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.
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
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.
With the MetLife Monthly Income Plan 10 Pay, you stand to benefit from the following:
Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Monthly Income Plan 10 Pay:
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:
The death sum assured is defined as the highest of:
For the death benefit, you must choose between the following settlement options at the time of policy inception. You can opt for:
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:
You must choose a maturity benefit 90 days before the maturity date.
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.
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.
There are no add-ons available with this plan.
Under the MetLife Monthly Income Plan 10 Pay, if the person insured commits suicide, there are certain exclusions applicable.
A few features of the MetLife Monthly Income Plan 10 Pay worth noting have been mentioned below:
|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.|
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.
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:
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.
A. In the event you need to make an insurance claim, you need to submit the following documents and information to PNB MetLife:
A. You can buy the MetLife Monthly Income Plan 10 Pay through the following avenues:
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:
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.
A. To revive your policy, you need to fulfill the following criteria:
A. Reduced Paid-up Value = Maturity Sum Assured x (No. of installment premiums paid/No. of installment premiums payable) + accrued simple reversionary bonuses
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.
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.
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.
A. Your policy will terminate upon the following events, whichever is earlier: