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PNB MetLife Guaranteed Income Plan, Policy, Premium and Maturity Calculator

PNB MetLife Guaranteed Income Plan, Policy, Premium and Maturity Calculator - MetLife Guaranteed Income Plan is a non-linked and non-participating life insurance plan, which provides income benefit to the policyholders. Apart from providing life cover, this policy acts as a second source of income for the customers, which they can use to achieve their goals, travel, fund their child’s education, secure their own and their family’s future, etc.

Eligibility - PNB MetLife Guaranteed Income Plan and Policy

Mentioned below are the eligibility criteria for the MetLife Guaranteed Income Plan:

Key Features - PNB MetLife Guaranteed Income Plan and Policy

Mentioned below are the features of the MetLife Guaranteed Income Plan:

Benefits/Advantages - PNB MetLife Guaranteed Income Plan and Policy

Some of the benefits offered by the MetLife Guaranteed Income Plan are as follows:

• Guaranteed Income Benefit – This plan will provide you with regular income annually, which is a percentage of the Basic Sum Assured. This percentage generally ranges from 11% to 13%. Policyholders will receive the benefit amount on the policy anniversary.

  Premium Payment Type	Guaranteed Income Benefit	Pay-out Period
  5 Pay	11%	Total of 5 payments that starts from the 6th policy anniversary to maturity.
  7 Pay	11%	Total of 8 payments that starts from the 8th policy anniversary to maturity.
  10 Pay	13%	Total of 10 payments that starts from the 11th policy anniversary to maturity.

• Death Benefit – Policyholders can select the 2 multiples mentioned below at the start of the policy.

  Entry Age	Applicable Multiple	Multiple of Annual Premium that is applied
  Minimum 45 years	10x or 7x	7 or 10
  Below 45 years	10x	10

  In case the policyholder passes away during the term, then the Sum Assured will be paid by the company, which is the highest of the following:

• Annualised Premium X Multiple of Annual Premium (depending on the multiple that has been chosen).
• 105% of all the premiums that have been paid on the date of death.
• Basic Sum Assured.
• Sum Assured at the time of maturity.
• Tax Benefits – Policyholders can avail tax benefits on the premium that they paid and the benefits they receive from this plan.

• Guaranteed Maturity Benefit – Policyholders will receive a Guaranteed Maturity Benefit, if they survive till the end of the policy term. This benefit is not the same for the different Premium Payment Type (PTT).

  Premium Payment Type	Guaranteed Maturity Benefit
  5 Pay	30%
  7 Pay	35%
  10 Pay	55%

• High Sum Assured Discount – Policyholders can avail a High Sum Assured discount, provided they are eligible for it.

  Premium Payment Type	Basic Sum Assured Band	Premium Discount (Rs. Per 1000 Basic Sum Assured)
  5 Pay	Below Rs.7 Lakhs	No discount
  	Equal to or above Rs.7 Lakhs and below Rs.10 Lakhs	1
  	Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs	2
  	Equal to Rs.25 Lakhs and above	3
  7 Pay	Below Rs.3.5 Lakhs	No discount
  	Equal to or above Rs.3.5 Lakhs and below Rs.5 Lakhs	2
  	Equal to or above Rs.5 Lakhs and below Rs.10 Lakhs	5
  	Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs	6
  	Equal to Rs.25 Lakhs and above	7
  10 Pay	Below Rs.3 Lakhs	No discount
  	Equal to or above Rs.3 Lakhs and below Rs.5 Lakhs	3
  	Equal to or above Rs.5 Lakhs and below Rs.10 Lakhs	6
  	Equal to or above Rs.10 Lakhs and below Rs.25 Lakhs	8
  	Equal to Rs.25 Lakhs and above	10

How the MetLife Guaranteed Income Plan Works?

MetLife Guaranteed Income Plan helps policyholders in creating a second source of income, which can be used by them to achieve their goals. This working process of this policy is very simple to understand. At the start, policyholders have to select a MetLife Guaranteed Income Plan and do the following:

Based on the premium amount and policy term, the Basic Sum Assured will be calculated. This Basic Sum Assured will include the High Sum Assured discount (if applicable). Policyholders will receive the Guaranteed Income Benefit as per the boundary conditions of the premium payment term selected. Apart from this, he/she will also get Guaranteed Maturity Benefit, if he/she survives till the end of the policy term. The percentage of benefit will depend on his/her premium payment term. In case, the policyholder passes away, then his/her nominee will receive a death benefit from the company.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017