What is on your dream list?
It varies from person to person – Buying a car, building a home, World tour, dreams related to kids, etc. But life is full of uncertainties. If you don’t plan then you may have to compromise on these dreams.
Do you have an investment plan to fulfill these dreams?
PNB MetLife Century Plan provides you with income for your whole life along with cover for the whole of your life.
Will this plan help to fulfill your dreams?
Will this plan allow you to live a life without compromises?
What are the pros and cons of this plan? From cash bonus to IRR Analysis and everything you need to know about this plan with illustrations and precise calculations.
Let’s get started!
1.) An overview of PNB Met Life Century Plan
2.) Feature of PNB Met Life Century Plan
3.) Eligibility Criteria of PNB Met Life Century Plan
4.) Benefits of PNB Met Life Century Plan
5.) How to Cancel/Surrender PNB Met Life Century Plan?
6.) Advantages of PNB Met Life Century Plan
7.) Disadvantages of PNB Met Life Century Plan
8.) Research Methodology on PNB Met Life Century Plan
9.) Benefit Illustration Analysis of PNB Met Life Century Plan
10.) PNB Met Life Century Plan vs. Other Investments plans – Review
11.) PNB Met Life Century Plan vs. Other Investment Plans – Comparison Review
12 .) Final Verdict on PNB Met Life Century Plan
PNB MetLife Century Plan is an Individual, Non-linked, Participating, Savings, Life Insurance plan. The plan provides a regular income and helps to build a corpus to achieve the planned goals and secure your loved one’s future, without any compromises.
It also provides a waiver of premiums to ensure that your goals are not compromised in case of untimely demise.
Please check out the PNB Met Life Century Plan brochure (leaflet) pdf.
After reading the brochure this review will help you calculate and evaluate the pros and cons effectively!
| Particulars | Premium Payment Term | Family Care Option | Option 1: Super Income | Option 2: Smart Income | Option 3: Future Income |
| Policy Term | All | With/ Without | Maturity Option 1: 80 minus Age at Maturity Option 2: 100 minus Age at entry | ||
| Premium Payment Term (years) | With/ Without | 5 to 10, 12, 15 | 5 to 10, 12, 15 | 8, 10, 12, 15 | |
| Minimum Age at Entry1 (years) | All | Without | 0 (30 days) | ||
| With | 18 | ||||
| Maximum Age at Entry1 (years) | 5 to 9 | Without | 55 | 55 | 55 |
| 10, 12, 15 | 60 | 65 | 60 | ||
| 5 -10, 12, 15 | With | 50 | 50 | 50 | |
| Maturity Age1 (years) | All | With/ Without | Maturity Option 1:80 years: Maturity Option 2: 100 years | ||
| Minimum Sum Assured (Rs.) | 5 to 9 | With/ Without | 6,00,000 | ||
| 10, 12, 15 | 2,40,000 | ||||
| Maximum Sum Assured (Rs.) | All | With/ Without | Based on Board Approved Underwriting Policy | ||
| Minimum Annualized Premium (Rs.) | 5 to 9 | With/ Without | 60,000 | ||
| 10, 12, 15 | 24,000 | ||||
| Maximum Annualized Premium (Rs.) | All | With/ Without | As per Board Approved Underwriting Policy | ||
Survival Benefit:
Super income option – The Survival Benefit in the form of a Cash Bonus, if declared, shall be payable every year from 1st Policy Year until death or the end of the policy term, whichever is earlier.
During the premium paying term, the cash bonus rates are subject to a minimum guaranteed rate. Cash bonus rates declared after PPT are not guaranteed and purely depend on the experience of the underlying Participating Fund.
Smart income option – The Survival Benefit in the form of a Cash Bonus, if declared, shall be payable every year from 1st Policy Year until death or the end of the policy term, whichever is earlier.
Cash bonus rates declared during the policy term are not guaranteed and purely depend on the experience of the underlying Participating Fund.
Future income option – Simple Reversionary Bonus, if declared will accrue at each policy anniversary from the 1st policy year till the 14th policy year.
The Survival Benefit will be the sum of Fixed Income and Cash Bonus which will be paid every year from the end of the 15th policy year.
Cash Bonus (if declared) payable during the Fixed Income Pay-out Period shall be subject to a Minimum Guaranteed Cash Bonus rate.
PNB Met Life Century Plan Maturity Benefit: Review
Option to choose the Maturity date for the policyholder as age 80 years or 100 years.
