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NEW DELHI: PNB MetLife Insurance has launched 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. In this piece, we take a look at the availability of three policy options, their features and other key details of the policy.

According to the PNB MetLife press release, "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), which needs 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."

Policy details

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
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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 non-linked and participating life insurance plan offers customers the flexibility to opt from three income options depending on one’s life-stage need

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 a minimum guarantee of cash bonuses of 10% of the annualized premium paid during the premium payment term.

Smart Income option

The cash bonuses will be paid from the first year onwards and a lumpsum benefit will be paid at maturity.

Future income option

Cash bonuses will be paid from the 15th year of policy along with a simple reversionary bonus (when declared) during the first 14 years of the policy. There is a minimum guarantee of a cash bonus of 30% of the annualized premium for a fixed period of 20 or 30 years.

Apart from three income options, you also have a choice of selecting a special date like a 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, said the press release.

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