PNB MetLife Serious Illness Rider Plan

With stress levels going up every day, health has become a primary concern for us. The fast paced lifestyle has brought with it a never ending list of ailments, conditions diseases like cancer, heart attack and such. One can experience some relief in the knowledge that the treatments for such ailments and conditions are now available in India. However, the costs of these treatments are prohibitively high and can certainly make a serious dent in one’s savings. Also, combating any illness or condition isn’t only financially weakening but also emotionally stressful. Considering that one can not always predict an illness or prevent it from happening, however, by investing in the MetLife Serious Illness Rider, we can most certainly shield ourselves and our loved ones to a major extent.

Eligibility Conditions of MetLife Serious Illness Rider

Minimum Age of Entry 18 years
Maximum Age of Entry 65 years
Maximum Age at Maturity 70 years

Key Features of MetLife Serious Illness Rider

Type of Plan Non-linked, Health Insurance Rider
Plan Basis Individual
Policy Term 5 years to 30 years
Premium Payment Frequency Single Pay, Annually, Bi-annually, Quarterly or Monthly.
Maturity Benefit Rider provides 100% of the Sum Assured amount on survival of 30 days after the confirmed diagnosis of the insured individual who is suffering from one of the Insured Critical Illness Conditions.
Free-look Period 15 day Free-look period from the date of receipt of the Policy document.
Grace Period 30 days from the due date of payment for quarterly/half-yearly/yearly frequencies: 15 days from due date of payment for monthly/payroll savings plan.
Policy Revival The lapsed policy can be revived within 2 years from the first unpaid premium.
Sum Assured

Minimum Sum Assured is Rs 50,000.

Maximum Sum Assured is Rs 50,00,000.

Policy coverage First Heart Attack (of specified severity), Stroke Resulting in permanent symptoms, Cancer (of specified severity), Total blindness, Open heart Replacement / Repair of Heart Valves and Permanent Paralysis of Limbs.

Key Benefits of MetLife Serious Illness Rider

Some of the key benefits of the MetLife Serious Illness Rider are as follows:

  • The MetLife Serious Illness Rider is a very affordable plan which can be availed on the payment of a nominal premium.
  • You and your loved ones can enjoy enhanced protection with the help of additional health cover which is a part of the base policy.
  • The MetLife Serious Illness Rider provides you with the flexibility of not only choosing your rider term but also the Sum Assured amount according to your individual needs.
  • MetLife Serious Illness Rider plan holders can also avail tax advantages not only on the premiums which are paid towards the policy but also on the benefits received from the PNB Metlife Life Insurance policy.
  • You can choose from a variety of Premium Payment Methods which include Single payment, Yearly Payment, Half-yearly, Quarterly, Monthly and Payroll Savings mode.

Premium Payment

Options Single 5 Pay 10 Pay Regular Pay
Minimum Rider Sum Assured (3) Rs. 50,000 (Rs 5 lakh for 'On Line') Rs. 50,000 (Rs 5 lakh for 'On Line') Rs. 50,000 (Rs 5 lakh for 'On Line') Rs. 50,000 (Rs 5 lakh for 'On Line')
Maximum Rider sum Assured (3) Rs 50 lakh Rs 50 lakh Rs 50 lakh Rs 50 lakh
Min. Annualized Rider Premium (4) Rs 263 Rs 70 Rs 62 Rs 62
Max. Annualized Rider Premium (4) Rs 8,65,300 Rs 1,94,450 Rs 1,17,400 Rs 1,38,400

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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