Child Insurance Plan
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Child Insurance Plan

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PNB Metlife Child Plans

PNB MetLife Life Insurance Company

PNB MetLife is a partnership between one of the leading Indian banks, Punjab National Bank (PNB) and world’s leading insurance provider, MetLife International Holdings LLC (MIHL). These two are the major stakeholders with some smaller partners as well, which are: Jammu & Kashmir Bank Limited (JKB), M. Pallonji & Company Pvt. Limited and a few other small investors. Operating in the country since 2001, the company has made its presence felt all over and is one of the leading players in the insurance sector with skilled and dedicated employees offering a wide variety of life, health and pension products.

PNB MetLife Life Insurance- Child Plans

The child plans being offered by the company not only take care of the child’s future, but also provide benefits that enhance income of the insured. There are multiple plans available catering to individual needs and requirements, all aimed towards ensuring the child’s healthy upbringing and education without any financial shortcomings.

List of Child Plans Offered By PNB MetLife Life Insurance Company, With Features, Benefits And Eligibility

PNB MetLife Bhavishya Plus

Features:

  • Guaranteed funds for family’s long term needs during last three years of policy term
  • Additional bonuses are applicable
  • Waiver of premiums
  • Death benefits over and above survival benefits
  • Income tax benefits

Benefits:

  • The policyholder shall be paid 20% of the base sum assured at the end of every year, in the last three years of the policy term if the policyholder survives the policy term. This shall help the family in meeting increasing expenses
  • Maturity Benefit: At the end of the policy term, the policyholder shall be paid the 40% of base sum assured plus accrued reversionary bonuses and terminal bonus, if any.
  • Death Benefits: If the policyholder dies during the policy term, the nominee shall get the following death benefit, irrespective of the survival benefits, if any, already paid
    Death sum assured plus accrued reversionary bonuses Here the death sum assured is the higher of:
    10 time the annualized premium, or
    Minimum guaranteed sum assured on maturity, or
    Absolute amount to be paid on death, or
    105% of all premiums paid till the date of death
    The minimum guaranteed sum assured on maturity = 40% of the base sum assured
    Absolute amount to be paid on death = Base sum assured
    Apart from these benefits, the future premiums shall be paid and policy will still remain active. After this, the nominee shall receive the following benefits:
    1. 20% of the base sum assured payable at the end of every year during the last three years of policy term before the maturity date
    2. At time of maturity, the nominee shall receive 40% of the base sum assured plus reversionary bonuses accrued after the death of the policyholder plus terminal bonus, if any
  • Income tax benefits can be enjoyed under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 20-45 years
Max Maturity Age 69 years
Min Premium Monthly: Rs. 15,000 | Half-yearly: Rs. 10,000 | Yearly: Rs. 8,000
Max. Premium Rs. 17,999 p.a.
Policy Term Min: 12 years | Max: 24 years
Premium Payment Term Regular
Min. Sum Assured Rs. 92,320/-
Max. Sum Assured 5,00,000/-

PNB MetLife Smart Child Plan

Features:

  • Market linked child plan for maximum return on investments
  • Option to invest in 6 different funds
  • Systematic transfer option available
  • Death benefits to secure child’s future
  • Partial withdrawals allowed
  • Loyalty additions offered

Benefits:

  • Option to invest in either of the following 6 funds with 4 free annual switches:
  • Fund Name Risk Level
    Protector II Low
    Preserver II Very Low
    Balancer II Medium
    Flexi Cap Very High
    Virtue II Very High
    Multiplier II Very High
  • Death Benefits: If the policyholder dies before the policy term is over, the nominee shall be paid the higher of sum assured or 105% of all premiums paid till the date of death. Future premiums shall be waived off under the Premium Waiver Benefit. Under this benefit, the company will credit an amount equal to one annualized regular premium on a monthly basis, regularly, to the policyholder’s fund.
    Also, the amount invested in high risk equity funds shall be transferred to Balancer II fund to safeguard the investments from market volatility. At the end of policy term, the fund value shall be paid to the nominee
  • Maturity Benefits: The nominee can decide to receive the fund value as a lumpsum amount or as instalments over a period of time as maturity benefits. It can also be availed as a combination of lumpsum and instalment option
  • The policyholder can avail of systematic transfer benefit right from the onset of the policy to systematically transfer funds into equity funds for maximum returns on investment
  • Partial withdrawals are allowed after 5 years of policy term to meet any urgent expenses with the minimum amount set at Rs. 5000/-
  • Loyalty additions are added at the maturity of the policy @ 2% or 3% of the average fund value depending on the policy term

