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The Mera Wealth Plan from PNB MetLife is designed to help you build up a fund to meet your life goals through strategic investment in the market, along with life insurance cover. You will also be eligible to receive loyalty additions for sticking with the plan. PNB MetLife offers this plan to individuals from the age of 30 days up to the age of 60. With a choice of 6 fund options, along with the option to manage it on your own or opt for a systematic transfer, this plan provides great opportunities to take advantage of the market and satisfy your risk appetite.
If you wish to apply for the PNB MetLife Mera Wealth Plan, you must satisfy the eligibility criteria set out by PNB MetLife. The eligibility criteria for the PNB MetLife Mera Wealth Plan is given below:
Eligibility | Single Pay | 5 Pay | 10 Pay | Regular Pay |
Minimum Age at Entry | 0 years (30 days) | 0 years (30 days) | 0 years (30 days) | 0 years (30 days) |
Maximum Age at Entry | 60 years | 54 years |
|
60 years |
Minimum Age at Maturity | 18 years | 18 years | 18 years | 18 years |
Maximum Age at Maturity | 80 years | 74 years | 80 years | 80 years |
*Years mentioned above are based on the age last birthday.
The minimum premium amount is based on the premium payment mode you choose. The options of minimum premium paid per policy year is listed out below:
Eligibility | Single Pay | 5 Pay | 10 Pay | Regular Pay |
Premium Payment Term | Single | 5 years | 10 years | Same as policy term |
Minimum Policy Term | 10 years | 10 years | 11 years | 10 years |
Maximum Policy Term | 20 years | 20 years | 30 years | 30 years |
Minimum Annualised Premium (Premier mode) | Rs.1 lakh | Rs.1 lakh | Rs.24,000 | Rs.24,000 |
Minimum Annualised Premium (Online mode) | Rs.1 lakh | Rs.30,000 | Rs.24,000 | Rs.24,000 |
Maximum Annualised 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 |
Premium Payment Mode | Single | Annual, Bi-annual, Monthly | Annual, Bi-annual, Monthly | Annual, Bi-annual, Monthly |
Sum assured multiple | 1.25 | 10 or (Policy Term X 0.5), whichever is higher | 10 or (Policy Term X 0.5), whichever is higher | 10 or (Policy Term X 0.5), whichever is higher |
*Premiums vary based on age, location, plan term and other factors. Years mentioned above are based on the age last birthday.
Under this plan, the value of the payout depends on the performance of the funds selected by you. The PNB MetLife Mera Wealth Plan offers a choice of 6 funds with a wide range of risk factors. The plans have been listed below.
Fund Name | Risk Profile | Asset Category | Asset Allocation Range | |
Protector II | Earn a regular income through investment in high-quality fixed income securities | Low risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | |||
Preserver II | Earn income at a level on par with the preservation of capital by investing in Central and State Government-issued securities | Very low risk | Government and other debt securities | 60%-100% |
Money market instruments | 0%-40% | |||
Balancer II | Generate capital appreciation and earn current income through mixed investments judiciously made in fixed income securities and equities | Medium risk | Government and other debt securities | 0%-60% |
Money market instruments | 0%-60% | |||
Equities | 0%-60% | |||
Flexi Cap | Generate long-term capital appreciation from investment in diversified stocks spanning across the market capitalization spectrum with active management of the portfolio | Very high risk | Equities | 60%-100% |
Money market instruments | 0%-40% | |||
Liquid Fund | Generate stable returns through investments in short-term debt and money market instruments | Low risk | Money market instruments | 100% |
Multiplier II | Generate long-term capital appreciation through investments in diversified equities | High risk | Money market instruments | 0%-40% |
Equities | 60%-100% |
With the PNB MetLife Mera Wealth Plan, you stand to benefit from the following:
The plan provides coverage and pays out under the following areas:
In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:
The sum assured is calculated as (Annualized premium/Single premium x Multiple).
Upon surviving till the end of the policy term, you will be eligible for maturity benefits provided that all premiums are paid and the policy is in force. The benefit payable will equal the total fund value as is on the date of maturity. You can receive the maturity benefits through the following options:
Fund management charges are applicable during the settlement period, but no other charges will be levied. The policy will not be eligible for any further loyalty additions. If the life insured dies during the settlement period, the remaining fund value will be payable to the nominee.
From the 6th policy year onwards, provided the policy is in force and all premiums have been paid up to date, loyalty additions will be allocated to your policy at the end of every policy year. Loyalty Additions are expressed as a percentage of the average daily fund values for each fund. If you select multiple funds under this plan, then the Loyalty Additions will be determined based on the fund value of each fund and the loyalty addition percentage of each particular fund will be allocated to the plan. This addition is guaranteed by MetLife and will not be retracted under any circumstances.
Annualised Premium Amount | Type of Fund | 6th year to 9th year | 10th year to 19th year | 20th year to 30th year |
Annualised Premium less than Rs.5 lakh | Flexi Cap | 0.40% | 0.90% | 1.00% |
Multiplier III | 0.40% | 0.90% | 1.00% | |
Balancer II | 0.30% | 0.70% | 0.80% | |
Preserver II | ||||
Protector II | 0.30% | 0.70% | 0.80% | |
Liquid Fund | 0.30% | 0.70% | 0.80% | |
Annualised Premium more than Rs.5 lakh | Flexi Cap | 0.50% | 0.90% | 1.00% |
Multiplier III | 0.50% | 0.90% | 1.00% | |
Balancer II | 0.40% | 0.70% | 0.80% | |
Preserver II | 0.40% | 0.70% | 0.80% | |
Protector II | 0.40% | 0.70% | 0.80% | |
Liquid Fund | 0.40% | 0.70% | 0.80% |
There are no add-ons available with this plan.
The PNB MetLife Mera Wealth Plan will not provide coverage under the following circumstances:
A few features of the PNB MetLife Mera Wealth Plan worth noting have been mentioned below:
Particulars | Details |
Free-look Period | 15 days from the receipt of policy (30 days for policies sold through PNB MetLife website). |
Grace Period | 30 days from the due date of unpaid premium. 15 days in case of monthly mode. |
Nomination | Policyholders can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938. |
Assignment | Under Section 38 of the Insurance Act, 1938, assignment of this policy can be carried out. |
Non-negative claw back addition | MetLife may add non-negative claw back additions to the unit fund at different intervals of time. |
Flexible Switch | Flexible option to switch fully or partially between available fund options at any time. Minimum amount required to switch is Rs.5,000. No charges are applicable. |
Tax Benefit | Tax benefits as per the prevailing Income Tax laws are applicable for premiums paid and benefits received from this policy, subject to amendment from time to time. |
Service Tax | Applicable as per government notification from time to time. |
Partial Withdrawal | After 5 policy years or the attainment of 18 years, whichever is later, partial withdrawals of a minimum of Rs.5,000 are allowed. THe maximum withdrawal in one year is limited to 25% of the total fund value at the start of the policy year. No charges are applicable. |
Discontinued Policy Fund | You can choose to move your policy to the discontinued policy fund if you are unable to pay future premiums within the first 5 policy years. |
Paid-up Policy | After completing 5 years, if you cannot pay future premiums, you can opt to convert it to a paid up policy with reduced benefits. |
Surrender Benefit | After completing 5 policy years, the policy will acquire a surrender value equal to the fund value minus discontinuance charges. |
Reinstatement | A lapsed policy can be reinstated within 2 years from the date of first unpaid premium by paying all outstanding dues. |
Policy Loan | Not available. |
Under prevailing tax laws in India, policyholders are eligible for tax benefits and exemptions against premiums paid towards and benefits received from the PNB MetLife Mera Wealth Plan. The provisions of the Income Tax Act, 1961 are subject to change from time to time. PNB MetLife advises its customers to seek advice from a tax consultant to take full advantage of tax benefits available.
As one of the leading insurers of the world, MetLife in association with Punjab National Bank offers a plethora of services to customers to enhance their experience. Given below are some of the customer-centric services offered by PNB MetLife:
Since 2001, MetLife has established its presence in India and has grown extensively to over 7,000 locations across the country. Over the past 5 years, the company has pulled in profits consistently and has earned a top spot in the insurance market. MetLife partnered with Punjab National Bank, a reliable and credible leading bank of India, to provide a range of insurance products to customers. As a potential or existing customer, you have access to financial advisors, emergency assistance, discounts of health packages and qualified doctors, to name a few. With the PNB MetLife Mera Wealth Plan, you can make the most of the market and build up a corpus to help achieve your goals.
A. When the policy is issued, you are granted 15 days to review the policy document. If you are unsatisfied with anything about the plan and wish to cancel the policy, you may write to PNB MetLife requesting for a cancellation. Submit the original policy document and the cancellation request form to MetLife along with any other documents required. An amount will be refunded to you equal to non-allocated premiums, plus the fund value at the date of cancellation, plus charges through cancellation of units, minus any expenses towards medical exams, proportionate risk premium and stamp duty.
A. You can buy the PNB MetLife Mera Wealth Plan through the following avenues:
A. There is are multiple avenues to pay premiums towards this policy:
A. Yes, under Section 38 of the Insurance Act, 1938, you can transfer, assign or partially assign this policy to another person. You can do so by providing written notice to MetLife in advance.
A. If your policy has lapsed due to non-payment of premiums, you can revive the policy within 2 years from the date of the first unpaid premium. To reinstate your policy, you need to fulfill the following criteria:
A. Fund management charges are expressed as a percentage of the value of assets underlying the unit fund. It will be appropriated by adjustments in the Net Asset Value.
Fund | Charges |
Preserver II | 1.00% p.a. |
Protector II | 1.00% p.a. |
Balancer II | 1.15% p.a. |
Liquid Fund | 1.00% p.a. |
Multiplier III | 1.25% p.a. |
Flexi Cap | 1.25% p.a. |
Discontinued Fund | 0.50% p.a. |
A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.
A. You can switch between different fund options at any time during the policy term free of charge.
A. All partial withdrawals are free of charge.
A. No, the Systematic Transfer Option is available only for annual mode policies. Once you change the mode of premium payment, this option will be deactivated and no longer available to you.
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