Due to the current socio-economic scenario and lifestyle changes, the probability of maintaining good health is very low. Fortunately, medical advancement has been able to decrease the fatality rate and ensure better health and recovery. However, the expenses involved in facilitating such treatments are very high. In order to protect yourself in case such a scenario emerges, you need to have an additional cover such as the MetLife Critical Illness Rider along with your basic life insurance policy.
The MetLife Critical Illness Rider covers up to 10 critical health conditions and protects you against any lifestyle/ health risk and covers your medical expenses for the same. The base policy offered by PNB MetLife Insurance is the MetLife Mera Term Plan. You can have up to four nominees for this rider policy.
Eligibility Criteria for MetLife Critical Illness Rider
|Minimum entry age||18 years|
|Maximum entry age||65 years|
|Maximum age at maturity||75 years|
|Minimum term of the policy||10 years|
|Maximum term of the policy||40 years|
|Minimum Rider Sum Assured||Rs. 5,00,000|
|Maximum Rider Sum Assured||Rs. 50,00,000|
Key Features of MetLife Critical Illness Rider
The MetLife Critical Illness Rider provides a supplementary cover for health risks such as cancer and heart attack and also offers the flexibility to choose the Sum Assured as per the requirements of the policy holder. Some of the key features of this Rider Policy are:
A waiting period of 90 days will be in effect from the date of issue of this rider or the reinstatement of the policy. Hence, any critical illness which has been diagnosed within this period will not be covered under the policy.
The premium paid on the MetLife Critical Illness Rider will be reviewed every 5 years from the date of inception of the Rider Policy. The minimum annualized rider premium will be Rs. 75 (exclusive of taxes) and the maximum annualized rider premium will be Rs. 80, 450.
The policy holder has to survive the health threat for a period of minimum 30 days from when the illness has been diagnosed, in order to avail the benefit amount available from the MetLife Critical Illness Rider.
Benefits/ Advantages of MetLife Critical Illness Rider
The MetLife Critical Illness Rider covers critical illnesses such as cancer and heart attack. Cover is provided for medical treatment and procedures related to these conditions such as:
- Heart attack.
- Heart valve replacement.
- Surgery to coronary arteries.
- Major organ transplant.
- Cancer (Leukemia, Lymphoma and Seroma)
- Aorta surgery.
In case the insured commits suicide: 80% of the Regular Premium paid will be refunded without any interest on the amount, if the insured commits suicide within one year of issue of the policy.
If the Rider sum assured is less than the sum assured under the Base policy, then the minimum rider sum assured will be Rs. 5,00,000 and the maximum sum assured can go up to Rs. 50,00,000. This is based on the premium paid on the same. The sum assured on the chosen critical illness will be paid out to the policy holder when the illness has been diagnosed and the following criteria has been fulfilled:
- The policy holder survives the illness for a period of minimum 30 days from when the illness has been diagnosed.
- The illness is diagnosed after the initial waiting period of 90 days from the date of issue or reinstatement of the rider policy.
- The critical illness conditions specified to fulfill this benefit are – Heart attack and Cancer. The severity of the attack is taken into consideration.
Free Look Period
The insured has 30 days from the date of issue of the Rider Policy, to review the terms and conditions mentioned in the policy document. In case the policy holder is dissatisfied with the terms of the policy or it does not meet his/her specific requirements, he/she can cancel the policy by placing a written request with the insurance provider and mentioning the reason for the objection. The policy holder will then get a refund of the Regular Rider Premium paid out.
How the MetLife Critical Illness Rider works
The MetLife Critical Illness Rider covers up to 10 critical health conditions such as heart attack, heart valve replacement, surgery to coronary arteries, stroke, major organ transplant, cancer, aorta surgery, paraplegia and other insured critical illnesses. The medical expenses for treatment of these illnesses are covered under this rider, as long as the illness has been diagnosed after the waiting period mentioned in the policy. This rider will be terminated when any one of the four conditions mentioned below occurs:
- Illness has been diagnosed within 90 days of issue/ reinstatement of the rider policy.
- The expiry, conversion or surrender of the basic insurance policy to paid up insurance.
- On the maturity date of the base policy or if on the date of policy anniversary (i.e., one year from the date of issue or commencement of the rider policy – this extends till the maturity date of the policy) the insured is 60 years old, whichever comes first.
- The rider will be terminated based on the date when the illness first occurred, based on which the benefit from the rider is payable.
Regular rider premium can be paid on or before the due date which is mentioned in the Rider Schedule. Cess, Tax and other charges as applicable will be levied on the rider premium. The term of premium payment is the same as the regular term of premium payment of the base policy. You can choose to pay the premium on a quarterly, half-yearly or yearly basis. You can also choose to pay the premium on a monthly basis, but this can be enabled only via ECS facility. The minimum premium that a policy holder will have to pay for the rider on an annual basis would be Rs. 75. The maximum premium that a policy holder will have to pay for the rider on an annual basis would be Rs. 80, 450. This amount projected is exclusive of taxes applicable from time to time.
In order to alter the frequency of the Rider Premium payment, you can submit a written request to any branch of PNB MetLife. This will be in effect from the following policy anniversary date. If the rider premium is not paid for 3 consecutive years, the Rider policy will lapse and the benefits that is due to the insured will not be payable.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017