PNB Metlife - Met Endowment Savings Plan

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Introduction/Overview

PNB Metlife’s Met Endowment Savings Plan is a traditional savings and investments plan that policyholders can use to build their savings portfolio. It provides its customers with the facility of long-term systematic savings along with protection.

Key Features

  • The policy provides long-term savings option from ten to thirty years.
  • A Tax benefit is available on the purchase of the policy under sections 80(C) and 10 (10D) of the Income Tax Act.
  • The policyholder has flexible options for the payment of the premiums.
  • Maturity benefits may be boosted with Reversionary Bonus and Terminal Bonus.

Benefits

  • On survival of the maturity period, the policyholder receives the Base Sum Assured plus accrued Simple Reversionary Bonus plus Terminal Bonus.
  •  In case of the death of the policyholder, the higher of the two are paid – Death Sum Assured plus Accrued Reversionary Bonus and Terminal Bonus; or 105% of all premiums paid.
  • Simple Reversionary Bonus and Terminal Bonus are added to the policy from the start of the third policy year and continue until maturity.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

20 years

60 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10 years

30 years

Premium Paying Term (PPT) in years

Limited Pay 5 years, Limited Pay 10 years, Regular Pay

Premium Paying Frequency

Half-yearly, yearly, quarterly, monthly

Yearly Premium

Rs. 15000

Rs. 30,000

Sum Assured

Rs. 1,45,000

Rs. 5 crore

Details About Premium

Annual premium in Rupees

Age (yrs)

Payment Mode

Attribute Type

Policy Term

Annual Premium

Base Premium

Sum Assured

20

Annual

Limited Pay 5 Years

10 years

30000

30927

168600

20

Annual

Regular

10 years

30000

30927

312300

20

Annual

Limited Pay 10 Years

15 years

24000

24742

283680

20

Annual

Regular

15 years

24000

24742

382800

20

Annual

Regular

10 years

15000

15464

156150

Policy Details

Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. This timeframe is reduced to 15 days if payments are being made via monthly or PSP mode. If the premiums are still not paid within this Grace Period then the policy lapses and is subject to non-forfeiture options.

Policy Termination or Surrender Benefit: The policy acquires Surrender Value on the completion of three full policy years provided all premiums were paid.

Free Look Period: A fixed free look period of 15 days from the date of receiving policy documents is allowed to review the terms and conditions of the policy. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The premium that was paid will be refunded minus a proportionate premium for the risk borne by PNB Metlife, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Additional Features or Riders

  • If premiums for a minimum of three years have been paid and subsequent payments have not been made, then benefits under the policy are reduced proportionately. This reduction is called Reduced Paid-up Value.
  • A lapsed policy may be reinstated if the policyholder submits a written request for the same within a period of two years from the date of the lapse. Sufficient evidence of insurability has to be provided to the company as well as, all due premiums and interest accumulated have to be paid at the time of reinstatement.
  • A surrendered policy is not eligible for reinstatement.
  • A Policy loan facility can be availed, provided it does not exceed 90% of the policy's Special Surrender Value at the end of the relevant policy year.

Exclusions

  •  The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund only 80% of the premiums received. The same is applicable if the person insured commits suicide within one year from the date of last reinstatement. In this case, if the policy is still in force then the company will refund the higher of the Surrender Value on the date of death or 80% of the premiums paid until the date of death.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.