PNB Metlife Suraksha Term ROP Insurance Plan

By | May 15, 2024

The PNB MetLife Return of Premium term plan provides a solution to customers’ needs by tweaking the term plan with a slightly higher premium. The customer can now avail of benefits such as maturity benefits, death benefits, and bonuses by opting for a return of premium plan.

The two other plans comparable to the return of premium plan are the PNB MetLife Mera term plan and the PNB MetLife POS Suraksha plan.

Eligibility Criteria of PNB MetLife Return of Premium Term Plan

The customer needs to make informed decisions when it comes to choosing a term plan. The customer needs to consider factors such as financial goals, medical conditions, age of entry, and nominees to find the right plan that suits his needs. Some of the essential features of the term plan and the traditional insurance plan are tabulated below.

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Salient Features of PNB MetLife Return of Premium Term Insurance Policy

The primary function of the return of premium plan is to protect the policyholders’ family and provide returns at the end of the policy term that can be productively used for other essential purposes such as children’s education and marriage. Some of the features of the term plan are given below.

  1. PNB MetLife POS Suraksha Plan

    • It is a flexible plan that gives the customers an option to personalize the premium payment term ranging from 5 to 15 years as per the policyholder’s convenience.
    • It provides a hundred percent guaranteed payout of total premiums paid at the end of the tenure.
    • The customer has an added advantage of tax benefits. The customer can avail of tax benefits on both premiums paid and benefits received.
    • It provides guaranteed benefits and gives an upfront explanation for easy understanding and transparency.
  2. PNB MetLife Mera Term plan

    • It provides affordable premium rates.
    • It provides lifelong protection to the family of the life insured.
    • It provides life coverage till the age of 99 years.
    • The plan provides flexibility to payout options catering to the needs of the nominee.

Core Benefits of PNB MetLife Return of Premium Term Policy

Here is a rundown of the key benefits offered under the plan:

  1. Death Benefit

    The insurer will provide the death benefit to the nominee of the life insured if the unfortunate event takes place during the policy tenure. The sum assured will be higher than the yearly premium. The insurer will also pay 105% of the total Instalment Premiums received as of the Life Assured’s death date.

  2. Death Benefit Option

    If the life insured dies, the insurer is liable to pay the death benefit as per the option chosen by the life insured at the inception of the policy. The insurer can pay a lump sum or provide the sum assured every month as per the option chosen by the life insured.

    • If the policyholder has chosen the Lump-sum Option, then the Sum Assured on Death will be given to the nominee in one lump sum.
    • If the policyholder has chosen a level monthly income option, then the death benefit will be paid as a level monthly income over 120 months, where the monthly income factor is 1.10%.
  3. Maturity Benefit

    The insurer pays the policyholder the maturity benefit of the plan on completion of the policy term. The maturity benefit is equal to the sum assured that the life insured’s maturity survives until the policy’s maturity date. The policy is terminated upon payment of the maturity benefit.

  4. Terminal Illness Benefit

    The insurer is liable to pay the sum assured upon the diagnosis of terminal illness of the life assured that the policy is in force on the date of the diagnosis.

  5. Additional Options

    The customer can also avail of additional features such as “Spouse Coverage.”

    The benefits of the spouse coverage are as follows:

    • The policyholder can pay an additional premium under the same policy and opt to cover his spouse under the term plan. The plan refers to the spouse as the “second life” and the policyholder as the “first life.” The spouse enjoys only the death benefit of the term plan and the sum assured is payable only in lump-sum.
    • The applicant can opt for this feature by paying the Basic Sum Assured of Rs.50 lakhs concerning the policyholder.
    • The life coverage to the spouse of the life insured will be 100% of the Basic Sum Assured of the First Life, subject to policy guidelines.
    • If the spouse is a non-earning female or a housewife, the coverage for the spouse will be up to 50% of the Basic Sum Assured chosen by the policyholder, subject to a maximum of INR 50 Lakh.

    The additional cover offered by ‘Waiver of Premium Benefit,’ ‘Terminal Illness Benefit,’ and ‘Accelerated Critical Illness Benefit’ applies only to the First Life. The insurer will waive off all future premiums for the second life in case of the policyholder’s death or diagnosis of the policyholder’s critical illness.

  6. Tax Benefits

    Tax benefits for the term plan premiums paid and proceeds received are available as per the provisions and conditions of the Income Tax Act, 1961, and are liable to any changes made in the tax laws in the future. *Tax benefit is subject to changes in tax laws.