On survival of the Life Assured, till the Maturity Date (as chosen), provided that the Policy is in In-force Status, the policyholder will receive an aggregate of:
Check your PNB Met Life policy status (पीएनबी मेटलाइफ पॉलिसी स्टेटस)
PNB Met Life Century Plan Death Benefit: Review
In the event of the unfortunate death of the Life Assured during the policy term provided that the policy is still in in-force status on the date of death, Death Benefit shall be equal to the following and payable as lumpsum:
PNB Met Life Century Plan Family care benefit: Review
If Family Care Benefit has been chosen at the inception of the policy, then in case of death of Life Assured, all future premiums (if any) shall be waived and Sum Assured on Death shall be payable as lumpsum and all future survival benefits and maturity benefit shall continue to be paid to the nominee.
PNB Met Life Century Plan Bonus: A Comprehensive Analysis
Simple Reversionary Bonus rates, Cash Bonus rates, and Terminal Bonus rates, if any, shall be declared at the end of the financial year.
It shall be paid out to the eligible policyholders during the next year as per the date chosen by the policyholder. Bonus rates are not guaranteed and purely depend on the experience of the underlying Par Fund.
Simple revisionary bonus – Percentage of Annualised premium – Payable on death/Surrender/Maturity.
Cash bonus – The percentage of Annualised Premium – Payable on survival/death
Terminal bonus – Percentage of Basic Sum assured – payable on completion of 10 policy years or Premium payment term whichever is earlier.
Additional benefits
The following additional benefit (expressed as a percentage of the Sum Assured on Maturity) shall be provided on Maturity.
| Premium Size | Additional Benefits |
| Rs. 0 – 99,999 | 0% |
| Rs. 100,000 – 2,99,999 | 5% |
| Rs. 300,000 – 499,999 | 7.50% |
| Rs. 500,000 & above | 10% |
Flexible premium payment modes and modal factors:
You may choose to pay premiums by Yearly, Half Yearly, Quarterly, or Monthly mode subject to the minimum annualized premium under each mode.
Calculate your PNB Met Life Century Plan premium by clicking below.
PNB MetLife Life Insurance Premium Calculator Online in India. (पीएनबी मेटलाइफ लाइफ इन्शुरन्स प्रीमियम कैलकुलेटर)
Loan:
A loan against the policy is allowed once it acquires a Surrender Value. The maximum amount that can be availed is 80% of the Surrender Value of your policy at the end of the relevant Policy Year.
Riders:
PNB MetLife Accidental Death Benet Rider Plus (UIN: 117B020V04)
PNB MetLife Serious Illness Rider (UIN: 117B021V04)
The Grace Period, Discontinuance & Revival – Review
Grace period:
If premiums are not paid on their due dates, a grace period of 30 days (15 days for monthly mode) from the due date of unpaid premium will be allowed.
Discontinuance:
If the due premium has been paid for the first full policy year, the policy shall acquire Special Surrender Value (SSV) after the completion of the first policy year.
If a policy has acquired Guaranteed Surrender Value and future installment premiums are not paid, the policyholder shall have the option to either surrender the policy or continue it as a paid-up policy with reduced benefits.
Revival:
Policy in lapsed or paid-up condition can be revived within a period of five consecutive years from the due date of the first unpaid installment premium. On the revival of the policy, corresponding cash bonuses shall accrue and will be paid to the policyholder.
Free look period
If the policyholder disagrees with any of the terms or conditions, (s)he has the option to return the policy policy within 30 days from the date of receipt of the Policy Document, whether received electronically or otherwise.
How to cancel PNB Met Life Century Plan mandate online?
Mandate Cancellation – PNB MetLife
Surrender
If your Policy has acquired a Surrender Value& and you choose to discontinue your Policy, you will be entitled to the Surrender Value, which is higher than the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) of the policy.
GSV = (GSV Factor multiplied by Total Premiums Paid; plus, Accrued Cash Bonuses/Fixed Incomes (if not paid earlier); plus, GSV Simple Reversionary Bonus Factor multiplied by the sum of all accrued Simple Reversionary Bonuses, if any) few Survival Benefits applicable.
Till now, we have come across some important key features and other important things that we need to know about PNB Met Life Century Plan.
But, we cannot decide by using this factual information.
So, now let’s do a detailed analysis of the IRR of PNB Met Life Century Plan to see how can it benefit us.
In this analysis, first, we are going to use the PNB Met Life Century Plan Online Calculator to calculate the IRR of the PNB Met Life Century Plan.
Then, we are going to apply the same value to calculate the IRR of other investments such as PPF and ELSS.
And finally, we are going to compare the IRR of PNB Met Life Century Plan with other investments to see whether PNB Met Life Century Plan benefits us or not.
