PNB Met Suraksha - Term Assurance (TA)

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PNB Met Suraksha-Term Assurance (TA)

	Objective		The policy aims to provide financial support to a family in case of uneventful death of the insured member.
What does it do?		This term insurance policy pays sum assured in the unfortunate event of death of the insured. The policy offers to cover till 60 years of age. Thus, if a 25-year old takes this policy, he/ she can get a cover for 35 years. However, one can also buy coverage for a lower age and term, as per need. The policy will not lapse in case the policyholder fails to pay premium for any reason. It will continue with a reduced paid-up value, provided premiums for first 3 policy years were paid regularly. The reduced paid-up value is calculated using following formula: (Number of premiums paid/ Total number of premiums payable) x Face amount The plan offers two optional riders that can be added to basic policy to enhance coverage. However, the riders are available only for policies with regular premium payment mode.
Pros		Riders are available for additional protection. The policy offers a long reinstatement period of 3 years, unlike 2 in most plans. Premiums paid towards this policy qualify for tax deduction under Section 80C.
Cons		Riders can be taken only at the time of purchase and not during the policy term.
Suited for		Pure term plans are a definite buy for all and offer adequate coverage at low prices. The policy can be taken by those who prefer buying via traditional channels involving agents.
Our View		Critical Illness rider is useful and a must for those with a family history of any of the mentioned illnesses. However, if you are comfortable with online purchases, look for online policies as they have lower premium rates.
Eligibility
Entry Age (years)
Minimum		18
Maximum		60
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		5/10/15/20
Maximum		25
Sum Assured (Rs)
Minimum		50000
Maximum		No limit
Premium Payment Frequency		Single, Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term		Single, Limited-3 year pay, equal to policy term
Premium Factor (multiply with annual premium)		0.5131 for Half-Yearly; 0.2605 for Quarterly; 0.0886 for Monthly; 0.0868 for Payroll Savings Program
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days of premium due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Customer Service		MetLife India insurance Company Limited Registered Office: Brigade Seshamahal, 5, Vani Vilas Road, Basavanagudi, Bangalore - 560004
Customer Service
Mail To		indiaservice@metlife.co.in
Call On		1800 425 6969 or +91 080 26438638 from 8 am to 8 pm
SMS		Protect' to 5676769
Additions to the Plan
Available Rider(s)		Accidental Death Benefit: covers death due to accident within 180 days of accident. Critical Illness Rider: It covers 10 critical illnesses namely: Heart Attack, Stroke, Cancer, Surgery to coronary arteries, Kidney failure, Major organ transplant, Aorta surgery, Blindness, Heart valve replacement and Paraplegia. There is a waiting period of 90 days from the date of issue to activate this rider benefit and a survival period of 30 days after confirm diagnosis of the illness to actually avail the benefit.
Rider Conditions
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		60
Sum Assured (Rs)
Minimum		50000
Maximum		Lower of Base plan insurance or 10 lakh
Rider Premium (Rs)		Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accidental Death rider for Rs 5 lakh sum assured over a 10 year tenure; the annual rider premium works to Rs711 and Rs 1004 in case of Critical Illness Rider.

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