"Spending a whole day looking for insurance is fun," said nobody, EVER!
Loading your search...
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

  • Met Life Major Illness Premium Back Cover 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

    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.

    Eligibility – Who is the MetLife Major Illness Premium Back Cover for?

    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

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

    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

    Plan Coverage – What MetLife Major Illness Premium Back Cover Covers?

    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:

    • SLE with Lupus Nephritis
    • Primary Pulmonary Hypertension
    • Poliomyelitis
    • Parkinson’s Disease
    • Muscular Dystrophy
    • Multiple Sclerosis
    • Motor Neuron Disease
    • Medullary Cystic Disease
    • Loss of Speech
    • Deafness
    • Cardiomyopathy
    • Aplastic Anaemia
    • Alzheimer’s Disease
    • Angioplasty
    • Surgery of Aorta
    • Stroke
    • Paralysis
    • Major Organ Transplant
    • Major Head Trauma
    • Major Burns
    • Terminal Illness
    • Loss of Limbs
    • Loss of Independent Existence
    • Kidney Failure
    • Heart Valve Surgery
    • Heart Attack
    • Coronary Artery Bypass Surgery
    • End Stage Liver Disease
    • Coma
    • Chronic Lung Disease
    • Cancer
    • Brain Surgery
    • Blindness
    • Benign Brain Tumour
    • Apallic Syndrome

    Exclusions – What the Plan doesn’t Cover?

    Suicide clause:

    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.

    Some of the other exclusions for MetLife Major Illness Premium Back Cover plan are as follows:

    • Any symptom or sign of a critical illness that occurs within the Waiting Period after the policy is issued or reinstated.
    • The benefits for all pre-existing health conditions and diseases at the proposal stage can be availed after a period of 48 months from the uninterrupted coverage.
    • Presence of any STD (Sexually Transmitted Disease) in the body, AIDS (Acquired Immune Deficiency Syndrome) or the presence of HIV (Human Immunodeficiency Virus) in the body.
    • Use of alcohol, intoxicating drugs, solvents except taking of drugs that are prescribed by a qualified doctor.
    • Nuclear accident causing radioactive contamination.
    • Civil commotions, war, invasion, breach of law, hostilities, revolution, rebellion, willful participation in violent acts, etc.

    Other Key Features:

    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.

    Other Benefits MetLife Major Illness Premium Back Cover Plan:

    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.

    Why should you Buy the MetLife Major Illness Premium Back Cover Plan?

    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.

    Frequently Asked Questions (FAQs):

    Q. I am 25 years old. Can I avail the MetLife Major Illness Premium Back Cover Plan?

    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.

    Q. What is the term of this policy?

    The term for the Major Illness Premium Back Cover plan offered by PNB MetLife is 10 years.

    Q. What are the premium payment modes for MetLife Major Illness Premium Back Cover Plan?

    The premium payments can be done via quarterly, half-yearly, annually, monthly and payroll savings program.

    Q. What is the maximum sum assured for this plan?

    The maximum sum assured for the Major Illness Premium Back Cover plan is Rs.50,00,000.

    Q. What is the multiplicative factor for monthly, quarterly, half-yearly and payroll savings modes?

    The multiplicative factors for monthly, quarterly, semi-annually and payroll savings modes are provided below:

    Premium Mode Multiplicative Factor
    Monthly ECS 0.0886
    Quarterly 0.2605
    Semi-annual 0.5131
    Payroll Savings Program 0.0868

    Q. What is the minimum sum assured for this plan?

    The maximum sum assured for the Major Illness Premium Back Cover plan is Rs.5,00,000.

    Q. What is the maximum annual premium for MetLife Major Illness Premium Back Cover Plan?

    The maximum annual premium for the MetLife Major Illness Premium Back Cover Plan is Rs.1,68,772.

    Q. What is the minimum annual premium for MetLife Major Illness Premium Back Cover Plan?

    The minimum annual premium for the MetLife Major Illness Premium Back Cover Plan is Rs.5,958.

    Q. Can I avail death benefit with this plan?

    No, death benefit or survival benefit cannot be availed with this plan. You can only avail the Maturity Benefit with this plan.

    Q. Is there any Surrender Value associated with the MetLife Major Illness Premium Back Cover 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.