Why PNB MetLife Endowment Savings Plan Plus Is A Good Purchase?
Updated On Sep 14, 2021
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You have no idea when death will knock on your door, and you will never know. And what happens to the individuals you leave behind when that happens? Would you want to depart this world without ensuring that your loved ones are financially self-sufficient? Here's where life insurance can come in handy. In times of need, an insurance policy serves as a safety net for your family. PNB MetLife, a joint venture between MetLife
International Holdings and Punjab National Bank, as well as other major stakeholders such as Jammu & Kashmir Bank and M. Pallonji and Company Limited, is one such company that offers excellent life insurance policies. With its extensive experience, knowledge, and expertise, PNB MetLife has carefully crafted a selection of insurance options from which you can select. Its wide range of products assures that everybody can select a plan that best fits his or her vision of the future.
Why Is PNB MetLife Endowment Savings Plan Plus A Good Investment?
Below are a few reasons why PNB MetLife Endowment Savings Plan Plus is a good purchase:
1. Reversionary Bonus
The Simple Reversionary Bonus will be available starting on the policy's first anniversary. The incentive will be determined according to the policy when it is released. You will be eligible for the reward if the policy is in existence. The bonus will be paid when the life assured dies or the policy reaches its maturity date, whichever comes first. This benefit is not guaranteed for the duration of the insurance. It'll be calculated as a percentage of the guaranteed base amount.
2. Coverage Of The Plan
If the policy is in place and all premiums have been paid, MetLife provides the following benefits to the life assured and their family under this plan:
- Foreclose on your home if you can't pay your mortgage.
- Make savings accounts for your child's schooling and future education.
- Choose a premium waiver for catastrophic illnesses to safeguard your family's future.
- Make a retirement account to save for your future requirements.
- Set aside funds to assist you in achieving your goals.
3. Maturity Benefit
The following will be paid if the life assured survives:
- Simple Reversionary Bonuses Have Been Earned
- The sum assured on maturity is the total amount of benefit that is guaranteed to be paid out on the policy's maturity date.
- Reversionary Bonus
- Maturity Amount Assured
- Bonus at the End (if any)
4. Bonus At The End
Beginning with the ninth policy year, the corporation may declare a terminal bonus. This bonus is determined as a percentage of the simple reversionary bonus that has accrued. It will be paid on top of any death or maturity benefits received.
5. Benefits On Death
In the event of your untimely death, MetLife will pay the higher of the following, provided the policy is still in force:
- If there is a simple reversionary bonus, it is added to the death benefit. If there is a terminal bonus, it is added to the death benefit.
- Premiums are paid at a rate of 105 percent on all policies.
The higher of the following amounts will be the death benefit:
- The Annualised Premium Sum Assured on Maturity is 10 times the Annualised Premium Sum Assured on Maturity, which is the absolute amount of benefit guaranteed to be paid on maturity.
- The Basic Sum Assured (BSA) is the total amount that will be paid out in the event of death.
With a claim settlement ratio of 95.4 percent in FY 2014-15, PNB Metlife is the market leader in both the global and Indian markets. With over 7,000 branches serving millions of customers, MetLife has a significant presence in India. The organization offers a comprehensive range of products in the areas of protection, investment, retirement, and savings to fulfill the different demands of consumers. MetLife launched its insurance products in India in 2001 in partnership with Punjab National Bank, the country's largest bank. PNB MetLife has risen to the top of the insurance industry with consistent profits over the last five years.
The PNB MetLife Assured Future Plan is a non-linked, non-participating individual savings life insurance plan that allows you to save methodically while receiving assured returns. It also safeguards you against a variety of unpredictable life events. Throughout your life, the plan ensures that you will be able to achieve your financial goals with greater confidence.
You may also like to read - Why You Must Not Avoid Endowment Policies?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.