PNB MetLife offers a wide variety of whole life and term insurance policies for individuals and groups. These policies offer additional options of savings, endowment plans, child and retirement plans, along with death benefits.
With the options of choosing the policy that suits your needs and additional covers or riders, PNB MetLife has a plan for every individual and group.
The insured can also choose to have the benefit as a lump sum amount or in monthly income for a minimum of 10 years.
With the benefits of optional riders, convenient premium payment terms and policy tenures, PNB MetLife is an insurer for all income groups.
The insurance premiums paid are eligible for tax deductions up to ₹ 1.5 lakh per year under section 80 C, but not entirely. In addition, the payment of sum assured (death benefit) to the nominee will also be tax-free, in case of the demise of the insured.
Maturity benefits are also taxable based on the premium amounts paid.
Listed below are the key features of Edelweiss Tokio Life Insurance plans:
|Policy Inception date||Purchase of policy (Section 80 C)||Maturity benefits (Section 10 (10 D)||Death Benefit|
|Before April 2012||Premiums less than 20% of sum insured are not taxable||Not taxable if the premium paid is less than 20% of the sum insured||Not taxable|
|After April 2012||Premiums less than 10% of sum insured are not taxable||Not taxable if the premium paid is less than 10% of the sum insured||Not Taxable|
MetLife Life Insurance comes packed with different features and benefits. Some of the core benefits and salient features are as follows:
In the case of PNB MetLife life insurance policies, the death benefit payable under most circumstances (unless otherwise specified) would be the highest of the following will be paid as a death benefit to the nominee.
In case death occurs after the insured is past 60 years, the death benefit will be paid according to the same norms. The only difference is that the partial withdrawals done after the age of 58 will be deducted.
Below are the maturity benefits of PNB MetLife Life Insurance:
A maturity benefit amounting to a maximum of 100% of premiums paid is payable to the insured if he outlives the policy and chooses the ‘with return of premiums’ (RoP) option at the start of the policy.
No maturity benefit would be payable for policies without RoP option, even if the insured survives the full term.
Premiums are higher for policies with RoP.
Covers both self and spouse
If any one person in the joint-life option expires, the death benefit gets paid and the policy is terminated. In the case of simultaneous deaths, the payment will be made for anyone’s life.
In effect, the death benefit is payable at one time, on the first death of any of the insured.
For life partner option, the cover of 2nd life will be 50% of that of the main insured (limit: ₹ 25 Lakh - ₹ 1 Crore). Additional premiums have to be paid to cover the life partner.
A ‘terminal illness’ means any severe, incurable disease that is progressing rapidly and life expectancy is not greater than 6 months. Certification to this regard must be done by the attending consultant the chief medical officer of the insurance provider.
When a member in group insurance is diagnosed with a ‘terminal illness’, 100% of the sum assured will be paid immediately. However, this will terminate the policy and no additional amount will be paid in case of death of the patient.
This is an insurance cover provided by the EPFO. In case of death of the member, the nominee is paid a death benefit of 30 times the average monthly salary of the insured, not exceeding ₹ 6 lakhs, as a lump sum.
All EPF members are automatically enrolled for EDLI as well. No separate contributions are required for EDLI. The employer can choose to opt-out of the scheme if can offer another insurance plan with better benefits.
In addition to a variety of life insurance policies, PNB MetLife also offers a few optional riders to enhance the coverage.
Riders in a life insurance policy are extra benefits that are on offer along with your policy such as accidental disability benefits cover, critical illness cover, etc.
