PNB MetLife Mera Jeevan Suraksha Plan is an individual, non-linked, non-participating, pure risk premium, life insurance plan offered by PNB MetLife India Insurance Company Limited (PNB MetLife). This plan offers two payout solutions - regular income or a lump sum payout to secure your family in case of your unfortunate demise. In addition, you have the option to choose return of premiums on survival till the end of the policy term. PNB MetLife is one of the leading life insurance companies in India. The company has been present in India since 2001.
PNB MetLife is present in 107 locations across the country with access to over 100 million customers in more than 11,000 locations through its strong bank partnerships with PNB, JKB, KBL and other bank partners.
Note: All information has been sourced from the official website of PNB MetLife.
The key features of this plan are:
The key benefits of this plan are:
Death or Terminal Illness Benefit - This is payable according to the benefit option chosen by policyholder at inception.
Option 1 - Lump Sum: The lump sum is payable immediately on the first occurrence of Death or diagnosis of Terminal Illness of the life assured during the policy term. This lump sum amount is equal to Sum Assured on Death.
Option 2 - Life Partner: Both the Policyholder (the first life) and his/her spouse (the second life) are covered. The lump sum is payable immediately on the first occurrence of Death or diagnosis of Terminal Illness of the first life during the policy term. The cover to the Second life shall be equal to 50% of the lump sum amount chosen for the first life, subject to a maximum of Rs. 1 Crore.
| On first occurrence of death or diagnosis of terminal illness for the first life | |
| On first occurrence of death or diagnosis of terminal illness for the second life preceding the first life | |
| On first occurrence of death or diagnosis of terminal illness of both the lives simultaneously | ● Sum Assured on Death in respect of both the first life and the second life will be paid as lump sum |
Option 3 - Fixed Income: On first occurrence of Death or diagnosis of Terminal Illness, Sum Assured on Death is payable. The Sum Assured on Death is equal to lump sum amount (equal to 100 times of Monthly Income chosen at the time of inception) payable immediately plus Fixed Monthly Income payable over 10 years (120 months) in installments, where the first installment of monthly income will be payable one month from the date of death of the life assured.
Option 4 - Increasing Income: On first occurrence of Death or diagnosis of Terminal Illness, Sum Assured on Death shall be payable. Sum Assured on Death is equal to lump sum amount (equal to 100 times of Monthly Income chosen at the time of inception) payable immediately plus increasing Monthly Income payable over 10 years (120 months) in installments increasing at 10% simple per annum, where the first installment of monthly income will be payable one month from the date of death of the life assured.
| On survival of both lives till maturity | |
| In case of death or diagnosis of terminal illness of the First Life, and survival of Second Life till maturity | |
| In case of death or diagnosis of terminal illness of the Second Life, and survival of First Life till maturity |
| Criteria | Minimum | Maximum |
|---|---|---|
| Age at entry (Years) | 18 | 65 |
| Age at maturity (Years) | 28 | 80 |
| Policy Term (Years) | 10 | 40 (30, if ‘with return of premiums’ option is chosen) |
| Premium Paying Term (PPT) (Years) | Regular pay | |
| Premium Payment modes | Yearly / Half-yearly / Monthly | |
| Annualized Premium (Rs.) | Rs. 3,885 | No limit, subject to maximum Sum Assured |
| Basic Sum Assured (Rs.) | Rs. 25,00,000 | No limit, subject to underwriting |
| Only for Option 3 – Fixed Income & Option 4 – Increasing Income | ||
| Income payout term (years) | 10 | |
The following documents are required to purchase ICICI Pru Plan:
You should purchase PNB MetLife Mera Jeevan Suraksha Plan if you are looking for a comprehensive pure risk premium life insurance plan. Under this plan, you have the option to cover your spouse and return of premium. With return of premium, you will receive maturity benefit which is equal to the sum assured on maturity (on survival till maturity of the policy).
Suicide: If the Life Assured’s death is due to suicide within 12 months from the Date of commencement of risk or from date of revival of the policy, the Nominee or beneficiary of the policy will be entitled to at least 80% of the total Premiums paid under the Policy till the date of death or the Surrender Value available as on the date of death, whichever is higher.
