MetLife Accidental Disability Benefit Rider is a non-linked and non-participating health insurance rider introduced by PNB MetLife. This rider can be used to modify your existing basic policy to suit your individual needs, providing you with additional cover against any impairment due to an accident at a nominal cost.
Eligibility Criteria for MetLife Accidental Disability Benefit Rider
Given below are the eligibility criteria for the MetLife Accidental Disability Benefit Rider:
|Minimum Age at Entry||18 years|
|Maximum Age at entry||65 years|
|Maximum Age at Maturity||75 years|
Key Features of MetLife Accidental Disability Benefit Rider
The benefits associated with the MetLife Accidental Disability Benefit Rider are mentioned below:
|Type of plan||Non-linked, non-participating health insurance rider|
|Policy Term||10 to 40 years|
|Modes of Premium payment||Monthly (through ECS), quarterly, half-yearly, yearly and through Payroll Saving Plan (PSP)|
|Free look period||30 days free look period is granted to the policyholder, during which time the policyholder can cancel the rider|
|Grace period||15 days for monthly premium payment 30 days for other premium payments|
|Term for Premium payment||Paid regularly over the term of the policy|
|Minimum Sum Assured||Rs. 5, 00, 000|
|Maximum Sum Assured||Rs. 2, 00, 00, 000|
|Minimum Annual Rider Premium||Rs. 75|
|Maximum Annual Rider Premium||Rs. 3, 000|
|Policy Revival||The policy can be revived within 2 years from the date of the first regular unpaid premium|
|Nomination||Nominations can be made as per the policy terms and conditions|
|Policy coverage||Accidental disability benefit|
Benefits/Advantages of the MetLife Accidental Disability Benefit Rider
The following are the benefits provided through the PNB MetLife Accidental Disability Benefit Rider:
- Extra accident protection: The rider provides policyholders with additional protection in the event of an accident- related impairment.
- Affordable premium: The premium to be paid for the cover can be as low as Rs. 75, making it affordable for all.
- Premium payment options: In addition to this, you can pay your premium amount on a monthly, quarterly, half-yearly or annual basis, as per your convenience.
- Flexibility: The Sum Assured amount can be varied, depending on the policyholder’s needs.
- Comprehensive cover: The plan covers a comprehensive list of impairments arising due to accidents and covers loss of sight in one or both eyes, loss of an arm/both arms due to amputation, loss of use of one or both hands as well as loss of use of one/both legs and foot/feet.
- Tax benefits: When you opt for the MetLife Accidental Disability Benefit Rider, you can avail tax benefits on the premium amount paid under Section 80C as well as Section 10 (10D) of the Income Tax Act of 1961.
How the MetLife Accidental Disability Benefit Rider Works
MetLife’s Accidental Disability Benefit Rider is an add-on to your existing policy that is designed to protect you in the event of an impairment caused due to an accident during the policy tenure.
Ms. Singh opted for the MetLife Accidental Disability Benefit Rider in the event that she met with an accident and suffered a permanent disability due to it.
She chose a 20 year policy term with a Rs. 10 lakh premium amount. Given the choice of premium payment options, she decided to pay her premiums half-yearly, making sure she was regular with her payments.
About 15 years into her cover, she met with an accident which resulted in her needing to use a wheelchair for the rest of her life.
As per the terms of her policy, she was eligible to receive the Sum Assured as per her premium payments made over the policy term.
There are certain exclusions to the MetLife Accidental Disability Benefit Rider. Insured individuals who sustain injuries as a result of participation or involvement in any of the following activities will not be eligible for benefits under the terms of the rider:
- Participation in naval, military, or air force operations during times of peace.
- Committing a criminal offence, assault or any activity deemed to be illegal, or any activity committed with a criminal intent.
- Participation in any sports that are hazardous, such as diving, riding or participating in a race of any sort, any sort of activities undertaken underwater, martial art forms, hunting, parachuting etc.
- Intentionally inflicting injury on oneself.
- Injuries sustained due to war (declared or undeclared), civil war, terrorist acts, martial law, riots, rebellion, revolutions, invasions or foreign enemy hostilities.
- Abuse of alcohol or consumption of narcotics, psychotropics unless taken under medical advice.
- In the case of nuclear contamination- due to materials or property contaminated by radioactive substances or in the event of an accident arising out of such materials.
- In case of injuries sustained due to the insured individual’s participation in flying, unless he is a certified professional or a passenger in an airplane.
The premium amount to be paid would depend on the Sum Assured as well as the choice of payment option. Policyholders can choose to pay their premiums monthly, quarterly, half-yearly, yearly or through Payroll Saving Plan (PSP).
It should be noted that the Sum Assured under the rider cannot exceed the base policy’s Sum Assured.
There are no riders associated with this scheme.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017