Met Monthly Income Plan - 7 Pay plan which guarantees a monthly income for you and your family. This plan also provides for a bonus at the end of the term*( On Death ) and you need not undergo any medical tests to buy it.
|Age at Entry (Min)||18 years (age last birthday)|
|Age at Entry (Max)||55 years(age last birthday)|
|Max age of Maturity||70 years|
|Min Monthly Income||Rs. 1,000 pm|
|Sum Assured(Fixed)||96 times of the Monthly Income|
|Max Sum Assured||No limit subject to medical and financial underwriting|
|Mode Available||Annual,Semi Annual,Quarterly,Monthly,payroll savings program|
|Policy Term||15 Years|
|Premium Paying Term||7 Years|
|Maturity Benefit||On survival till the end of the Policy Tenure, Accrued Simple Reversionary Bonus + Terminal Bonus is paid as Maturity Benefit.|
|Survival Benefit||Get a Monthly income that you have chosen at the inception of the policy for 8 years ( maximum of 96 months ) after the end of the Premium Payment Term|
|The Monthly regular income commences from the monthly anniversary date that immediately succeeds the completion of the Premium Payment Term.|
|Death benefit||Within the Premium Paying Term||24 times the chosen monthly income plus all Accrued Simple Reversionary Bonuses is payable immediately.|
|The monthly regular income also starts from the 1st monthly anniversary falling after the date of death and continues to be paid to the nominee for the next 8 years (Max. 96 months).|
|At the end of 8 years from the date of first monthly regular income payment, the policy ceases with payment of ' Terminal Bonus ' if any.|
|After the Premium Paying Term||24 times the chosen monthly income + all Accrued Simple Reversionary Bonuses is payable immediately.|
|The monthly regular income to the nominee continues for the remaining term till maturity.|
|At the maturity date as chosen at inception, the Policy ceases with payment of 'Terminal Bonus' , if any.|
|Bonus Types||Simple Reversionary Bonus(SRB)||SRB is declared by the company every year starting from the 3rd year onwards based on the companys experience and this is non-guaranteed.|
|Terminal Bonus(TB)||The company may also declares a TB as a percentage of the accrued SRB.
TB is payable only after the payment of last monthly regular income payment and the same is not guaranteed.
|Notes:- *No bonus is payable in the first 2 years of the policy.|
|Premium Paying Modes Available Factor||Premium Paying Mode||Multiplicative Factors|
|Payroll Saving Program||0.0868|
|Cash Surrender value||The Policy may acquire a Cash Surrender Value which shall, at no point of time, be lesser than the Guaranteed Surrender Value|
|The Cash Surrender Value will depends on the paid up benefit defined below suitable reduced by the Survival Benefit already paid and the prevailing market conditions and is not guaranteed and will be quoted on recipt of surrender request of the policy.|
|Reduced Paid Up Value||If premium for 3 years have been paid, and any subsequent premiums has not been paid, benefit under the policy will be reduced proportionately.|
|Reduced Paid-Up Value = ( Total number of Regular Premium paid / total number of Regular Premium Payable ) x Sum Assured.|
|The Revised Monthly income will then be "reduced Paid-up Value divided by 96."|
|Paid-Up Benefit||At any time Paid-up Benefit is taken as the Sum of the Reduced Paid-Up Value and Accrued Simple Reversionary Bonuses.|
|Guaranteed Surrender Value||There are Surrender Benefits in this plan after 3 policy years.
Guaranteed Surrender Value=30% of all premiums paid – 1st years’ premium
|Reinstatement||Requests in writing for reinstatement within three 3 years from the date of the Policy Lapsed|
|Provides Satisfactory evidence of insurability to us|
|Pays all due premium to date of reinstatement with compound interest at the rate prescribed by the Company at the time of reinstatement|
|On fulfillment of reinstatement requirement as specified by the company|
|Termination||The date on which the Policy is Surrendered|
|At the expiry of 3 years from the date of lapse , when the Policy has not been reinstated and provided the policy has not acquired any paid up Value|
|On the Companys payment of the maturity benefit on the maturity date of the payment of last monthly income payment to the nominee|
|Loan||Loan facility is not provided under this policy.|
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 will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Know claim process of MetLife Monthly Income Plan - 7 Pay
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.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
A OneInsure representative will call you shortly.
2 burgers per month
A OneInsure representative will call you shortly.
Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.