PNB MetLife Bhavishya Plus Plan
PNB MetLife Bhavishya Plus Plan is a traditional savings and investment plan that provides policyholders with the triple benefit of guaranteed savings, protection and money back. This is an ideal policy for those looking to address long-term financial needs and is a way to provide for their near and dear ones when they are not around.
PNB MetLife Bhavishya Plus – Key Features
The policy provides long-term savings and coverage for a period of twelve to twenty-four years.
Financial provision made for the family members of the policyholder even in the unfortunate event of the insured’s death
Benefits of tax are eligible on the policy purchase and the premiums paid under sections 80(C) and 10 (10D) of the Income Tax Act.
PNB MetLife Bhavishya Plus – Product Specification
Details About Premium
Annual premium in Rupees
PNB MetLife Bhavishya Plus – Policy Details
Grace Period: The insured is allowed a grace period of 30 days if he fails to pay his premiums by the premium due date. If the insured fails to pay his monthly premiums, then a 15 days grace period is allowed to pay his premiums. This timeframe is reduced to 15 days if payments are being done on a monthly basis.
Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. The policy is terminated upon the earliest of the following: on payment of the Surrender Benefit, or Death Benefit or Maturity Benefit. The policy will also be terminated at the end two years after the policy has lapsed.
Free Look Period: The insured gets a free look-up period of 15 days to review his plan on receiving his policy documents within which he can evaluate his plan in the light of his basic requirements. If the insured feels that he is not happy with the features and benefits of this plan then he is free to cancel his plan within 15 days of receiving the policy documents. All the premiums paid under this plan shall be refunded after making required deductions of the medical expenses, stamp duty charges and administrative expenses if any.
A Policy loan facility can be availed, provided it does not exceed 90% of the policy’s Special Surrender Value at the close of the relevant policy year.
If the insured has paid premium for at least 3 years and subsequently stops paying them, then the benefits of the policy shall be reduced proportionately. This reduction is called Reduced Paid-up Value.
Reinstatement of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the lapse. Sufficient evidence of insurability has to be provided to the company, and all due premiums and interest accumulated have to be paid at the time of reinstatement.
A surrendered policy is not eligible for reinstatement.
Suicide: If the insured commits suicide within first year from the plan inception, then 80% of the premium shall be paid to his beneficiaries. And, if the insured commits suicide within the first year of plan renewal, then a higher of Surrender Value on death and 80% of premiums paid till date shall be payable.
Below are the documents which are required to be insured under PNB MetLife Bhavisya Plus:
Duly filled Application form/Proposal form
Bank Account Proof
Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
Past Medical History
**The documents required are subject to the plan options and the sum assured chosen.
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