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 | [email protected] |
| Call On | 1800 425 6969 or +91 080 26438638 from 8 am to 8 pm |
| SMS | Protect' to 5676769 |
| 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. |
| Annual Premium Option | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 4100 | 4700 | 5900 | 8300 | 12500 | 19100 | 29500 | 35100 | |
| 10 | 4100 | 4500 | 5500 | 7900 | 11900 | 18700 | 28500 | NA | |
| 15 | 4100 | 4700 | 6300 | 9127 | 13900 | 21500 | NA | NA | |
| 20 | 4500 | 5300 | 7100 | 10500 | 15900 | NA | NA | NA | |
| 25 | 4700 | 5700 | 7903 | 11700 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures; premiums are exclusive of service tax and cess | |||||||||
| Single Premium Option | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 15900 | 16500 | 20100 | 27700 | 41100 | 65500 | 100100 | 152500 | |
| 10 | 29050 | 32450 | 42250 | 60850 | 93650 | 145050 | 219250 | NA | |
| 15 | 42100 | 50700 | 69300 | 103500 | 157700 | 239300 | NA | NA | |
| 20 | 57050 | 72850 | 104050 | 155250 | 233050 | NA | NA | NA | |
| 25 | 77000 | 103600 | 149000 | 219800 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures ; premiums are exclusive of service tax and cess | |||||||||
| Annual Premium for Limited Pay- 3 year Premium Option | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 5200 | 5400 | 6600 | 9200 | 13600 | 21800 | 33400 | 51200 | |
| 10 | 9100 | 10100 | 13100 | 18900 | 29100 | 47700 | 75776 | NA | |
| 15 | 12700 | 15100 | 20700 | 30700 | 46900 | 71500 | NA | NA | |
| 20 | 16600 | 21000 | 29600 | 44200 | 66400 | NA | NA | NA | |
| 25 | 21300 | 28100 | 40100 | 59100 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures; premiums are exclusive of service tax and cess | |||||||||
| Annual Premium Option underTerm Assurance 60 option | |||||||
| Policy Term (in years) | Age (in years) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | ||
| 60 minus age | 5300 | 6300 | 7900 | 10500 | 13900 | 18700 | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures; premiums are exclusive of service tax and cess | |||||||
| Single Premium Option underTerm Assurance 60 option | |||||||
| Policy Term (in years) | Age (in years) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | ||
| 60 minus age | 138500 | 143300 | 149000 | 155250 | 157700 | 145051 | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures; premiums are exclusive of service tax and cess | |||||||
| Annual Premium for Limited Pay-3 year Premium Option under Term Assurance 60 option | |||||||
| Policy Term (in years) | Age (in years) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | ||
| 60 minus age | 34800 | 37200 | 40100 | 44200 | 46900 | 47700 | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures; premiums are exclusive of service tax and cess | |||||||
