What Are The Common Exclusions Under Child Insurance Plans Offered By PNB Metlife Insurance?

As a responsible parent, you must be thinking about your child's future and safety. Life is full of uncertainties, whether it is related to financial stability, education or health. One has to be prepared for such situations and if it involves your children then you have to be extra cautious. PNB Metlife Insurance plans offer a wide range of benefits in its various Insurance plans. 

Exclusions Under Different PNB Child Insurance Plans

Below we have listed the various child plans offered by PNB Life Insurance and their coverage exclusions - 

1. PNB Metlife Bachat Yojana

Under this scheme, the policyholder chooses the annual payable premium which is then multiplied by the multiplier factor which depends on the age mentioned in the policy contract. The result of this calculation is the sum assured which is payable to the insured.

Key Benefits PNB Metlife Bachat Yojana

• The payment period of 10 years and a cover of 15 years.
• Long-term savings with affordable premiums.
• Maturity benefit and terminal bonus.

Exclusions under PNB Metlife Bachat Yojana

• Surrender Value
  If the insured fails to pay the premiums before the policy acquires a surrender value then the policy will lapse at the end of the grace period and all the benefits such as death and rider benefits will cease immediately. 
• Reduced Paid-up Value
   If the premiums of the first two policy years have been paid and no further unpaid dues are left then the policy acquires a reduced Paid-up value. A reduced Paid-up value will not be entitled to any further bonuses.
• Revival
   If the premium is not paid within the grace period, the policy will lapse and will be subject to non-forfeiture provisions.

2. PNB Metlife Mera Wealth Plan

The policy offers a way of deciding your future your own way. In this plan you plan out your financial needs, choose the preferred investment options and after that, you receive the maturity benefit in the form of a lump sum or structured payout through settlement option.

Key Benefits of PNB Metlife Mera Wealth Plan

• Pay as per your comfort.
• Create your own wealth plan
• Receive loyalty option at the end of every 6th policy year.
• Receive lump sum or structured payment at the maturity of the policy.

Exclusions under PNB Metlife Mera Wealth Plan

• Grace Period
  If the insured fails to pay the overdue premium till the completion of the grace period (15 days for the monthly mode) then the policy will be discontinued.
• Partial Withdrawals
  Partial withdrawals are available after the completion of the 5 policy anniversaries or at the attainment of age 18.
• Surrender Benefit
  Unlike other policies the insured person can surrender the policy at any time by giving prior written notice.
• Suicidal Death
   In case if the insured person commits suicide within 1 year of the commencement of the policy then the Insures is only liable to pay the Fund Value.

3. PNB Metlife Smart Platinum

The policy offers an option to pay for a limited period and secure your family for your whole life. In addition, you get a fund booster option and safeguard from critical illness under care benefit. This policy gives you an option of a personalized wealth creation plan as per your preference.

Key Benefits of PNB Metlife Smart Platinum 

• Pay the premium as per your preference.
• Choose your sum assured multiplier.
• Refund of the fund management charges and the option of fund booster.
• Create your own personalized wealth plan.
             

Exclusions under PNB Metlife Smart Platinum 
 

• Grace Period
   If the insured fails to pay the overdue premium till the completion of the grace period (15 days for the monthly mode) then the policy will be discontinued.
• Change in Sum Assured
  The change in the sum assured amount is only available on policy anniversaries once all the premiums have been paid and there are no overdue amounts left to be paid.
• Care Benefit
  There are two options from which you can choose, either the wealth option or Wealth plus care option. The care benefit for critical illness is not applicable under the Wealth option. 
  Any disease occurring within 90 days of the commencement of the policy if diagnosed then the policy will be terminated without any refunds. Any disease, ailment or injury diagnosed within 48 months of the commencement of the policy is excluded.
   
• Suicidal Death
   In case if the insured person commits suicide within 1 year of the commencement of the policy then the Insures is only liable to pay the Fund Value.

Conclusion

You can see that such policies provided by PNB Metlife work as pillars to support your child’s future. During these times expenses related to education, marriage, and medical emergencies are going way above the roof. And because of this, you have to be prepared so that in any worst-case scenario you can ensure that you won’t have to struggle to meet the needs and requirements. Plan your future today by discussing it with an expert to choose the plan that suits you the best.

Also Read: How Child Plan Helps You Plan For Your Child’s Future?

What Are The Common Exclusions Under Child Insurance Plans Offered By Kotak Life Insurance?

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.