Life insurance is not only a requirement, but a necessity for everyone. One cannot speculate things and this is the reason that makes insurance one of the most secure ways to face any mishap head-on. Looking at the importance of insurance, more and more people are taking insurance seriously and this is the reason why 24 companies are offering insurance policies in India itself. This brings to us the fact that insurance sector is surging.
One such company is PNB MetLife Insurance that has a claim settlement ratio of 92.90%. There is no doubt that the company is rising and this is the reason it offers several life insurance products. In this blog, we will discuss three major plans namely Met Money Back Plan, Met Endowment Savings Plan, and Met Monthly Income Plan – 10Pay. These three are one of the top performers in the insurance sector.
These plans are built on the traditional platform, and are formulated to fulfill the diverse needs of insurance buyers such as tax savings, coverage and wealth creation. At the same time, they also need to comply with IRDA’s latest guideline for new products. PNB MetLife is offering customers with financial security while at the same time offering other profits such as fixed monthly income and fixed money back schemes.
PNB MetLife keeps in mind the needs of its customer and then design products accordingly so that it can offer long-term savings, financial protection, and financial freedom after retirement. The company keeps on improving and they compete with their own products in order to render their users the best plans. They further edged out their own performance which is ‘Met Monthly Income Plan’, a product that PNB MetLife pioneered in India. They also launched incredible endowment and money back policy that were designed to their customer value and simultaneously offering the benefit of protection.
Features that make them worth buying:
Met Endowment Savings Plan – Met Endowment Savings Plan (MESP) particularly looks after the extended financial goals of clients and the best part is that the company offers this at quite an affordable premium rates as per the preferences of the clients. Along with this, there is a long term option for savings (from 10 – 30 years) and allows insurance holders the elasticity of either opting for regular or 5 to 10 payments all through the policy term. It also augments maturity benefit by offering terminal bonus and reversionary bonus.
Met Monthly Income Plan - 10 Pay – This plan was formulated so as to offer proper liquidity to the customer at their retirement stage. Met Monthly Income Plan (MMIP) gives regular monthly income to the family of the insurance holder for 15 years in the case of the demise of his or her demise. On maturity of the policy, the life insured or his survivors get to receive a lump-sum maturity benefit. At the time maturity, the policyholder has the provision to increase the fixed monthly regular income along with the bonus acquired. It also helps the policyholders to save their taxes.
Met Money Back Plan – This plan is planned to offer dual profit to the customer. On one hand, it offers appropriate money back at regular intervals and shield during an unfortunate death of the life insured. Along with this Met Money Back offers standard survival benefits of 10% of the sum assured which can be paid from 5th Policy year to 9th Policy year and 60% of the Basic Assured Sum will be paid at the time of maturity. In case if the policyholder passes away accidently then the nominee receives a lump sum death benefit, no matter if the policyholder had already received the survival benefits. Further, the plan also offers Tax benefits according to section 80C and 10(10D) of the Income Tax Act.
All the features mentioned above show that the plans are designed in order to meet the expectations of the users. This makes them one of the most sought after plans among the audiences.