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

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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)
Minimum		18
Maximum		50
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		15
Maximum		20
Sum Assured (Rs)
Minimum		200000
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 and 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
Paid Up Value		If 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 Value		Basic premiums exclusive of rider premiums or extra premiums paid if any on survival at maturity.
Surrender Value		Regular 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
Address		MetLife India insurance Company Limited Registered Office: Brigade Seshamahal, 5, Vani Vilas Road, Basavanagudi, Bangalore - 560004
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: 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)
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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