Robinhood Insurance Broker Private Limited

Product Info

UIN

117L057V01

Status

Withdrawn

Launch Date

11/12/2009

Withdrawn Date

31/08/2010

Product Overview

Met Easy Plus is a simplified Unit-Linked Plan - that provides you the benefit of insurance protection for your family, and the opportunity to systematically build wealth for your key long-term financial milestones - like children education/marriage, your own retirement

Product Description

  • Flexibility to choose from 6 Unit-Linked fund to help you generate potentially high returns
  • Loyalty Additions to augment your wealth at maturity.
  • Enhance protection with Accident Death Benefit Rider (ADB).
  • This simplified plan is issued to you without you having to worry for any medicals

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Unique Features

  • 100% of 1st year premium is not invested in the fund rather is used to build guarantee in the product. 50% of the 1st year premium is added to the Fund Value on the 10th and the remaining on the 15th year.
  • The 1st premium which has the time frame and potential for highest growth, grows only by 20% in a span of 15 years.
  • Zero allocation charge from year 2 which means 100% of premium is available to investment.

Eligibility Criteria

Eligibility Criteria
  20 year Policy Term 25 Years Policy Term
Age at Entry (Min) 90 days 90 days
Age at Entry (Max) 55 Years 50 Years
Max age of Maturity 75 Years 75 Years
Min  Premium 24,000 18,000
Sum Assured Multiple 5 & 10 5 & 10
Sum Assured Age At Entry Maximum Sum Assured
Up to 35 40,00,000
36-45 25,00,000
46+ 12,00,000
Mode Available Monthly, Semi-annually, Quarterly, Annually
Policy Term 20 years   and    25 years 

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Product Benefit

  • Maturity Benefit:
    On the maturity of the policy you will receive the Fund Value as on the maturity date, including the applicable Loyalty Additions.
  • Death Benefit:
  1. If the death of the Person Insured occurs before the attainment of age 60
    (a) Sum Assured less all Partial Withdrawals made in accordance with the Partial Withdrawal provisions in the last 24 months preceding the date of death of the Person Insured.
    (b) The Fund Value (the value of units pertaining to Regular Premium).
  2. If the death of the Person Insured occurs on or after the attainment of age 60.
    (a) The Fund Value (the value of units pertaining to Regular Premium).
    (b) All Partial Withdrawals made in accordance with the Partial Withdrawal provisions post attainment of age 60 whichever is higher.
  3. In case the age of the Person Insured is less than 7 years of age at the time of death.
    (a) The death benefit will be equal to the Fund Value in the unit account.

Other Policy Features

Feature Description
Guaranteed Loyalty Additions
Policy Term  Loyalty Additions as a percentage of  Average Fund Value*
20 Years 3.00%
25 Years 4.00%
Notes:- * The Average Fund Value taken for Loyalty Additions is the average of the Fund Values for the last
thirty six monthly anniversaries preceding the maturity date
 
Discontinuance of Premium Within the first three policy years
Request in writing for reinstatement within two years from the date of the first unpaid premium.
Provided satisfactory evidence of insurability to us and fulfill all such requirements which may be reasonably prescribed by us.
Payment in full of an amount equal to all the Regular Premiums and Rider Premium due but unpaid till the Effective Date of reinstatement and Applicable reinstatement fee.
After at least three policy years
Where the Fund Value falls to the level of an amount equal to the sum of the 120% of Annualised First Year Regular Premium of the Basic Plan 
Policy is in force until the Fund Value does not fall below the amount equivalent to the Sum of 120% of the Annualized Regular Premium of the Basic Plan and applicable under the Surrender Charge.
The customer may reinstate the policy within two years from the date of first unpaid premium.
If the base policy lapses, the rider also lapses
Surrender Benefit You have an option to surrender your policy after completion of the first three policy years.
When one or more stock exchanges which provide a basis for valuation for a substantial portion of the assets of the fund are closed other than for ordinary holidays
In case of natural calamities, strikes, war, civil unrest, riots and bandhs
In event of any force majeure or disaster that affects our normal functioning
Top-up Premiums The minimum amount of a single Top-Up Premium is Rs. 5,000
The Top-Up Premiums cannot exceed 25% of the total Regular Premium paid till date
Partial Withdrawals The minimum amount of partial withdrawal is Rs. 5000/-
Partial withdrawal is made only after 3 completed policy years
Insured completing 18 years of age
 The minimum amount of partial withdrawal should be Rs. 5,000 and the Total Fund Value after any withdrawal should be at least equal to the sum of 120% of the Annualized Regular Premium and the applicable Surrender Charges
Premium Redirection The Proportion for any chosen fund should be at least 20% of the regular premium
Subsequent changes in apolicy year would be considered as an alteration and would be charged accordingly
Switching  Switch partially or fully between the available Unit-Linked fund options,at any point of the time during the coverage term
12 free switches in every policy year
Minimum value of every switch should be Rs.5,000