It can be opted for at the time of inception of the policy or during any of the policy anniversaries.
|Type of Plan||Basic Features|
|PNB MetLife Serious Illness Rider||100% of sum insured is provided if the member survives for 30 days after being diagnosed from one of the following – first heart attack or cancer (of specified severity), permanent disability or paralysis, open-heart surgery, kidney failure requiring dialysis, major organ or bone marrow transplant, surgery of aorta or heart valves. A waiting period of 90 days after the inception of the policy|
|PNB MetLife Group Accidental Disability Benefit Rider||Disability occurring due to and within 180 days of an accident. The disabilities covered include – permanent loss of vision, amputation or permanent disability of one or both hands or/and legs To be qualified for the benefit, the affected member should be unable to perform 3 or more of activities of daily living – washing, dressing, mobilizing, feeding or toileting The benefit payable – 100% of sum chosen for this rider|
|PNB MetLife Accidental Death Benefit Rider Plus||100% of sum insured (chosen for this rider) is payable if death happens within 180 days and is due to the accident|
|PNB MetLife Critical Illness Rider||100% of this rider sum insured is payable, if the insured survives for at least 30 days after the date of the first diagnosis. Critical illness payable is first heart attack and cancer (malignant), both of specified severity. A waiting period of 90 days from the start of the policy is applicable|
|Type of Plan||Basic Features|
|MetLife Group Accidental Permanent and Total Disability Plus (ATPD plus)||In addition to the sum insured payable under the base policy, the sum insured under this rider is also payable if the insured is confirmed to have a total permanent disability resulting from the accident Disability is classified as permanent only after 12 months from the date of the accident, and then the rider becomes payable.|
|MetLife Group Accidental Permanent and Partial Disability Plus (APPD Plus)||A percentage of rider sum insured is paid in case of APPD due to accident. Disability is established as permanent only after 12 months from the date of the accident. The percentage payable depends on the nature and type of permanent disability ranging from 25% for loss of hearing in one ear to 100% for loss of both hands, feet or vision (both eyes).|
|MetLife Group Accidental Death Benefit Plus (ADB Plus)||In case of death due to accident, 100% of sum insured for this rider is paid along with the sum assured benefit of the base policy. The premium for this rider has to be paid separately.|
|MetLife Group Serious Illness||Payable on the diagnosis of serious illness if the member is surviving 30 days from the date of diagnosis Available in 2 variants – Additional and acceleratedIn case of additional rider, the sum insured for the rider is payable and the base policy continues till death If an accelerated rider is opted for, a percentage of the sum insured from the base policy is paid in multiples of 10, as specified by the member at the start of the policyAround 15 diseases are covered including cancer, first heart attack, coma, dialysis, organ transplant, paralysis, disability due to stroke, heart surgeries etc.|
MetLife Life Insurance offers a wide array of insurance plans. They are classified and described as follows:
|Type of Plan||Basic Features|
|Mera Term Plan||Individual, pure risk|
|Coverage up to 99 years|
|Smoker/ non-smoker premium options|
|4 options to receive death benefit– lump sum, lump sum + monthly income (for 10 years), lump sum + increasing monthly (for 10 years), lump sum + monthly income till child reaches the age of 21|
|Life stage benefits – option to buy an additional term policy on marriage and birth of 1st and 2nd child|
|Riders – Critical illness benefit (CIB), Accidental disability benefit (ADB), Accidental disability benefit and Serious illness (SI)|
|Joint life cover can be opted for|
|Mera Jeevan Suraksha Plan||Individual, regular premium payments|
|With or without return of premiums (RoP)|
