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Met Life Endowment Savings Plan

The MetLife Endowment Savings Plan is designed to help customers protect themselves and their family financially in case of their unfortunate demise or other mishaps. This non-linked participating endowment plan is eligible for bonuses that enhance the value of this plan. Furthermore, upon survival at the end of the policy term, customers are eligible to receive maturity benefits. The plan provides great flexibility with options on premium payment terms and policy tenures.

Eligibility - Who is the MetLife Endowment Savings Plan for?

Those who wish to purchase the MetLife Endowment Savings Plan must satisfy the eligibility criteria set out by PNB MetLife. Based on your age, location and other factors, you might be eligible for this plan. The eligibility criteria for the MetLife Endowment Savings Plan is given below:

Minimum age at entry 20 years
Maximum age at entry 60 years (54 years in case of 5-year Limited Pay)
Maximum age at maturity 75 years
Type of plan Non-linked participating endowment plan
Plan options 5-year, 10-year or entire policy term
Premium payment options Yearly, half-yearly, quarterly, monthly, PSP

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

Under the MetLife Endowment Savings Plan, customers are free to choose from three premium payment terms. The minimum sum assured varies between different policy terms. MetLife offers a maximum sum assured of Rs.5 crore for all the options available under this plan.

Premium payment terms 5-year limited pay 10-year limited pay Regular pay
Minimum sum assured Rs.1.64 lakhs Rs.2.57 lakhs Rs.1.45 lakhs
Maximum sum assured Rs.5 crore Rs.5 crore Rs.5 crore
Minimum policy term 10 years 15 years 10 years
Maximum policy term 20 years 25 years 30 years

*The rates given above do not include extra premiums and service tax, and are subject to change from time to time.

Under this plan, customers have flexible payment options that allow them to select a payment frequency according to their convenience and budget. Premium payments options available under this plan are:

  • PSP
  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Given below is an estimate of the premium amounts according to the premium payment term and frequency chosen:

Mode of Premium 5-year limited pay 10-year limited pay Regular pay
Monthly / PSP Rs.5,000 Rs.2,500 Rs.2,500
Quarterly Rs.7,500 Rs.6,000 Rs.6,000
Half-yearly Rs.15,000 Rs.12,000 Rs.12,000
Yearly Rs.30,000 Rs.24,000 Rs.15,000

*The rates given above do not include extra premiums and service tax, and are subject to change from time to time.

Plan Coverage - What the MetLife Endowment Savings Plan Covers?

Under this plan, provided that the policy is in force and all premiums have been paid, MetLife provides the following benefits to the life insured and the family:

Maturity Benefit:

Upon the survival of the life insured, the following will be payable

  • Base Sum Assured
  • Accrued Simple Reversionary Bonus
  • Terminal Bonus, if any

Simple Reversionary Bonus:

From the third policy year onwards, the policy will participate in Simple Reversionary Bonus. When the bonus is declared, it will be credited to the plan at the end of the policy year which immediately follows the date of declaration. You will be eligible for the bonus if all premiums are paid. This bonus is not guaranteed. Depending on the company’s experience, the bonus will be declared. The bonus will accrue through the life of the policy and will be payable upon the death of the life insured, or upon maturity, or upon surrender, whichever is earlier. Post the date of lapse or death, the policy will not be eligible for any further simple reversionary bonuses.

Terminal Bonus:

From the fifth policy year, the company may declare a terminal bonus. This bonus is declared as a percentage of the accrued simple reversionary bonus. It will be payable along with the death benefit or the maturity benefit.

Death Benefit:

In the event of your unfortunate demise, MetLife will pay the higher of the following:

  • Death sum assured plus accrued simple reversionary bonus plus terminal bonus, if any.
  • 105% of all premiums paid

The death sum assured will be defined as the higher of the base sum assured or 10 times the annualised premiums.

Add-On Plans – Additional Coverage under the MetLife Endowment Savings Plan:

There are no add-ons available with this plan.

Exclusions - What the MetLife Endowment Savings Plan doesn’t Cover?

Under all term insurance policies, there are certain exclusions in case of which there will be no benefits payable. Under the MetLife Endowment Savings Plan, there is only one exclusion: Suicide.

  • If the policyholder commits suicide within 1 year from the date of commencement of the policy, whether insane or sane, no benefits will be payable. The policy will be deemed void and will be terminated. MetLife will refund 80% of the premiums paid. No other benefits including interest will be payable.
  • If the policyholder commits suicide within 1 year from the date of reinstatement of the policy, whether insane or sane, no benefits will be payable. The policy will be deemed void and will be terminated. MetLife will refund the surrender value or 80% of the premiums paid, whichever is higher, minus any survival benefits already paid till the date of death. The refund is applicable provided the policy is in force.

