PNB MetLife Child insurance

PNB MetLife insurance is India’s fastest growing insurance companies. It was initially found in 2001. It has maintained its top most position for these two decades. It has served people all these decades. Many parents and children are satisfied after the policy term. They have received a large number of benefits which cannot be found in any other policy. PNB MetLife insurance is a joint venture of MetLife and Punjab National Bank. It has become the highest contributor to Punjab national bank. It offers complete security to the child’s future and also happiness to the parents

Why choose PNB MetLife child insurance?

Choosing an insurance policy is definitely a great task for parents and parents to be.  It has to be done systematically and in a wise manner. Because this policy is for your child’s life time, everything from education to marriage of your children is covered in this policy. This policy is a comprehensive policy and everything is covered in this policy and the responses are received efficiently. The renewal process of this policy is very simple and can be done within few months. The application process is very simple it is done through online and offline mode

Types of PNB MetLife insurance

There are two types of PNB MetLife insurance. One is traditional plan and the other plan is unit linked plan. These two plans are equally beneficial to the customers. Both the plans have wide coverage and are efficient. Responses are received very quickly in these two types. Let us briefly have a look of these two policies

PNB MetLife College Plan

This plan is traditional non linked endowment plan. It offers financial assistance for your child’s education. Systematic money backs are offered in various stages of child’s education from primary to higher education. In case if the insurer dies this policy offers guaranteed additions during unforeseen situations. This plan is a best plan for parents who are looking for financial assistance for your child’s education and wish to make something better out of their child’s education.

Eligibility

  • Age- 20 to 45 years
  • Maturity age- 65 years

Key features

  • Plan type- non participating non linked endowment plan
  • Plan based on individual and insured person
  • Premium paying terms regular payment
  • Policy period is from 12 to 24 years
  • Premium payment frequency is done yearly, half yearly and quarterly
  • Grace period is for 30 days
  • Sum assured up to 5 crores

Benefits

  • Tax benefits under article 80C are applicable for premium paid. But are subjected to change as per tax law
  • Policy loans can availed after a period 3 years
  • If the insurer does not pay the premium after the grace period is complete, the policy is converted into reduced paid up policy
  • The policy period is from 12 to 24 years which is very flexible
  • After the maturity period finishes insurer can avail terminal bonus and revisionary bonus. This completely depends on PNB branch office

Working of PNB MetLife College plan

Let us consider Mr. Ram who earns 70,000 per month and he has a son named Rahul who is in 1st Std. He needs to generate substantial corpus that is educational fund for his son. He chooses the 12 year policy period for his son. Such that he receives 3, 00,000 after 12 years.

How to purchase this policy?

You can purchase insurance through both online and offline mode. But purchasing through online mode is more simple that offline. You can visit this website. Or you can visit the nearby branch and fill the application form

MetLife Smart child plan

This plan is united linked plan which is useful for the child’s education even after death of their parents. It is beneficiary for both child and as well as parents. This plan offers differentiated death benefit. In case of unfortunate death of the parent the amount is directly paid to the child. This is useful for their future. This is balancer fund, which offers the twin benefits based on upsides as well as performance. The minimum premium is for 18,000 and the policy term is for 15 to 20 years. This plan is a flexible plan and allows multiple switches for customers. This plan can be easily purchased through online mode or by visiting the nearby branch office.

Key features

  • Plan type- linked endowment plan
  • Plan based on individual and insured person
  • Premium paying terms regular payment
  • Policy period is from 15 to 25 years
  • Premium payment frequency is done yearly, half yearly and quarterly
  • Grace period is for 30 days
  • Sum assured up to 10 times more than the plan
  • Age 18 to 55 years

Working

Let us consider Mr. Ravi who earns 90,000 per month and he has a son named Rahul who is in 1st Std. He needs to generate substantial corpus that is educational fund for his son. He chooses the 15 year policy period for his son. Such that he receives 3, 00,000 after 15years.This policy is eligible even if the policy owner dies. The child will receive the amount.

How to purchase this policy?

You can purchase insurance through both online and offline mode. But purchasing through online mode is more simple that offline. You can visit this website. Or you can visit the nearby branch and fill the application form.

Other benefits of both the policies.

