Robinhood Insurance Broker Private Limited

Product Info

UIN

117N016V01

Status

Withdrawn

Launch Date

31/07/2003

Withdrawn Date

31/12/2013

Product Overview

MetLife Bhavishya Plan is a Guaranteed Money Back Child Plan such that the life of the parent is insured for the benefit of the child. If the parent dies within the policy tenure, then the Sum Assured is paid immediately. However, the future premiums are paid by the insurance company such that the policy continues to pay the Maturity Benefits whenever due.

Product Description

  • There are 2 Maturity Options that can be selected depending upon the policy maturity date.
  • Premium needs to be paid till maturity or earlier death.
  • There are inbuilt benefits like Premium Waiver Benefit rider and 4 riders.
  • The plan has built-in guaranteed additions of Rs.50/- per Rs.1,000/- of Sum Assured every year.

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Unique Features

  • This is a Double Death Benefit Plan as the Sum Assured is paid immediately if the Life Insured dies and the Maturity Benefit is also paid whenever due.
  • There are inbuilt benefits like Premium Waiver Benefit rider and 4 riders.

Eligibility Criteria

Eligibility Criteria
  Minimum Maximum
Sum Assured (in Rs.) 1,00,000 No Limit
Policy Term (in years) Option A: 21 minus age at entry of the child.
Option B: 25 minus age at entry of the child
Premium Payment Term (in years) Equal to Policy Term
Entry Age of Life Parent (in years) 20 50
Entry Age of Life Child  (in years) 0 8 for Option A, 
12 for Option B
Age at Maturity(in years) - 75
Regular Premium (in Rs.) 6,000 No Limit
Payment modes Yearly, Half-Yearly, Quarterly, Monthly & SSS

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Product Benefit

Benefit Description
Maturity Benefit On the maturity, i.e. at Age 21 for Option A and at Age 25 for Option B, the life insured or his nominee gets the Guaranteed Additions + Terminal Additions.
Survival Benefit   There are 2 Options which can be selected:
Option A Age of Child % of Payout
15 years 20% of Sum Assured
17 years 30% of Sum Assured
20 years 50% of Sum Assured
Option B Age of Child % of Payout
17 years 20% of Sum Assured
21 years 30% of Sum Assured
23 years 50% of Sum Assured
Death benefit  In the case of death of the Life Insured, the nominee would get the Sum Assured immediately. The future premiums would be waived and again 25% of the Sum Assured is paid on each of the last 4 policy years.

Other Policy Features

  • Paying the premium: The policy will lapse if the premium stops. However, it can be revived within 3 years from the first unpaid premium.
  • Surrender:
  1. If premiums for 3 years have been paid up, then surrender of policy is allowed.
  2. Guaranteed Surrender Value = 30% of basic premiums paid – 1st year’ s premium and additional premium paid (if any).
  • Loan: There is no loan available under this plan.

Add-ons

  • Accidental Death Benefit (ADB):
    In the event of the death of the life insured due to an accident occurring within the policy term, 100% of Rider Sum Assured shall be payable. The death should happen within 180 days from that accident.
  • Critical Illness:
    The chosen Critical Illness (CI) Sum Assured shall be payable upon the first diagnosis of one of the covered Critical Illnesses.
  • Term Rider:
    Term rider sum assured is paid along with the base sum assured.
  • Waiver of Premium (WoP):
    Future premiums is waived off in the case of a critical illness.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

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 Bhavishya 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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