PNB MetLife Insurance launched the PNB MetLife Century Plan, a comprehensive life insurance solution designed to meet customers’ evolving life-stage needs including children’s education, long term savings and retirement.
Rising inflation and steep increases in the cost of education (around 10-12% annually) suggest that Indians need to be more prepared to meet their long-term financial goals – particularly during these uncertain times. Moreover, as life expectancy continues to climb (17 years between 1990-2019), so has the need for adequate retirement planning. PNB MetLife Century Plan is a customer-centric solution that offers income starting immediately and up-to age 100 years along with lumpsum paid on maturity. The versatility of the plan caters to multiple needs of preparing for Children’s future, Retirement, Legacy planning and any other long-term saving objective, all rolled into one plan.
PNB MetLife Century Plan Key Features
The non-linked and participating life insurance plan offers customers the flexibility to opt from three income options depending on one’s life-stage need -1) Super Income option: the cash bonuses (if declared) will be paid from the first year onwards and a lumpsum benefit will be paid at maturity. There is minimum guarantee of cash bonuses @10% of annualized premium paid during the premium payment term. 2) Smart Income option: the cash bonuses will be paid from the first year onwards and a lumpsum benefit will be paid at maturity. 3) Future income option: Cash bonuses will be paid from 15th year of policy along with simple reversionary bonus (when declared) during first 14 years of the policy. There is minimum guarantee of cash bonus@ 30% of annualized premium for a fixed period of 20 or 30 years. Apart from three income options, you also have choice of selecting a special date like birthday or marriage anniversary for receiving the cash bonus payouts. Moreover, you can also ensure that the income continues for your loved ones even in case of your unforeseen demise with the ‘Family Care’ option.
Speaking about the launch of this new product, Sameer Bansal, Chief Distribution Officer, PNB MetLife, said, “The pandemic has highlighted the importance of financial protection and wellbeing to every Indian. At PNB MetLife, we are proud to launch Century Plan that helps customers plan their future and promises lifelong financial protection up-to 100 years. Customer Benefit is at centre of everything we do at PNB MetLife and through our Circle of Life philosophy, we offer products and solutions that address the four life-stage needs of Family Protection, Long-term Savings, Child Education and Retirement Solutions”