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.
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|
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:
|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
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:
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:
If the policyholder survives till the maturity date, the following is payable:
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:
From the date of death or lapse of the policy, the policy will not accrue any simple reversionary bonus.
There are no add-ons available with this plan.
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:
A few features of the MetLife Bachat Yojana worth noting have been mentioned below:
|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)|
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.
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:
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.
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:
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.
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.
A. You can meet an advisor from PNB MetLife to discuss the MetLife Bachat Yojana through the following avenues:
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.
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:
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.
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.
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.
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.