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Pnb Met Life Bachat Yojana Plan

The MetLife Bachat Yojana is insurance plan designed to meet your future and present financial goals and requirements. This plan stresses on small savings but on a long-term basis to help build up a significant savings portfolio. Premiums for this plan are set an affordable rates with a premium payment tenure of 10 years. Policyholders will reap the benefits for 15 years through sums assured plus bonuses. This non-linked deferred participating endowment plan also pays out upon maturity of the plan.

Eligibility - Who is the MetLife Bachat Yojana for?

The MetLife Bachat Yojana is designed for those who wish to build up a corpus to take care of future financial requirements. To be eligible for this plan, PNB MetLife has set certain requirements that need to be fulfilled. The eligibility criteria is as follows:

Type of plan Non-linked deferred participating endowment plan
Minimum age at entry 20 years
Maximum age at entry 60 years
Maximum age at maturity 75 years
Policy terms 15 years
Premium Payment Term 10 years limited pay

Sum Assured and Premium Range - What you Get and What it Costs?

The sum assured depends on your requirements and budget. Listed below is the information related to premiums and sums assured under the MetLife Bachat Yojana:

Minimum Premium
  • Annual: Rs.6,000
  • Semi-Annual: Rs.10,000
  • Monthly/PSP: Rs.15,000
Maximum Premium Rs.23,999 per Life
Minimum Sum Assured Rs.64,800
Maximum Sum Assured Rs.5 Lakhs

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the MetLife Bachat Yojana Covers?

There are a number of benefits that can be availed through the MetLife Bachat Yojana. With the emphasis on long-term savings, this plan gives you coverage for longer than the premium payment term. Listed below are the benefits of this insurance plan:

  • The premiums are affordable.
  • Pay only for a limited term of 10 years and receive protection for 15 years.
  • Upon maturity of the plan, you will receive a sum assured plus bonuses.
  • Upon death of the life insured within the 15-year policy term, the family will receive the sum assured plus terminal bonuses and reversionary bonuses, if any.
  • Avail tax benefits against the policy under Section 80C and 10(10D) of the Income Tax Act, 1961.

Death Benefit:

In case of the demise of the life insured, the following benefits will be paid to the family or beneficiary:

Death sum assured - Sum assured upon death plus accrued reversionary bonus and terminal bonus, if any, where the sum assured is the higher of the following:

  • 10 times the annualised premiums
  • 105% of all premiums paid
  • Minimum guaranteed sum assured on maturity
  • Absolute amount assured to be paid on death

Maturity Benefit:

If the policyholder survives till the maturity date, the following is payable:

  • Base sum assured
  • Accrued simple reversionary bonuses
  • Terminal bonus, if any

Terminal Bonus

From the fifth year onwards, the company may declare terminal bonuses as a percentage of the accrued simple reversionary bonus. This bonus is payable at the end of the policy term along with the maturity or death benefit.

Simple Reversionary Bonus

This policy will participate from the third year onwards for Simple Reversionary Bonuses. When a bonus is declared, it will be credited to the policyholder at the end of the policy year that occurs immediately after the bonus declaration date. Policyholders are eligible for simple reversionary bonuses if all premiums have been paid. The bonus is expressed as a percentage of the sum assured. Bonuses are no guaranteed through the policy term, however, once it is declared, it is guaranteed. The simple reversionary bonus is payable upon the following events, whichever is earlier:

  • Death of the life insured
  • Maturity of the policy
  • Surrender of the policy

From the date of death or lapse of the policy, the policy will not accrue any simple reversionary bonus.

Add-On Plans – Additional Coverage under the MetLife Bachat Yojana:

There are no add-ons available with this plan.

Exclusions - What the MetLife Bachat Yojana doesn’t Cover?

Under all insurance policies, there are certain exclusions for which the insurance company will not be liable to pay the benefits. Under the MetLife Bachat Yojana, the following exclusions will be applicable:

  • If the person insured commits suicide, whether sane or insane, within one year from the commencement date of the policy, the insurance plan is deemed void. The company will not be liable to pay any benefits but will provide the following:
    • Refund of 80% of the premiums paid without interest
  • If the person insured commits suicide, whether sane or insane, within one year from the reinstatement date of the policy, the insurance plan is deemed void. The company will not be liable to pay any benefits but, provided that the policy is still in force, it will provide the higher of the following:
    • Surrender Value
    • Refund of 80% of the premiums paid minus any survival benefits paid till date of death

Other Key Features:

A few features of the MetLife Bachat Yojana worth noting have been mentioned below:

Particulars Details
Grace Period 30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
Free-Look Period 15 days from the receipt of the policy document
Tax Benefit Tax benefit is applicable at the time of purchase and when the benefits are paid
Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
Surrender Value If premiums have been paid for at least 3 full policy years, a surrender value will be acquired equal to the maximum of Guaranteed Surrender Value and Special Surrender Value
Reduced Paid-up Value If premiums have been paid for at least 3 full policy years and no further payments are made, the policy will acquire a Reduced Paid-up Value
Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium at a fee of Rs.250, subject to change
Loan Facility Available to a maximum of 90% of the Special Surrender Value of the relevant policy year, currently at an interest rate of 10.5% p.a. (Subject to change)

Tax Benefits – How you can save with the MetLife Bachat Yojana?

With the MetLife Bachat Yojana, benefits are available at the time of purchasing the policy, paying premiums and receiving payouts. Under the provisions of the Income Tax Act, 1961, policyholders are eligible for tax benefits and exemptions. To take full advantage of tax benefits, you are advised to consult a tax advisor to know more about the applicable benefits on the MetLife Bachat Yojana as per the prevailing tax laws which a subject to amendments from time to time.

