This unit-linked life insurance plan offered by MetLife extends flexible options to customers who wish to build their investment portfolio. Under this plan, there are 6 different funds that are available for customers to choose from according to their appetite for risk. The plan also provides an option to actively manage the portfolio on your own or choose an auto rebalancing strategy that will help you capitalise on market opportunities. Investment risk under this policy is borne by the customer.
MetLife sets out an eligibility criteria for every insurance plan. Customers who wish to purchase the MetLife Easy Super Plan must satisfy the following requirements:
|Type of plan||Unit-linked life insurance plan|
|Minimum age at entry||18 years|
|Maximum age at entry||
|Type of Plan||Unit-linked (Non-par) life insurance plan|
|Premium payment modes||Annual|
|Premium payment terms||Entire policy term|
The minimum premium and maximum premium amount is based on the premium payment mode you choose. The options of minimum premium paid per policy year is listed out below:
|Premium Payment Mode||Annual mode|
|Minimum Annualized Premium||Rs.12,000 p.a.|
|Maximum Annualized Premium||Rs.1.2 lakhs p.a.|
|Sum Assured||10 times the chosen Annualised Premium|
|Policy Term||15 years and 20 years|
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||Asset Category||Asset Allocation Range|
|Preserver II||Very low risk||Government and other debt securities||60%-100%|
|Money market instruments||0%-40%|
|Protector II||Low risk||Government and other debt securities||60%-100%|
|Money market instruments||0%-40%|
|Balancer II||Medium risk||Government and other debt securities||0%-60%|
|Money market instruments||60%-100%|
|Virtue II||Very high risk||Money market instruments||0%-40%|
|Flexi Cap||Very high risk||Government and other debt securities||60%-100%|
|Money market instruments||0%-40%|
|Multiplies II||Very high risk||Money market instruments||60%-100%|
*Premiums vary based on age, location, plan term and other factors
With the MetLife Easy Super Plan, you stand to benefit from the following:
In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:
Once the policy will matures, the fund value will be paid out to you. The following settlement options are available for policyholders to choose how they would wish to receive the maturity benefit:
For policyholders who choose partial withdrawals, the risk of fluctuating market values will be borne by the policyholder. A fund management charge will be applicable. No other charges are levied during the settlement period.
There are no add-ons available with this plan.
The MetLife Easy Super Plan will not provide coverage under the following circumstances
A few features of the MetLife Easy Super Plan worth noting have been mentioned below:
|Non-negative claw back addition||The maximum reduction in yield starting from the fifth policy year will be recorded at percentages that are stipulated by the law. The non-negative claw back addition will be added by MetLife equal to 1% of the average fund value of the last 24 months.|
|Switch between Unit-linked funds||Flexible option to switch fully or partially between available fund options at any time|
|Tax Benefit||Tax benefit is applicable at the time of purchase and when the benefits are paid out|
|Partial Withdrawal||After 5 policy years, partial withdrawals of a minimum of Rs.5,000 are allowed for financial emergencies.|
|Nomination||Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938|
|Change in base sum assured||Increase or decrease in base sum assured is allowed subject to certain requirements and conditions along with the payment of a fee|
|Free-Look Period||15 days from the receipt of the policy document|
|Reinstatement||A lapsed policy can be reinstated within 2 years from the date of first unpaid premium|
|Grace Period||30 days from the due date of unpaid premium|
|Transfer||Partial or full assignment of the policy can be carried out under Section 38 of the Insurance Act, 1938|
As per the provisions of the Income Tax Act, 1961, policyholders can avail tax benefits, subject to amendments made to tax laws from time to time. Tax benefits are applicable under the MetLife Easy Super Plan policy at the time of purchasing the policy as well as when benefits are paid out. Policyholders are advised to consult a tax advisor to find out more about the benefits available against the premiums paid towards this plan and for proceeds received from the MetLife Easy Super Plan policy.
PNB MetLife, through their website, branches and customer care, offer a host of services to potential and existing clients. All relevant information about the MetLife Easy Super Plan has been made available on the website and in the brochure. Customers who require advice and guidance can make use of the advisors available through MetLife. Some of the benefits and services offered by MetLife are:
With over 7,000 locations across India, MetLife has built a trusted relationship with millions of customers. MetLife established its presence in India in 2001 and tied up with a leading nationalised bank in the country, Punjab National Bank. Together they offer a plethora of insurance products to the Indian market. Consistently raking in profits and declaring bonuses to policyholders, MetLife has secured a top position in the Indian insurance market. Customers are given round-the-clock assistance to ensure best-in-class experiences with their insurance. MetLife also provides financial advisors that enable customers to get the much-needed guidance while selecting and handling their insurance policy.
A. You can buy the MetLife Easy Super Plan through the following avenues:
A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.
A. Premium payments can be made via debit card, credit card or net banking.
A. Auto foreclosure is an automatic termination of the insurance contract between you and MetLife. On the occurrence of the following events, the insurance contract will automatically be terminated:
A. You are granted 15 days to review the policy document. If you are unsatisfied, you may written the policy document to MetLife. An amount will be refunded to you equal to non-allocated premiums, plus the fund value at the date of cancellation, plus charges through cancellation of units, minus any expenses towards medical exams, proportionate risk premium and stamp duty.
A. If you cannot make premium payments, the policy will be discontinued after the grace period and a period of 30 days has elapsed after MetLife has sent a revival notice.
A. If you wish to discontinue the policy or are unable to pay further premiums, these are your options:
A. Yes, there is an option to reinstate a lapsed insurance policy with MetLife. For the MetLife Easy Super Plan, you can reinstate a lapsed policy within 2 years from the date of the first unpaid premium. To reinstate your policy, you need to fulfill the following requirements:
The policy will be revived subject to board-approved underwriting policy. Risk cover and investments made in the unit-linked funds will be restored.
A. You can make one free partial withdrawal per year. Any subsequent withdrawals will be charged Rs.250. This charge is deducted from the cancellation of units using the relevant net asset value of the units.