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.
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|
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.
|Minimum sum assured||Rs.2.5 lakhs|
|Maximum sum assured||Rs.5 crore|
*Premiums vary based on age, location, plan term and other factors
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.
The death benefit will be paid irrespective of whether survival benefits have already been paid to the life insured.
|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|
There are no riders available with this policy.
A few features of the MetLife Money Back Plan worth noting have been mentioned below:
|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)|
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.
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:
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.
A. A term insurance plan provides financial protection to the nominee of the life insured. Term plans have low premiums and high coverage.
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.
A. The premium payment modes available under this plan are:
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.
A. Upon receipt of all your documents and the premium amount, PNB MetLife will take up to 48 hours to process your application.
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.
A. MetLife pays out claims through cheque or electronic transfer into the nominee’s bank account.
A. MetLife accepts debit card, credit card or net banking for premium payments.
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
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.
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.
A. To reinstate a lapsed policy, you need to satisfy the following requirements:
PNB MetLife will review the reinstatement request and restore the policy and its benefits at its own discretion.
A. Any taxes and duties as per applicable laws from time to time will be deducted from the payments made by you.
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.
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