PNB Metlife - Met Monthly Income Plan – 10 Pay

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Introduction/Overview

PNB Metlife’s Met Monthly Income Plan – 10 Pay is a traditional insurance policy with Bonus facility. It is a participating plan that guarantees a regular monthly income for the policyholder and his or her family members. This income will be paid regardless of whether the policyholder is present or not for 15 years till the end of the policy

Key Features

  • Payment of premiums for ten years guarantees a regular monthly income from the 11th to 25th year.
  • Tax benefit is available on the purchase of the policy. Additionally, the monthly income is tax-free.
  • The flexibility of the policy allows the regular monthly income to be provided to the family members in case of the death of the policyholder during the term period.

Benefits

  • On survival of the maturity period, the policyholder receives a monthly income for the next 15 years.
  • This policy allows for the Accrued Bonus to be taken as a lump sum on the date of maturity. The monthly income can be enhanced by converting the accrued Simple Reversionary Bonuses along with Terminal Bonus into level Monthly Income.
  • 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.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

 

65 years

Policy Term (PT) in years

10 years

Premium Paying Term (PPT) in years

10 years

Premium Paying Frequency

Half-yearly

Yearly

Yearly Premium

Rs. 23,280

Rs. 18,20,000

Sum Assured

11 times the Annualized Premium

Details About Premium

Annual premium in Rupees

Age of Policyholder

Policy Term

Base Premium (Rs.)

Sum Assured (Rs.)

Guaranteed Monthly Income (Rs.) that will be provided

18

10

31999

341440

2000

28

10

32079

342294

2000

18

10

159996

1707200

10000

28

10

160396

1711468

10000

30

10

966574

10313622

60000

40

10

975574

10409652

60000

45

10

1656955

17680190

100000

55

10

1819951

19419400

100000

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: If the policyholder wishes to surrender the policy then the company pays the higher of Guaranteed Surrender Value or Special Surrender Value. The policy will be terminated at the earliest of the following: (1) the date on which the policy is surrendered. (2)On the payment of the last monthly income/lump sum benefit amount at the end of the Benefit Pay out period, or death.

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. In case of Distance Marketing, this timeframe is extended to 30 days. The premium that was paid will be refunded minus a proportionate premium for the risk borne by PNB Metlife, as well 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 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.

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.