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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.
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.
PNB MetLife Smart Child Plan is a unit-linked plan that helps you secure your child’s future during uncertain times.
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.
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.
With the PNB Child Plan, four switches are allowed every year.
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.
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.
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.
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.
Mentioned below are the important points to keep in mind before opting for the plan.
Check the minimum annualised premium, etc.
|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)|
Talk to our investment specialist
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.
On maturity with PNB Child Plan, you will receive your payout with reversionary bonus accrued after death of the policyholder plus terminal bonus.
The death sum is the highest of the following points:
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.
With Metlife Child Education Plan you can avail tax benefits under Section 80C and Section 10(10D) of the income tax Act, 1961.
Mentioned below are the important points to keep in mind before opting for the plan. Check the person insured, etc.
|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|
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.
You can contact them at 1800 425 6969 or mail them at firstname.lastname@example.org
Secure your child’s education, aspirations and dreams with PNB Child Plan. Make sure to read all the policy-related documents well before applying.
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