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  • Met Life Monthly Income Plan 10 Pay

    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

    The MetLife Monthly Income Plan 10 Pay has dual benefits of investment and protection under one plan. With just one single premium payment, you can enjoy cover for up to 20 years. This unit-linked life insurance plan does not participate in bonuses declared by MetLife, but gives you the opportunity to take advantage of the market highs. With a Stop Loss Option available, you can protect yourself from market falls and keep your investment safe. This plan gives you access to 6 different unit-linked funds and the option to manage it on your own or opt for an auto-rebalance.

    Eligibility - Who is the MetLife Monthly Income Plan 10 Pay for?

    For all insurance plans, there is an eligibility criteria set by MetLife. Customers who wish to purchase the MetLife Easy Super Plan must satisfy the requirements given below:

    Minimum age at entry 18 years
    Maximum age at entry 55 years
    Maximum age at maturity 65 years
    Type of plan Non-linked Deferred Endowment Participating Plan

    *Ages specified are defined as 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:

    Premium Payment Term 10 years
    Policy Term 10 years
    Premium Payment Modes PSP, Monthly, Quarterly, Half-yearly, Yearly
    Minimum Annualised Premium Rs.23,280
    Maximum Annualised Premium Rs.18.20 lakh
    Minimum Monthly Income Rs.1,500
    Maximum Monthly Income Rs.1 lakh

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

    Plan Coverage - What the MetLife Monthly Income Plan 10 Pay Covers?

     

    With the MetLife Monthly Income Plan 10 Pay, you stand to benefit from the following:

    • Pay premiums for only 10 years and get guaranteed monthly income from the 11th year to the 25th year.
    • Get accrued bonuses on the policy payable upon maturity.
    • Enjoy tax benefits on premium payments and monthly income.
    • Provide regular income to your loved ones in case of your demise.

    Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Monthly Income Plan 10 Pay:

    Death Benefit:

    In the event of your unfortunate death, the policy will payout the following benefits to your nominee. The higher of the following will be paid:

    • Death sum assured plus accrued simple reversionary bonus plus terminal bonus, if any
    • 105% of all premiums paid

    The death sum assured is defined as the highest of:

    • 10 times the annualised premium
    • Base sum assured
    • Maturity sum assured

    For the death benefit, you must choose between the following settlement options at the time of policy inception. You can opt for:

    • A lump sum benefit
    • Guaranteed monthly income for 15 years

    Maturity Benefit:

    Upon surviving the policy term, you will receive the monthly income chosen by you for the next 15 years. The income payout will begin one month from the maturity date. In addition to the monthly income, you can choose to receive the bonuses in the following ways:

    • Lump sum of the simple reversionary bonus plus any terminal bonus as on the date of maturity
    • Enhance the monthly income through conversion of the bonuses into the income.

    You must choose a maturity benefit 90 days before the maturity date.

    Simple Reversionary Bonus:

    From the third year onwards, the policy is eligible to participate in simple reversionary bonuses. Declared bonuses will be credited to the policy at the end of the policy year provided all outstanding premiums are paid up. The bonus is not guaranteed, but once it is declared, it will be guaranteed. The bonus is payable upon maturity, death or surrender of the policy, whichever is earlier. From the date of death of the life insured or lapse of the policy, no simple reversionary bonus will accrue. The simple reversionary bonus is expressed as a percentage of the sum assured.

    Terminal Bonus:

    From the fifth year onwards, the policy will participate in any terminal bonuses declared by the company. It will accrue on the policy and will be payable along with the death or maturity benefit. The terminal bonus is expressed as a percentage of the accrued simple reversionary bonus.

    Add-On Plans – Additional Coverage under the MetLife Monthly Income Plan 10 Pay:

    There are no add-ons available with this plan.

    Exclusions - What the MetLife Monthly Income Plan 10 Pay doesn’t Cover?

    Under the MetLife Monthly Income Plan 10 Pay, if the person insured commits suicide, there are certain exclusions applicable.

    • Within one year from the date of commencement of the policy, if the life insured commits suicide, whether sane or insane, then the insurance cover will be void. MetLife is not liable to pay any benefits except refund 80% of the premiums received.
    • Within one year from the date of reinstatement of the policy, if the life insured commits suicide, whether sane or insane, then the insurance cover will be void. MetLife is not liable to pay any benefits except refund the higher of the following: 80% of the premiums received or the surrender value as on the date of death, provided the policy is in force.

    Other Key Features:

    A few features of the MetLife Monthly Income Plan 10 Pay worth noting have been mentioned below:

    Particulars Details
    Free-Look Period
    • 15 days from the receipt of the policy document.
    • 30 days for distance marketing policy.
    Grace Period
    • 30 days from the due date.
    • 15 days for monthly and PSP mode.
    Tax Benefit Tax benefit is applicable on premiums paid and on benefits received from this policy.
    Guaranteed Surrender Value After 3 full policy years, the policy will acquire a guaranteed surrender value.
    Special Surrender Value After 3 full policy years, the policy will acquire a special surrender value.
    Surrender of Policy If the policy has acquired a surrender value and no future premiums are paid, you can surrender the policy to receive the higher of the Guaranteed Surrender Value or Special Surrender Value.
    Reinstatement A policy can be reinstated within 2 years from the date of the first unpaid premium. Rs.250 will be charged.
    Nomination Before the date of maturity, you can nominate anyone or change the existing nominee.
    Assignment By submitting a written notice, you can assign this policy.
    Alterations Change between different premium payment modes is allowed on any policy anniversary. A charge of Rs.100 will be applicable.