|4 options to receive death or terminal illness benefit– lump sum, life partner, fixed and increasing income|
|An amount 100 times the monthly income chosen at start of policy will be paid as lump sum.|
|Discounts for female customers|
|Loan & Life Suraksha Plan||Group, pure risk plan|
|Ideal for groups who are repaying loans|
|Premium payment terms – Single, Limited (5 and 10 years)|
|Reducing cover and Level cover options|
|Sum insured can be increased at a later date if more loan is borrowed (min ₹ 5000)|
|Moratorium option is available for mortgage and education loans with minimum 5-year terms that have a waiting period of less than 7 years|
|Joint life cover available|
|Aajeevan Suraksha Plan||Individual, pure risk plan|
|Whole Life and Term insurance (10-40 years) options|
|With or without returns of premium (RoP)|
|Premium payment terms – Single, Limited (5, 10 and 15 years), Regular (only for term plan)|
|4 options to receive death or terminal illness|
|benefit– lump sum, life partner, fixed and increasing income|
|RoP is available only for the fixed-term plan, with a maximum term of 30 years|
|Riders available – Accidental death benefit rider plus, Serious illness|
|Complete Care Plus||Group term life insurance|
|Ideal for employees|
|Family of the employee is covered|
|The employee can convert it into an individual plan, if he is leaving the organization|
|Renewable every year|
|Death benefit – 100% of sum insured|
|Terminal illness/ Accelerated benefit option (ABO) – 100% of the sum insured|
|POS Suraksha||Individual savings plan with Return of premiums (RoP)|
|Premium paying terms – 5, 10 or 15 years|
|Death benefit – options for a lump sum or level monthly income|
|Maturity benefit – 100% of premiums paid|
|Family Income Protector Plus||Individual, pure risk term insurance plan|
|With or without returns of premium|
|Premium paying terms – 10, 15 or 20 years|
|Death benefit payable as monthly income for 10, 15 or 20 years|
|Monthly income options - ₹ 10000, ₹ 25000, ₹ 50000, ₹ 75000 and ₹ 1 Lakh|
|Maturity benefit – 110% of RoP|
|Group Term Life Plus||Group term insurance plan|
|Ideal for employees (can be offered in lieu of EDLI – employee deposit linked insurance scheme)|
|Cover for family of the employee|
|Can be converted to an individual plan, if an employee is leaving the organization|
|Death benefit – 100% of sum insured|
|Free cover and accelerated benefits options available|
|Complete Loan Protection Plan||Group insurance plan with death and illness covers and protection against loans|
|Level or reducing covers|
|Higher cover amount up to 120% of the loan can be opted for|
|Joint life/ co-borrower coverage option|
|Premium payment terms – single pay or 5 years|
|4 options: Life protection (death benefit only)|
|Life protection plus (death + accelerated terminal illness benefits)|
|Accidental Safeguard (death + additional accelerated death cover + accelerated accidental total permanent disability cover)|
|Critical illness safeguard (death + accelerated critical illness cover)|
|Death benefits –200% of sum insured for accidental death and 100% for deaths due to any other cause mentioned above|
|Bhīma Yojana||Group micro-insurance plan|
|Protection against microloans|
|Level or reducing cover|
|Premium payment terms – Single, Limited (5 years), Regular (max. 7 years)|
|Single or joint life cover|
|Death benefit – 100 % of sum insured (level cover), amount as per cover schedule; minimum payout of ₹ 1000 (reducing cover)|
|Minimum group size is 5|
|Pradhan Mantri Jeevan Jyoti Bhima Yojana||Group pure risk policy|
|Renewal on a yearly basis|
|Fixed annual premium of ₹ 300 per member|
|A waiting period of 45 days (claim not payable, unless death is by accident, during the waiting period)|
|Death benefit - ₹ 2 Lakh|
|Type of Plan||Basic Features|
|Guaranteed Income Plan||1: Endowment policy
2: Premium payment terms – 5, 7, 10 or 12 years
3: Guaranteed income benefit – 11 to 13% of basic sum insured, depending on premium payment terms
4: Guaranteed maturity benefit of 30-50% of basic sum insured, depending on duration of policy
5: Riders – Accidental death and Serious illness.
