Guaranteed Increasing Income Plan - Savings Plan in India - PNB MetLife

Key Benefits of PNB MetLife Guaranteed Increasing Income Plan

  • 1

    Guaranteed Increasing Income Benefit on Survival or Death

  • 2

    Guaranteed Sum Assured on Maturity: 40% to 85% of Basic Sum Assured

  • 3

    Build-up Option: Choice to receive enhanced lumpsum at Maturity

Overview

We live in an age of growth; with higher aspirations for your family, more expectations for yourself, impairing lifestyle and rising expenses, your savings need to power your dreams of tomorrow.
PNB MetLife Guaranteed Increasing Income Plan provides you a life cover along with increasing income every year to take care of rising expenses and a lump sum at maturity to fulfill your life goals.
You can avail additional protection through riders and protect your family against financial losses incurred in case of accidental death and serious illnesses, at a nominal cost.

Key benefits of PNB MetLife Guaranteed Increasing Income Plan

·        Pay as you like– Choose to pay premiums for 5, 7, 10 or 12 years

·        Guaranteed* Increasing Income Benefit – Guaranteed* Annual Income payouts that increase @ 10% p.a. (simple) payable at the end of the year after premium paying term

·        Guaranteed* Sum Assured on Maturity– Get 40% to 85% of Basic Sum Assured based on Premium Paying Term and Policy Term

·        Death Benefit Payout Option– Choose the death benefit as Lump sum or as an Annual Income that increases at a rate of 10% p.a. (simple) paid for 10 years.

·        Build-up Option: Choose to defer your income payouts to receive an enhanced lump sum at maturity

·        Protection

o   Get life cover for the entire policy term

o   Option to enhance your protection through additional Rider Benefits at a nominal cost

·        Tax benefits: You may be eligible to avail tax benefits on premiums paid and benefits received, as per prevailing tax laws

Guaranteed* Increasing Income Benefit

On Survival you will receive a guaranteed* income increasing at a rate of 10% p.a. (simple) from the second income benefit onwards. The Guaranteed* Increasing Income Benefit will be expressed as a percentage of Basic Sum Assured (BSA) and will be payable from the next policy anniversary after completion of the Premium Payment Term till maturity. The details of the Guaranteed* Increasing Income Benefit are mentioned in the table below:

Premium Payment TermPolicy TermStarting Income (% of BSA)Final Income (% of BSA)Pay-out frequency
51011%15.4%6th policy anniversary to maturity i.e. total of 5 payments
51510%19.0%6th policy anniversary to maturity i.e. total of 10 payments
71211%15.4%8th policy anniversary to maturity i.e. total of 5 payments
71511%18.7%8th policy anniversary to maturity i.e. total of 8 payments
101513%18.2%11th policy anniversary to maturity i.e. total of 5 payments
102013%24.7%11th policy anniversary to maturity i.e. total of 10 payments
121815%22.5%13th policy anniversary to maturity i.e. total of 6 payments
122413%27.3%13th policy anniversary to maturity i.e. total of 12 payments


Guaranteed* Increasing Income Benefit: The year on year increase in the Guaranteed* Income benefit for each premium paying term and policy term is illustrated below, 

Guaranteed* Increasing  Income Benefit (as % of BSA)

1 st


2 nd


3 rd


4 th


5 th


6 th


7 th


8 th


9 th


10 th


11 th


12 th
Premium Payment Term (Years)Policy Term
(Years)
51011%12.1%13.2%14.3%15.4% 
51510%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%19.0% 
71211%12.1%13.2%14.3%15.4% 
71511%12.1%13.2%14.3%15.4%16.5%17.6%18.7% 
101513%14.3%15.6%16.9%18.2% 
102013%14.3%15.6%16.9%18.2%19.5%20.8%22.1%23.4%24.7% 
121815%16.5%18%19.5%21%22.5% 
122413%14.3%15.6%16.9%18.2%19.5%20.8%22.1%23.4%24.7%26%27.3%

Guaranteed* Increasing Income Benefit shall cease on the death of the Life Assured.