    Tax Benefits – How you can save with the MetLife Monthly Income Plan 10 Pay?

    You are advised to consult a tax advisor to know more about the benefits available under the Income Tax Act, 1961. In accordance with the prevailing tax laws in India, policyholders can avail benefits against the premiums paid towards this policy and the benefits received. Tax laws are subject to amendments from time to time. PNB MetLife reserves the right to recover or deduct taxes and duties which are applicable from the payments made towards this policy.

    Other Benefits – How you can save with the MetLife Monthly Income Plan 10 Pay?

    Customers who wish to purchase a plan can avail extended benefits from PNB MetLife on their website, through their customer service and through advisors. PNB MetLife offers the following benefits to their customers:

    • Compare different protection plans online
    • Get advice from experts
    • Get access to qualified doctors around the clock
    • Calculate your premium payment using the Premium Calculator online
    • Preventive healthcare packages from leading hospitals and diagnostic centers in India
    • Enjoy discounts on wellness packages
    • Locate a PNB MetLife branch online
    • Avail domestic medical and emergency assistance
    • Get the Premium Rates Form on the website
    • Download the brochure for any plan online
    • Contact the customer care via phone, fax, email, or SMS
    • Get medical second opinions
    • Read the terms and conditions online

    Why you should Buy the MetLife Monthly Income Plan 10 Pay?

    In partnership with Punjab National Bank, MetLife has offered excellent services in the country since 2001 and raked in profits for the last 5 years as of FY 2014-15. Servicing customers through over 7,000 locations across India, PNB MetLife has grown rapidly and secured a top position among other insurers. As a leader in the global insurance market, MetLife offers a wide range of products that span across investment, insurance, protection and retirement. Customers can choose from a plethora of products that suit their budget and their needs. With the MetLife Monthly Income Plan 10 Pay, you can secure an income in the future for yourself if you survive the policy term and for your family in case of your demise.

    Frequently Asked Questions (FAQs):

    Q. How do I claim insurance from PNB MetLife?

    A. In the event you need to make an insurance claim, you need to submit the following documents and information to PNB MetLife:

    • ID and address proof of the nominee or legal heir
    • Duly-filled in MetLife claims form
    • Official death certificate issued by a competent authority
    • If the death is not by natural causes, an FIR, port-mortem report and police inquest report is needed
    • Proof of title to the policy
    • Original policy document

    Q. Where can I purchase the MetLife Monthly Income Plan 10 Pay?

    A. You can buy the MetLife Monthly Income Plan 10 Pay 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 the MetLife Monthly Income Plan 10 Pay?

    A. You can choose to pay your premiums Monthly, Quarterly, Half-yearly, Yearly and through the Payroll Savings Program. There are multiple avenues to pay premiums towards this policy:

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

    Q. What is a lapsed policy?

    A. If you have not paid your premiums by the due date and the expiry of the grace period, your policy will lapse. Benefits under this policy will cease.

    Q. How do I revive a lapsed MetLife Monthly Income Plan 10 Pay policy?

    A. To revive your policy, you need to fulfill the following criteria:

    • Provide a written request to PNB MetLife within 2 years from the date of the first unpaid premium
    • Pay all outstanding premiums with compound interest
    • Pay the charges applicable (currently Rs.250, subject to change)
    • Provide satisfactory evidence of insurability

    Q. What is the formula used to calculated the Reduced Paid-up Value?

    A. Reduced Paid-up Value = Maturity Sum Assured x (No. of installment premiums paid/No. of installment premiums payable) + accrued simple reversionary bonuses

    Q. What is a free-look period?

    A. PNB MetLife will issue the MetLife Monthly Income Plan 10 Pay policy to you. From the date of receipt of the policy, you have 15 days to read the document and make a final decision whether you want it. If you are unhappy and wish to cancel the policy, you can do so within this 15-day period by sending in a written request to cancel the policy. There is also an option online to cancel the policy, but you must send the hard copy of the original document, the cancellation form and any other documents required to PNB MetLife.

    Q. Are there any charges for cancellation of the policy within the free-look period?

    A. If you cancel your policy within the free-look period, you will receive a refund of your premium paid minus any expenses borne for medical examinations and stamp duties. PNB MetLife will also deduct a proportionate premium for the time on risk which was borne by them.

    Q. If I die during the grace period, will my nominee still receive the benefits?

    A. Yes, in case of your unfortunate demise during the grace period, the policy will payout the death benefit. The policy will continue to be in force for all the insured events during the grace period.

    Q. Can PNB MetLife terminate my policy?

    A. Your policy will terminate upon the following events, whichever is earlier:

    • Date of surrender
    • Payment of last monthly income
    • Payment of lump sum benefit
    • Date of death of the life insured