PNB MetLife Money Back Plan - Guaranteed Returns with Life Cover and Regular Payouts

Type

Guaranteed Money Back Plan, Non-Participating.

Coverage

Death Benefit

Survival Benefit – The life insured will receive 10% of the chosen base sum assured as survival benefits on completing 5^th policy year till the 9^th policy year.

Maturity Benefit – On completing the policy term, the policyholder will be entitled to get 60% of the sum assured at the end of the policy term.

Policy year

Benefit

th

10% of sum assured

th

10% of sum assured

th

10% of sum assured

th

10% of sum assured

th

10% of sum assured

th

60% of sum assured

Basis

Single.

Policy term

10 years.

Premium paying Term

Regular

Premium paying mode

Premium mode

Modal factor

Semi annually

0.5131

Quarterly

0.2605

Monthly

0.0886

Payroll Savings Program

0.0868

Guaranteed surrender value

If the premiums are paid for 3 full policy year and the policy has been in force for 3 full policy years, the policy will acquire a guaranteed surrender value. The GSV is 30% of the total amount of premiums paid excluding the premium paid for the first policy year.

Loans

Loan is provided against the policy. The maximum loan amount offered is limited to 90% of the cash surrender value of the end of the relevant policy year. The rate of interest is determined by the company.

Tax benefits

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

Reinstatement can be requested up to 3 years from the date of the first non-paid premium.

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

1. Date on which the policy is surrendered.
2. Upon the expiry of three years from the date of policy lapse. When the policy is not reinstated, provided that the policy has not acquired any paid up value.
3. On the payment of the maturity benefit.
4. Upon payment of death benefit.

Exclusion

1. In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, the insurance cover will be void and the company will not pay any benefits and will just refund the premiums paid without interest to the nominee.
2. If the policyholder commits suicide within one year from reinstatement of the policy, will be void and the company will not pay any benefits except the GSV and will refund the premiums paid without interest to the nominee.