Everything To Know About PNB MetLife Endowment Savings Plus Plan

MetLife Endowment Savings Plan is a standard, participating Endowment Assurance Plan designed to help policyholders save money. Through the plan, the policyholder can benefit from savings as well as insurance coverage.

PNB MetLife's Endowment Savings Plan's Highlights

• This is a typical Endowment Plan with straightforward bonuses.
• Premiums for the plan can be paid for a specific period or the entire term, depending on the policyholder's preference.
• Simple reversionary bonuses increase the amount of money that the plan pays out in benefits.

Everything To Know About PNB MetLife Endowment Savings Plus Plan

Below are a few things to know about PNB MetLife Endowment Savings Plus Plan:

1. Death Benefit

MetLife will pay the higher of the following if you die while your policy is still active: 

• Death benefit plus simple reversionary bonus and terminal bonus, if applicable.
• All premiums paid were worth 105 percent.

The death benefit will be equal to the greater of the following:

• The Annualised Premium Sum Assured on Maturity, which is the absolute amount of benefit guaranteed to be paid on maturity, is multiplied by ten.
• BSA stands for Basic Sum Assured, which is the total sum guaranteed to be paid out in the event of death.

2. Terminal Bonus

The corporation may declare a terminal bonus starting with the tenth policy year. This bonus is expressed as a percentage of the simple reversionary bonus that has been earned. It will be paid in addition to the death or maturity benefit.

3. Simple Reversionary Bonus

Beginning with the first policy anniversary, the policy will be eligible for the Simple Reversionary Bonus. The bonus will accrue under the policy once it is declared. If the policy is still in effect, you will be eligible for the incentive. The bonus will be paid when the life assured dies or when the policy matures, whichever comes first. This incentive is not guaranteed throughout the policy's term. It'll be calculated as a percentage of the base sum promised.

4. Maturity Benefit

If the life guaranteed is still alive, the following will be paid:

• When you reach maturity, you will receive a guaranteed sum.
• Terminal Bonus, if any, accumulated Simple Reversionary Bonus
• The absolute amount of benefit that is guaranteed to be paid out on the policy's maturity date is referred to as the sum assured on maturity.

5. What Is The MetLife Endowment Savings Plus Plan Covered For?

MetLife provides the following benefits to the life assured and his or her family under this plan, assuming the policy is in place and all premiums have been paid:

• Create a retirement fund.
• Put money aside to help you reach your objectives.
• You can foreclose on your mortgage if you don't pay your mortgage.
• You should put money aside for your child's education and higher education.
• Choose a premium waiver against serious illnesses to safeguard your family's future.

6. What You Get And How Much It Costs: Sum Assured And Premium Range?

The minimum and maximum premiums you must pay for this plan are determined by the payment period you choose. The following details about premium payment terms, premium amounts, and sums assured are provided:

Customers can choose a payment frequency that suits their needs and budget under this plan. This plan includes the following premium payment options:

• Monthly
• Half-yearly
• Yearly

Conclusion

The PNB MetLife Assured Future Plan is a non-linked, non-participating regular savings term life strategy that enables you to save consistently while earning guaranteed returns. It also protects you from several unforeseeable life catastrophes. The plan assures that you will be able to reach your financial goals with greater certainty during your life.

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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.