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    What is Savings Insurance Plan? Guide to Secure Future with PNB MetLife Guaranteed Future Plan.

    Last Updated On 19-03-2021

    From putting coins in piggy banks to opening a fixed deposit in the bank, the habit of saving is instilled in us from an early age. However, there comes a time when you might want to make the switch from conventional saving systems to new-age, rewarding ones. In today’s times, there are ways to not only save but also grow your wealth in a risk-free manner with a future savings insurance plan. Read on to know how to do it.

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    What is a savings insurance plan?

    A savings plan often referred as endowment assurance plan is a type of life insurance product that gives you the dual benefit of life protection and the opportunity to create wealth. It does this by investing a portion of the premium into investment avenues of your choice. A premium is a monetary sum that you pay to the insurer to receive coverage under a policy.

    With a savings insurance plan, you can secure the future of your loved ones (called beneficiaries) by receiving a guaranteed payout (called sum assured) at the end of the policy term or after the premium payment. Moreover, in case of your demise, your beneficiaries receive the sum assured.

    A savings insurance plan also provides you with the option to add extra covers/riders that provide financial support in the case of unfortunate incidents like accidental death, permanent disability, or a terminal illness.

    Benefits of a savings insurance plan

    The benefits of a savings insurance plan are plenty. They provide:

    1. Financial safety and security to your loved ones

    2. The support to fulfil your life goals and milestones like:

    • Welcoming a new life or life partner
    • Paying for the education or marriage of your children
    • Buying a car or home
    • Taking care of your elderly parents or dependent siblings
    • Saving for your retirement

    3. A guaranteed and/ or increased pay-out

    4. The choice to select how you receive the payout

    5. life protection with a guaranteed death benefit to your beneficiaries

    6. The option to add extra covers

    7. Tax benefits on premiums paid under the policy (as per the relevant sections of the Income Tax Act, 1961)

    Secure your future with PNB’s Guaranteed Future Plan

    If you are an earning member of your family, one of your biggest priorities might be to save for the well-being and security of your loved ones, especially in your absence. With PNB’s Guaranteed Future Plan, you can ensure the protection of not just your family but also of yourself as it provides you:

    • Guaranteed benefits The choice to choose from 4 plan options:
      • Endowment option – that gives a lump sum payout at maturity
      • Income option – that gives a guaranteed income payout in instalments (monthly, half-yearly, or yearly instalments)
      • Income + Lumpsum option – that gives a guaranteed Income payouts and a Guaranteed lumpsum at maturity
      • Income + Boosters option – that gives a guaranteed income payouts in instalments and additional Booster payouts in specific years during the term of the policy
    • A higher benefit payout for higher premium payments
    • life coverage throughout policy term to ensure financial security of your loved ones
    • The option to add extra covers like an accidental death benefit rider or a terminal illness rider
    • Guaranteed wealth additions that accumulate after the payment of the premium
    • A survival benefit under all plans except the endowment plan

    You can find a range of several profitable future savings plans and life insurance plans at PNB.

    To sum it up

    A savings insurance plan works as a dual instrument by providing life insurance and savings. Investing in such a plan also instils the habit and discipline of saving consistently, thus setting a good example for your family. You can rest assured knowing that it will ensure your loved ones' financial stability at all times.

    Visit PNB MetLife website to know more about savings plans, term plan, term insurance & life insurance


    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife Guaranteed Future Plan is an Individual, Non-Linked, Non-participating, Savings Life Insurance Plan (UIN: 117N124V01)

    Terms and conditions apply

    Guaranteed Additions (GA) will accrue throughout Premium Payment Term as a percentage of Annualised Premium and will vary based on Premium payment term, entry age and benefit option chosen

    Boosters will be available with ‘Income + Boosters’ Option only and will not be available with other options.

    Guaranteed Income Payout percentage will vary based on Premium payment term, age, policy term and benefit option chosen. Guaranteed Income is not payable in Option 1.

    Booster additions will be available with ‘Income+ Booster Option’ percentage will vary based on Premium payment term, age, policy term.

    Wealth Additions (WA) will be available with ‘Endowment’ & ‘Income + Lumpsum’ options. WAs accrue after completion of Premium Payment Term as a percentage of Total Premiums Payable and will vary based on Premium payment term and entry age.

    Policyholder cannot choose the date preceding the due date of the income payout.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    AD-F/2020-21/706

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer

    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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