Add-ons

Accident Death Benefit Rider:
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

Charges

Charges
Premium Allocation Charge
Coverage Term Year 1  Year 2-5 Year 6 +
20 years 25.00% 2.00% 2.00%
25 years 35.00% 5.00% 2.00%
Note-The Premium Allocation Charge for Top-Up Premium is 2.0%
 
Policy Administration Charge
Sum Assured Related Charges (Per Annum)
Annuali ed premium bands for Sum Assured  Multiple of 5 times Year 1 Year 2 & 3  Year 4 +
Silver < 50,000 5.00% 3.00% 0.86%
Gold (50,000 - 1,99,999) 4.50% 2.00% 0.30%
Platinum (2,00,000 & above) 4.00% 1.50% 0.08%
Annualized premium bands for Sum Assured  Multiple of 10 times Year 1 Year 2 & 3  Year 4 +
Silver < 50,000 2.50% 1.50% 0.43%
Gold (50,000 - 1,99,999) 2.250% 1.000% 0.15%
Platinum (2,00,000 & above) 2.00% 0.75% 0.04%
 
Mortality Chrage The calculation method will be as follows:
Mortality Charge = (Sum at Risk/1000) * Cost of Insurance (CoI)
Notes: The Sum at Risk is defined as the Death Benefit (as defined in the Benefits section) Minus the Fund Value
(relating to Regular Premium Account)
 
Rider Premium Charge The Rider Premiums are not deducted from Fund Value and are payable in addition to the regular premium.
 
Fund Management Charges
Fund Option Charges
Preserver II 1.00%
Protector II  1.00%
Balancer II  1.15%
Virtue II  1.25%
Multiplier II 1.25%
Flexi cap 1.25%
Note: *These charges are adjusted while calculating the Net Asset Value of the Unit-Linked Funds each day.
 
Surrender Charges
Surrender charge is based on the 1st years premium.
Number of Annualised Premiums Paid Policy Year 
1  -  3 4 5 6+
Less than one Annualized premiums paid  100.00% 100.00% 0.00% 0.00%
More than or equal to one but less than two Annualized premiums paid  100.00% 35.00% 30.00% 0.00%
More than or equal to two but less than three Annualized premiums paid  100.00% 30.00% 30.00% 0.00%
More than or equal to three but less than four Annualized premiums paid N.A. 25.00% 25.00% 0.00%
More than or equal to four but less than five Annualized premiums paid  N.A. 20.00% 20.00% 0.00%
More than or equal to five premiums paid N.A. N.A. 0.00% 0.00%
Note: *The Surrender Charge is applied on the Fund Value and is based on annualized premiums.
 
Switching Charge First 12 switches in a policy year Free
For each additional switch in that particular policy year Rs. 250 per switch
Notes: The company reserves the right to increase this charge up to a maximum of Rs.750 with prior clearance from the Insurance Regulatory and Development Authority.
 
Partial Withdrawal Charge First 2 partial withdrawals in a policy year Free
For each subsequent partial withdrawal Rs. 250 per withdrawal
Notes: However, the company reserves the right to increase this charge up to a maximum of Rs.750 with prior clearance from the Insurance Regulatory and Development Authority.
 
Miscellaneous Charge The Company has the option to charge Rs.250 for
alterations like Premium Re-direction and Reinstatement of the Policy.

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 benefit under Section 80 C & 10(10D) as per Income Tax Act 1961

Claim Process

Know Claim Process of Met Easy Plus 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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