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Withdrawn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Withdrawn Date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