PNB Met Super Insurance policy is a Unit Linked Life Insurance Plan that creates wealth for the investor as well as secures the future happiness of its investors and their loved ones.
In case of the death of the policyholder, the nominee receives Death Benefits. The Death Benefit will be the higher of the following: (a) the Fund Value or (b) the Sum Assured minus all Partial Withdrawals, or (c) 105% of the Total Regular Premiums paid.
Based on the customers propensity to take risks, there are 6 Unit Linked Funds for investment.
Systematic Transfer Option allows the customer to take advantage of market volatility.
Tax benefit is available in this policy as per the Income Tax Act under section 80 (C).
On maturation of the policy, the person insured is entitled to receive Maturity Benefit. There are various settlement options for the Maturity Benefit – (a) Withdrawal of the Total Fund Value as on the maturity date, which terminates the policy. (b) Withdrawal of the Total Fund Value is allowed to be done at regular intervals during an extended Maturity Benefit Period that does not last for more than five years starting from the maturity date. (c) A combination of the above two is possible, where part lump sum withdrawal and regular withdrawals, is done.
The policyholder may choose to manage his or her investment with the Premium Redirection option. The proportion for the selected fund has to be a minimum of 20%. Change in the allocation of premiums can be done free of charge once in every policy year.
A discontinued policy may be revived within two years of discontinuance by paying all due premiums.
Four switches in a policy years are allowed free of charge, after that Rs. 250 is charged per switch. Switches made over the internet are free of cost, regardless of the number of switches made. The minimum value of each switch has to be Rs. 5000.
If the Life Insured person commits suicide within a year of the policy commencement only the Total Fund Value in the unit account as at the time of demise, would be refunded. The same is applicable if the Life Insured person commits suicide within a year of the date of the last reinstatement.