The MetLife Dhan Samriddhi Plan enables you to invest your hard-earned money to maximise your wealth. This plan comes gives you the opportunity to get consistent returns on your funds. This plan is available to preferred customers of PNB MetLife who would like multiple choices of investing their savings. In addition to wealth creation, you can have peace of mind with life insurance cover that will provide financial protection to your beneficiary in case of your unfortunate demise. To top it off, the plan is eligible for Loyalty Additions at the time of maturity which enhance the benefits of this plan. You can also enjoy liquidity when you need it with the choice to make partial withdrawals or surrender the policy.
For all insurance plans, there is an eligibility criteria set by MetLife. Customers who wish to purchase the MetLife Easy Super Plan must satisfy the requirements given below:
|Minimum age at entry||8 years|
|Maximum age at entry||65 years|
|Type of plan||Single Premium Unit-linked Life Insurance Plan|
*Ages specified are defined as the age last birthday
This plan is a single-premium payment plan, so there is only one option while paying the premium. Policy terms are fixed at 10 years. You have the option to choose the sum assured multiple and the premium amount, subject to a minimum of Rs.2 lakhs.
|Premium Payment Term||Single Premium|
|Minimum Policy Term||10 years|
|Maximum Policy Term||10 years|
|Premium Payment Modes||Single Payment|
|Minimum Premium||Rs.2 lakhs|
|Multiple of sum assured||
|Maximum sum assured||No limit, subject to Board underwriting policy|
*Premiums vary based on age, location, plan term and other factors.
The MetLife Dhan Samriddhi Plan offers you the benefit of wealth creation and life insurance cover. By purchasing this plan, PNB MetLife offers you the following benefits:
Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Dhan Samriddhi Plan:
In the unfortunate event of death or demise of the life insured before the maturity date, the nominee will get the following death benefits. However, the policy needs to be active to avail the death benefits.
If you survive till the end of the policy term, you will be eligible to receive the maturity benefit. This benefit will be equal to the fund value. You can opt to receive it in the following ways:
Upon the maturity of this plan, you will be eligible to receive loyalty additions equal to 0.5% of the average single premium fund value. This benefit is available only to plans where the single premiums is Rs.10 lakhs or above. For the calculations of the average single premium fund value, the average fund value of the last 36 monthly anniversaries preceding the loyalty addition due date is taken into consideration.
Under this plan, the value of the payout depends on the performance of the funds selected by you. The MetLife Easy Super Plan offers a choice of 6 funds with a wide range of risk factors. The plans have been listed below.
|Fund Name||Risk Profile||Objective||Asset Allocation Range||Asset Category|
|Balancer II||Medium risk||Generate current income and capital appreciation||0%-60%||Government and other debt securities|
|0%-40%||Money market instruments|
|Preserver II||Very low risk||Generate adequate income to match the levels of preservation of capital||60%-100%||Government and other debt securities|
|0%-40%||Money market instruments|
|Protector II||Low risk||Generate a regular income||60%-100%||Government and other debt securities|
|0%-40%||Money market instruments|
|Virtue II||Very high risk||Generate long term capital appreciation||0%-40%||Money market instruments|
|Multiplier II||Very high risk||Generate long term capital appreciation||60%-100%||Money market instruments|
|Flexi Cap||Very high risk||Generate long term capital appreciation||60%-100%||Government and other debt securities|
|0%-40%||Money market instruments|
*Premiums vary based on age, location, plan term and other factors
There are no add-ons available with this plan.
Under the MetLife Dhan Samriddhi Plan, if the life insured commits suicide within 1 year from the date of issue or date of commencement, whichever is later, MetLife will only be liable to pay the Single Premium Fund Value as on the date of demise. Any charges levied after the date of death will be refunded to the nominee.
