An Individual, Non-Linked, Non-Participating, Savings. Life Insurance Plan | UIN: 117N135V03
*Income payout period can be chosen only at inception and cannot be altered during the policy term
#Guaranteed Income Factor will be enhanced by 1.5% for policies with female child as Life assured under Child Secure option only.
What it Covers?
Overview
Introducing PNB MetLife Genius Plan, a savings plan that provides you guaranteed benefits and helps you create your own unique payout structure as per your needs.
This plan protects your child’s goal with in-built Waiver of premium on death in your absence ensuring continued benefits.
It is specially designed to help you save for your child’s important milestone and help them achieve their dreams.
Choice of two plan options:
1. Future Secure, where the parent is the Policyholder as well as the Life Assured.
2. Child Secure, where the life assured would be a child and the Policyholder would be parent, grandparent or legal guardian of the child.
Income Benefit payout as per your child’s needs:
Option to receive benefit payout as a single lumpsum payout or regular income of up to a maximum of 20 years during Policy Term
Additional Benefits to boost your corpus:
Guaranteed addition of 15% of Total Annualised premium paid till date gets accrued every year during premium payment term.
Protection against uncertainties:
- Life Cover throughout the policy term.
- In-built waiver of future premiums on death.
- Even after the death of policyholder, income benefit will be payable during income payout period with Future Secure option.
Higher Income Benefit1
Enhancement of 1.5% guaranteed income under Dhanlakshmi Benefit.
Tax Benefits^
You may be eligible to avail tax benefit on premiums paid and benefits received, as per prevailing tax laws.
1Guaranteed Income Factor will be enhanced by 1.5% if the life assured is a female life in case of Child Secured Option. If a policy is eligible for this benefit, the same can be availed only at inception of the policy and cannot be altered subsequently.
Future Secure:
On unfortunate demise of the Life Assured:
• Future instalment premiums if any, shall be waived off
• Income benefit shall be payable at the respective future due date(s)
•Excess of Sum Assured over present value of future income benefits, will be payable immediately on death as lumpsum
The policy terminates once all the income benefits are paid during the policy term.
Child Secure:
On unfortunate demise of the Policyholder:
• Future instalment premiums if any, shall be waived off
• Income benefit shall be payable at the respective future due date(s)
On unfortunate demise of the Life Assured:
Sum Assured on Death will be paid, and the policy shall immediately and automatically terminate
Sum Assured on Death shall be defined as higher of:
a. 10 times the Annualized Premium
b. 105% of Total Premiums Paid till date of death
On survival of the life assured and provided all premiums have been paid, income benefits3 shall be paid during the income payout period
Income benefit payable in each policy year is the sum of –
a) Guaranteed Income**: Annualised Premium x Guaranteed Income Factors
b) Sum of accrued Guaranteed Additions divided by the Income Payout Period,
c) Wealth Booster
Wherein,
Guaranteed Income Factors are based on entry age, Premium Paying Term, Policy Term, Income Payout Period, premium amount, and option chosen
Guaranteed Additions (GA) = 15% of Total Annualised Premium paid till date, will accrue to the Policy at each Policy Anniversary during Premium Payment Term, provided the Policy is in In-force Status
Wealth Booster = Applicable Guaranteed Wealth Booster Factor x (Guaranteed Income + Sum of Accrued GA / Income Payout Period).
| Policy Year under Income Pay out Period | ||||
|---|---|---|---|---|
| 1st to 5th Year | 6th to 10th Year | 11th to 15th Year | 16th to 20th Year | |
| Wealth Booster Factors | 5% | 10% | 15% | 20% |
3For further details regarding income benefits, please refer to the sales brochure.
| Criteria | Boundary Conditions | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Premium Paying Term (PPT) (Years) |
|
||||||||
| Policy terms (Years) | |||||||||
| Income Payout Period | Minimum: 1 year Maxmium: 20 years (PPT 5) | 18 years (PPT 7)| 15 years (PPT 10) |
||||||||
| Deferment | Min: 1 year Max: Based on PT, PPT & No. Of payouts chosen | ||||||||
| Premium Payment modes | Yearly/ HaIf Yearly/ Quarterly/ Monthly | ||||||||
| Riders | PNB MetLife Accidental Death Benefit Rider Plus PNB MetLife Serious Illness Rider |
• Flexibility to accumulate income benefit
• Flexibility to choose income payout mode (Annual/Half-Yearly/Quarterly/Monthly)
• Option to choose Waiver of Premium on ATPD (Accidental Total Permanent Disability) for additional protection
What you don’t get
Suicide Exclusion
If the Life Assured’s death is due to suicide within twelve months from the date of commencement of the risk or from the Date of Revival of the Policy as applicable, the Nominee of beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid under the Policy till the date of death or Surrender Value available as on the date of death, whichever is higher, provided the Policy is in In force status. We shall not be liable to pay any interest on this amount.
Exclusions applicable to Waiver of Premium on Accidental Total Permanent Disability
Kindly refer sales brochure to know more about exclusions applicable to waiver of premium on Accidental Total Permanent Disability
Rs. 930 Crores
Bonus declared for Participating Policies in FY’23-24
2.35 Lakh+
transactions completed on the khUshi chatbot.
99.20%
Claim settlement ratio for retail business
16500
Locations & strong branch network
PNB MetLife Genius Plan is An Individual, Non-linked, Non-participating, Savings, Life Insurance Plan (UIN: 117N135V03) **Terms & Conditions Apply. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. ^Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
AD-F/2024-25/845
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