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Metlife Money Back Plan

The MetLife Money Back Plan is a non-linked money back life insurance policy that enables customers to invest in a 10-year plan and get guaranteed money back from the 6th year onwards. In case of your unfortunate demise, a lump sum benefit will be payable to the nominee regardless of whether survival benefits have been paid.

Eligibility - Who is the MetLife Money Back Plan for?

If you wish to purchase the MetLife Money Back Plan, you need to meet the eligibility criteria set out by MetLife. For customers who need a term plan for coverage of at least Rs.10 lakhs, this plan might be suitable.

Minimum age at entry 13 years
Maximum age at entry 55 years
Maximum age at maturity 65 years
Minimum sum assured Rs.10 lakhs
Type of plan Non-linked money back life insurance policy
Policy term 10 years

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

With the MetLife Money Back Plan, customers can opt for coverage for up to Rs.5 crore. Depending on your choice of sum assured, your premium amount will be calculated. Premiums range between Rs.20, 000 to Rs.51 lakhs.

Particulars Details
Minimum sum assured Rs.2.5 lakhs
Maximum sum assured Rs.5 crore
Minimum premium Rs.23,119
Maximum premium Rs.51,63,875

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the MetLife Money Back Plan Covers?

Under this plan, the life insured will be entitled to three benefits survival, maturity and death benefit. This plan pays out if you survive the policy term and in the event of your unfortunate demise.

  • Death Benefit - In case of your unfortunate demise, the higher of these four options will be paid to the nominee:
    • Chosen sum assured
    • 10 times the annualised premium
    • 105% of all premiums paid
    • Maturity benefit

The death benefit will be paid irrespective of whether survival benefits have already been paid to the life insured.

  • Maturity benefit - If the life insured survives till the end of the policy term, 60% of the sum assured will be paid.
  • Survival benefit - From the 5th policy year to the 9th policy year, 10% of the sum assured will be paid as survival benefit. The survival benefit will be paid out in the following manner:
Policy Year Benefit
At the end of the 5th year 10% of sum assured
At the end of the 6th year 10% of sum assured
At the end of the 7th year 10% of sum assured
At the end of the 8th year 10% of sum assured
At the end of the 9th year 10% of sum assured
At the end of the 10th year 60% of sum assured

Add-On Plans – Additional Coverage under the MetLife Money Back Plan:

There are no riders available with this policy.

Exclusions - What the MetLife Money Back Plan doesn’t Cover?

  • If the life insured commits suicide within a year of the policy’s inception date, whether sane or insane, the insurance policy will be void. The company will refund 80% of the premiums received without interest. MetLife will not be liable to pay any other benefits.
  • If the life insured commits suicide within a year of the policy’s reinstatement date, whether sane or insane, the insurance policy will be void. The company will refund 80% of the premiums received without interest or the surrender value, whichever is higher, if the policy is in force. MetLife will not be liable to pay any other benefits.

Other Key Features:

A few features of the MetLife Money Back Plan worth noting have been mentioned below:

Particulars Details
Tax Benefit Tax benefit is applicable as per the provisions of the Income Tax Act, 1961, Section 80C and 10 (10D)
Free-Look Period 15 days from the receipt of the policy document (30 days for policies bought through distance marketing)
Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
Grace Period 30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
Reinstatement A lapsed policy can be reinstated within 3 years from the date of first unpaid premium
Surrender Value If premiums have been paid for at least 3 full years, and the policy has been in force for 3 full years, the policy will attain a surrender value
Service Tax Applicable as per the current service tax laws
Loan Options Available at 12% p.a. (subject to change from time to time)

Tax Benefits – How you can save with the MetLife Money Back Plan?

Policyholders of the MetLife Money Back Plan are eligible for tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. To know more about tax exemptions, please refer to the brochure of the policy. Policyholders are also advised to consult a tax advisor to find out all eligible exemptions and benefits available for premium payments made and benefits received under the prevailing tax laws.

Other Benefits – How you can save with the MetLife Money Back Plan?