Other Key Features:

A few features of the MetLife Endowment Savings Plan worth noting have been mentioned below:

Particulars Details
Tax Benefit Benefits as per the provisions of the Income Tax Act are applicable for premiums paid and proceeds received from this policy.
Grace Period
  • 30 days from the date of unpaid premium.
  • 15 days in case of PSP and monthly mode.
Policy Loan You can take out a loan for up to 90% of the Special Surrender Value of the policy at the end of the policy year minus any unpaid premiums for that year. Interest is currently 12% p.a., subject to change.
Free-Look Period 15 days from the receipt of the policy document.
Surrender Value
  • If at least 3 full years’ premiums is paid from the commencement of the policy, surrender value will be payable which will be the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
  • For 5-year pay option, premium for at least 2 full policy years must be paid.
Paid-up Value
  • For 10-pay and regular pay, if premiums for at least 3 full policy years are paid, and no further premiums are paid, then the policy will acquire a reduced paid-up value.
  • For 5-pay, if premiums for at least 2 full policy years are paid, and no further premiums are paid, then the policy will acquire a reduced paid-up value.
Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium. A charge of Rs.250 will be applicable.
Alterations Policyholders can alter the plan’s mode of payment on the policy anniversary at a charge of Rs.100.

Tax Benefits – How you can save with the MetLife Endowment Savings Plan?

As per the provisions of the Income Tax Act, 1961, benefits and exemptions are available against premiums paid towards this plan and for proceeds received from this plan. Tax laws are subject to change and amendments from time to time. PNB MetLife advises policyholders to consult a tax advisor to find out benefits that are available.

Other Benefits – How you can save with the MetLife Endowment Savings Plan?

Customers who wish to purchase a plan from PNB MetLife can get sound financial and investment advice from experts, find all relevant information in the brochures and avail of a number of services on the website. PNB MetLife offers the following benefits to their customers:

  • Download the brochure for any plan
  • Meet an advisor through PNB MetLife
  • Compare different protection plans online
  • Calculate your premium payment using the Premium Calculator online
  • Get the Premium Rates Form on the website
  • Read the terms and conditions
  • Contact the customer care via phone, fax, email, or SMS
  • Locate a PNB MetLife branch
  • Discounts on wellness packages
  • Domestic medical and emergency assistance
  • 24x7 access to qualified doctors
  • Preventive healthcare packages from leading hospitals and diagnostic centers in India
  • Medical second opinions

Why you should Buy the MetLife Endowment Savings Plan?

With an extensive presence in India, MetLife caters to millions of customers through more than 7,000 branches. In partnership with Punjab National Bank, a leading bank in the country, MetLife brought its insurance products to India in 2001. The company is a leader in the global market and in the Indian market boasting of a claim settlement ratio of 95.4% as of FY 2014-15. The company provides a wide range of products that span across protection, investment, retirement and savings to serve different needs of customers. With consistent profits over the past 5 years, PNB MetLife has secured a top position in the insurance world.

Frequently Asked Questions (FAQs):

Q. Where can I buy the MetLife Endowment Savings Plan?

A. To purchase this plan, PNB MetLife offers you the following options:

  • Visit the PNB MetLife website and request to meet an advisor
  • Contact the customer care via SMS, email, phone or fax
  • Visit the nearest PNB MetLife branch

Q. How much insurance cover should I opt for?

A. The amount of financial protection you require is up to you. Based on your income, it is advised to insure yourself for 10 to 25 times the annual income to negate unforeseen liabilities and future inflation. Under this plan, you can insure yourself for Rs.1.45 lakhs up to Rs.5 crore.

Q. I have submitted my application. How long will PNB MetLife take to process it?

A. Once all documents, application form and premium amount has been received by PNB MetLife, it can take up to 48 hours to process.

Q. Will I be required to do a medical examination to avail this policy?

A. The requirement of a medical examination is done at the discretion of PNB MetLife. Depending on the sum assured and other factors, you may be required to do a few tests. Tests will be conducted at your home according to your convenience.

Q. How do I return a policy within the free-look period?

A. To return the PNB MetLife Endowment Savings Plan within the free-look period, you must send the following documents to PNB MetLife within 15 days from the date of receipt of the policy document:

  • A written request to cancel the policy stating your objection
  • Duly-filled and signed copy of the cancellation request form
  • The original policy document
  • ID Proof
  • Cancelled cheque with the name of the policyholder and the account number

Submit the documents at the nearest PNB MetLife branch or at the registered office in Bangalore. You can also apply for the cancellation online, but the hard copies must be mailed to the company within 10 working days.

Q. How do I claim insurance under the PNB MetLife Endowment Savings Plan?

A. PNB MetLife offers different avenues for customers to file for insurance claims. The following options are available:

  • Contact your financial advisor or sales manager
  • Visit the claims department at the head office in Bangalore
  • Visit the branch office
  • For BABP channel, the claim must be made to the channel partner or bank who will communicate the claim to the respective branch or claims team
  • For group claims, you can contact the regional service team

Q. What are the charges for a duplicate policy document?

A. You can request for a duplicate policy document by submitting a request form along with an indemnity bond (Format available on the PNB MetLife website). The bond of Rs.100 is required on stamp paper (Rs.40 for Jammu and Kashmir). Along with this, Rs.200 will be charged for issuing a duplicate document.

Q. How long will PNB MetLife take to pay benefits once a claim is filed?

A. Once you submit all the documents required to PNB MetLife, the claim process can take up to 30 days. In case the insurance claim requires further investigation, the process can stretch up to 6 months.

Q. How will I receive the benefits of this plan?

A. Upon maturity or death or surrender, PNB MetLife will pay out the benefits by issuing a cheque or carrying out an electronic transfer to the nominee’s bank account.

Q. Do I have to pay interest on unpaid premiums at the time of reinstatement?

A. Yes, to reinstate a lapsed policy, you must pay all premiums outstanding with interest. The current interest rate is 12% p.a., subject to change.