Robinhood Insurance Broker Private Limited

Product Info

UIN

117N017V01

Status

Withdrawn

Launch Date

06/12/2003

Withdrawn Date

31/12/2013

Product Overview

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.

Product Description

  • MetLife Suvidha (par) is a Traditional Plan with Bonus facility.
  • Gives the flexibility to choose any term between 15-30 years subject to max age of maturity.
  • In this plan, there are 3 Payment Options, namely Single Premium, Regular Premium and Limited Premium of 5 or 10 years.

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Unique Features

  • The ratio of the Sum Assured to the annual premium is high. Since the bonus are calculated on the Sum Assured, policy ensures a higher bonus amount.
  • Generates higher returns even at average bonus rates as annual premium to sum assured ratio is very high.
  • Flexibility of Limited premium paying terms available.

Eligibility Criteria

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

 

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Product Benefit

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.

Other Policy Features

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

Add-ons

  • Accidental Death Benefit (ADB):
    Provides for the payment of additional amount, if death occurs as a result of an accident by an outward, violent and visible means before age 60 years.
  • Waiver of Premium (WoP):
    In case, of total and permanent disability of the life assured as a result of an accident by an outward,violent and visible means. Base premium and rider premiums are waived off for the remaining term.
  • Critical Illness:
    Provides payment of an additional amount on diagnosis of any of the 10 critical conditions specified.
  • Term Rider:
    Provides payment of an additional amount should the death of the life insured occur before age 60 years.

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 suvidha (PAR) 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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