Eligibility

Min-Max Entry Age 20-45 years
Max Maturity Age 69 years
Min Premium Monthly: Rs. 15,000 | Half-yearly: Rs. 10,000 | Yearly: Rs. 8,000
Max. Premium Rs. 17,999 p.a.
Policy Term Min: 12 years | Max: 24 years
Premium Payment Term Regular
Min. Sum Assured Rs. 92,320/-
Max. Sum Assured Rs. 5,00,000/-

PNB MetLife Smart Child Plan

Features:

  • Market linked child plan for maximum return on investments
  • Option to invest in 6 different funds
  • Systematic transfer option available
  • Death benefits to secure child’s future
  • Partial withdrawals allowed
  • Loyalty additions offered

Benefits:

  • Option to invest in either of the following 6 funds with 4 free annual switches:
  • Fund Name Risk Level
    Protector II Low
    Preserver II Very Low
    Balancer II Medium
    Flexi Cap Very High
    Virtue II Very High
    Multiplier II Very High
  • Death Benefits: If the policyholder dies before the policy term is over, the nominee shall be paid the higher of sum assured or 105% of all premiums paid till the date of death. Future premiums shall be waived off under the Premium Waiver Benefit. Under this benefit, the company will credit an amount equal to one annualized regular premium on a monthly basis, regularly, to the policyholder’s fund.
    Also, the amount invested in high risk equity funds shall be transferred to Balancer II fund to safeguard the investments from market volatility. At the end of policy term, the fund value shall be paid to the nominee
  • Maturity Benefits: The nominee can decide to receive the fund value as a lumpsum amount or as instalments over a period of time as maturity benefits. It can also be availed as a combination of lumpsum and instalment option
  • The policyholder can avail of systematic transfer benefit right from the onset of the policy to systematically transfer funds into equity funds for maximum returns on investment
  • Partial withdrawals are allowed after 5 years of policy term to meet any urgent expenses with the minimum amount set at Rs. 5000/-
  • Loyalty additions are added at the maturity of the policy @ 2% or 3% of the average fund value depending on the policy term

Benefits:

Policyholder’s Entry Age Min: 18 years | Max: 55 years
Beneficiary’s Entry Age Min: 90 days | Max: 17 years
Policy Term 10, 15 or 20 years
Premium Amount Min: Rs. 18,000 | Max: Rs. 2 lakhs
Sum Assured 10 times the annual premium
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly

PNB MetLife College Plan

Features:

  • Guaranteed income during last 3 years of the policy term
  • Death benefits to ensure continuation of policy and financial support
  • Applicable bonuses available
  • Loans against policy
  • Income Tax benefits applicable

Benefits:

  • To meet educational expenses, 20% of the sum assured is paid at the end of every year during the last three years of the policy term
  • Simple reversionary bonuses accrue from the 3rd policy year and shall continue till the end of the term
  • If the policyholder dies during the term of the plan, the nominee shall receive the higher of
    10 times the annual premium, or
    Base sum assured, or
    Minimum guaranteed maturity sum assured, or
    105% of all premiums paid till the date of death along with vested reversionary bonuses
    Post this, all future premiums shall be waived and the plan will continue to be active. Survival benefits shall be paid during the last three years of the policy and at the time of maturity, maturity sum assured along with reversionary bonuses accrued after the death of the insured and terminal bonus, if any, shall be paid to the nominee
  • Maturity Benefit: If the policyholder survives till the end of the policy term, he shall receive maturity sum assured, that’ll be the 40% of the base sum assured, plus accrued simple reversionary bonuses plus terminal bonus, if any
  • There are loans available up to a maximum of 90% of the special surrender value
  • Income tax benefits can be availed under section 80C and section 10 (10) D

Eligibility

Min-Max Entry Age 20-45 years
Maturity Age 69 years
Policy Term 12-24 years
Premium Amount Min: Rs. 18,000 | Max: Rs. 42,44,482
Sum Assured Min: Rs. 2,12,040 | Max: Rs. 5 crores
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly