Pnb Metlife Bhavishya Plus Plan

The MetLife Bhavishya Plus Plan is a traditional life insurance plan that is designed to address your family’s needs in your absence. This plan has three-fold benefits: protection, money back and guaranteed savings. This plan is ideal for customers who wish to secure their family’s long term financial needs. The Bhavishya Plus Plan is a non-linked deferred participating endowment plan.

Eligibility - Who is the MetLife Bhavishya Plus Plan for?

To avail this plan, you must first fall within the eligibility bracket set by MetLife. The eligibility criteria for MetLife Bhavishya Plus Plan is as follows:

Type of plan	Non-linked deferred participating endowment plan
Minimum age at entry	20 years
Maximum age at entry	45 years
Maximum age at maturity	69 years
Minimum policy term	12 years
Maximum policy term	24 years

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

Based on the sum assured selected by you, your premium amount will be determined. Premium amounts also depend on the premium frequency chosen. You can opt to pay the premium under three modes:

• Monthly (ECS Only)
• Half-yearly
• Yearly

The sum assured offered by PNB MetLife under the Bhavishya Plus Plan ranges between Rs.90,000 to Rs.5 lakhs. Based on the lowest sum assured multiple allowed under this plan, given below is the minimum and maximum sum assured.

Minimum sum assured	Rs.92,320
Maximum sum assured	Rs.5 lakhs

Given below is the minimum and maximum premium amounts accepted by PNB MetLife under the Bhavishya Plus Plan.

Premium frequency	Yearly	Half Yearly	Monthly
Minimum premium	Rs.8,000 p.a.	Rs.10,000 p.a.	Rs.15,000 p.a.
Maximum premium	Rs.17,999 p.a.	Rs.17,999 p.a.	Rs.17,999 p.a.

*Premiums vary based on age, location, plan term and other factors. Premiums indicated do not include taxes and extra premiums.

Plan Coverage - What the MetLife Bhavishya Plus Plan Covers?

With the Bhavishya Plus Plan, you will be entitled to receive the following benefits:

• Survival Benefit - Upon the survival of the policyholder, in the last three years of the policy before its maturity date, a fixed amount of 20% of the base sum assured will be payable at the end of each year.
• Maturity Benefit - Upon the survival of the policyholder till the maturity date, the following benefit will be payable:
  • Maturity sum assured (40% of the base sum assured)
  • Accrued simple reversionary bonus
  • Terminal bonus, if any.
• Death Benefit - Upon the unfortunate demise of the policyholder during the policy term, the higher of the following will be payable:
  • Death sum assured + Accrued simple reversionary bonuses
  • 10 times the annualised premium + minimum guaranteed sum assured on maturity (40% of the base sum assured) + Absolute amount to be paid upon death (base sum assured) + 105% of all premiums paid

• Nominee Benefit + Waiver of Future Premiums

Apart from the death benefit, all future premiums will be waived. The policy will remain in force for the remainder of the policy term. The nominee will receive the following benefits after the demise of the life insured:

• 20% of the base sum assured payable at the end of each policy year for the last three years of the policy.
• 40% of the base sum assured payable at the end of the policy term.
• Simple reversionary bonuses accrued on the policy after the death of the life insured payable at the end of the policy term.
• Terminal bonuses, if any, payable at the end of the policy term.

• 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 benefit.

• Simple Reversionary Bonus

This policy will participate from the third year onwards for Simple Reversionary Bonuses. A percentage of the base sum assured is declared as the bonus which is guaranteed and payable upon death of the life insured, surrender or maturity of the policy. The first bonus will be declared at the end of the financial year before the third policy anniversary.

Add-On Plans – Additional Coverage under the MetLife Bhavishya Plus Plan:

There are no riders available with this policy.

Exclusions - What the MetLife Bhavishya Plus Plan doesn’t Cover?

• Whether sane or insane, if the life insured commits suicide within a year of the policy’s inception date, the insurance policy will be void. The company will refund 80% of the premiums received without interest. MetLife will not be liable to pay any other benefits.
• Whether sane or insane, if the life insured commits suicide within a year of the policy’s reinstatement date, the insurance policy will be void. The company will refund 80% of the premiums received without interest or the surrender value, whichever is higher, if the policy is in force. MetLife will not be liable to pay any other benefits.

Other Key Features:

A few features of the MetLife Bhavishya Plus Plan worth noting have been mentioned below:

Particulars	Details
Nomination	Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
Free-Look Period	15 days from the receipt of the policy document
Tax Benefit	Tax benefit is applicable as per the provisions of the Income Tax Act, 1961, Section 80C and 10 (10D)
Grace Period	30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
Reinstatement	A lapsed policy can be reinstated within 2 years from the date of first unpaid premium
Surrender Value	If premiums have been paid for at least 3 full years, and the policy has been in force for 3 full years, the policy will attain a surrender value
Reduced Paid-up Value	If all premiums are paid for 3 full years and no further premiums are paid, the policy will acquire a reduced paid-up value
Loan Options	Available at 10.50% p.a. (subject to change from time to time)
Service Tax	Applicable as per the current service tax laws

Tax Benefits – How you can save with the MetLife Bhavishya Plus Plan?

Policyholders of the MetLife Bhavishya Plus Plan are eligible for tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Policyholders are also advised to consult a tax advisor to find out all eligible exemptions and benefits available for premium payments made and benefits received under the prevailing tax laws. To know more about tax exemptions, please refer to the brochure of the policy.

Other Benefits – How you can save with the MetLife Bhavishya Plus Plan?

Customers looking to purchase an insurance policy from MetLife and existing customers have access to a number of services offered by MetLife. These services enhance the customer’s experience and provide a smooth and seamless process. Some of the benefits offered by MetLife include:

• Compare different protection plans
• Customer care via phone, fax, email, or SMS
• Over 10,000 advisors to meet with customers
• Download the brochure online
• Read the terms and conditions online
• Locate a PNB MetLife branch online
• Calculate your premium payment using the Premium Calculator
• Get the Premium Rates Form

Why you should Buy the MetLife Bhavishya Plus Plan?

PNB MetLife Inc. serves over 100 million customers around the globe. With its roots dating back to 1868, MetLife Inc., has earned a reputable name in the world of insurance. It has a claim settlement ratio of 95.4% as of FY 2014-15. With the MetLife Bhavishya Plus Plan, the benefits are multiplied. The plan pays out upon the death of the life insured, upon maturity and upon survival. Furthermore, the plan participates in bonuses and policyholders are eligible to receive declared simple reversionary bonuses and terminal bonuses.

Frequently Asked Questions (FAQs):

Q. How much insurance cover should I opt for under the MetLife Bhavishya Plus Plan?

A. You can choose your insurance cover according to your needs and budget for the premium. Under this plan, you can opt for a minimum sum assured of Rs.92, 320 and a maximum of Rs.5 lakhs. It is advisable to opt for cover that is 10 to 25 times your annual income.

Q. What is a term insurance plan? Is it necessary?

A. Term Insurance is a plan to protect your loved ones financially after your death. You can nominate multiple people to receive benefits from the plan. Term plans usually have low premiums, high coverage and no survival benefit.

Q. How do I purchase the MetLife Bhavishya Plus Plan?

A.

• You can visit the nearest branch.
• You can contact PNB MetLife via phone, fax, email or SMS.
• You can visit the PNB MetLife website to request for an advisor to provide assistance while buying this plan.

Q. What are the premium payment options under this plan?

A. The premium payment modes available under this plan are:

• Monthly
• Half-yearly
• Yearly

Q. Is there a medical examination required?

A. Medical tests depend on the sum assured selected. Tests will be conducted at your home according to your convenience and availability. Certain tests may require a diagnostic center nearby.

Q. How long does PNB MetLife take to process my application?

A. Upon receipt of all your documents and the premium amount, PNB MetLife will take up to 48 hours to process your application.

Q. How do I reinstate a lapsed policy?

A. To reinstate a lapsed policy, you need to satisfy the following requirements:

• Reinstatement must be done within 2 years from the date of the first unpaid premium.
• All due premiums must be paid in full with interest currently at 9% p.a.
• Revival charges must be paid
• Satisfactory evidence of insurability must be provided at your own expense
• All documents and information requested by PNB MetLife must be provided

PNB MetLife will review the reinstatement request and restore the policy and its benefits at its own discretion.

Q. What modes of payment are available for the disbursement of a claim?

A. MetLife pays out claims through cheque or electronic transfer into the nominee’s bank account.

Q. How does one make a claim for insurance under this policy?

A. To make a claim, simply contact MetLife via phone, SMS, fax or email, or visit the nearest branch. The company will assist you in making the claim. You need to submit the claim form and necessary documents. Information regarding claims is available in the policy document.

Q. Can I take a loan against this policy?

A. Loan facility is available under this policy for up to 90% of the Special Surrender value of your policy at the end of the relevant policy year minus any unpaid premiums for that year and loan interest accrued at the end of that year. The current interest rate is 10.50% p.a.

Q. What is the loan amount available under this policy?

A. Your loan amount is determined by PNB MetLife subject to a limit of 90% of the Special Surrender value of your policy at the end of the relevant policy year minus any unpaid premiums for that year and loan interest accrued at the end of that year.

Q. When can my policy be terminated?

A. The policy will stand terminated in the event of the following:

• Payment of surrender benefit.
• Expiry of 2 years from the date of the first unpaid premium, and the policy has not acquired reduced paid-up value.
• Payment of maturity benefit.

Q. How do I pay my premiums towards the MetLife Bhavishya Plus Plan?

A. MetLife accepts debit card, credit card or net banking for premium payments.

Q. What taxes must I pay if I avail this plan?

A. Any taxes and duties as per applicable laws from time to time will be deducted from the payments made by you.

Q. I lost my policy document. Can I apply for a duplicate?

A. If your policy is lost or destroyed, you need to submit a written request to PNB MetLife to issue a duplicate policy. A fee is applicable for duplicate policies.