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Easy Guide to PNB Child Plan

Updated on September 20, 2021 , 1678 views

Planning for your child’s future in advance is the right way to stay secured for all uncertainties in life. One of the best ways to keep your child protected is by insuring them with the right insurance plan.

PNB Child Plan

Child Insurance plans serve two major purposes, i.e. - financially securing your child’s future and also financing them during major events like higher education, marriage etc. But another important parameter that matters here is your insurer. Out of the top insurer in India, PNB MetLife Insurance is advisable to consider. PNB MetLife Smart Child Plan and PNB Metlife College Plan is just the answer to all your questions.

PNB MetLife India Insurance Company Limited, one of the leading companies in India, is a venture between MetLife International Holding LLC (MIHL), Punjab National Bank Limited (PNB), Jammu and Kashmir Bank Limited (JKB), M. Pallonji and Company Private LimitedMetLife and PNB have the majority stakeholders here. It has been functioning in India since 2001.

1. MetLife Smart Child Plan

PNB MetLife Smart Child Plan is a unit-linked plan that helps you secure your child’s future during uncertain times.

Features

1. Maturity

On maturity of the PNB Metlife plan, loyalty additions are given at 2% to 3% of the average fund value. This is with regards to the tenure of the selected plan.

2. Funds

There are 6 different funds in this PNB MetLife Child Insurance Plan. Protector II, Balancer II, Preserver II, Virtu II, Multiplier II and Flexi Cap. According to your choice, premiums paid with deductions are invested in these funds.

3. Switches

With the PNB Child Plan, four switches are allowed every year.

4. Withdrawals

You need a minimum of Rs. 5000 to avail the Facility of partial withdrawals. This is available only when you have completed 5 years of the plan with PNB Child Plan.

5. Fund Value

You will receive the fund value on the maturity of the plan. This value can be taken as a lump sum or instalments. You can also choose to take it as an amalgamation of lump sum and instalments.

6. Death Benefit

If the policyholder dies within the time period of the plan PNB MetLife term plan, the amount payable will be the highest of the initially chosen sum assured or 105% of the total premiums paid until the death of the insured.

7. Premium Waiver

Under this plan, all remaining premiums are waived off through the premium waiver benefit (PWB) on a monthly Basis. This goes into the policyholder’s fund.

Eligibility Criteria

Mentioned below are the important points to keep in mind before opting for the plan.

Check the minimum annualised premium, etc.

Details Description
Minimum/Maximum Age at entry (LBD for Life Insured 18/55 years
Minimum /Maximum Age at entry (LBD for beneficiary 90 days/17 years
Premium Payment term (years) Same as policy Term
Minimum Annualised Premium Rs. 18,000 p.a.
Maximum Annualised Premium Till age 35 : 2 lakh, 36-45 age: 1.25 Lakhs, Age 46+ : 1 lakh
Policy Term 10, 15 & 20 years
Sum Assured 10 times the chosen Annualised Premium only
Premium Payment modes Annual, Semi-Annual, Quarterly, monthly and PSP (Payroll Savings Program)

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2. PNB MetLife College Plan

PNB Metlife College plan is tailor-designed to meet your child’s education needs along with a life cover throughout the term. This plan provides systematic money back during the college years of your child so that no circumstance can affect the future.

Features

1. Maturity Benefit

On maturity with PNB Child Plan, you will receive your payout with reversionary bonus accrued after death of the policyholder plus terminal bonus.

2. Death Benefit

The death sum is the highest of the following points:

  • 10 times the Annualised Premium
  • Base Sum Assured
  • Minimum Guaranteed Sum Assured
  • 105% of all premium paid

3. Loan Facility

The maximum amount of policy loan you can get with PNB Child Plan is limited to 90% of the Special Surrender Value of your policy at the end of the policy year.

4. Tax Benefits

With Metlife Child Education Plan you can avail tax benefits under Section 80C and Section 10(10D) of the income tax Act, 1961.

Eligibility Criteria

Mentioned below are the important points to keep in mind before opting for the plan. Check the person insured, etc.

Particulars Boundary Conditions
Person Insured Father/Mother/Legal Guardian of the Child
Min. Age at Entry 20 Years
Max. Age at Entry 45 Years
Max. Age at Maturity 69 Years
Min. Premium Annual Mode: Rs. 18,000. All other Modes: Rs. 30,000
Max. Premium Rs. 42,44,482
Premium Payment Term Regular
Min. Policy Term 12 Years
Max. Policy Term 24 Years
Min. Sum Assured Rs. 2,12,040, (Sum assured based on Sum Assured Multiple, age and term of the plan)
Max. Sum Assured Rs. 5 crores

Grace Period

If you Fail to pay your premium on their due date, a grace period of 30 days will be made available to you. The grace period will be from the due date of the unpaid premium. The grace period is 15 days for monthly and PSP mode of payment.

PNB Child Plan Customer Care

You can contact them at 1800 425 6969 or mail them at indiaservice@pnbmetlife.co.in

Conclusion

Secure your child’s education, aspirations and dreams with PNB Child Plan. Make sure to read all the policy-related documents well before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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