PNB MetLife Century Plan - Whole Life Income Plan detail Features with Key Benefits, Premium Paying Term (PPT), Policy Term, Minimum entry age, Maximum entry age, Minimum Annualised Premium, Rider Options, Premium Payment Mode, Download PNB Metlife Century Plan Brochure Pdf.
PNB MetLife Century Plan is an Individual, Non-linked, Participating, Savings, Life Insurance plan. The plan offers a consistent income and assists in accumulating a corpus to help reach the intended goals and ensure your loved one's future without making any sacrifices.
PNB MetLife Century Plan provides an option of premiums waiver to insure that your pretensions aren't compromised in case of early demise.
Related Article -
Public Provident Fund (PPF) VS PNB MetLife Century Plan
What is Century Plan in PNB Metlife?
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.
As we all know in this world our children are the center of our universe, and we leave no stone unturned to provide them with the best of everything. We guide them, work long hours to provide better for them, and plan meticulously, each and every aspect of their future. But are we so caught up in the wear and tear of everyday life that we are missing out on the correct plan that can secure a worry-free future for our children?
The ever-increasing cost of living and education coupled with the uncertainties of life can derail the best of plans, which is why you need a PNB Metlife Century Plan that guarantees their happiness in the face of every eventuality.
PNB Metlife Century is a Plan that protects them and empowers their dream at every stage of life.
What are the additional benefits available in PNB Metlife Century Plan ?
1. Get income and protection till 100 years of age
2. Leave a legacy for your future generations
3. Get Guaranteed Cash bonus (if declared) @10% under Super Income option and @30% under Future Income option
4. 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.
5. Safeguard your financial needs even after retirement
6. Enjoy the flexibility to accumulate the survival benefit payouts and withdraw as and when required
7. Secure a second income after retirement
8. Multiple Income Options available – Super Income, Smart Income & Future Income.
Key Features Of PNB Metlife Century Plan
In this PNB MetLife Century Plan - Whole Life Income Plan 2023 there are basically 6 key features are follow as
1. Whole Life cover & Income with Limited Pay - Get tax free income and life cover for whole life up to the age 100 from the first month. Option of 80 years also available. Pay for limited time only.
2.Legacy for Generations - Create a legacy for you love ones and generations to come. One plan to take care the needs of at least 3 generations. Maturity sum assured & terminal bonus paid on maturity.
3. Guaranteed Cash Bonus - Get assurity of minimum guaranteed cash bonus upto 10% of Annualised premium in Super Income and up to 30% of Annualised Premium in Future Income option as Survival Benefits.
4. Reward For High Premium - Get rewarded with up to 10% additional benefit on maturity sum assured by paying higher premiums.
5. Accumulated Or Withdraw - Enjoy the flexibility to accumulate the survival benefit payouts @ pre- defined interest rate and withdraw as and when required.
6. Waiver of Premium with Family Care - Ensure survival benefits continue to be paid even after death of the life Assured and no future premiums are payable after death.
Key Benefits
Of PNB Metlife Century Plan
In this PNB Metlife Century Plan basically you can choose three plan options based on your need:
- Super Income
- Smart Income
- Future Income
Super Income
PNB Metlife Century Plan Super Income option Cash bonuses (if declared) will be paid from the first year or the first month onwards, based on the Income mode selected. A minimum cash bonus is Guaranteed at 10% of Annualised Premium during the premium payment term.
The Survival Benefit in the form of a Cash Bonus, if declared, shall be payable every year from the 1st Policy Year until death or the end of the policy term, whichever is earlier. 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.
If the Premium payment term (PPT) is less than 10 years Without Family care benefit option Life Assured will get 5% and If the Premium payment term (PPT) is more than 10 years Without Family care benefit option Life Assured will get 10%.
However If the Premium payment term (PPT) is less than 10 years with Family care benefit option Life Assured will get 2% and If the Premium payment term (PPT) is more than 10 years with Family care benefit option Life Assured will get 5%.
Smart Income
PNB Metlife Century Plan Smart Income option Cash bonuses (if declared) will be paid from the first year or the first month onwards, based on the Income mode selected.
The Survival Benefit in the form of a Cash Bonus, if declared, shall be payable every year from the 1st Policy Year until death or end of the Policy term, whichever is earlier. Cash bonus rates declared during the policy term are not guaranteed and purely depend on the experience of the underlying Participating Fund.
Future Income
PNB Metlife Century Plan Future Income option Cash bonuses (if declared) will be paid from the end of the 15th policy year till maturity. Guaranteed cash bonuses at 30% of the Annualised premium will be paid during the Fixed Income period. Simple reversionary bonuses (if declared) will accrue during the first fourteen policy years and will be paid as Fixed Income over a Fixed Income period.
Under PNB Metlife Century Plan Future Income option, Simple Reversionary Bonus, if declared, will accrue at each policy anniversary from the 1st policy year till the 14th policy year. The Survival Benefit will be the sum of Fixed Income and Cash Bonus which will be paid every year from the end of the 15th policy year. Fixed Income shall be paid during the Fixed Income Payout Period. Cash Bonus, if declared, shall be payable until death or end of Policy Term. Cash Bonus (if declared) payable during the Fixed Income Payout Period shall be subject to a Minimum Guaranteed Cash Bonus rate as mentioned below.
Without Family care benefit option Life Assured will get 30% and with Family care benefit option Life Assured will get 10%.
