Robinhood Insurance Broker Private Limited

Product Info

UIN

117N064V01

Status

Withdrawn

Launch Date

24/06/2010

Withdrawn Date

31/12/2013

Product Overview

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.

Product Description

  • This plan offers Limited Payment Option of 7 years.
  • Simple Reversionary Bonus starts after completion of 3 policy years.
  • In this Plan, there is a Guaranteed Death Benefit for 24 times the Monthly Income chosen + Accrued Bonus that is paid immediately and the future premiums are waived off.
  • In the case of Death of the Life Insured, Guaranteed Monthly Income would commence from the next monthly anniversary.

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Unique Features

  • Guaranteed Monthly Income to life assured or to nominee for a fixed term of 8 years.
  • In the case of death of the life assured, Guaranteed Monthly Income starts from the next month without waiting for the PPT to finish and the remaining premiums are waived off.
  • This policy pays Monthly Income for 8 years from the month after completion of the Premium Paying Term.

Eligibility Criteria

Eligibility Criteria
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

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Product Benefit

Benefit Description
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.

Other Policy Features

Feature Description
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
Semi-Annual 0.5131
Quarterly 0.2605
Monthly 0.0886
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.

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 benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know claim process of MetLife Monthly Income Plan - 7 Pay

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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