MetLife Endowment Savings Plan
Product Info
UIN
117N083V01
Status
Withdrawn
Launch Date
22/11/2013
Withdrawn Date
05/10/2015
Product Overview
Metlife Endowment Savings Plan is specifically built to address your long-term financial objectives and comes to you at affordable premiums.
Product Description
- Ideal product to address long-term needs. Choose from 10-30 year policy term.
- Flexibility in premium payment term, the customer has the option to choose from PPT options of 5 pay, 10 pay or regular.
- Eligible for Reversionary bonus and Terminal bonus.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Ratio of Sum Assured to annual premium is high. Since the bonuses are calculated on Sum Assured,policy ensures a higher bonus amount.
- It is a limited payment endowment plan with max Sum Assured of 5 crs.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 20 years (age last birthday) | ||||
| Age at Entry (Max) | 60 years(age last birthday), 54 years in 5 years limited pay option | ||||
| Max age of Maturity | 75 years | ||||
| Mode of Premium | Regular Pay | Limited Pay 10 Years | Limited Pay 5 Years | ||
| Yearly | 15,000 | 24,000 | 30,000 | ||
| Half-yearly | 12,000 | 12,000 | 15,000 | ||
| Quarterly | 6,000 | 6,000 | 7,500 | ||
| Monthly | 2,500 | 2,500 | 5,000 | ||
| Min Sum Assured | Rs. 1,64,000 | Rs. 2,57,000 | Rs. 1,45,000 | ||
| Max Sum Assured | 5 crore | 5 crore | 5 crore | ||
| Mode Available | Annual,Semi Annual,Quarterly,Monthly,payroll savings program | ||||
| Policy Term(Min) | 10 years | 15 years | 10 years | ||
| Policy Term(Max) | 20 years | 25 years | 30 years | ||
| Premium Paying Term | 5 years pay | 10 years pay | Regular pay | ||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
On the maturity of the policy, Life Assured will receive the base sum assured + Reversionary Bonus + Terminal Bonus if any.
- Death Benefit:
On the death of the Life Assured, nominee will receive higher of the base sum assured + Simple Reversionary Bonus + Terminal Bonus (if any), 105% of total premium paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus Types | Simple Reversionary Bonus(RB) | The policy will participate in simple RB from 3rd year of the policy. The same will be credited to the policy account at the end of the policy year immediately after the declaration of the bonus.Simple RB is expressed as a percentage of the sum assured.Simple reversionary bonus is payable on death, maturity or surrender of the policy. Simple RB will not accrue on lapsed policy. | ||||
| Terminal Bonus(TB) | The company may also declare s TB as a percentage of accrued RB.TB is declared provided the policy is in force for atleast 10 years.TB is payable only after the 10th policy anniversary on death of life assured or maturity of the policy. | |||||
| Riders Available | Accidental Death Benefit(ADB) | Subject to this Rider Policy being is in full force and effect, upon the Death of the Insured due to an Accident happening within the Policy Term, We will pay the Rider Sum Assured as specified in the Rider Schedule to the Nominee.Where, “Accident” means sudden, unforeseen and voluntary event caused by external, visible and violent means. The death should happen within 180 days from the date of accident. | ||||
| MetLife Serious Illness Rider | Subject to this Rider Policy being is in full force and effect, upon the confirmed diagnosis of the below Critical Illness and survival of the Insured for a period of 30 days, We will pay the Rider sum Assured as specified in the Rider Schedule to the Insured / Nominee.There is a Waiting Period of 90 days from the Date of Inception of the Policy before any claim can be made. | |||||
| Surrender Value | If all due premiums have been paid for at least 3 full policy years (2 years in case of Limited Pay 5 Years), the policy would acquire a Surrender Value. | |||||
| The Surrender Value is equal to the maximum of Guaranteed Surrender Value and Special Surrender Value. | ||||||
| Guaranteed Surrender Value | It is based on a percentage of Total Premiums paid (excluding any extra premiums and taxes paid) and the discounted value of accrued Simple Reversionary Bonus | |||||
| Special Surrender Value | It will be quoted only on receipt of a surrender request and the Special Surrender Value Factor depends on then prevailing market conditions and is not guaranteed. | |||||
| Notes:- A surrendered policy cannot be reinstated | ||||||
| Reduced Paid-Up Value | If the Regular Premiums for at least three full years have been paid and no further due premiums have been paid under Regular Pay and Limited Pay 10 Years. | |||||
| If the Regular Premiums for at least two full years have been paid and no further due premiums have been paid under Limited Pay 5 Years. | ||||||
| Reduced Paid-Up Value is determined as: Death Sum Assured x {Number of Installment Regular Premiums paid / Total number of Installment Regular Premiums payable} + Accrued Simple Reversionary Bonus. |
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| Reinstatement | Requests in writing for reinstatement within two (2) years from the date of first unpaid premium. | |||||
| Pays all due premiums together with interest payment up to the date of reinstatement with interest at the rate prescribed by the Company at the time of reinstatement. The Present rate of interest is 12% p.a. |
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| On fulfillment of reinstatement requirement as specified by the Company | ||||||
| Termination | The date on which the Policy is surrendered | |||||
| At the expiry of three years from the date of lapsation, when the Policy has not been reinstated and provided the said Policy has not acquired any Paid-Up Value under aforementioned section | ||||||
| Upon payment of Death Benefit | ||||||
| Upon payment of Maturity Benefit in case of maturity | ||||||
Add-ons
- Accidental Death Benefit (ADB):
Subject to this Rider Policy being is in full force and effect, upon the Death of the Insured due to an Accident happening within the Policy Term, We will pay the Rider Sum Assured as specified in the Rider Schedule to the Nominee.Where, “Accident” means sudden, unforeseen and voluntary event caused by external, visible and violent means. The death should happen within 180 days from the date of accident
- MetLife Serious Illness Rider:
Subject to this Rider Policy being is in full force and effect, upon the confirmed diagnosis of the below Critical Illness and survival of the Insured for a period of 30 days, We will pay the Rider sum Assured as specified in the Rider Schedule to the Insured / Nominee.There is a Waiting Period of 90 days from the Date of Inception of the Policy before any claim can be made.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of MetLife Endowment Savings Plan
Company Overview
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the fastest growing life insurance companies in the country, having as its shareholders, MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife has been present in India since 2001.
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