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    PNB MetLife Century Plan

    Individual, Non-Linked, Participating, Savings, Life Insurance Plan | UIN: 117N129V01

    As you grow your responsibilities grow. You dream of a house, a world tour, worry-free retirement years and much more. However, life may not go as per our plan and its uncertainties could make you compromise on your dreams. 

    Presenting PNB MetLife Century Plan, a participating life insurance plan that provides you an opportunity to fulfill your dreams, secure your future with an income till age 100 years along with a lifelong cover. Ensure a second income for your retirement years and build a legacy for future generations. 

    PNB MetLife Century Plan in a nutshell
    • Income & Protection till 100 years of age
    • Guaranteed Lumpsum at Maturity
    • Waiver of Premium on Death under Family Care Benefit
    • Option to accumulate and partially or fully withdraw survival benefits
    • Multiple Income Options available – Super Income, Smart Income & Future Income
    With PNB MetLife Century Plan
    • Get income and protection till 100 years of age
    • Leave a legacy for your future generations
    • Get Guaranteed Cash bonus (if declared) @10% under Super Income option and @30% under Future Income option^
    • Ensure survival benefits continue to be paid even after death of the Life Assured and no future premiums are payable after death with Family Care benefit.
    • Safeguard your financial needs even after retirement
    • Enjoy the flexibility to accumulate the survival benefit payouts and withdraw as and when required
    • Secure a second income after retirement
    • Multiple Income Options available – Super Income, Smart Income & Future Income

    ^ Minimum cash bonus is guaranteed @10% of Annualised premium throughout premium payment under Super Income Option for PPT 10 and above, @5% for PPT less than 10 & @30% of Annualised premium for Fixed Income Payout period under Future Income Option.

     

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    What you get

    How can PNB MetLife Century Plan benefit you?

    It provides an opportunity to fulfil your dreams, secure your future with an income till age 100 years along with a lifelong cover.

    What you don’t get

    Suicide Exclusions

    In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

    You can accumulate and earn interest on your survival benefits & also withdraw from the accumulated benefit amount as and when required.

    You can start getting income from 1st policy year till age 100 and also stay covered for whole life.

    You can customise your survival benefit payouts to coincide with the special dates.

    You can choose between maturity options of up to age 100 or up to age 80.

    Frequently Asked Questions

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    What are the product benefits of the PNB MetLife Century Plan?

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    Death Benefit

    Death Benefit shall be equal to the following and payable as lumpsum:

    • Sum Assured on Death, plus;
    • Accrued cash bonuses, if not paid earlier, plus;
    • Accrued Simple Reversionary Bonus less Sum of all Fixed Incomes already paid (if applicable),
    • Interim Cash/Simple Reversionary Bonus (if any) plus
    • Terminal Bonus on death (if declared)

    Where,

    Sum Assured on Death shall be defined as higher of:

    • Basic sum assured (BSA), which is the absolute amount assured to be paid on death and defined as 10 times of Annualized Premium.
    • Annualized Premium multiplied by the Death Benefit Multiple (Please refer Product Brochure for Death Benefit Multiple table).

    Death Benefit shall not be less than 105% of Total Premiums Paid as on date of death.

    The policy terminates with the payment of Death Benefit except where Family Care Benefit is chosen.

    Family Care Benefit

    If Family Care Benefit option is chosen at the inception of the policy, then in case of Death of Life Assured, all future premiums payable (if any) shall be waived off. Sum Assured on Death shall be payable as lumpsum and all future Survival Benefits and Maturity Benefit as defined above will be paid to the nominee. The annualized premium used to derive the benefits on survival and maturity, for a policy opting for Family Care Benefit will be subject to a guaranteed rate of reduction to cover the additional cost of mortality arising from such policies. Please refer Terms and Condition.

    Maturity Benefit

    This product provides option to choose the Maturity date to the policyholder as age 80 years or 100 years. On survival of the Life Assured till the Maturity Date (as chosen), provided that the Policy is in In-force Status, the policyholder will receive aggregate of:

    • Sum Assured on Maturity;
    • Accrued cash bonuses, if not paid earlier;
    • Fixed Income, if applicable and not paid earlier;
    • Terminal Bonus, if declared.

    Where,

    Sum Assured on Maturity is defined as sum of all Annualized Premiums paid during Premium Payment Term plus additional benefit as mentioned under Additional Benefit section in Sales Brochure, if applicable.