Tax benefits
You may be eligible to avail tax benefit on premiums paid and benefits received, as per prevailing tax laws
1. WOP on ATPD is optional and will be added at the inception of the policy.
2. Policyholder cannot choose the date preceding the due date of the Income Benefit payout.
3. If a policy is eligible for this benefit, the same can be availed only at inception of the policy and cannot be altered subsequently.
This benefit shall be availed at the outset and shall not be altered subsequently. This benefit shall not be applicable for reduced paid-up or is surrendered.
How does PNB Metlife Century Plan Work?
Basis your Child Age and his future needs, you select the following:
• Your desired goal amount or premium amount
• Desired Premium paying term of the Policy
• Desired Child age when Milestone Income Benefit Payout starts and number of payouts required
• Based on the above inputs your premium amount or your benefit amount gets calculated
What are the Income pay-out option of PNB Metlife Century Plan ?
There are 3 type of Income pay-out option PNB Metlife Century Plan are Super Income / Smart Income / Future Income.
Super Income - Under this PNB Metlife Century Super Income option the policy holder can choose their Income pay-out option as immediate Income effect. where the cash bonus start from the 1st year or 1 months till age 80 years or 100 years as per the choice of policy holder. Additionally, minimum guaranteed cash bonus is 10% of annualized premium during policy paying term (PPT).
Smart Income - Under this PNB Metlife Century Smart Income option the policy holder can choose their Income pay-out option as immediate Income effect. where the cash bonus start from the 1st year or 1 months till age 80 years or 100 years as per the choice of policy holder.
Future Income - Under PNB Metlife Century Future Income option, simple reversionary bonus for first 15 years of the policy. Also with that Fixed income along with cash bonus will be paid from the end of 15th policy year till maturity, Additionally guaranteed cash bonus of 30% of Annualized premium during fixed income period.
What is Family Care Benefits of PNB Metlife?
In this PNB MetLife Century Plan - Whole Life Income Plan 2023 If the Policy holder choose this option during the taking policy, then in case of Policy holder unfortunate death during the policy paying term (PPT) then future premiums will be waived Off also sum assured on death will be paid immediately and survival benefits continue to be paid to the nominee.
What are the Other Flexibilities with all three Income pay-out option of PNB Metlife Century Plan ?
PNB Metlife Century Plan Other Flexibilities with all three Income pay-out option (Super Income / Smart Income / Future Income) are follow as
1. Option to accumulates survival benefit payouts at pre-defined rate of interest.
2. Flexibility to withdraw the accumulated amount partially/ fully anytime during policy term.
3. Flexibility to receive your income payout on the date of your choice. coincide with special occasions.
4. Receive your payouts Yearly / Half - Yearly / Quaterly / Monthly installments.
5. Option to opt for income payout periods up to the age of 80 or 100 years.
Is PNB
Metlife Monthly Income taxable?
No, PNB MetLife monthly Income is not taxable.
Important Note of PNB MetLife Century Plan - Whole Life Income Plan 2023
1. Flexibility to choose date of survival benefit payout is available only is annual mode of income payout is selected.
2. Date chosen at inception cannot be change post issuance.
3. There is no restriction on No. of times or amount of accumulated value can be withdrawn during the policy term.
4. Customer can choose accumulation option at policy inception or during the policy term through a written notice to PNB Metlife Insurance (PMLI).
PNB Metlife Century Plan Premium Paying Term (PPT) in Years
In PNB Metlife Century Plan there are different Premium Paying Term (PPT) which are 5, to 10, 12, 15 years respectively.
PNB Metlife Century Plan Insurance Policy Term
In PNB MetLife Century Plan - Whole Life Income Plan 2023 there are 2 type of Policy Term which buyer can choose are 80 Years and 100 Years.
What are the Minimum entry age of PNB Metlife Century Plan ?
The Minimum Entry Age of PNB Metlife Century Plan will be 1 Years as per (last birthday). However with Family care benefit option Life Assured Minimum Entry Age will be 18 Years as per (last birthday).
What are the Maximum entry age of PNB Metlife Century Plan ?
The Maximum entry age of PNB Metlife Century Plan will be 65 Years as per (last birthday) in PNB Metlife Century Smart Income option without Family Care Benefits However with Family Care Benefits The Maximum entry age will 50 Years as per (last birthday).
What are the Minimum Annualised Premium of PNB Metlife Century Plan ?
In PNB Metlife Century Plan the Minimum Annualised Premium will be Rs 24000 per annum if the policy holder choosing a Policy Paying Term (PPT) of 10, 12, or 15 years. However if the policy holder choosing a Policy Paying Term (PPT) of 5 to 9 years then the Minimum Annualised Premium will be Rs 60000 per annum.
Rider Options of PNB Metlife Century Plan
In PNB Metlife Century Plan there are basically two riders option you can choose which are mentioned below
1. PNB MetLife Accidental Death Benefit Rider Plus.
2. PNB MetLife Serious Illness Rider.
What are the Premium Payment Mode of PNB Metlife Century Plan?
There are basically 4 type of Premium payment mode in PNB Metlife Century Plan which are Annual / Half Yearly / Quarterly/ Monthly respectively.
Download PNB Metlife Century Plan Brochure PDF
To get the PNB Metlife Century Plan Brochure PDF Please click the link below.
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