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  • Met Life Endowment Savings Plus 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

    To help you save for the future and also get protection at the same time, PNB MetLife offers the MetLife Endowment Savings Plus Plan. Under this plan, there are two options: Savings Option and Savings Plus Option. From as early as 8 years old, you can start saving for yourself or your child. This plan has flexible premium payment tenures and payment options. As a non-linked participating endowment plan, it is eligible for bonuses starting from the first policy anniversary. Furthermore, you can opt to enhance your coverage to be eligible for a waiver of premiums in case of the diagnosis of any of the 35 critical illnesses covered.

    Eligibility - Who is the MetLife Endowment Savings Plus Plan for?

    Those who wish to purchase the MetLife Endowment Savings Plus Plan must fulfill the eligibility requirements set out by PNB MetLife. The eligibility criteria for the MetLife Endowment Savings Plus Plan is given below:

    Plan Options Savings Savings Plus
    Minimum age at entry 8 years 18 years
    Maximum age at maturity 80 years
    • Regular Pay: 65 years
    • Limited Pay: 80 years
    Type of plan Non-linked participating endowment plan
    Premium Payment Terms
    • Regular Pay (Same as policy term)
    • 5-year limited pay
    • 7-year limited pay
    • 10-year limited pay
    Premium payment options
    • Yearly
    • Half-yearly
    • Monthly

    Maximum age at Entry:

    Type of Plan Option Premium Payment Term Annual Mode Bi-Annual Mode Monthly Mode
    Savings Plan Regular Pay 55 years 50 years 50 years
    5-year limited pay 60 years 55 years 55 years
    7-year limited pay 60 years 55 years 55 years
    10-year limited pay 60 years 55 years 55 years
    Savings Plus Plan Regular Pay 50 years 45 years 45 years
    5-year limited pay 55 years 50 years 50 years
    7-year limited pay 55 years 50 years 50 years
    10-year limited pay 55 years 50 years 50 years

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

    The minimum and maximum premiums payable towards this plan depends on the payment tenure selected by you. Given below is the information related to premium payments terms, premium amounts and sums assured:

    Premium payment terms 5-year limited pay 7-year limited pay 10-year limited pay Regular pay
    Minimum sum assured Rs.2,20,000 Rs.2,20,000 Rs.2,20,000 Rs.2,20,000
    Maximum sum assured As per Board approved underwriting policy As per Board approved underwriting policy As per Board approved underwriting policy As per Board approved underwriting policy
    Minimum policy term 10 years 10 years 15 years 10 years
    Maximum policy term 25 years 25 years 25 years 15 years
    Minimum Annual Premium Rs.48,000 Rs.34,000 Rs.24,000 Rs.18,000
    Maximum Annual Premium As per Board approved underwriting policy As per Board approved underwriting policy As per Board approved underwriting policy As per Board approved underwriting policy

    *The rates given above does 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:

    • Monthly
    • Half-yearly
    • Yearly

    Plan Coverage - What the MetLife Endowment Savings Plus 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:

    • Start a corpus for your retirement needs
    • Save towards fulfilling your goals
    • Foreclose your home loan
    • Save for your child’s education and higher studies
    • Protect your family’s future by opting for the waiver of premium against critical illnesses

    Maturity Benefit:

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

    • Sum Assured upon maturity
    • Accrued Simple Reversionary Bonus
    • Terminal Bonus, if any

    The sum assured on maturity is defined as the absolute amount of benefit that is guaranteed to be paid out on the maturity date of the policy.

    Simple Reversionary Bonus:

    From the first policy anniversary onwards, the policy will participate in Simple Reversionary Bonus. When the bonus is declared, it will accrue under the policy. You will be eligible for the bonus provided the policy is in force. The bonus will be payable upon the death of the life insured or upon maturity, whichever is earlier. This bonus is not guaranteed through the life of the policy. It will be expressed as a percentage of the basic sum assured.

    Terminal Bonus:

    From the 10th 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, provided the policy is still in force:

    • 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:

    • 10 times of the Annualised Premium
    • Sum Assured on Maturity which is the absolute amount of benefit guaranteed to be paid on maturity
    • Basic Sum Assured (BSA) which is the absolute amount assured to be paid on death

    Waiver of Premium on Critical Illness Benefit:

    This plan comes with a special benefit that provides a waiver on all future premiums for the remainder of the policy if the life insured is diagnosed with any of the 35 critical illnesses covered under this plan.

    Type of Plan Option Benefits
    Savings No benefit applicable
    Savings Plus Upon diagnosis of any of the 35 covered Critical Illnesses, all future premiums will be waived for the remainder of the term. The policy must be in force to be eligible for this benefit.

    The Waiver of Premiums is applicable to Savings Plus policies. There is a waiting period of 90 days from the date of policy inception of the date of last policy revival. The waiver of premiums does not apply to any riders taken with this plan. The 35 critical illnesses covered under this plan are:

    1. Cancer of Specified Severity
    2. First Heart Attack – of specified severity
    3. Open Chest CABG
    4. Open Heart Replacement or Repair of Heart Valves
    5. Coma of Specified Severity
    6. Kidney Failure Requiring Regular Dialysis
    7. Stroke resulting in Permanent Symptoms
    8. Major Organ/Bone Marrow Transplant
    9. Permanent Paralysis of Limbs
    10. Motor Neurone Disease with permanent symptoms
    11. Multiple Sclerosis with permanent symptoms
    12. Blindness
    13. Apallic Syndrome
    14. Benign Brain Tumour
    15. Severe Liver Disease
    16. Chronic Lung Disease
    17. Third-degree burns
    18. Loss of Limbs
    19. Major Head Trauma
    20. Surgery of the Aorta
    21. Alzheimer’s Disease
    22. Aplastic Anaemia
    23. Cardiomyopathy
    24. Deafness
    25. Loss Of Speech
    26. Medullary Cystic Disease
    27. Muscular Dystrophy
    28. Primary Pulmonary Hypertension
    29. Systemic Lupus Erythematosus (SLE)
    30. Amyotrophic Lateral Sclerosis
    31. Bacterial Meningitis
    32. Chronic Pancreatitis
    33. Acute Viral Encephalitis
    34. Fulminant Viral Hepatitis
    35. Severe Rheumatoid Arthritis

    Premium Discounts on High Sum Assured:

    Premium Payment Type Premium band Premium discount (Per Rs.1000 Basic Sum Assured)
    5 Pay Less than Rs.1 lakh Nil
    Rs.1 lakh and below Rs.2 lakhs 1.5
    Rs.2 lakh and above 3
    7 Pay Less than Rs.50,000 Nil
    Rs.50,000 to below Rs.1 lakh 2
    Rs.1 lakh and below Rs.2 lakhs 4
    Rs.2 lakh and above 5
    10 Pay Less than Rs.50,000 Nil
    Rs.50,000 to below Rs.1 lakh 1.5
    Rs.1 lakh and below Rs.2 lakhs 3
    Rs.2 lakh and above 4.5
    Regular Pay Less than Rs.50,000 Nil
    Rs.50,000 to below Rs.1 lakh 3
    Rs.1 lakh and below Rs.2 lakhs 4
    Rs.2 lakh and above 5

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

    • MetLife Accidental Death Benefit Rider Plus - Get extra protection along with the death benefit under this Policy in the event of the death of the Life Assured in an Accident
    • MetLife Serious Illness Rider - Get extra protection along with the death benefit under this Policy in the event of the Life Assured is diagnosed with any of the 10 critical illnesses covered under the Rider

    The sum assured under the rider is subject to the sum assured under the base policy. The premiums for all riders in total is limited to 30% of the premium of the base policy.

    Exclusions - What the MetLife Endowment Savings Plus 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 Plus Plan, there is only one exclusion: Suicide.

    • No benefits are payable if the policyholder commits suicide within 1 year from the date of commencement of the policy, whether insane or sane. 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.
    • No benefits are payable if the policyholder commits suicide within 1 year from the date of reinstatement of the policy, whether insane or sane. 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 policy will be deemed void and will be terminated. The refund is applicable provided the policy is in force.

    Exclusions for Critical Illness Benefit:

    Under the Critical Illness benefit, there are specific exclusions along with every disease covered which is elaborately explained in the policy brochure. Apart from these exclusions, the benefits under the Critical Illness Benefit will not be payable or applicable if the illness is caused or aggravated directly or indirectly by any of the following acts of the life insured unless those are beyond his/her control:

    • Failure to follow medical advice.
    • Any diseases occurring within 90 days of the start of coverage or date of revival (i.e., during the waiting period).
    • Diseases in the presence of an HIV infection.
    • Life Insured person being under the influence of alcohol, drugs, narcotics or psychotropic substances except if taken with a prescription of a registered medical practitioner and in accordance with the lawful directions.
    • Any condition, injury, or ailment or related condition for which policyholder had symptoms or signs, or was diagnosed, or received medical advice or treatment within 48 months prior to the first policy issued by MetLife and renewed continuously thereafter.
    • Intentional attempted suicide, self-inflicted injury, while sane or insane.
    • War, civil war, invasion, rebellion, act of foreign enemy, hostilities (whether war has been declared or not), armed or unarmed truce, insurrection, mutiny, revolution, military or usurped power, strikes, riot or civil commotion.
    • Participating in an unlawful or criminal act with illegal or criminal intent.
    • Nuclear Contamination: Radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
    • Taking part in adventure or professional sports which are hazardous in nature, including but not limited to, riding, diving, or any kind of race, underwater activities involving the use of breathing apparatus or not, martial arts, mountaineering, hunting, bungee-jumping and parachuting.

    Other Key Features:

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

    Particulars Details
    Free-Look Period 15 days from the receipt of the policy document.
    Waiting Period There is a waiting period of 90 days from inception or revival to be eligible for the Waiver of Premium benefit. This is applicable only to the Savings Plus option.
    Grace Period
    • 30 days from the date of unpaid premium.
    • 15 days in case of 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 10.50% p.a., subject to change.
    Tax Benefit Benefits as per the provisions of the Income Tax Act, 1961, are applicable for premiums paid and proceeds received from this policy.
    Policy Lapse If you discontinue premium payments before acquiring a surrender value, the policy will lapse at the end of the grace period. All benefits will cease immediately.
    Surrender Value
    • Premium payment term less than 10 years - If at least premium for 2 full policy years has been paid, and no further payments are made, the policy will acquire a surrender value.
    • Premium payment term more than 10 years - If at least premium for 3 full policy years has been paid, and no further payments are made, the policy will acquire a surrender value.
    Paid-up Value Upon acquiring a surrender value, if no future premiums are paid, then you can either surrender the policy or continue as a Paid-up policy with reduced benefits. The policy will not be eligible for any further bonuses and riders.
    Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium but before the maturity date by paying all due premiums with interest and revival charges.
    Alterations Policyholders can alter the plan’s mode of payment on the policy anniversary.
    Nomination In accordance with Section 39 of the Insurance Act, 1938 as amended from time to time.
    Assignment In accordance with Section 38 of the Insurance Act, 1938 as amended from time to time.

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

    PNB MetLife advises policyholders to consult a tax advisor to find out benefits that are available under the prevailing tax laws of the country. 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.

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

    MetLife provides customers with an all-round experience that caters to their every need. PNB MetLife provides financial and investment advice from experts. Customers can also 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:

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

    Why you should Buy the MetLife Endowment Savings Plus Plan?

    PNB Metlife 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. With an extensive presence in India, MetLife caters to millions of customers through more than 7,000 branches. The company provides a wide range of products that span across protection, investment, retirement and savings to serve different needs of customers. In partnership with Punjab National Bank, a leading bank in the country, MetLife brought its insurance products to India in 2001. PNB MetLife has secured a top position in the insurance world with consistent profits over the past 5 years.

    Frequently Asked Questions (FAQs):

    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. How much insurance cover should I opt for under the MetLife Endowment Savings Plus Plan?

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

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

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

    Q. Should I opt for the Savings option or the Savings Plus option under this plan?

    A. Between the two plans, the age requirements vary as well as the premiums. Under the Savings Plus option, the premium is higher but you will receive the benefit of Waiver of premiums for Critical Illness benefit. Upon diagnosis of any of the 35 covered Critical Illnesses, all future premiums will be waived for the remainder of the term. The policy must be in force to be eligible for this benefit. The choice between the two plans depends on your needs and budget.

    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 reinstate a lapsed policy?

    A. To revive a lapsed or paid-up policy, you need to submit a written request to PNB MetLife. You can revive the policy within two years from the first date of the unpaid premium but before the policy matures. You need to pay up all outstanding premiums with interest. If you have surrender your policy, you will not be able to revive it.

    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. Contact PNB MetLife to find out the prevailing rate of interest. The interest rate is subject to change and will be charged at market-related rates set by PNB MetLife from time to time.

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

    A. To return the PNB MetLife Endowment Savings Plus 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
    • The original policy document
    • Cancelled cheque with the name of the policyholder and the account number
    • Duly-filled and signed copy of the cancellation request form
    • ID Proof

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

    Q. How do I claim insurance under the PNB MetLife Endowment Savings Plus 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. What is the mode of payment to 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 bank account of the beneficiary.