    Survival Benefit

    On survival of the Life Assured, provided that the Policy is in In-force Status and all due Installment Premiums have been paid, the following benefit will be payable:

    Option 1: Super Income - Cash bonuses (if declared) will be paid from first year or first month onwards, based on Income mode selected. Under this option, Cash Bonus (if declared) payable during the premium payment term shall be subject to a Minimum Guaranteed Cash Bonus rate as mentioned below

    Family Care Benefit Premium Payment Term
    Less than 10 years 10 years and above
    Without 5% 10%
    With 2% 5%

    Option 2: Smart Income - Cash bonuses (if declared) will be paid from first year or first month onwards, based on Income mode selected.

    Option 3: Future Income - Simple Reversionary Bonus, if declared will accrue at each policy anniversary from 1st policy year till 14th policy year. The sum of Fixed Income and Cash Bonus will be paid every year from the end of 15th policy year. Fixed Income shall be paid during Fixed Income Payout Period (refer T&C). Cash Bonus, if declared shall be payable until death or end of Policy Term. Cash Bonus (if declared) payable during Fixed Income Payout Period shall be subject to a Minimum Guaranteed Cash Bonus rate as mentioned below.

    Family Care Benefit Minimum Cash Bonus Rate
    Without 30%
    With 10%

    Other Benefits

    Flexibility to accumulate Survival Benefit payout There is an option with Policyholder to defer Survival Benefit Payouts and accrue them instead. The Policyholder can withdraw the accrued Cash Bonuses and/or Fixed Income partly/ fully at any point during the Policy Term.
    Flexibility to Choose mode of Survival Benefit payout There is an option to receive Survival Benefit Payouts as yearly, half yearly, quarterly or monthly installments at any point during the Point Term. The mode of Survival Benefit Payout as requested will be applicable from next Policy Anniversary.
    Flexibility to choose the date of survival benefit payout The benefits, as per the option in-force under the policy, will by default be payable on the policy anniversary. Alternatively, the policyholder also have an option to receive the benefits on any date of his/her choice.

    For more details on the benefits please refer to the sales brochure or Product T&C.

    What are the eligibility criteria for PNB MetLife Century Plan?

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    Particulars Premium Payment Term Family Care Option Option 1: Super Income Option 2: Super Income Option 3: Future Income
    Policy Term All With/Without

    Maturity Option 1: 80 minus Age at entry
    Maturity Option 2: 100 minus Age at entry

    Premium Payment Term (years)

    Without

    5 to 10,12,15

    5 to 10,12,15

    8, 10,12,15

    With

    5 to 10,12,15

    5 to 10,12,15

    8, 10,12,15

    Minimum Age at Entry4 (years)

    All

    Without

    0 (30 days)

    All

    With

    18

    Maximum Age at Entry4 (years)

    5 to 95

    Without

    55

    55

    55

    10,12 & 15

    60

    65

    60

    5 to 10,12 & 15

    With

    50

    50

    50

    Maturity Age1(years)

    All

    With/Without

    Maturity Option 1: 80 years; Maturity Option 2: 100 years

    Minimum Sum Assured (Rs.)

    5 to 95

    With/Without

    6,00,000

    10, 12 & 15

    2,40,000

    Maximum Sum Assured (Rs.)

    All

    With/Without

    Base on Board Approved Underwriting policy

    Minimum Annualized Premium (Rs.)

    5 to 95

    With/Without

    60,000

    10, 12 & 15

    24,000

    Maximum Annualized Premium (Rs.)

    All

    With/Without

    As per Board Approved Underwriting Policy.

    4All reference to age is as on age last birthday. For policies issued to minor lives the risk cover starts immediately at inception. Also, in case the life assured is a minor, the policy will vest with the life assured when the life assured attains an age of 18 years.
    5Premium Payment Term 5, 6, 7 & 9 years are not available with Future Income Option

    How can I purchase PNB MetLife Century Plan?

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    You can purchase this plan offline in any of the following three ways:

    Disclaimer:

    *Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details

    #These rates, i.e., 4% p.a. and 8% p.a. are assumed rates demonstrated only for the purpose of illustration. This should not be interpreted that the returns under the plan are going to be either 8% p.a. or 4% p.a. Some benefits are guaranteed and some benefits are variable with return based on number of factors including future investment performance.

    1Upto age 80 or age 100 based on maturity option chosen for Super Income & Smart Income options.

    2Policyholder cannot choose the date preceding the due date of the income payout.

    3Only applicable for policies without Family Care Benefit.

    Disclaimer

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    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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