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.
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|
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:
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.
With the Bhavishya Plus Plan, you will be entitled to receive the following benefits:
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:
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.
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.
There are no riders available with this policy.
A few features of the MetLife Bhavishya Plus Plan worth noting have been mentioned below:
|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|
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.
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:
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.
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.
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.
A. The premium payment modes available under this plan are:
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.
A. Upon receipt of all your documents and the premium amount, PNB MetLife will take up to 48 hours to process your application.
A. To reinstate a lapsed policy, you need to satisfy the following requirements:
PNB MetLife will review the reinstatement request and restore the policy and its benefits at its own discretion.
A. MetLife pays out claims through cheque or electronic transfer into the nominee’s bank account.
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.
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.
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.
A. The policy will stand terminated in the event of the following:
A. MetLife accepts debit card, credit card or net banking for premium payments.
A. Any taxes and duties as per applicable laws from time to time will be deducted from the payments made by you.
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.
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