PNB MetLife GROW Plan

Name: PNB MetLife Goal Ensuring Multiplier
Brand: PNB MetLife
Rating: 4.1 (2342 reviews)

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Presenting PNB MetLife GROW Plan, a participating life insurance plan that provides you with immediate income up-to age 100 years. The plan provides a holistic solution to help you achieve your lifelong aspirations by providing reliable, regular income while ensuring life coverage. Start receiving benefits immediately as you work toward securing your future and realizing your dreams at every stage of life.

With PNB MetLife GROW Plan you get:

Lifelong Income in the form of Survival Benefit as early as second year onwards till 100 years of age¹
Protection from inflation with choice of 4 plan options designed for your growing needs:
Increasing Income – Income increasing every year from (Income Start Year + 1)^th policy year till maturity
Extended Life Cover - Benefits of Increasing Income option with life cover after maturity until age 100 years
Milestone Income – Receive increasing income every 4^th or 5^th policy year as per Milestone Frequency chosen
Wealth – Lumpsum maturity benefit at the end of policy term
Financial legacy by getting return of premiums along with potential Terminal Bonus (if declared) as a lumpsum at maturity
Total Customization to design your financial journey:
Choose your ideal income start year
Select maturity age from 5 options - till age 70, 75, 80, 85 or even 100 years
Flexible premium payment terms from 7 to 15 years
Tax Benefits – Enjoy tax benefits on premiums paid and benefits received as per prevailing tax laws

Highlights of PNB MetLife GROW Plan

Increasing Income Option

Stay ahead of life’s rising costs and give your family the comfort they deserve, year after year

Milestone Income Option

Turn your dreams into reality, fund life’s big moments, from unforgettable vacations to your next big purchase, stress free!

Extended Life Option

Stay protected with life cover even after maturity continuing up to age 100 years, securing your family’s future.

Wealth Option

Build a strong financial foundation with lump sum maturity benefit at the end of policy term

Return of Premiums

Create a legacy by leaving lasting gift in form of return of premiums and a potential terminal Bonus at Maturity.

With rising inflation and growing aspirations, your need for increasing income becomes crucial - imagine a stream of money that grows with time, keeping pace with life's escalating costs. Or choose to celebrate life's precious milestones in grand style with substantial periodic payouts every few years - perfect for those special moments like your child's graduation, dream wedding, or that long-awaited world tour.

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What you don’t get

Suicide Exclusion

In case of death of life assured due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy as applicable, the nominee or beneficiary of the policyholder shall be entitled to receive at least 80% of the Total Premiums Paid till the date of death of the Life Assured or Surrender Value available as on the date of death of the Life Assured, whichever is higher, provided the Policy is in In-force status.

Frequently Asked Questions

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What is the Survival Benefit payable under this product?

On survival of Life Assured provided that Policy is in In-force status, and all due Instalment Premiums have been paid, following Survival Benefit will be payable:

A. Increasing Income and B. Extended Life Cover: For both these Plan Options, the Survival Benefit in the form of Guaranteed Income (GI) and Cash Bonus (CB), if declared shall be payable every year in arrears as per Survival Benefit Payout Frequency chosen starting from the Income Start Year till the end of policy term.

Guaranteed Income is the minimum guaranteed Survival Benefit applicable under these Options.

C. Milestone Income: Under this option, Reversionary Bonus (RB), if declared will accrue at each policy year starting from first policy year till the end of the policy term. Accrued Reversionary Bonus are payable as Survival Benefit every 4^th or 5^th policy year as per Milestone Frequency chosen by policyholder.

D. Wealth: No Survival Benefit is payable under this option

What is the Maturity Benefit payable under this product?

This product provides an option to the policyholder to choose Maturity option as per their requirements. On survival of the Life Assured till the Maturity Date, provided that the Policy is in In-force status, the policyholder will receive following lumpsum Maturity Benefit.

Maturity Benefit is defined as higher of:

Sum Assured on Maturity plus Accrued Reversionary Bonus, if applicable plus Accrued Survival Benefit if applicable and not paid earlier plus Terminal Bonus, if declared
Or
105% of the Total Premiums Paid as on date of maturity.

Where,

Sum Assured on Maturity is defined as sum of all Annualized Premium paid during the Premium Payment Term.

On payment of Maturity Benefit, the Policy shall terminate for all Plan Options except “Extended Life Cover”.

What is the Death Benefit payable under this product?

For all Plan Options, in case of death of the Life Assured during the policy term provided the policy is In-Force status as on date of death and all due instalments are paid , the death benefit will be higher of :

Sum Assured on Death plus Accrued Reversionary Bonus, if applicable plus Accrued Survival Benefit if applicable and not paid earlier plus Terminal Bonus, if declared
Or
105% of the Total Premiums Paid as on date of death.
Or
Surrender Benefit payable as on date of death.