There are 3 options under the PNB Met Life Century Plan. The cash bonus varies from plan to plan. The following table shows the various options & their respective IRR (Internal Rate of Return).
| Option 1 Super income | Option 2 Smart Income | Option 3 Future income | ||||
| Male | 30 years | 30 years | 45 Years | |||
| Sum Assured | 6,00,000 | 5,0,0000 | 10,50,000 | |||
| Premium Paying term | 12 | 10 | 10 | |||
| Policy term | Till the age of 100 | Till the age of 100 | Till the age of 100 | |||
| Annual premium | 50,000 | 50,000 | 1,00,000 | |||
| At 4% | At 8% | At 4% | At 8% | At 4% | At 8% | |
| IRR | 3.52% | 6.64% | 3.41% | 6.54% | 2.17% | 6.58% |
The above illustration has been calculated using assumed gross investment returns of 4% and 8% respectively. The assumed rate of return is not guaranteed and these are not the upper or lower limits.
On analyzing the various option, it is evident that the return on investment differs from option to option.
The reason for this is, the calculated cash bonus is not guaranteed & in some cases it is constant & in some cases, it increases at a predefined period.
The IRR in general should be higher than the inflation rate. The IRR of PNB Met Life Century is below than inflation rate. So, from an investment point of view, this plan is not beneficial.
PNB MetLife Guaranteed Savings Plan is an individual, Non-linked, Non-Participating, Savings, Life insurance plan.
It provides a flexible premium paying term of 5,7,10 years
To know more please check PNB MetLife Guaranteed Savings Plan official brochure (leaflet) pdf.
To know whether the promises made in this brochure are true or not. Please check out our review.
PNB MetLife Guaranteed Savings Plan – Review (2023) – Is it Good or Bad?
PNB Met Life Century plan offers a return in the range of 2% – 6.5%. These returns are not inflation-beating ones.
Moreover, the cash bonus receivable year on year will not suffice to meet any short-term goals. And sometimes the annual survival benefit may end up in discretionary expense. Also, the sum assured is not adequate for any individual.
Instead of investing in the PNB Met life century plan, investors can go for a pure-term policy with appropriate life cover protection.
Investing in PNB met life 100 years plan has a tax benefit advantage. Similarly, investing in PPF & ELSS mutual funds also offers tax advantages.
Investors can consider inflation beatings for wealth accumulation.
| Other Investments | Rate of Return |
| ELSS | 12% (Assumed) |
| PPF | 7.10% |
| RBI Bonds (Floating rate) | 8.05% |
In the above illustration we have calculated the returns given by other investment plans such ELSS,PPF, and RBI bonds which seem to be better than PNB Met Life 100 years Plan.
By step by step analysis, we have reviewed the alternatives for PNB Met Life Century Plan.
From the comprehensive evaluation of pros and cons, it seems clear that Term Insurance + ELSS or PPF seem to be far better options.
This is not just an assumption but we have proved it from clear illustration.
Do you want to see this review in Hindi?
PNB Met Life Century Plan(पीएनबी मेटलाइफ सेंचुरी प्लान) : Review(हिंदी)-Should you buy?(Hindi)
PNB Met Life Century Plan is a variant of the traditional Money back policy. In this plan, the guaranteed cash bonus percentage is very limited.
The major portion of the pure-term bonus is non-guaranteed. We can’t earmark these survival benefits as they are fluctuating.
But still why do agents want to sell you this plan? Just like many policies in the bazaar this policy also gives a high agent commission.
Cash bonus rates declared during the policy term are not guaranteed and purely depend on performance.
From an investment perspective, it is advisable to build a portfolio based on the investment horizon & risk appetite. The portfolio asset allocation should be reviewed & rebalanced for wealth accumulation.
Are you surfing for advice to buy this plan on social media platforms like Quora, Facebook, Twitter, etc? Please stop it, and quickly consult a professional financial planner!
If you have any comments or questions, write them in the comment box below.
Or are you interested in creating a Comprehensive Financial Plan for your financial goals?
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View Comments
This plan is worst investment. company not paying bonus amount after paying premium. No service after sells
policy. No one receive your phone. No one responding on grievance. They are paying 35% commission to agents. .
We understand your frustration—poor service and lack of response are serious concerns.
However, bonuses in such plans are not guaranteed and depend on insurer performance, which is often not clearly explained at the time of sale.
This again highlights the core issue: high commissions, low transparency, and disappointing returns—making such plans unsuitable for most investors.
Plan seems to be good, only clarification needed on below points:
1. When can I surrender in case of uncertainty in income source.
2. What will be the surrender value?
3. Locking period for premium payment.?
4. If I select 10 Years paying term then what will be the maturity value and from when I can get it?
Thanks for your detailed view on this, was comparing IRR with other investment, your post is cleared all my doubts.
I pay a quick visit day-to-day some sites and information sites to read
articles, except this webpage provides feature based
articles.