The policyholder has to fill up an `Application form with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof. PNB Metlife India Insurance Launches New Product Offering Coverage to 35 Critical Illnesses for 10 Years PNB Metlife Launches its First Health Insurance Product
Details About Premium Annual premium in Rupees Policy Details Grace Period: Thirty days is given to the policyholder to pay all due premiums. This timeframe is reduced to 15 days in case of premiums being paid via monthly mode. The policy will acquire a “Discontinued” status if payment is not made within the applicable timeframe. Policy Termination or Surrender Benefit: If the policy is surrendered before the completion of 5 years, then the insurance cover ceases and the Fund Value net of any discontinuance charge, if at least 5 years premiums have not been paid, will be transferred to the Discontinued Policy Fund. This Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India. Proceeds from this will be payable only after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee After completing five policy years, if it is surrendered, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policyholder and the policy will terminate immediately. Free Look Period: The policy may be cancelled if the customer so wishes, within 15 days of receiving the policy document. The amount refunded is equivalent to non-allocated Premiums plus charges levied through cancellation of units plus Fund Value at the cancellation date. This amount is subject to deduction of expenses towards stamp duty and proportionate risk premium. Inclusions Four switches in a policy years are allowed free of charge, after that Rs. 250 is charged per switch. Two partial withdrawals are permitted in a single policy year, in which only the first is free of charge. A discontinued policy may be revived within two years of discontinuance by paying all due premiums.
The policy can be bought without the hassles of medicals and with minimum paperwork 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 as per the Income Tax Act under section 80 (C). On maturation of the policy, the fund value plus the Loyalty Additions is paid as Maturity Benefit. In case of the death of the policyholder, the beneficiary receives the following: (1) Higher of either Sum Assured or 105% of the Total Annualized Regular Premium paid. (2) Future payments will be ceased. Additionally, PNB Metlife will on a monthly basis credit an amount that is equivalent to one annualized regular premium into the policyholders fund.
The policy paying term can be 10, 15 or 20 years This a ULIP that is geared towards the benefit of your child Loyalty Additions are offered on policies that are of 15 or 20 years On completion of policy term, Fund value with applicable loyalty additions is paid. On the premature Death of the parent, the childs future is secured with a three-way Death benefit. Six funds are available for investment with this policy. There are no medical requirements. Systematic Transfer Option is available.
PNB MetSmart Child Insurance policy is a Unit Linked Insurance Plan that is used to take care of future costs for a child, be it rising educational fees or extracurricular activities, etc.
