Robinhood Insurance Broker Private Limited

Product Info

UIN

117L044V01

Status

Withdrawn

Launch Date

16/10/2008

Withdrawn Date

01/01/2010

Product Overview

MetLife offers 'Met Growth' a Unit Linked solution to plan for your golden years which is specially designed to provide financial security for your future requirements.

Product Description

  • Comprehensive protection of 5, 10 and 20 times of the annual premium.
  • 100% of 1st year premium is utilised to provide a guarantee in the plan. 50% of 1st year premium added to fund value on the 10th year and upto 70% (premium related) on the 15th year.
  • 100% of the premium is invested in chosen fund from the 2nd year onwards (Zero allocation charge from 2nd year).
  • Liquidity in the form of Partial Withdrawals and Surrender Benefit.

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Unique Features

  • Zero allocation charge from year 2 which means 100% of premium is available to investment.
  • Plan provides a loyalty addition of 2% of average fund value of last 3 years for coverage term 20 years,25 years and 30 years.
  • The 1st premium which has the time frame and potential for highest growth , grows only by 20% in a span of 15 years

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 0(Age last birthday, 3 months to be completed)
Age at Entry (Max) 60 years(Age last birthday)
Min age of Maturity 18 years
Max age of Maturity 75 years
Min Regular Premium Rs. 12,000 p.a.
Min Top-up Premium Rs. 5000(Sum assured will increase by 125% of the top-up premium for every top-up)
Basic Sum Assured 5 times of the annual premium
***Other Sum Assured Multiples 10 times and 20 times of the annual premium
Notes :- ***For entry age above 55 years only 5 times is allowed
Mode Available Monthly, Semi-annually, Quarterly, Annually
Policy Term 15 years,20 years,25 years and 30 years
Premium Paying Term Regular

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Product Benefit

  • Maturity Benefit:
    Life Assured will receive fund Value including the Guaranteed Loyalty Addition or he can opt for the settlement option*.
  • Death benefit:
  1. If age at death is less than 7 years - The Fund Value plus the regular premium received by us in the first policy year is payable
  2. If age at death is equal to or more than 7 years - Higher of Sum Assured* and 100% of the Fund Value in the Unit Account

Note:*Sum Assured used for computing the Death Benefit will be reduced by the amount of the aggregate (partial) withdrawals made during the preceding two years from the date of death.

Other Policy Features

Feature Description
Guaranteed Loyalty Additions
The policy becomes eligible for guaranteed loyalty additions (up to 120% of the first year annual premium) at the end of the 10th & 15th year plus Guaranteed Additions as a % of the Fund Value.
At the end of the 10th years At the end of the 15th years
50% of the 1st year annualised premium Annualised Premium Guaranteed Loyalty Addition
Silver(12,000-25,000) 55% of the 1st years annual premium
Gold(25,100-200,000) 60% of the 1st years annual premium
Platinum(200,001 and above) 70% of the 1st years annual premium
Plus 2% of average fund value at the end of the 20th policy year and every 5 years thereafter
Notes:- The average fund value is the average of fund values of last 36 monthly anniversaries preceding
the due date after the monthly deductions
     
Met Growth offers you seven Investment Fund Options which have different risk-return profiles and different asset allocation patterns.
Funds Available Asset Allocation Return Since Inception(as on 30th June 2015)
Multiplier 80-100% in listed equity    12.90%
0-40% in Money market instruments 14.3%(Benchmark)
Virtue 60-100% in listed equity 8%
0-40% in Money market instruments  
Balancer 35-65% in listed equity 10.50%
0-60% in long term bonds
0-35% in short term bonds
0-40% in Money market instruments 11.2%(Benchmark)
10-60% in Govt Securities
0-60% in infrastructure/social sector securities    
Protector 20-90% in Govt Securities 7%
10-60% in long term bonds
0-45% in short term bonds
0-40% in Money market instruments 6.7%(Benchmark)
0-60% in infrastructure/social sector securities    
Preserver 80-100% in Govt Securities 6.20%
0-40% in Money market instruments 7.5%(Benchmark)
     
