Met Easy Plus
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Withdrawn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Withdrawn Date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
COMPARE & BUY SIMILAR PLANS
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 | |
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
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:
- 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). - 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. - 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 |
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| 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) |
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| 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) |
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| 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. |
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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
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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