Where,

Sum Assured on Death is defined as 10 times of Annualized Premium

Extended Life Cover Plan Option - In case Extended Life Cover is chosen by the policyholder, on payment of Maturity Benefit, the policy shall continue only for Death Benefit till Life Assured attains 100 years of age. On Life Assured attaining age 100 years, the policy shall terminate with no further benefits payable.

Death Benefit payable in the event of death of Life Assured any time after date of maturity up-to attainment of age 100 years shall be higher of:

Sum Assured on Death (i.e., 10 times of Annualized Premium) or
105% of the Total Premiums Paid as on date of death

What are the eligibility criteria for this plan?

Particulars	Plan Option
Particulars	Increasing Income	Milestone Income	Extended Life Cover	Wealth
Maturity Option	To Age 70 To Age 75 To Age 80 To Age 85 To Age 100		To Age 70 To Age 75 To Age 80 To Age 85	Not Applicable
Premium Payment Term (PPT) (Years)	7 to 15		10 to 15	7 and 10
Policy Term (PT) (Years)	Maturity Age minus Entry Age of the Life Assured			PPT 7: 15 or 20 PPT 10: 20 or 25
Income Start Year/Milestone Frequency	2^nd/3^rd/4^th/5^th or (PPT+1)^th policy year	Milestone Frequency – Every 4 years or Every 5 years	2^nd/3^rd/4^th/5^th or (PPT+1)^th policy year	Not Applicable
Minimum Age at Entry² (Years)	For all available Maturity Options: 0 years (30 days)		For all available Maturity Options: 0 years (30 days)	0 years (30 days)
Maximum Age at Entry² (Years)	For Maturity Options - To Age 70: 40 To Age 75: 45 To Age 80: 50 To Age 85: 55 To Age 100: 60		For Maturity Options - To Age 70: 40 To Age 75: 45 To Age 80: 50 To Age 85: 55	60
Annualized Premium	Minimum: Rs. 24,000 Maximum: Subject to Board Approved Underwriting Policy
Minimum Sum Assured	Rs. 2,40,000
Rider Options	PNB MetLife Accidental Death Benefit Rider Plus (UIN: 117B020V04), PNB MetLife Serious Illness Rider (UIN: 117B021V04)
Premium Payment Mode^/Survival Benefit Payout Frequency	Annual/Half – Yearly/Quarterly/Monthly

Are there any additional features in this plan?

Shakti Benefit - An additional benefit of 1% is applicable on Benefit Sum Assured (BSA) multiple^* for female lives
Enhance protection by adding below Riders to your plan –
- PNB MetLife Accidental Death Benefit Rider Plus - This provides additional protection over and above the death benefit under this policy in the event of the death of the life assured in an accident
- PNB MetLife Serious Illness Rider - This provides additional protection over and above the death benefit under this policy in the event of the life assured being diagnosed with any of the critical illnesses listed in the rider.
Flexibility to accumulate Survival Benefits – At any point during the policy term, the policyholder shall have an option to accumulate Survival Benefit(s) at least 30 days before the due date of next Survival Benefit payout. The accrued Survival Benefits will be accumulated at 3% p.a. compounded monthly. The policyholder can withdraw the accrued Survival Benefits partly/ fully at any point during the policy term.

Disclaimer:

¹Based on maturity option chosen for all Plan Options. The benefits will vary depending on the Plan Option, Maturity Option, and Annualized Premium chosen.
²All reference to age is as on age last birthday. For policies issued to minor lives the risk cover starts immediately at inception. Also, in case the Life Assured is a minor, the policy will vest with the life assured when the life assured attains an age of 18 years.
^*BSA Multiple varies by Plan Option, Maturity Option/Policy Term, Premium Paying Term, Income Start Year and Age of the Life Assured.
^{^}Monthly mode of premium payment is available only for standing instructions/ direct debit options (including Electronic Clearing System (ECS), and Automated Clearing House (ACH))
For more details on PNB MetLife GROW Plan please refer to the sales brochure or Product Terms and Conditions. PNB MetLife GROW Plan (UIN:117N167V01) is an Individual, Non-Linked, Participating, Savings, Life Insurance Plan. The risk factors of the bonuses projected under the product are not guaranteed. Past performance doesn’t construe any indication of future bonuses. The product is subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.
Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, underwriting extra premiums, rider premiums, if any, and loadings for modal premiums, if any.
Total Premiums Paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly