MetLife Major Illness Premium Back Cover is a non-linked, non-participating, health insurance plan that offers guaranteed protection to your family in case you are diagnosed with a critical illness. A lump sum amount will be provided to your loved ones to meet their financial needs. Critical illnesses and their treatment costs are rising at a fast rate. The treatment cost includes hospitalization expenses along with other additional costs like dialysis, chemotherapy, nursing care, flying to some other location for treatment, etc. Keeping all of this mind, PNB MetLife has designed the Major Illness Premium Back Cover to meet the needs of its customers.
The MetLife Major Illness Premium Back Cover is for the people who are diagnosed with critical illnesses. In order to be eligible for the MetLife Major Illness Premium Back Cover, some criteria set out by PNB MetLife must be met. The eligibility criteria for this plan are given below:
|Type of plan||Non-linked, non-participating, health insurance plan|
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
The sum assured is the total amount that you get from the insurance organization after the term of the insurance comes to an end. The minimum assured sum for the MetLife Major Illness Premium Back Cover plan is Rs.5, 00,000. The maximum assured sum stands at Rs.50 lakh for this plan.
|Maximum Sum Assured||Rs.50,000|
|Minimum Sum Assured||Rs.50,00,000|
The premium is dependent on the sum assured chosen by you for the MetLife Major Illness Premium Back Cover plan. The premium payments can be done via quarterly, half-yearly, annually, monthly, and payroll savings program.
|Maximum annual premium||Rs.1,68,772|
|Minimum annual premium||Rs.5,958|
|Premium payment modes||Quarterly, half-yearly, annually, monthly and payroll savings program|
Maturity Benefit – If the insured individual survives till the end of the policy term without making any claim during the policy term, PNB MetLife will refund all premiums that were paid as Maturity Benefit. This particular benefit ensures that you get back the money that you paid as premium if you did not make any claim. No survival benefit or death benefit can be availed during the term of the policy.
List of diseases and health issues covered under the MetLife Major Illness Premium Back Cover:
If the insured individual commits suicide, whether insane or sane at that point, within a year from the commencement date of the insurance cover or the policy issue date or the reinstatement date, the insurance policy will stand void. The insurer will not pay any benefit that is payable under MetLife Major Illness Premium Back Cover plan. The company will only return the premiums that it received without any interest. If stamp charges are applicable, it will be deducted from the amount being refunded.
|Free Look Period||You can enjoy a period of 15 days from the date you get the policy document for reviewing the terms and conditions of the MetLife Major Illness Premium Back Cover Plan. In case you do not like the things mentioned under the terms and conditions section, you can choose to return the policy. You must provide reasons why you are not taking the policy. The mortality charges and contributions will be refunded to you. However, proportionate risk premium and stamp duty will be deducted. All rights of the policyholder will stand extinguished after the cancellation of the policy.|
|Grace Period||All premiums must be paid on the due date. The grace period that is allowed is a span of 30 days. It is applicable for yearly, half-yearly and quarterly frequencies. For monthly frequencies, the grace period is of 15 days. During this period, The Insurance Certificate will continue to be in force.|
|Reinstatement||The policy can be reinstated within a period of 60 days from the date of lapse or next renewal date, whichever comes before. If a scheme is lapsed it will be reinstated depending on the approval from the Board.|
|Surrender Value||In case the premium payments for policy is discontinued after paying them for a period of 3 years, then a Surrender Value will be applicable.|
|Guaranteed Surrender Value (GSV)||The GSV (Guaranteed Surrender Value) is the percentage of the total premiums paid.|
Tax Benefits – All the benefits that are payable under MetLife Major Illness Premium Back Cover Plan are subject to applicable tax laws and regulations. The benefits may change as per the tax laws.
PNB MetLife has more than 800 clients all over the country who use the insurance solutions offered by them. They have been catering to all the insurance needs of the people in India since 2001. MetLife Major Illness Premium Back Cover offers guaranteed protection for to your family. A lump sum amount will be provided to your loved ones to meet their financial needs. PNB MetLife has designed the Major Illness Premium Back Cover to meet the needs of its customers.
Yes, you can avail this plan. Anyone above the age of 18 years can apply for the MetLife Major Illness Premium Back Cover Plan. The maximum age to apply for this plan is 55 years.
The term for the Major Illness Premium Back Cover plan offered by PNB MetLife is 10 years.
The premium payments can be done via quarterly, half-yearly, annually, monthly and payroll savings program.
The maximum sum assured for the Major Illness Premium Back Cover plan is Rs.50,00,000.
The multiplicative factors for monthly, quarterly, semi-annually and payroll savings modes are provided below:
|Premium Mode||Multiplicative Factor|
|Payroll Savings Program||0.0868|
The maximum sum assured for the Major Illness Premium Back Cover plan is Rs.5,00,000.
The maximum annual premium for the MetLife Major Illness Premium Back Cover Plan is Rs.1,68,772.
The minimum annual premium for the MetLife Major Illness Premium Back Cover Plan is Rs.5,958.
No, death benefit or survival benefit cannot be availed with this plan. You can only avail the Maturity Benefit with this plan.
In case the premium payments for policy is discontinued after paying them for a period of 3 years, then a Surrender Value will be applicable.