let us see how the plan works: 

  1. Savings plan option, with the following details:
    • Premium Payment Term: 10 years
    • Policy Term: 20 years
    • Sum Assured: INR 5,28,597
    • Yearly Premium: INR 50,000

    With an 8% assumed investment return, let us take a look at the benefits Ravi will receive:

    • Sum Assured: INR 5,28,597
    • Simple Reversionary Bonuses (if any): INR 4,75,737
    • Terminal Bonus (if any): INR 1,90,295
    • Total Benefit: INR 11,94,629

    If Ravi passes away during the 8th year of the policy, at 8% assumed investment return his nominee will receive:

    • Cash Bonus (if any): INR 81,404
    • Sum Assured: INR 5,28,597
    • Vested Bonuses (if any): INR 2,11,439
    • Terminal Bonus (if any): INR 1,25,278
    • Total Benefit Received till Death: INR 9,46,718
  2. Savings+Family Care plan option, with the following details:
    • Premium Payment Term: 15 years
    • Policy Term: 15 years
    • Sum Assured: INR 6,36,375
    • Yearly Premium: INR 50,000

    With an 8% assumed investment return, let us take a look at the benefits Ravi will receive:

    • Sum Assured: INR 6,36,375
    • Simple Reversionary Bonuses (if any): INR 3,96,144
    • Terminal Bonus (if any): INR 49,518
    • Total Benefit: INR 10,82,037
  3. Savings+Health Care plan option, with the following details:
    • Premium Payment Term: 15 years
    • Policy Term: 15 years
    • Sum Assured: INR 6,60,764
    • Yearly Premium: INR 50,000

    With an 8% assumed investment return, let us take a look at the benefits Ravi will receive:

    • Sum Assured: INR 6,60,764
    • Simple Reversionary Bonuses (if any): INR 4,,11,325
    • Terminal Bonus (if any): INR 51,416
    • Total Benefit: INR 11,23,505.

Additional Riders, Features & Benefits of the PNB Metlife Super Saver Plan

Listed below are the Features and additional riders of the PNB Metlife Super Saver Insurance Plan. 

  1. Additional Features And Benefits:
    • Obtain financial stability and strength 
    • Guaranteed maturity benefits 
    • Excellent payment flexibility. It ranges from 5 years to 7, 10, 12 and 15 years.
    • Verify long-term savings along with financial protection for your loved ones under the Savings+Family Care Option. (Here the Maturity Benefit is paid as planned. Additionally, after death, no future premiums are payable.) 
    • Protect your goals from unforeseen illness with the WOP on critical illness.
    • Provides wealth appreciation via 2 bonus options: Accumulation and Liquidity
    • You can apply for a loan up to 90% of the Surrender Value.
  2. Additional Riders:

    To protect your family from all/any unsuitable events, individuals can pick the riders listed below at an extra price. 

    • PNB MetLife Accidental Death Benefit Rider Plus
      This rider offers extra protection over and above the death benefit in case the life-insured individual meets with an accidental death. 
    • PNB MetLife Serious Illness Rider
      Here, the rider offers extra protection over and above the death benefit in case the insured individual discovers any of the 10 critical illnesses listed under the Rider. 
  3. Bonus payout options during the inception of the plan:
    • Accumulation: Simple reversionary bonus, (if mentioned), gathered throughout the policy term and paid on death or maturity 
    • Liquidity via cash bonuses: Easy reversionary bonus, (if mentioned) accumulated during premium payment term and paid on death or maturity
    • Cash bonus ( if mentioned) is paid right after the end of each policy year after the expiry of the premium payment term till death or maturity date. 
  4. Family Protection:
    • Achieve brilliant life cover for the whole policy term 
    • Protect your monetary goals in resistance to illnesses with WOP on 35 critical illnesses under the Savings+Health Care Option
    • Protect the future of your family in case of your sudden demise with zero future premiums payable after death under the Savings + Family Care Option
    • Obtain extra cover via accidental death and critical illness riders by paying a little more. 
  5. Tax Benefits:
    As per the Income Tax Act, you are eligible for tax benefits on paid premiums and obtained benefits.
  6. Eligibility conditions & restrictions in PNB Metlife Super Saver

    Let us take a look at the eligibility criteria: 

    Parameters

    Details

    Minimum Entry Age

    Savings: 18 years

    Savings + Family Care: 28 years

    Savings + Health Care: 28 Years

    Maximum Entry Age

    45 years to 60 years (as per the plan selected)

    Minimum Maturity Age

    70 years/ 80 years (as per the plan selected)

    Policy Term

    10 years to 20 years (as per the plan selected)

    Mode of Premium Payment

    Monthly/ Half Yearly/ Yearly

    Minimum Basic Sum Assured

    INR 2,20,000

    Maximum Basic Sum Assured

    No upper limit (Subject to BAUP)

Coverage Under PNB Metlife Super Saver Plan

The PNB Metlife Super Saver Plan covers several benefits. Some include:

  • Life cover to the family in case of your absence 
  • The policyholder gets the option to select the best bonus from at the inception of the insurance policy 
  • In case the policyholder survives the policy term, the sum insured shall be paid to you and your family 
  • The Policy provides 3 plan options wherein individuals can choose anyone they like 
  • Safeguards the financial requirements after retirement.

Exclusions Under PNB Metlife Super Saver Plan

Under PNB Metlife Super Saver Insurance Plan, bear the following exclusions in mind:

  • Suicide Exclusions:
    In case the insured person’s death occurs due to suicide within 12 months from the date of revival of the plan, the nominee/beneficiary shall be authorized to 80% of the total premium paid up till the date of death. However, the policy should stay in in-force status. 
  • Critical Illness Benefit Exclusions:
    The waiver of premium benefit shall not be payable in case the illness occurs directly/indirectly through any of those noted in the Terms & Conditions of the insured individual until and unless they are uncontrollable. 
  • Waiting Period Exclusions:
    In case the claim takes place for the WOP during the waiting period, the waiver of premium will be declared null and void. Also, the future premiums will be lowered to the premiums payable under the Savings Option. 

How To Buy PNB Metlife Super Saver Plan? 

If you are planning to buy the PNB Metlife Super Saver Plan, you can never go wrong with Turtlemint. Turtlemint helps to purchase all insurance policies in a quick and hassle-free process. Not only does it help to pick the perfect plan but it helps you throughout your insurance journey. Below listed are the steps to buying the PNB Metlife Super Saver Plan.

  • Step 1:

    Go to Life and enter your details. This will include the gender, date of birth, smoking habit, annual income, etc. 

  • Step 2:

    Select the sum assured amount. Enter your contact details. Next, look at the features and premiums of the plan 

  • Step 3:

    Next, click the ‘Buy Now’ option. You will be asked to enter some additional details. Upon entering, click continue. 

  • Step 4:
    For user approval, the proposal will be sent to the registered email address or phone number. Upon verifying the OTP, the experts at the company will get in touch with you soon.