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.
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||
|Type of plan||Non-linked participating endowment plan|
|Premium Payment Terms||
|Premium payment options||
|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|
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:
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:
Upon the survival of the life insured, the following will be payable:
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.
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.
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.
In the event of your unfortunate demise, MetLife will pay the higher of the following, provided the policy is still in force:
The death sum assured will be defined as the higher of:
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:
|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|
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.
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.
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:
A few features of the MetLife Endowment Savings Plus Plan worth noting have been mentioned below:
|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.|
|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.|
|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.|
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.
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:
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.
A. Once all documents, application form and premium amount has been received by PNB MetLife, it can take up to 48 hours to process.
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.
A. To purchase this plan, PNB MetLife offers you the following options:
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.
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.
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.
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.
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:
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.
A. PNB MetLife offers different avenues for customers to file for insurance claims. The following options are available:
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.
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.
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.