Other Benefits – How you can save with the MetLife Bachat Yojana?

PNB MetLife provides a number of benefits and services to its potential customers and existing ones to help make stepping into the world of insurance convenient, hassle-free and easy. With an aim to enhance the customer’s experience, PNB MetLife provides the following services to policyholders and prospective customers:

  • Locate a PNB MetLife branch online
  • Compare different protection plans online
  • Calculate your premium payment using the Premium Calculator
  • Download the brochure for every policy available
  • Download the terms and conditions
  • Meet an advisor through PNB MetLife
  • Get the Premium Rates Form
  • Contact the customer care via phone, fax, email, or SMS
  • Domestic Medical assistance and emergency assistance
  • Discounts on wellness packages
  • Preventive healthcare packages from leading hospitals and diagnostic centers in India
  • 24x7 access to qualified doctors
  • Medical second opinions

Why you should Buy the MetLife Bachat Yojana?

As one of the global leaders in the insurance world, MetLife has established a relationship of trust and credibility with its customers. Entering the Indian market in 2001, MetLife tied up with Punjab National Bank, a leading bank in India. Together they offer a range of products related to protection, investment, savings and retirement products. The company has made its mark in India and has become one of the fastest growing insurance companies boasting of profits for the last five consecutive financial years. The MetLife Bachat Yojana is designed for people who need a plan to build a savings corpus by contributing towards affordable premiums for a long period of time.

Frequently Asked Questions (FAQs):

Q. How do I pay my premium towards the MetLife Bachat Yojana?

A.

  • You can mail or submit a cheque or DD to PNB MetLife.
  • You can use the Electronic Clearance System (ECS) to pay directly from your bank account.
  • You can pay your premiums using the option of “Pay Your Premiums Online” on the PNB MetLife website. Accepted modes of payment are net banking, credit card and debit card.
  • You can set standing instructions with your bank to pay the premium using your credit card.
  • Auto Debit facility is available for Axis Bank NRE/NRO accounts.

Q. How do I cancel the policy within the free-look period?

A. To cancel the policy within the free-look period, you need to submit a written request to cancel the policy and state your objection to the policy within 15 days from the date of receipt of the policy document. You can cancel the policy via the following avenues:

  • Apply online on the company’s website. This option is a preliminary cancellation and within 10 working days the hard copy of the cancellation request form must be mailed or couriered.
  • Visit the nearest PNB MetLife branch
  • Visit the registered office in Bangalore

To complete your request, you need to send the duly filled and signed copy of the cancellation request form, the original policy document, and ID proof. A cancelled cheque with the name of the policyholder and the account number is also required.

Q. Are there any charges applicable if I return the policy within the free-look period?

A. If you decided to return the policy during the free-look period, the premium paid will be refunded after deducting proportionate premium for the time on risk borne by PNB MetLife plus medical examination expenses and stamp duty.

Q. How do I meet an advisor for the MetLife Bachat Yojana?

A. You can meet an advisor from PNB MetLife to discuss the MetLife Bachat Yojana through the following avenues:

  • Fill in the relevant form on the PNB MetLife website and request to meet an advisor.
  • You can contact the customer care via phone, fax, email or SMS to request to meet an advisor.
  • You can visit a PNB MetLife branch. You can locate a branch on the PNB MetLife website.

Q. Will I be required to do a medical examination to avail this plan?

A. Depending on the sum assured selected by you, your age, and other factors, you might be required to undergo certain medical tests. Medical examinations will be conducted at your convenience and availability at your home or at a nearby diagnostic center.

Q. How do I intimate a claim for insurance to PNB MetLife?

A. If you need to lodge a claim with PNB MetLife, you can send in your claim in written form via post, email or fax. To file in an insurance claim, these are the options available to you:

  • For BABP channel, the claim can be made to the channel partner or bank who will communicate the claim to the respective branch or claims team
  • You can contact your financial advisor or sales manager
  • You can visit the branch office
  • You can visit the claims department at the head office in Bangalore
  • For group claims, you can contact the regional service team

Q. Once I submit a claim, how long will PNB MetLife take to process the settlement?

A. Once all the documents and the claim form are received by PNB MetLife, the process can take up to 30 days. If further investigations are required, then the process can take up to 6 months from the date of intimation of the claim.

Q. If the death of the life insured occurs abroad, can the nominee still claim insurance?

A. Yes, your nominee can file for an insurance claim. The documents required are similar to that of a death within the country. The death certificate will need to be attested by the Indian Embassy of the country in which the death occurred.

Q. Can I appoint multiple nominees under this plan?

A. Yes, you may appoint more than one nominee under the MetLife Bachat Yojana. During the time of payout, the nominees will receive their share of the benefits.

Q. Can anyone other than the nominee claim the benefits of this policy?

A.

  • If the nominee dies before the policyholder, the policyholder can nominate someone else and continue the policy.
  • If the nominee dies after the death of the policyholder, the legal heir can claim insurance. The policy will continue to pay the same benefits as and when due.

Q. If I have lost the original policy, can I get a duplicate policy document?

A. Yes, you can apply for a duplicate policy by downloading the request form and format of the indemnity bond. The bond is required on stamp paper of Rs.100 (for Jammu and Kashmir, Rs.40. A fee of Rs.200 for the issuance of a duplicate policy will be applicable.