The Process to Purchase PNB MetLife Return of Premium Term Plan

The PNB MetLife offers various methods to its customers for purchasing an insurance product.

The insurer offers several online options to purchase the plan, such as a mobile app and the insurer’s website. The applicant can purchase the plan using offline methods by visiting the insurer’s branch office or its partner banks. The customer can easily purchase the term plan online and offline. The process to buy a term plan with a return of premium is as follows:

Step 1: One needs to choose the required sum assured. He needs to consider his current financial goals and the future needs of his family.

Step 2: Customers can get an idea of what their premium would amount to, by using the online term plan calculator. This tool is available free of cost on the company website. Applicants can use it to calculate the premium amount based on their sum assured.

Step 3: The applicant can compare and analyse different returns of premium plans available online to arrive at the right plan that offers maximum benefits at a cheaper premium rate.

Step 4: Customers can choose the policy term, premium payment term, or if they want to add any rider. One has to be careful while choosing the options as the policy terms chosen at inception cannot be modified later.

Step 5: One can decide upon whether or not to choose the rider options and other additional benefits, like, critical illness cover, accident cover, spouse benefit, and disability cover.

Step 6: The online calculator will also need information about the lifestyle habits and any medical conditions or diseases suffered while planning to buy an ROP plan. This is because the policy premiums vary for smokers and non-smoker, due to the extent of risk involved.

Step 7: Customers also need to select the desired mode of premium payments. This is the mode by which he would be paying his premium all through the plan. This mode should be aligned with his financial goals to avoid any payment burdens on the policyholder.

Step 8: Once all the selections are made, the customer can finalise the purchase of the plan online and proceed with the premium payment.

One must note that this entire process of plan purchase should be conducted after proper discretion is exercised and thorough market research is done.

Documents Required

The customer can purchase an insurance plan online in a hassle-free manner. The applicant needs to visit the insurer’s official website and proceed with subsequent steps to finalize the plan. However, the applicant needs to submit the relevant identity proofs related to his address, income to make the purchasing process quicker.

The list contains DOB proof; address proof, income proof, and passport size photographs. The required documents are given below.

  1. Officially Valid Documents

    • Voter’s ID
    • Passport
    • AADHAAR Card
    • The applicant can also submit documents like electricity bill, telephone bill, water bill, etc. for proof of address.
  2. Income Proof

    This applies to salaried policyholders who need to submit the following:

    • Payslip issued by the employer for the last six months.
    • Three-month Bank statement.
    • ITRs or submitted Form 16

Additional Features of the Plan

Some of the additional features of PNB MetLife Return of Premium Term Insurance Policy are as follows:

  1. PNB MetLife POS Suraksha

    • Accidental death.
    • Accidental disability, which includes total or partial disability.
    • Heart attack and cancer.
    • It covers organs related problems such as kidney and liver failure.
    • Spouse cover.
    • Increasing cover with the life cycle.
  2. PNB MetLife Mera Plan

    • It’s a low-cost premium product.
    • Applicants with smoking habits can choose this plan due to its lower cost.
    • It provides additional cover such as accident cover, and disability cover is added.

Terms and conditions

Here is a rundown of key terms and conditions of the plan:

  1. Freelook Period

    The applicant needs to review the terms of the purchased policy very carefully. The applicant can send the policy back to the insurer in case of any objections to the terms and conditions of the purchased policy. He needs to give a signed notice to the insurer within 15 days of receiving the policy for cancellation. The insurer will refund the instalment premiums paid, after deduction of the premium paid for the period of cover and charges for stamp duty.

  2. Waiting Period

    The applicant is given a Waiting Period of 90 days from the date of commencement of risk. Suppose the life insured dies within and post-Waiting period. In that case, the insurer will provide the nominee Occurrence of Death Benefit, which is payable Within Waiting Period, in this case, a hundred percent of Total Premiums Paid, Three-month Bank statement.

    Post Waiting Period the insurer will pay the sum assured on death of the policyholder.

  3. Nomination

    The insurer will approve the Nomination as per the guidelines mentioned in Section 39 of the Insurance Act 1938. The insurer will not approve the Nomination under this policy if it is affected under Section 6 of the Married Women’s Property Act 1874.

Key Exclusions

Suicide Exclusions: Suppose the Life Assured dies due to suicide within one year from the date of risk commencement or the date of policy revival. In that case, the insurer will pay the nominee at least eighty percent of the Total Premiums Paid until the death or the Surrender Value is available on the date of death, provided the policy is in force.

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