The MetLife Bhavishya Plus Plan ensures that you will be able to accomplish your primary duty as a provider – to provide and take care of your family – even in your absence. It’s specifically designed to ensure that your family gets the maximum financial benefit by giving you comprehensive life insurance coverage. Invest in this Metlife plan and enjoy the triple-layered benefits of comprehensive insurance cover, money back, and guaranteed savings.
Eligibility Criteria of PNB MetLife Bhavishya Plus Plan
|EntryAge||Minimum – 20 years. Maximum – 25 years.|
|MaturityAge||Maximum – 69 years.|
|Sum Assured||Minimum: Rs.92,320. Maximum: Rs.5,00,000.|
Key Features of PNB MetLife Bhavishya Plus Plan
|Type||Non-linked, deferred, participating endowment plan.|
|Coverage||Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be entitled to:
Death Sum Assured is the higher of:
Survival Benefit – 20% of the Base Sum Assured is payable as a fixed amount at the end of each policy year (in the last 3 years before the maturity date), depending on whether the life insured survives till then.
Maturity Benefit – On completing the policy term by surviving till the maturity date, the policyholder will be entitled to get the Maturity Sum Assured, plus Accrued Simple Reversionary Bonus, plus Terminal Bonus (if any).
The Maturity Sum Assured is the minimum guaranteed sum assured on maturity – which is 40% of the Base Sum Assured.
The Simple Reversionary Bonus will start to accrue from the 3rd policy year onwards, and is payable on the earlier of:
The Simple Reversionary Bonus will not accrue from the date of lapse or death.
The Terminal Bonus will start to accrue from the 5th policy year onwards. It is accrued as a percentage of the accrued Simple Reversionary Bonus. The Terminal Bonus is payable on the Maturity of the policy.
|Policy term||Minimum: 12 years.
Maximum: 24 years.
|Premium paying Term Options||Regular.|
|Premium paying mode||
Rs.17,999 – per annum.
|Surrender Value||If the premiums are paid for 3 full policy years and the policy has been in force for 3 full policy years, the policy will acquire a surrender value.
The Surrender Value is equal to the maximum of the Guaranteed Surrender Value and Special Surrender Value.
The Guaranteed Surrender Value is based on the percentage of the total premiums paid and the discounted value of Accrued Simple Reversionary Bonus.
Special Surrender Value will be quoted on the receipt of the Surrender Request – and this amount depends on the market conditions prevailing when the Surrender Request is sent.
A policy that’s been surrendered cannot be reinstated.
|Loans||Loan is provided against the policy. The maximum loan amount offered is limited to 90% of the Special Surrender Value of the end of the relevant policy year. The rate of interest is determined by the company.|
|Tax benefits||Tax benefits are applicable as per applicable taxation laws.
You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
|Grace Period||There is a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly and PSP modes.|
|Free Look Period||There is a free look period of 15 days from the date of receipt of policy documents.|
|Reinstatement||When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions.
Reinstatement can be requested up to 2 years from the date of the first unpaid premium with a letter requesting the same.
Reinstatement is subject to receipt of a letter showing proof of insurability along with a formal request for reinstatement, and all the unpaid premiums, along with interest.
All premiums due till the date of reinstatement must be paid along with compound interest at the rate prescribed by the company.
Revival fees is Rs.250.
|Termination||The policy stands terminated on the earliest among the following scenarios:
Advantages of PNB MetLife Bhavishya Plus Plan
- Plan offers flexibility in the way you want to save – with a 12 year term or a 24 year term.
- Your family will enjoy guaranteed payouts during the last 3 years of the policy term – ensuring that some financial needs are taken care of.
- Maturity payout can be boosted with a Reversionary Bonus and Terminal Bonus.
- Premiums are very affordable, and the policy offers comprehensive coverage.
- Tax Benefits under Section 80C and Section 10(10D).
How The Plan Works
Step 1: Pick a premium amount to pay, depending on the coverage you require.
Step 2: Choose a premium paying mode.
Step 3: Pay regular premiums for 12 - 24 years, accrue all bonuses and build sum assured.
Step 4: On surviving till the maturity date in – you will receive the Sum Assured + Simple Reversionary Bonus + Terminal Bonus – making your long-term investment goals a reality.
Step 5: In the event of your death during the policy term, your family will receive financial assistance in the form of Sum Assured + Bonuses.
There are no additional riders available with this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017