|Guaranteed Savings Plan||1: Premium payment terms – 5, 7 or 10 years for policy terms of 10 years, 12/15 years and 20 years respectively
2: Maturity benefit – 70% to 130% of basic sum insured on maturity, depending on premium payment term
3: Guaranteed additions of 5% to 10% of every year’s cumulative base premium, payable at maturity
4: Riders – Accidental death and Serious illness
|Endowment Savings Plan Plus||1: Premium payment terms – 5, 7 or 10 years or entire policy term
2: Simple revisionary and terminal bonus – Bonus gets added to the policy every year, payable on maturity
3: Waiver of premium benefit for 35 critical illnesses
|Super Saver Plan||1: Participating, savings, life-insurance plan
2: 3 options – Savings, Savings + Family care and Savings + Health care option
3: Premium payment terms – 5, 7, 10, 12 or 15 years
4: 2 bonus options – Simple reversionary paid on maturity/ death + cash bonus (if opted for) at the end of each policy year
5: In savings + family care option, premiums are waived off if the insured dies, but benefits )including all bonuses) are paid on maturity, as per sum insured
6: Riders –Waiver of premium (on critical illnesses), Accidental Death and Serious illness.
|Smart Platinum Plan||1: ULIP Plan (choice of 6 unit funds to choose from)
2: Premium payment terms – 5 or 10 years and get covered for 99 years
3: 2 options to manage ULIPs – Self-managed or auto rebalancing option (managed by insurer)
4: Sum insured can be increased or decreased through the policy
5: Partial withdrawal facility 6: Minimum allocation in each unit fund should not be less than 20%.
|Bachat Yojana||1: Long term savings plan with low premium cost
2: Premium payment term –10 years and cover for whole life
3: Death/ maturity benefits include sum insured + simple reversionary bonus + terminal bonus (if declared by the insurer)
4: Bonus will be paid out from the 3rd policy year
|Mera Wealth Plan||1: Unit-linked insurance plan (ULIP)
2: Premium payment terms – Single pay, Regular pay and for 5 or 10 years
3: Investment options: Self-managed or systematic transfer
4: Loyalty additions, if no withdrawals till maturity – from the end if 6th policy tear (addition rates vary depending on policy tenure)
5: Will receive higher of sum insured or fund value, on maturity
6: Final benefits can be received as a lump sum or in installments
3 types of mutual fund portfolio strategies are on offer for ULIP plans
More than 10 unit-linked funds are available for the insured to choose from.
Below are the important terms described as follows:
Fixed annuity (benefit) paid to the beneficiary as long as he lives. The member also has the option to choose for a specific period of time ranging from 5-20 years (multiples of 5).
Fixed annuity is paid as long as the insured is alive. In case of death, the nominee gets paid the purchase price of the policy. If the ‘return of balance’ option is chosen at the start of the policy, any balance amount in the sum insured at the time of patient’s time will be paid to the nominee.
The amount of annuity payable will be compounded each year at a specified rate.
Annuity payments are paid monthly, quarterly, half-yearly and annually as opted for at the time of inception.
The date on which the insured stops making contributions and starts receiving benefits, usually in the form of a regular income. The benefits the member is entitled to receive after the vesting date are termed as ‘vesting benefits’.
|Type of Plan||Basic Features|
|Immediate Annuity Plan||1: Single premium payment option available
2: Wide range of annuity options – life annuity, annuity for a specified period (5, 10, 15 or 20 years), increasing life annuity (@ 3%), joint life 1st survivor annuity etc. Sub options
3: include with/ without return of purchase price, return of balance
|Superannuation||1: Group variable insurance plan
2: Ideal for employers who do not manage or who are planning to switch their superannuation fund managers, who wish to provide a financial security to employees
3: All the contributions received in one quarter are pooled as single fund and paid interest
4: Interest declared ahead of each quarter and will be credited on a prorated basis 5: Both interest and capital continue to earn interest every quarter 6: Death benefit would be the sum accumulated by the member, subject to available fund balance. 7: Minimum group size of 10
|Traditional Employee Benefit Plan||1: Group insurance plan
2: Ideal for employers who do not manage or planning to switch their gratuity and leave encashment benefit management
3: Minimum guaranteed interest of 2% per year on each contribution by a member, which can be made in instalments of any frequency 4: Fund management charge of 0.4% p.a. and a mortality charge of ₹ 1.35 per every ₹ 1000 sum insured, per year. 5: Death benefits will be as per the agreed rules of the scheme. A guaranteed benefit of ₹ 1000 is payable by the company. 6: Minimum group size of 10
|Unit Linked Employee Benefit Plan||1: Group ULIP Plan (choice of 5 unit funds to choose from)
2: Ideal for management of leave encashment
3: Switching between funds is allowed. First 4 fund switches in a policy year are not chargeable
4: Contributions are only once a year
5: Loyalty additions every year ranging from 0.15% to 0.25 % p.a, based on fund value Mortality charge of ₹ 1.35 per every ₹ 1000 sum insured are deducted every month for all members
6: Death benefits will be as per the agreed rules of the scheme, subject to the extent of fund value, along with the guaranteed benefit of ₹ 1000.
