The MetLife Accidental Death Benefit Rider Plus is a non-linked health insurance rider that provides additional coverage in the event of a death resulting from an accident. The rider provides the insured with coverage over and above their basic PNB Metlife policy.
Eligibility Criteria for MetLife Accidental Death Benefit Rider Plus
|Minimum age at entry||18 years|
|Maximum age at entry||65 years|
|Age at which cover ceases||70 years|
Key Features of the MetLife Accidental Death Benefit Rider Plus
The MetLife Accidental Death Benefit Rider Plus comes with the following features:
|Type of Plan||Non-linked health insurance rider|
|Policy term||5 years to 30 years (40 years if applied for online)|
|Premium payment modes||Single, monthly, quarterly, half-yearly, yearly and Payroll Savings Program|
|Maturity benefits||100% of Sum Assured|
|Premium payment options||Single, 5 Pay, 10 Pay, regular pay|
|Free look period||15 days, during which time the policy can be cancelled|
|Grace period||15 days for monthly regular rider premium payments, 30 days in case of other regular rider premium payments|
|Policy revival||Within 2 years from the date of the first premium payment missed|
|Alterations||Alteration in premium payment frequency is allowed on notifying the insurer|
|Nomination||Nomination is accepted|
|Sum Assured||Minimum amount: varies depending on premium payment options Maximum amount: Rs 1 crore for offline and Rs. 2 crore for online applications|
|Policy coverage||Accidental death benefits|
Benefits/Advantages of the MetLife Accidental Death Benefit Rider Plus
The MetLife Accidental Death Benefit Rider Plus has a number of benefits as listed below:
- Extra protection: The rider offers insurance holders with added protection over and above the coverage offered by the base policy.
- 100% Sum Assured: In the event of the accidental death of the insured, 100% of the Sum Assured will be paid out.
- Tax Savings: Insured individuals will be eligible for tax advantages on the benefits received as well as the premium amount paid under the Income tax Act of 1961, subject the terms and conditions.
- Affordable premiums: the MetLife Accidental Death Benefit Rider has affordable premiums, with the minimum amount being Rs. 37, thus ensuring all individuals can opt for such a rider.
- Flexibility: The Sum Assured can be decided by the insured, giving him the flexibility to choose the option best suited to his needs.
There are a list of exclusions, under which the benefit will not be paid out on the death of the insured. The exclusions are listed below:
- Suicide, whether insured was sane or insane at the time.
- Death resulting from acts of terrorism, war, revolution, rebellion, martial law, riots, civil war, hostilities.
- Due to participation in air force, military or naval operations during times of peace.
- Due to the committing of an illegal activity, an assault, a criminal offence or a breach of law.
- Due to an intentional injury that was self-inflicted.
- Due to a pre-existing condition at the time of commencement of the rider.
- Due to abuse of alcohol or solvent, or the consumption of drugs or psychotropic substances unless prescribed by a certified medical practitioner.
- Participating in any activity involving flying, unless the insured is a certified pilot or cabin crew, or a passenger on an aircraft.
- Participating in sport that could be hazardous, such as mountaineering, bungee jumping, diving or participating in any race, underwater activities as well as riding.
- Due to radioactive materials like nuclear fuel or property that has been contaminated by nuclear substances and any accident resulting out of this.
- Any infection or disease resulting from an accidental that was left uncovered for the first 48 months of the rider policy.
How the MetLife Accidental Death Benefit Rider Plus Works
The MetLife Accidental Death Benefit Rider Plus is an insurance rider that can be used to bolster an existing policy in terms of accidental death coverage. It not only provides protection in the event of an accidental death, but also provides flexible premium payment modes, making it easy for individuals to make their payments if they choose to opt for it.
Mr. Sharma, for example, desired a more comprehensive cover in the event of an accident resulting in his demise. He opted for the MetLife Accidental Death Benefit Rider Plus, choosing a 30 year term and opting to make a 5 pay payment towards his premium amount.
In this way, Mr. Sharma spaced out his premium payments instead of choosing to pay a lump sum amount.
Mr. Sharma met with an accident that resulted in his death halfway through his premium term. MetLife paid out 100% of the Sum Assured at the time to his nominees.
In the event that Mr. Sharma outlived his rider term, he would receive a lump sum of the Sum Assured upon maturity of the term.
With the MetLife Accidental Death Benefit Rider Plus, you can choose how much and when you pay your premium. Kindly refer to the table below for a more comprehensive list:
|Premium Payment Option||Minimum Annual Premium amount||Maximum Annual Premium Amount|
|Regular Pay||Rs. 37.50||Rs. 10, 476|
|10 Pay||Rs. 60||Rs. 23, 747|
|5 Pay||Rs. 285||Rs. 42, 432|
|Single||Rs. 465||Rs. 2, 48, 724|
There are no riders associated with the MetLife Accidental Death Benefit Rider Plus.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017