Customers looking to purchase an insurance policy from MetLife and existing customers have access to a number of services offered by MetLife. These services enhance the customer’s experience and provide a smooth and seamless process. Some of the benefits offered by MetLife include:

  • Over 10,000 advisors to meet with customers
  • Download the brochure
  • Compare different protection plans
  • Locate a PNB MetLife branch online
  • Contact the customer care via phone, fax, email, or SMS
  • Calculate your premium payment using the Premium Calculator
  • Get the Premium Rates Form
  • Read the terms and conditions online

Why you should Buy the MetLife Money Back Plan?

PNB MetLife Inc., has earned a reputable name in the insurance world since 1868. With more than 100 million customers, MetLife has secured a top position in the market. It has a claim settlement ratio of 95.4% as of FY 2014-15. With the MetLife Money Back Plan, you are guaranteed benefits in three forms: death benefit, survival benefit and maturity benefit. If you survive the plan, you will get money back, and in case of your unfortunate demise, your nominee will benefit.

Frequently Asked Questions (FAQs):

Q. What is a term insurance plan?

A. A term insurance plan provides financial protection to the nominee of the life insured. Term plans have low premiums and high coverage.

Q. How is my insurance coverage determined?

A. Insurance coverage is your choice. The minimum insurance cover you can opt for under this plan is Rs.10 lakhs. Suitable cover for any individual is 10 to 25 times the annual income to negate inflation and unforeseen liabilities.

Q. What are the premium payment options under this plan?

A. The premium payment modes available under this plan are:

  • Payroll Savings Plan
  • Monthly
  • Quarterly,
  • Half-yearly
  • Yearly

Q. How do I purchase this plan?

A.

  • You can visit the PNB MetLife website to request for an advisor to provide assistance while buying this plan.
  • You can visit the nearest branch.
  • You can contact PNB Metlife via phone, fax, email or SMS.

Q. Is there a medical examination required?

A. Medical tests depend on the sum assured selected. Tests will be conducted at your home according to your convenience and availability. Certain tests may require a diagnostic center nearby.

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

A. Upon receipt of all your documents and the premium amount, PNB MetLife will take up to 48 hours to process your application.

Q. How does one make a claim for insurance under this policy?

A. When you need to claim insurance, you need to contact PNB MetLife via phone, SMS, fax or email, or visit the nearest branch. The company will assist you in making the claim. You need to submit the claim form and necessary documents. Information regarding claims is available in the policy document.

Q. What modes of payment are available for the disbursement of a claim?

A. MetLife pays out claims through cheque or electronic transfer into the nominee’s bank account.

Q. How do I pay my premiums towards the MetLife Money Back Plan?

A. MetLife accepts debit card, credit card or net banking for premium payments.

Q. When can I take a loan on this policy?

A. After the start of the fourth policy year, provided the policy is in force, PNB MetLife may permit you to take a loan under the policy at its own discretion

Q. What is the loan amount available under this policy?

A. Your loan amount is determined by PNB MetLife subject to a limit of 90% of the cash surrender value at the end of the current policy year minus any unpaid regular premiums and loan interest.

Q. Can I change the payment frequency during the policy term?

A. At least 60 days before the policy anniversary, you can sent a written notice to PNB MetLife to change the frequency of your premium payment. You can opt for a payment plan between PSP, monthly, quarterly, half-yearly and yearly. The revision is applicable only once the alteration charges are paid and an endorsement regarding the same is issued by PNB.

Q. How do I reinstate a lapsed policy?

A. To reinstate a lapsed policy, you need to satisfy the following requirements:

  • Reinstatement must be done within 3 years from the date of the first unpaid premium.
  • All due premiums must be paid in full
  • Revival charges must be paid
  • Satisfactory evidence of insurability must be provided at your own expense
  • All documents and information requested by PNB MetLife must be provided

PNB MetLife will review the reinstatement request and restore the policy and its benefits at its own discretion.

Q. Are there any taxes that need to be paid upon availing this plan?

A. Any taxes and duties as per applicable laws from time to time will be deducted from the payments made by you.

Q. Can I get a duplicate policy document if I have lost the original?

A. If your policy is lost or destroyed, you need to submit a written request to PNB MetLife to issue a duplicate policy. A fee is applicable for duplicate policies.