A few features of the MetLife Dhan Samriddhi Plan worth noting have been mentioned below:
|Grace Period||Not Applicable|
|Tax Benefit||Tax benefit is applicable on premiums paid and on benefits received from this policy under Section 80C and 10(10 D) of the Income Tax Act, 1961.|
|Partial Withdrawals||After completing 5 years, you can make withdrawals for not less than Rs.5,000 (Not exceeding 5% of the Single Premium Fund Value at the time of request). 12 withdrawals are permitted free of charge. Any subsequent withdrawals will be charged.|
|Surrender of Policy||You can surrender the policy after completing 5 years of the plan. No charges are applicable. The Surrender Value will be adjusted according to the amount of partial withdrawals you have made.|
|Discontinued Policy Fund||If you surrender your policy before completing 5 years, your fund value will be credited to the Discontinued Policy Fund and will earn interest at 4% p.a. (subject to change from time to time). The proceeds will be payable upon the commencement of the 6th policy year.|
|Switches between Unit-Linked Funds||You can switch your investments for free four times in any policy year. Subsequent switches will be charged. Any switches made through the online portal will be free. The minimum amount required to make a switch is Rs.5, 000.|
|Policy Loan||No loans are available under this policy|
|Change to the Base Sum Assured||Not allowed under this policy.|
|Nomination||Any time before the date of maturity, you can nominate or change the existing nominee in accordance with Section 39 of the Insurance Act, 1938, by providing MetLife a written notice.|
|Legal Heir||If no nomination has been made, the benefits will be payable to the legal heir.|
|Assignment||You can assign this policy in accordance with Section 38 of the Insurance Act, 1938, by providing MetLife a written notice.|
Policyholders can avail benefits against the premiums paid towards this policy and the benefits received. Please consult a tax advisor to know more about the prevailing laws which are subject to amendments from time to time. According to the Income Tax Act, 1961, you are eligible to receive tax benefits and avail of exemptions under Section 80C and Section 10 (10D).
PNB MetLife offers a wide range of services that complement their insurance products in the Indian market. Their expertise spans across insurance, protection, retirement, savings and investment. Customers who wish to purchase a plan can avail extended benefits from PNB MetLife on their website, through their customer service and through advisors. PNB MetLife offers the following benefits to their customers:
PNB MetLife earned a leadership position in the Indian market when it comes to insurance. With its presence at over 8,000 locations in the country, PNB MetLife has excelled in providing great customer experiences through a range of credible insurance products and services. Apart from consistent profits in the last five years, its claims ratio as of FY 2015-16 was 95.01% giving customer’s confidence in the company. With the MetLife Dhan Samriddhi Plan, you can start building a corpus to meet life goals, create wealth and get life insurance all under one plan.
A. To make a claim, you need to contact PNB MetLife at your earliest convenience through their customer care, your advisor or at the nearest branch. You need to submit the following documents and information to PNB MetLife:
A. This plan is a single premium plan which means you will only have to pay the premium once at the start of the policy.
A. MetLife provides the following options to its customers to buy the MetLife Dhan Samriddhi Plan:
A. There are multiple avenues to pay premiums towards this policy. PNB MetLife offers you the following convenient options to pay the premium:
A. Under this plan, since the premium is paid only once, the policy will not lapse. You have the option to surrender your policy at any time.
A. No, once your surrender your policy and receive surrender value payable, if any, your policy will terminate. You will not be allowed to reinstate your policy.
A. The benefits from this policy will be paid via cheque, demand draft or electronic mode of payment. Cheques and DDs will be issued to the last known address.
A. Yes, in case you are not satisfied with the policy, you can return the policy document to PNB MetLife within the free-look period. The time granted for you to review the policy document is 15 days from the date of receipt. You need to return the document with the relevant form stating your reason for objection. If your policy was bought through distance marketing, you have 30 days to review the policy.
A. If you return the policy within the free-look period, PNB MetLife will deduct any expenses borne for medical examinations and stamp duties from the refund. PNB MetLife will also deduct a proportionate premium for the time on risk which was borne by them.
A. You need to make a written request to PNB MetLife to issue a duplicate policy to replace the original document. A fee is applicable for this service.
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