Guaranteed* Sum Assured on Maturity

In addition to the Guaranteed* Increasing Income Benefit, Guaranteed* Sum Assured on Maturity is payable on survival of Life Assured till the end of the Policy Term, Guaranteed* Sum Assured on Maturity is defined as a percentage of Basic Sum Assured and varies by the Policy Term (PT) and Premium Payment Term (PPT).

Premium Payment Term (years)Policy Term (years)Guaranteed* Sum Assured on Maturity (As % of BSA)
51040%
515
71250%
715
101585%
102075%
1218
1224

Build-up option

You can choose to defer the Guaranteed* Increasing Income Benefit till end of the policy term by choosing the ‘Build-up Option’. If Build-up option is chosen, all due premiums have been paid and policy is in force, all income payouts shall be accrued at 5% every year at a compounded interest rate and will be payable at the end of the policy term.

Death Benefit

In case of unfortunate demise of the life assured during the policy term, provided policy is in force and all due premiums have been paid as on the date of death, Sum Assured on Death1 shall be payable.

1Where Sum Assured on Death is the highest of;

   •  Annualized Premium multiplied by the Multiple of Premium according to the Multiple Option chosen
   •  Guaranteed* Sum Assured on Maturity
   •  Basic Sum Assured (BSA) which is the absolute amount assured to be paid on death
   •  105% of all premiums paid as on date of death

where Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and taxes, if any.

There are 2 multiples which can be chosen at the inception of the policy and it cannot be changed during the term of the policy:

Age at entry2Multiple of Annual Premium applied
45 years and above7 or 10
Less than 45 years10
2 Age as on last birthday

If Build-up Option is chosen and the death occurs after completion of the Premium Payment Term, all deferred incomes till the date of death accumulated at a compounding interest rate of 5% every year will be payable along with Sum Assured on Death as defined above.

Death Benefit Payout Option:

On death of the Life Assured, the Company will pay the death benefit as Lump sum or Annual Income based on the Option chosen by the Life Assured at the time of inception of the policy.

If Lump Sum Option is chosen, the Death Benefit will be paid as lump sum immediately and the policy will terminate.

If the Annual Income Option is chosen, the Death Benefit will be paid to the Nominee as annual installments increasing at a rate of 10% p.a. (simple) over the Death Payout period which is equal to 10 years.


* Terms & Conditions Apply

Premium Payment Term (years)571012
Policy Term (years)1015121515201824
Minimum Age at entry2,3 (years)
Policy Term (years)Age
108
126
153
180 (30 days)
20
24
Maximum Age at entry2 (years)
Premium Payment Term (PPT)Policy TermMaximum Entry Age for Annual and Half yearly modeMaximum Entry Age for Monthly mode
5106058
15
71260
15
1015
20
1218
245656
Maximum age at maturity2 (years)
Premium Payment TermPolicy TermAge
51070
51575
71272
71575
101575
102080
121878
122480
Minimum Annualized Premium (Rs.)
Premium Payment Term (years)Policy Term (years)Min. premium
51062,069
51592,169
71223,324
71530,296
101516,578
102021,697
121814,156
122419,974
Maximum Annual Premium (Rs.)As per Board approved underwriting policy
Minimum Basic Sum Assured (Rs.)
Premium Payment Term (years)Sum Assured (in Rs.)
54,00,000
72,00,000
10 and 121,50,000
Maximum Basic Sum Assured (Rs.)As per Board approved underwriting policy
Premium Payment modesYearly / Half Yearly / Monthly
RidersPNB MetLife Accidental Death Benefit Rider Plus
PNB MetLife Serious Illness Rider
Death Benefit Payout OptionLump Sum / Annual Income, as chosen by Policyholder at inception of the policy
Death Benefit MultipleThere are 2 multiples which can be chosen at the inception of the policy and it cannot be changed during the term of the policy:
Age at entry2Multiple of Annual Premium applied
45 years and above7 or 10
Less than 45 years10
2 All references to age are as on age last birthday
3 In case the Life Assured is a minor, risk cover starts immediately at inception of the policy.

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