 Bonus

All accrued, final and annual bonuses, will be declared and be payable on maturity

Loan facility

After the policy reaches the surrender value you avail a loan of RS.20000 but the maximum loan amount cannot exceed 80% of the surrender value. If the sum assured is greater than RS.400000 you an rebate on premium payable

Maturity benefits

After the maturity period ends you will receive guaranteed sum assured plus additional bonus. Compound revisionary bonus will acquire from every 1st year of policy anniversary and will be declared annually by the branch office. It can be payable after death and ending of the maturity period. Maturity benefits are the amount that can be availed after the completion of tenure. It is calculated by sum assured and bonus benefit. It is payable to the owner of financial obligation. This can be availed during the end of policy period. And after the completion of period the lump sum amount can be availed. The claim which rises during maturity period is called maturity claim. Maturity value can predict the amount that can be received on future. The other name of maturity value is called face value.

Death benefit

Death benefit is an amount given to beneficiary when they die. In case of any unfortunate death, the sum is paid 10 times higher. And 1.5 times higher than sum assured. This policy is flexible compared to any other policies. The nominee is also paid equal amount as rider. A grace period of 15 days is given after the maturity period is over. During this period your policy is considered to be force with risk. If your policy remains unpaid after the grace period there are lots of chances to get lapsed. And there is no further value, except non forfeiture provisions which is the first year of the policy which is not paid.  The policy can be surrendered during any time of the policy. The lump sum amount can be availed within few days. India first life insurance the death benefit plan offers 10% more amount, and also gives financial assistance for a long period of time. This policy is compulsory for every customer because it is very beneficial for the customers. Because it is 7 to 10 times the annual salary, it is calculated by subtracting 100% of the deceased workers income. And if he receives pensions it is equal to five times his pension. The child, the spouse of the deceased can claim for funeral claim this deals with funeral expenses of the deceased.

Why should I apply for PNB MetLife insurance?

Having such a complicated life we might not know what might happen the next minute. We might require financial resources during an emergency situation. It is very difficult to receive financial aid during emergence an insurance policy from India first will be of great help during emergency situations. Their policies are wonderfully structured which is of great use during emergency situations. Their plans are extremely flexible and they are not rigid compared to any other policies. They are issued within few weeks of application. Due to hectic life situation we might not a lead peaceful life in future. It is also good having an insurance policy which is efficient for our use. Insurance policies include motor insurance, two wheeler insurance, four wheeler insurance, travel insurance and health insurance. They provide monetary support during emergency situation. Which might include sudden accident, death; admission for higher education and schools and final travel insurance, these policies will be a benefit for every one of us. But choosing the policy is definitely a task for our people. Most of the insurance policies are comprehensive plans are efficient.

FAQs

Which is the best PNB plan for life time?

All plans under PNB are useful. But the smart child plan is useful for lifetime from child’s primary education to higher education

How to pay premium for insurance policy?

You can pay the premium only through online mode

  • Credit card
  • Debit card
  • NEFT
  • RUPAY
  • Bill collection
  • MNC drop box
  • Infinity
  • Bank website

Initially you need to enter your policy details and your personal information and you need to select your bank account. And authenticate your details. If online mode is not applicable in your location due to internet connection, payment can be availed through offline mode. You can visit the nearest bank and fill the challan details. And the receipt can be submitted in the nearby branch office for proof. But online mode is much better compared to offline. Because it is paperless process and the transaction can be performed within a fraction of seconds. But in offline mode of transaction it might take time for transaction because many people may wait for transaction and it might be a tiring moment for payment

How to check status of policy?

You can check status of your policy through email or SMS. Click on the link and choose your policy. You will get into a new website click on the top right section and enter your login id and password to renew check status

Policy renewal process

The renewal process is a very simple process. It is cost effective and less time consuming, the process of renewal requires less amount of time and can be renewed within a short span of time. Initially you must go to the insurance website and on the right side of the tab you can find the renew option. Click on that option and fill in details like policy number, policy form and your name and submit a copy of your valid documents. There is large number of policies that you can choose; you can choose any policy according to your convenience and pay the amount online. The renewal process has to be done for your insurance policy. It can be done even after expiry of insurance policy. But you need to submit a copy of your registration certificate before 60 days prior to the date of expiry. The policy would not expire till 15 years. After 15 years you need to renew the policy or else your insurance policy will not be valid. When you renew your insurance policy you can also receive some new features of the policy, which will be beneficial for you.

What is invest protect option?

Invest protect option protects your amount that has been invested from the risks which occur during policy period. This option is an ideal one which is a must have for every individual.

Leave a Comment

Your email address will not be published.