Robinhood Insurance Broker Private Limited

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Withdrawn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Withdrawn Date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.

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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

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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.
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.
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

Claim Process

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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Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.

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