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PNB Met Suraksha-Term Assurance with Return of Premium (TROP)

Objective

This is a return-of-premium policy that aims to provide financial assistance on unfortunate demise of the insured person.


What does it do?

This policy can pay death benefit on death of the insured or refund entire basic premium paid along with guaranteed additions on survival at the end of policy tenure. The guaranteed additions are equal to 10 per cent of premiums (including policy fee) paid (and excluding extra premiums and rider premiums).
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
It also guarantees a surrender value if the policyholder does not wish to continue with the policy.


Pros

Riders are available for additional protection.
The policy provides guaranteed additions of 10 per cent of premiums paid (excluding rider premium) at maturity.
The policy offers a long reinstatement period of 3 years, unlike 2 in most  plans. There is also a guaranteed surrender value.
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

This policy can be taken by those who are not satisfied with pure risk insurance and would like to receive some part of premiums on survival.


Our View

Return-of-premium policies are relatively expensive as compared to simple term insurance policies that do not offer anything on survival. Before buying any life insurance policy, evaluate your needs and do not consider multiple benefits offered by any policy, until you need them.

Eligibility
Entry Age (years) 
Minimum18
Maximum50
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum15
Maximum20
Sum Assured (Rs) 
Minimum200000
MaximumNo limit
Premium Payment FrequencySingle, Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment TermSingle, 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 and 0.0868 for Payroll Savings Program
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 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.
ExclusionsIn 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
Paid Up ValueIf policyholder due to any reason fails to pay premium, the policy does not lapse. It continues at ' Reduced Paid up Value' provided premiums for first three policy years have been paid on time. Reduced Paid Up Value = (No. of premiums paid / Total no. of premiums payable) x face amount.
Maturity ValueBasic premiums exclusive of rider premiums or extra premiums paid if any on survival at maturity.
Surrender ValueRegular Premium
= 30% x premiums paid including policy fee and excluding first year premium, extra premiums and rider premiums, payable at the end of 3rd year
Single Premium
= 90% x single premium including policy fee and excluding extra premiums and rider premiums; payable at the end of 2nd year
Limited Pay
= 80% x premiums paid including policy fee and excluding first year premiums, extra premiums and rider premiums; payable at the end of 3rd year
Customer Service 
AddressMetLife India insurance Company Limited
Registered Office: Brigade Seshamahal, 5, Vani Vilas Road, Basavanagudi, Bangalore - 560004
Mail To[email protected]
Call On1800 425 6969 or +91 080 26438638 from 8 am to 8 pm
SMSProtect' to 5676769
Available Rider(s)Accidental Death Benefit: Death due to accident within 180 days of accident.
Critical Illness Benefit: 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 avail the benefit and a survival period of 30 days after confirm diagnosis of the illness.
Rider Conditions 
Entry Age (years) 
Minimum18
Maximum55
Maximum Maturity Age (years)60
Sum Assured (Rs) 
Minimum50000
MaximumLower 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.
Annual Premium Option
Policy Term (in years)Age (in years)
253035404550
15104121167014804205152958743339
2085569917128861810326123NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures
Single Premium Option
Policy Term (in years)Age (in years)
253035404550
15138017163913216860306858434071597407
20140007175408241777341589476905NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures
Annual Premium for Limited Pay- 3year Option
Policy Term (in years)Age (in years)
253035404550
1534164397525212274245107337153728
2034226418135696881462117007NA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures

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