PNB Metlife Aajeevan Suraksha

Eligibility Criteria for PNB Metlife Aajeevan Suraksha

Entry age

Minimum Age - 18 years Maximum Age - 45 years

Maturity age

Maximum Maturity Age - 99 years

Policy term

Minimum term - 10 years Maximum term - 99 years

Sum assured

Basic Sum Assured: Rs. 25 Lakhs to no limit

Policy loan

The policy loan is not available under PNB Metlife Aajeevan Suraksha Plan.

Payment Modes

Yearly, half-yearly & monthly

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Riders Associated with PNB Metlife Aajeevan Suraksha Plan

You can add the following riders to your PNB Metlife Aajeevan Suraksha Plan:

Plan Options Offered By PNB Metlife Aajeevan Suraksha Plan

PNB Metlife Aajeevan Suraksha Plan offer various additional benefits to the policyholders.

1. Lump Sum Benefit

   At the policy inception, individuals can opt for a lump sum payout benefit on the first diagnosis of terminal illness or death of the life insured. The lump sum paid to the insured individual is equivalent to the sum assured on death and is available under both 'Fixed Term' and 'Whole Life' Cover Options.

2. Fixed Income Benefit

   This benefit allows insured individuals to opt for their monthly income amount. On the first occurrence of death or diagnosis of terminal illness, the sum assured on death shall be payable which is equal to lum sum amount (equal to 100 times of monthly income chosen at the time of inception) payable immediately plus the fixed monthly income payable over 10 years (120 months) in installments. The first monthly income will be paid to the nominee one month from the date of death of the life assured. This benefit can be availed with both 'Fixed Term' and 'Whole Life' Cover options.

3. Life Partner Benefit

   Life Partner Benefit offers individuals the facility to cover both the individual and their spouse under the same plan. The cover for the second life insured shall be less than or equal to 50% of the lump sum amount chosen for the first life, to a minimum of INR 25 Lakhs and a maximum of INR 1 Crore. Insurance holders have to opt for lump sum benefits at the time of inception. We have mentioned below different scenarios under the life partner benefit option:

   On the first occurrence of death or diagnosis of terminal illness for the first life:

   • In case the first life insured dies, the policy pays a lump sum amount to the nominee.
   • The policy will continue further with future premiums being waived off.
   • On the subsequent occurrence of death or diagnosis of terminal illness of the second insured life, the sum assured on death of the second life is paid and the policy terminates with the payment of this amount.

   On the first occurrence of death or diagnosis of terminal illness for the second life preceding the first life:

   • On death of the second life sum assured is payable as lump sum and the policy shall continue with reduced premiums with respect to the first life.
   • On subsequent death or diagnosis of terminal illness for the first life, the sum assured is paid in respect to the death of the first life and the policy terminates with the payment of this amount.

   On the first occurrence of death or diagnosis of terminal illness of both lives simultaneously:

   • The sum assured on death with respect to both the first life and the second life will be paid as a lump sum and the policy will be terminated.

4. Increasing Income Benefit

   Individuals have to select their monthly income amount at the time of inception and on the first occurrence of death or diagnosis of terminal illness, the sum assured will be payable on death. The sum assured on death is equal to the lump sum amount which is (equal to 100 times of monthly income chosen at the time of inception) payable immediately plus increasing monthly income payable over 10 years (120 months) in installments increasing at 10% per annum. However, the first installment of the monthly income will be payable one month from the date of death of the life assured. This option is available under both 'Fixed Term' and 'Whole Life' Cover options.

Other PNB MetLife Term Insurance plans

Compare side-by-side or talk to an advisor to find the right fit.

Conclusion

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