|Retirement Savings Plan||1: Participating pensions plan
2: Premium payment terms – Single, Limited (5 or 10 years) and regular (entire policy term)
3: Options to utilize the vesting benefits to purchase immediate or deferred annuity from this or any other insurer
4: Vesting date can be delayed up to 75 years of age
5: Death and vesting benefits include accrued simple reversionary bonus and terminal bonus (if declared).
6: The final benefits can be withdrawn lump sum or as regular income.
The following are the documents required to apply for MetLife Life Insurance Plans:
Minimum age of entry is 18 years and maximum age limit varies depending upon the policy from 50-65 years in case of term insurance and up to 99 years for whole life insurance.
Following documents will be needed for successful payment of the claim
In case death occurs by accident, a copy of the inquest (panchanama) report and FIR would be mandatory.
The insured may choose to renew the policies online or offline.
You need to have your policy number handy to renew online or at the branch office.
The renewal rates will be consistent through the period with the first premium and change only if the policy is changed.
Remember to renew the policy within the grace period to enjoy continuous and uninterrupted benefits of the plan. Auto-debit facility can be utilized if available, which will facilitate deduction of premiums from your bank account on the date of renewal automatically.
The insurer may deny the claim and not pay the sum assured in any of the following events:
Insurance plans can be bought online or offline.
To buy a life insurance plan, one requires income proof and passport photos apart from the KYC documents.
In case of an online process, you can upload these documents as well as any health check-up reports and pay the premium via one of the gateways.
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When the death benefit amount remains constant or the same level throughout the policy period, it is called level cover.
This means that the policy will be in force for the grace period even if the premium is not paid, but will become void if not renewed within that period.
The bonus doesn’t get paid for all the policies but depends on the policy. The buyer must check before buying the policy if it is ‘participating’ (profit is shared) or non-participatory plan.
Bonus will be declared by the insurer on a year-on-year basis depending on the performance of the previous year. It can be declared as an amount per ₹ 1000 or as a percentage of sum insured.
In most cases, bonuses get paid on maturity or on death of the policyholder.
Simple reversionary bonus (accrued)
The declared bonuses will keep adding (accrued). The term ‘reversionary’ implies that the accumulated bonus will be paid at the end, along with maturity/ death benefit.
Compound reversionary bonus
The bonus gets added as a percentage on the sum insured plus previous year’s bonus. The compounded reversionary benefit is also paid only at the death/ maturity of the plan.
If the policy ends mid-year before the bonus is declared, the insurers will pay out a bonus amount for the period the member held the policy in that year, calculated on a prorated basis.
This is a one-time bonus that is added to the final benefit and paid on full-term maturity or death, as an incentive for holding the policy for the whole term. This bonus will not be payable for discontinued, interrupted or surrendered policies.
If the insured has stopped making the premium payments, he can revive his policy within a certain period of time, after discontinuation subject to payment of late fees and any other charges/penalties as per the terms and conditions of the policy.
The revival period is 5 years for most of the policies unless otherwise specified.