Premium Dis-continuance Within the initial 3 policy years
The benefits in the policy ceases and the policy will lapse from the date of 1st unpaid premium.Can be reinstatted within 2 years from the date of 1st unpaid premium.Fund value is paid in case of death during reinstatement period
After atleast 3 policy years
Policy is allowed to exist for the reinstatement period of 2 years with all benefits and all applicable charges.At the end of the reinstatement period if the policy is still not reinstated, policy will be terminated and surrender value paid.
However, Life Assured can submit a written application within the reinstatement period stating his/her desire to continue the policy.Company will continue the policy and keep deducting all the charges till the time fund value does not fall below 1 annualised premium and applicable surrender charge.
Top-up Premiums The Sum Assured would be increased by 125% of the Top-up premium on each such payment
 Any Top-up premiums paid would be non-withdrawable for three years from the date of such payment
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 Fund Value after the Partial Withdrawal should be equal to 120% of the Annualised Regular Withdrawal is restricted to 10% of the Fund Value in a Policy Year
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

Not Available

Charges

Charges
Premium Allocation Charge
On each premium Years 1 Years 2 onwards
All premiums 100% NIL
Top-up premium 3.50% 3.50%
Note-*The premium allocation charge will be deducted from each top-up premium and the balance net premium
will be utilised to buy units in the chosen fund.
     
Policy Administration Charge
Policy admin charge is waived off in the 1st policy year
For Sum Assured multiple of 5 times the annual premium
Annualised Premium As percentage of Sum Assured per month
Silver(12,000-25,000) 0.225%
Gold(25,100-200,000) 0.15%
Platinum(200,001 and above) 0.10%
For Sum Assured multiple of 10 times the annual premium
Annualised Premium As percentage of Sum Assured per month
Silver(12,000-25,000) 0.1125%
Gold(25,100-200,000) 0.075%
Platinum(200,001 and above) 0.05%
For Sum Assured multiple of 20 times the annual premium
Annualised Premium As percentage of Sum Assured per month
Silver(12,000-25,000) 0.05625%
Gold(25,100-200,000) 0.0375%
Platinum(200,001 and above) 0.025%
Note: The charges will be deducted at the beginning of each month by cancelation of an appropriate number of units using the relevant Net Asset Value of these units. The company reserves the right to increase the policy admin charge to a max of 0.33%.
     
Mortality Charge Mortality charge is waived off in the 1st policy year.
The calculation method will be as follows:
Mortality Charge = (Sum At Risk/1000) X 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 in the Unit Account. The mortality charge would be deducted from the fund with the highest Fund Value and the balance if any from next such fund and so on.
     
Rider Premium Charge The calculation method will be as follows:
Rider Premium Charge = (Sum Assured/1000) X Cost of Rider (CoR which can be  CoADBR or CoCIR)
Note: Rider premium charge(s) will be deducted at the beginning of each month by cancelation of
an appropriate number of units at the relevant Net Asset Value.
     
Fund Management Charges
Fund Option Current Maximum
Multiplier 1.75% p.a. 2.50% p.a.
Virtue 1.75% p.a. 2.50% p.a.
Balancer 1.50% p.a. 2.50% p.a.
Protector 1.25% p.a. 2.50% p.a.
Preserver 1.25% p.a. 2.50% p.a.
Note-*These charges are adjusted while calculating the Net Asset Value of the Unit Linked Funds at each valuation date.
     
Surrender Charges
Surrender charge is based on the 1st years premium.
Number of Annualised Premiums Paid Policy Year 4 Policy year 5
Surrender charge as percentage of annualised premium
Less than One Not Applicable Not Applicable
One to less than two years 75% Not Applicable
Two to less than three years 15% 15%
Three or more 10% 5%
Note-*No surrender is permitted during the first three years of the policy. After the first three policy years,
the following surrender charge is applicable.
     
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 may charge Rs.250 for any material alteration in the contract.  This charge up to a maximum of Rs.750 with prior clearance from the Insurance Regulatory and Development Authority.

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 50% of premiums paid or the surrender value.

Tax Benefits

Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.

Claim Process

Know claim process of Met Growth 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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