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The most popular insurance plan among the masses is the term plan. Most customers prefer the term plan due to its ability to protect their family during uncertain times such as unforeseen death of the life insured. The policyholder misses out on the other benefits, such as maturity benefits and bonuses used productively.
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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.
Note: Know more about what is term insurance first before reading this article.
Term Plans
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.
|
Parameter |
Conditions |
|
|
Plan Name |
Suraksha Plan |
Mera Plan |
|
Minimum Entry Age |
18 years |
18 years |
|
Maximum Entry Age |
55 years |
65 years |
|
Maximum Maturity Age |
100% return of premium |
99 years |
|
Minimum policy term |
Five years |
Ten years |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
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.
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Here is a rundown of the key benefits offered under the plan:
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.
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.
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.
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.
The customer can also avail of additional features such as "Spouse Coverage."
The benefits of the spouse coverage are as follows:
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.
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 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.
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.
This applies to salaried policyholders who need to submit the following:
Some of the additional features of PNB MetLife Return of Premium Term Insurance Policy are as follows:
Here is a rundown of key terms and conditions of the plan:
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.
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.
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.
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.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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