This is simple micro-insurance non-participating plan that provides the policyholder with comprehensive life insurance cover at a very nominal cost.
Eligibility Criteria of PNB MetLife Grameen Ashray Plan
|EntryAge||Minimum – 18 years. Maximum – 55 years.|
|Coverage Term||5 years.|
|Maximum Cover Ceasing Age||60 years.|
|Sum Assured||Minimum: Rs.5,000. Maximum: Rs.50,000.|
Key Features of PNB MetLife Grameen Ashray Plan
|Type||Pure term, micro-insurance plan – non-participating.|
|Coverage||Death Benefit – In the unfortunate event that the life insured dies during the coverage term, his / her nominees will be entitled to be paid the chosen Sum Assured.
Surrender Benefit: Regular premium policies do not have this benefit, but Single Premium policies can be surrendered after 2 years from the date of commencement.
On receiving the request for surrender, the policyholder will be entitled to receive:
|Premium paying Term Options||
|Premium paying mode||
|Loans||Loans are not provided against this policy.|
|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 90 days on non-payment of the unpaid premium.|
|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 3 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 Grameen Ashray Plan
- PNB MetLife Plan offers comprehensive coverage at a very affordable rate.
- Choose the premium paying option – single premium, or over the term of the policy.
- Simplified process, easy documentation and no medical tests required.
- Tax Benefits under Section 80C and Section 10(10D).
How The Plan Works
Mr. Babu, a 35 year old farmer, chooses to take this policy with a Sum Assured of Rs.10,000. The coverage term chosen is 5 years, and he paid regular premiums of Rs.147 every year. If he dies during his 5 year coverage term, his nominee will be entitled to receive a death benefit of Rs.10,000.
There are no additional riders available with this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017