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Met Life Dhan Samriddhi Plan

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.

Eligibility - Who is the MetLife Dhan Samriddhi Plan for?

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

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

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
  • Below the age of 40 years: choose between 10 or 1.25 times the single premium
  • Above 40 years: 1.25 times the single premium
Maximum sum assured No limit, subject to Board underwriting policy

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

Plan Coverage - What the MetLife Dhan Samriddhi Plan Covers?

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:

  • Pay only once to receive long-terms benefits of wealth building.
  • Get life insurance to safeguard your beneficiary’s financial well-being.
  • Control how your money is invested in the 6 funds available.
  • Switch among different investment options at any time and manage your portfolio online for free.
  • Choose to manage your portfolio on your own.
  • Withdraw funds from the plan when you need after the first five years.
  • Surrender your plan at any time after the first five years.
  • Get tax benefits under this plan.

Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Dhan Samriddhi Plan:

Death Benefit:

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.

  • The death benefit payable will be higher of:
    • 105% of the Single Premium paid.
    • Base Sum Assured minus all Partial Withdrawals made in accordance with the Partial Withdrawal provisions.
    • Single Premium Fund Value.
  • If the death of the Person Insured occurs before the attainment of age 60, all Partial Withdrawals, made in accordance with the Partial Withdrawal provisions in the last 2 years before the date of demise of the life assured will be deducted from the base sum assured.
  • Death of the Person Insured occurs on or after the attainment of age 60, all Partial Withdrawals, made in accordance with the Partial Withdrawal provisions after attaining the age of 60 will be deducted from the base sum assured.

Maturity Benefit:

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:

  • Single lump Sum upon maturity.
  • Structured payments within 5 years from the date of maturity. Your policy will continue to participate in the unit-linked funds and you will receive benefits from it or bear the risk of the investment. Fund management charges will be applicable. No life insurance cover will be in force during this period.

Loyalty Additions:

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.

Choice of 6 Funds:

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
0%-60% Equities
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
60%-100% Equities
Multiplier II Very high risk Generate long term capital appreciation 60%-100% Money market instruments
0%-40% Equities
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

Wealth Management Choices:

  • You can choose to invest in 6 different fund options available under the MetLife Dhan Samriddhi Plan. You can switch between these funds as you wish.
  • As your investment preferences and appetite for risk changes over time, you are free to change the mix of your invest options by switching between investment strategies.
  • The proportion of investment any fund selected needs to be at least 20%

Add-On Plans – Additional Coverage under the MetLife Dhan Samriddhi Plan:

There are no add-ons available with this plan.

Exclusions - What the MetLife Dhan Samriddhi Plan doesn’t Cover?

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.

Other Key Features:

A few features of the MetLife Dhan Samriddhi Plan worth noting have been mentioned below:

Particulars Details
Free-Look Period
  • 15 days from the receipt of the policy document.
  • 30 days for distance marketing policy.
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.
Reinstatement Not applicable.
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.

Tax Benefits – How you can save with the MetLife Dhan Samriddhi Plan?

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).

Other Benefits – How you can save with the MetLife Dhan Samriddhi Plan?

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:

  • Compare different insurance plans online
  • Contact financial advisors through PNB MetLife
  • Locate a PNB MetLife branch online
  • Round-the-clock access to qualified doctors
  • Use the Premium Calculator online to calculate your premium payment
  • Avail domestic medical and emergency assistance
  • Avail preventive healthcare packages from leading hospitals and diagnostic centers in India
  • Avail discounts on wellness packages
  • Contact the customer care via phone, fax, email, or SMS
  • Get the Premium Rates Form on the website
  • Read the terms and conditions online for any insurance plan
  • Get medical second opinions
  • Download the brochure for any plan online

Why you should Buy the MetLife Dhan Samriddhi Plan?

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.

Frequently Asked Questions (FAQs):

Q. What is the process for claiming death benefit from PNB MetLife?

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:

  • Original policy document
  • Duly-filled in MetLife claims form
  • Official death certificate issued by a competent authority
  • An FIR, port-mortem report and police inquest report is needed if the death is not by natural causes
  • ID and address proof of the nominee or legal heir
  • Proof of title to the policy

Q. What are my options of premium payment frequencies under the MetLife Dhan Samriddhi Plan?

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.

Q. Where can I purchase the MetLife Dhan Samriddhi Plan?

A. MetLife provides the following options to its customers to buy the MetLife Dhan Samriddhi Plan:

  • Contact PNB MetLife through phone, fax, email or SMS. A representative will assist you.
  • Request to contact an advisor on the PNB MetLife website.
  • Visit the nearest PNB MetLife branch.

Q. How do I make premium payments towards 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:

  • Use your credit card, pre-paid cards and payment gateways to pay online
  • Pay through fund transfers using NEFT
  • Set standing instructions with your bank
  • Pay in person at drop boxes, PNB MetLife branches, Suvidhaa Outlets or Indian Post Office
  • Pay through net banking
  • Pay at Axis Bank
  • Pay via phone (IVRS)

Q. How do I revive a lapsed MetLife Dhan Samriddhi Plan policy?

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.

Q. Can I reinstate my policy if I already surrendered it?

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.

Q. How much will I receive if I surrender my policy?

A.

  • If you surrender your policy before the lock-in period of 5 years, the fund value will be credited to the Discontinued Policy Fund. The amount will earn interest, currently at 4% p.a. (subject to change). The total value will be payable upon the commencement of the 6the policy year. Fund management charges will be applicable.
  • If you surrender your policy after completing 5 policy years, you will receive the Single Premium Fund Value immediately.

Q. How will the benefits from this policy be paid?

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.

Q. The details of the policy are not satisfactory. Can I return the policy?

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.

Q. Are there any cancellation charges within the free-look period?

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.

Q. What do I do if I have lost my original policy document?

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.