Metlife Suvidha (Par) is a flexible endowment plan that combines saving and security. It gives you the unique option to choose both the policy term and the premium paying term.
Eligibility Criteria | ||
Age at Entry (Min) | 15 years (age last birthday) | |
Age at Entry (Max) | 60 years(age last birthday) | |
Max age of Maturity | 75 years | |
Min Premium Payable | Rs. 2,500 | |
Min Sum Assured | Rs. 75,000 | |
Max Sum Assured | No limit subject to medical and financial underwriting | |
Mode Available | Annual, Semi Annual, Quarterly, Monthly, Payroll savings program. | |
Policy Term | Min | 15 years |
Max | 30 years | |
Premium Paying Term | Single pay,5 year pay, 10 year pay,regular pay |
Maturity Benefit:- On the maturity of the policy, Life Assured will receive the base sum assured + Reversionary Bonus + Terminal Bonus if any.
Death benefit:- On the death of the Life Assured, nominee will receive the base sum assured + Reversionary Bonus + Terminal Bonus if any.
Feature | Description | |||||
---|---|---|---|---|---|---|
Premium Paying Modes Available Factor | Premium Paying Mode | Multiplicative Factors | ||||
Annual | 1 | |||||
Semi-Annual | 0.5131 | |||||
Quarterly | 0.2605 | |||||
Monthly | 0.0886 | |||||
Payroll Saving Program | 0.0868 | |||||
Bonus Types | Reversionary Bonus(RB) | RB is declared by the company every years based on the company's investments and this is non-guaranteed. RB is paying together with Sum Assured either on death or on maturity. | ||||
Terminal Bonus(TB) | The company may also declare a TB as a percentage of accrued RB. TB is declared provided the policy is in force for atleast 10 years. TB is payable only after the 10th policy anniversary on death of life assured or maturity of the policy. | |||||
Notes:- *No bonus is payable in the first 2 years of the policy. | ||||||
Premium Dis-continuance | In case the life assured doesn't pay the premium on or before the due date of the ,a grace period of 30 days is provided to pay the premium.If the premium is not paid within the grace period, the policy lapses and will be subject to non-forfeiture options. | |||||
Reduced paid-up | if at least 3 years premiums have been paid, then the policy gets converted to Paid Up Value and continues with a reduced coverage. The policy can however be revived within 3 years from the date the policy lapses. | |||||
Surrender Value | For Single Pay Option | The policy acquires a Guaranteed Surrender Value from the end of the 2nd policy year onwards.Guaranteed Surrender Value will be 90% of the Single Premium paid. | ||||
Regular or Limited Pay Option | Under any of these options, the policy acquires a Guaranteed Surrender value from the end of the 3rd policy year onwards. Guaranteed Surrender Value will be 30% of all premiums paid – 1st year’s premium |
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 suvidha (PAR) Plan
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.