PNB MetLife recently launched its Guaranteed Goal Plan, which is a savings-oriented life insurance plan. It offers guaranteed returns and allows for customisation to customers’ savings schedules.
Under this insurance plan, customers can go for a guaranteed lump sum pay out on maturity. The other alternative is a structure that pays a guaranteed income after completion of the premium payment term and a lump sum amount at maturity.
The plan enables policyholders to tweak their own plan according to their individual needs. The policyholder has the flexibility to choose a duration of premium payment from a single premium all the way up to 12 years.
Key details
This is a guaranteed savings plan wherein at the start of the policy, the policyholder can choose to receive benefits in any one following forms:
Option 1: Lumpsum Option: Sum Assured on Maturity along with accrued Guaranteed Additions and accrued Wealth additions is paid as a lumpsum at the end of the policy term. For Single Premium, Guaranteed Additions are nil.
Option 2: Income + Lumpsum Option: Guaranteed Survival benefits will be payable at each policy anniversary after the completion of Premium Payment Term till Maturity. Sum Assured on Maturity is payable as Lumpsum at Maturity.
| Premium Payment Term (in Years) | Policy Term: Lumpsum Option (in Years) | Policy Term: Income + Lumpsum Option (in Years) |
| Single Premium | 5, 7, 10, 12, 15, 20 | Not available |
| 5 | 10, 12 and 15 | 10, 12 and 15 |
| 7 | 12, 15 and 20 | 10, 12 and 15 |
| 10 | 15, 20 and 25 | 20 and 25 |
| 12 | 20, 25 and 30 | 20, 25 and 30 |
Additional benefits:
Family Care benefit: Where Family Care Benefit option is in force, then in the event of death of Life Assured during the Policy Term, all future instalment premiums (if any) shall be waived off, and the nominee shall receive the Sum Assured on Death as lumpsum. The Policy does not terminate on payment of the Sum Assured on Death where the Family Care Benefit option is chosen under the Policy.
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Health Care benefit: Where Health Care Benefit option is in force, then in the event of the Life Assured being diagnosed to be suffering from any of the Critical Illnesses, all the future Instalment Premiums that would otherwise have been payable under the Policy for the remainder of the Premium Payment Term shall be waived off.
However, Family Care benefit & Health Care benefit cannot be chosen with Single Premium policies.
The policy also offers two riders: PNB MetLife Accidental Death Benefit Rider Plus and PNB MetLife Serious Illness Rider.