Details About Premium Annual premium in Rupees for a term of 15 years Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly modes and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 or 3 full years premiums has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = GSV Factor * cumulative annual premiums paid including the GSV of Guaranteed Additions Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders Extra premium rates are charged for smokers The total Maturity Value including Guaranteed Additions can go to as high as 325% of the Sum Assured Inclusions Loan is available to the maximum of 80% of the Surrender Value Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Guaranteed Additions @ 8% for term 15-19 years and 9% for term 20-25 years accrues for each completed policy year On maturity, the basic SA along with the aggregate Guaranteed Additions is paid On death of the policyholder , higher of the basic SA or 10 times the annual premiums or 105% of premiums paid is payable + accrued Guaranteed Additions Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. PNB Metlife Investment Plans