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    Pnb Metlife Easy Super Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the MetLife Easy Super Plan for?

    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
    • 60 years for a 15-year policy term
    • 55 years for a 20-year policy term
    Type of Plan Unit-linked (Non-par) life insurance plan
    Premium payment modes Annual
    Premium payment terms Entire policy term

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

    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%
    Equities 0%-60%
    Virtue II Very high risk Money market instruments 0%-40%
    Equities 60%-100%
    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%
    Equities 0%-40%

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

    Plan Coverage - What the MetLife Easy Super Plan Covers?

    With the MetLife Easy Super Plan, you stand to benefit from the following:

    • Get dual benefits of protection and investment under one plan
    • Affordable premium rates starting at 12,000 p.a.
    • Choice to invest in 6 unit-linked funds to suit your risk appetite and switch when you want
    • Flexible premium redirection options allows you to allocate future premiums to a chosen fund
    • Choice to self-manage funds or choose to auto rebalance
    • Auto rebalancing option at fund value movements selected by you which enable you to gain from market opportunities
    • Flexible premium payment terms of 15 years or 20 years
    • Flexible options to increase or decrease the sum assured according to changing needs during your life
    • Partial withdrawal options allows for liquidity during times of financial emergencies
    • Tax benefits as per the Income Tax Act, 1961

    The Plan Provides Coverage and Pays out under the Following Areas:

    Death Benefit:

    In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:

    • Upon death before the age of 60, the higher of the following will be paid out:
      • The fund value, i.e., the value of the units in the base premium account
      • The sum assured minus any partial withdrawals in the last 24 months before the date of death
      • 105% of the total premiums paid minus any partial withdrawals made in the last 24 months from the date of death
    • Upon death after the age of 60, the higher of the following will be paid out:
      • The fund value, i.e., the value of the units in the base premium account
      • The sum assured minus any partial withdrawals in the last 24 months before the date of death or any partial withdrawals made post the age of 60, whichever is higher
      • 105% of the total premiums paid minus any partial withdrawals in the last 24 months before the date of death or any partial withdrawals made post the age of 60, whichever is higher
    • Upon death during the grace period, notice period or before the discontinuance of the policy due to non-payment of premiums, then the death benefit will be paid after deducting overdue charges, mortality charges, and policy administration charges.

    Maturity Benefit:

    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:

    1. Full withdrawal of the total fund value as on the date of maturity. The contract will be terminated thereafter.
    2. Withdrawals from the total fund value at regular intervals that have been chosen by the policyholder. The maturity benefit period will commence from the maturity date and extend for up to 5 years. The amount payable is determined by the Net Asset Value as on the date of withdrawal. No other partial withdrawals are allowed during this settlement period.
    3. Lump sum payout on the date of maturity plus regular withdrawal for a period of up to 5 years. The conditions stated in point 2 will apply here.

    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.

    Add-On Plans – Additional Coverage under the MetLife Easy Super Plan:

    There are no add-ons available with this plan.

    Exclusions - What the MetLife Easy Super Plan doesn’t Cover?

    The MetLife Easy Super Plan will not provide coverage under the following circumstances

    • If the life insured commits suicide within one year from the commencement date of the policy, whether sane or insane, MetLife will not be liable to pay the sum assured. MetLife will refund the Fund Value as is on the date of death.
    • If the life insured commits suicide within one year from the reinstatement date of the policy, whether sane or insane, MetLife will not be liable to pay the sum assured. MetLife will refund the Fund Value as is on the date of death.

    Other Key Features:

    A few features of the MetLife Easy Super Plan worth noting have been mentioned below:

    Particulars Details
    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

    Tax Benefits – How you can save with the MetLife Easy Super Plan?

    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.

    Other Benefits – How you can save with the MetLife Easy Super Plan?

    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:

    • Get assistance on insurance and investment through an advisor through of PNB MetLife
    • Compare different insurance plans to find the most suitable one
    • Contact the customer care via phone, fax, email, or SMS
    • Calculate your premium payment using the Premium Calculator
    • Download the brochure and terms and conditions documents online
    • Locate a PNB MetLife branch online
    • Get the Premium Rates Form online

    Why you should Buy the MetLife Easy Super Plan?

    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.

    Frequently Asked Questions (FAQs):

    Q. Where can I buy the MetLife Easy Super Plan?

    A. You can buy the MetLife Easy Super Plan through the following avenues:

    • Meet with an advisor of PNB MetLife. You can request for someone to contact you on the PNB MetLife website.
    • You can visit the nearest PNB MetLife branch. You can locate branches nearby online.
    • You can contact PNB MetLife through phone, fax, email or SMS.

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

    A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.

    Q. How do I make payments towards the premium amount?

    A. Premium payments can be made via debit card, credit card or net banking.

    Q. What is auto foreclosure?

    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:

    • Maturity date
    • Death of the life insured
    • Fund value reaches 100% of the annualised regular premium plus any applicable discontinuance charges levied after the first 5 policy years

    Q. Are there any charges applicable if I return the policy within the free-look period?

    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.

    Q. What happens if I can’t make premium payments sometime in the future?

    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.

    • If you stop paying premiums before the policy has reached the lock-in period, you have the following option:
      • You can revive the policy within 2 years.
    • If you stop paying premiums after the policy has reached a lock-in period, then you have the following options
      • Revive the policy within two years
      • Withdraw the policy completely
      • Convert the policy into a paid-up policy

    Q. How do I voluntarily discontinue the MetLife Easy Super Plan?

    A. If you wish to discontinue the policy or are unable to pay further premiums, these are your options:

    • You can cancel the policy within 15 days of receipt. This is a free-look period. You will receive a refund of the premiums paid minus any applicable charges.
    • You can discontinue your policy at any time by providing a written intimation to the company.
    • If you stop paying premiums, after the grace period lapses and 30 days are completed since the receipt of revival notice, your policy will be discontinued.
    • If you discontinue your policy before the 5-year lock-in period, the total fund value will be credited to a discontinued policy fund. Charges are applicable. You will accumulate interest as per the minimum rate of a SBI savings account. After 5 years from the date of policy inception, the proceeds of the discontinued policy will be refunded to you.
    • If you discontinue your policy after the 5-year lock-in period, the proceeds of the policy will be payable immediately.

    Q. Is there an option to reinstate a lapsed MetLife Easy Super Plan?

    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:

    • Pay all due premiums with applicable interest
    • Provide a written request to PNB MetLife
    • Pay the revival charges applicable
    • Provide satisfactory evidence of insurability

    The policy will be revived subject to board-approved underwriting policy. Risk cover and investments made in the unit-linked funds will be restored.

    Q. Are there charges for partial withdrawals made from the policy?

    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.

    Q. Are there any charges applicable to switch funds during the policy term?

    A.

    • Every policy year, you are allowed four free switches. After this, Rs.250 will be charged per switch made. The charges are deducted by cancelling the appropriate number of units calculated by the relevant Net Asset Value of the units.
    • For switch request made online, there are no charges.