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Pnb Metlife Mera Wealth Plan

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.

Eligibility - Who is the PNB MetLife Mera Wealth Plan for?

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
  • Less than 25-year policy term - 60 years
  • More than 25-year policy term - 55 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.

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

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.

Choice of 6 Funds:

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%

Plan Coverage - What the PNB MetLife Mera Wealth Plan Covers?

With the PNB MetLife Mera Wealth Plan, you stand to benefit from the following:

  • Turn your hard earned savings into good investments with better returns
  • Choose to self-manage the investment or opt for the Systematic Transfer Option
  • Flexible Premium Payment options
  • Receive payouts as you like in the form of a lump sum or structured payouts
  • Receive Loyalty Additions with this plan
  • Protect your investment with life coverage
  • Tax benefits as per the Income Tax Act 1961

The plan provides coverage and pays out under the following areas:

Death Benefit:

In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:

  • Upon death before the age of 60, the higher of the following will be paid out:
    • Fund value
    • The base sum assured minus any partial withdrawals in the last 24 months before the date of death
    • 105% of the total premiums paid, not including service tax
  • Upon death after the age of 60, the higher of the following will be paid out:
    • Fund value
    • The base sum assured minus any partial withdrawals made after attaining the age of 58 years
    • 105% of the total premiums paid, not including service tax
  • Upon death during the discontinued policy fund period, the benefit paid will be equal to the discontinued policy fund value.

The sum assured is calculated as (Annualized premium/Single premium x Multiple).

Maturity Benefit:

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:

  • Lump Sum benefit - Receive the entire fund value in one payment.
  • Structured Payout - This settlement option must be chosen before the maturity date. MetLife will payout the total fund value in instalments over a period of one to five years post the maturity date. You can choose to receive the income in monthly, quarterly, half-yearly and yearly instalments.

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.

Loyalty Additions:

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%

Choice of Two Investment Strategies:

  • Self-managed option - Invest your premium amount in the fund of your choice in proportions you like subject to 20% minimum in each fund. You can switch between the funds and redirect future premiums depending on market conditions and your changing risk appetite.
  • Systematic Transfer option - If you have chosen an annual premium payment mode, you can opt for systematic transfers at the time of inception or on any policy anniversary. Under this option, all new premiums will be invested in the Protector II fund. It will then systematically be transferred to the Flexi Cap Fund through 12 monthly instalments.

Add-On Plans – Additional Coverage under the PNB MetLife Mera Wealth Plan?

There are no add-ons available with this plan.

Exclusions - What the PNB MetLife Mera Wealth Plan doesn’t Cover?

The PNB MetLife Mera Wealth Plan will not provide coverage under the following circumstances:

  • If the life assured commits suicide within one year from the policy commencement date or the policy issuance date, whether sane or insane at the time of death, MetLife will not be liable to pay the sum assured.
  • If the life assured commits suicide within one year from the policy reinstatement date, whether sane or insane at the time of death, MetLife will not be liable to pay the sum assured.
  • MetLife will refund the Fund Value as is on the date of death.
  • Any fees charged after the date of death will be refunded to the beneficiary.

Other Key Features:

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.

Tax Benefits – How you can save with the PNB MetLife Mera Wealth Plan?

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.

Other Benefits – How you can save with the PNB MetLife Mera Wealth Plan?

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:

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

Why you should Buy the PNB MetLife Mera Wealth Plan?

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.

Frequently Asked Questions (FAQs):

Q. What is a free-look period?

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.

Q. Where can I purchase the PNB MetLife Mera Wealth Plan?

A. You can buy the PNB MetLife Mera Wealth Plan through the following avenues:

  • You can contact PNB MetLife through phone, fax, email or SMS
  • You can contact an advisor on the PNB MetLife website
  • You can visit the nearest PNB MetLife branch

Q. How do I pay premiums towards this policy?

A. There is are multiple avenues to pay premiums towards this policy:

  • Pay online through credit card, pre-paid cards and payment gateways
  • Pay through net banking
  • Pay via phone (IVRS)
  • Pay via standing instructions
  • Pay in person at drop boxes, PNB MetLife branches, Suvidhaa Outlets or Indian Post Office
  • Pay at Axis Bank
  • Pay via NEFT

Q. Can I transfer my PNB MetLife Mera Wealth Plan to someone else?

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.

Q. How do I revive a lapsed policy?

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:

  • Provide a written request to PNB MetLife
  • Pay all outstanding premiums
  • Provide satisfactory evidence of insurability
  • Pay the charges applicable

Q. What are the fund management charges?

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.

Q. How long will PNB MetLife take to process my application?

A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.

Q. Are there any charges applicable to switch funds during the policy term?

A. You can switch between different fund options at any time during the policy term free of charge.

Q. Are there charges for partial withdrawals made from the policy?

A. All partial withdrawals are free of charge.

Q. If I change the mode of premium payment from annual to monthly, will I still be able to use the Systematic Transfer Option?

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.