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  • MetLife Money Back Plan

    PNB Metlife Life Insurance

    Overview

    This is a plan of PNB Metlife that gives two guarantees – that your family and dependants will be financially covered should the worst come to pass for you, and that you will earn your money back- guaranteed.

    Eligibility Criteria of MetLife Money Back Plan

    EntryAge
    • Minimum – 13 years.
    • Maximum – 55 years.
    MaturityAge Maximum – 65 years.
    Sum Assured Minimum: Rs.2,50,000. Maximum: Rs.5,00,00,000.

    Key Features of MetLife Money Back Plan

    Type Guaranteed Money Back Plan, Non-Participating.
    Coverage Death Benefit – In the event the life insured dies, 100% of the sum assured is paid to the nominee irrespective of the survival benefits already paid.

    Survival Benefit – The life insured will receive 10% of the chosen base sum assured as survival benefits on completing 5th policy year till the 9th 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
    5th year 10% of sum assured
    6th year 10% of sum assured
    7th year 10% of sum assured
    8th year 10% of sum assured
    9th year 10% of sum assured
    10th year 60% of sum assured
    Basis Single.
    Policy term 10 years.
    Premium paying Term Regular
    Premium paying mode The premiums can be paid annually, half-yearly, monthly and by Payroll Savings Program. The modal factors are applied as follows:
    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 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 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 The policy stands terminated on the earliest among the following scenarios:
    • Date on which the policy is surrendered.
    • 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.
    • On the payment of the maturity benefit.
    • Upon payment of death benefit.
    Exclusion
    • 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.
    • If the policyholder commits suicide within one year from reinstatement of the policy, insurance coverage 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.

    Advantages of MetLife Money Back Plan

    • Survival benefits of 10% of Sum Assured become payable on completing 5 policy years, up to the 9th policy year.
    • Total benefits of 110% of Sum Assured payable during the policy term
    • Death Benefit will be paid irrespective of the survival benefits already paid.
    • Tax benefits under section 80C and 10(10D).

    How The Plan Works

    Mr. Babu, a software engineer, takes MetLife Money Back Plan for sum assured Rs.10,00,000.

    The premiums exclusive of tax if he is aged 30 will be Rs.89,380.

    The premiums exclusive of tax if he is aged 30 will be Rs.89,680.

    The premiums exclusive of tax if he is aged 30 will be Rs.90,260.

    Riders

    There are no additional riders available with this plan.

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