PNB MetLife Deferred Monthly Income Plan-7

Key Benefits of MetLife Deferred Monthly Income Plan-7

  • 1

    Cash Bonus

  • 2

    Maturity Benefits

  • 3

    Survival Benefits

  • 4

    Terminal Bonus

Overview

You work hard today for a better future tomorrow. When it comes to spending your golden years, you think of pursuing a hobby, travelling the world or enjoying your time with your grandchildren. Today, you get regular pay cheques to pursue yours and your family’s dreams. For these pay cheques to continue during your non -working years you need to plan today.
MetLife Deferred Monthly Income Plan-7 from PNB MetLife guarantee's** a monthly income for you & your family during your non-working years. You choose the monthly income that you want and we guarantee it. This Plan also provides for bonus payout every year till the end of the Policy term* (or on death) thus ensuring you peace of mind.
*Conditions Apply

MetLife Deffered Monthly Income Plan-7 ensures

  1. You get Guaranteed monthly regular income that you choose at inception becomes payable to you till maturity.
  2. Your loved ones get Guaranteed death benefit equal to 20% of Total Income Benefit, along with the bonuses (as applicable).
  3. Your loved ones also get Guaranteed payment of monthly regular income even after the death of the Person Insured.
  4. Income Enhancers in the form of bonuses (if any).
  5. You are eligible to get Tax# benefits under U/s 80C and 10(10D).

Product Benefits

Death Benefit

  1. In the unfortunate event of death of the Person Insured while the policy is in force, the nominee/beneficiary will receive:
    If the Death of the Person Insured occurs before the 10th Policy Anniversary:
    20% of the Total Income Benefit* plus all the accrued Simple Reversionary Bonuses & Terminal Bonus, if any, will be paid immediately on death, as a lump sum. Monthly Income chosen at the inception will commence from the first monthly anniversary falling immediately after the date of the death and continue to be paid to the nominee for the next 10/15/20 years as chosen by the Policyholder. The Simple Reversionary Bonuses accrued after the death will be paid in lump sum at the end of the 10th policy Year. The policy will also be eligible for cash bonuses which may be declared after the completion of 10th Policy Year.
    The policy terminates with the disbursement of the last Monthly Income payout.
  2. If the Death of the Person Insured occurs after the 10th Policy Anniversary:
    20% of the Total Income benefit plus the Terminal bonus, if any, under the policy will be paid immediately on death, as a lump sum. In addition the nominee will continue to receive the revised Monthly Income being under payment under the Policy till maturity. The policy will also be eligible for cash bonuses which may be declared after the completion of 10th Policy Year. Policy terminates with the disbursement of last monthly income payout
    The maximum period for which Monthly Income is payable is 120/180/240 months from the commencement of first Monthly Income payment – in case the Benefit Payout Period chosen is 10/15/20 years respectively.
    Note: In case of death of the beneficiary / nominee during these guaranteed monthly regular income payments period, the due payments will be made to the legal heir. On death of the Insured, no further premiums will be payable by the beneficiary. Death claims happening from 3rd Policy Year are eligible for Simple Reversionary Bonus.

    Total Income Benefit: Monthly Income * Benefit Period * 12

Cash Bonus

Your policy will be eligible for Cash Bonus on completion of 10 Policy years and the declared bonus will be paid within 6 months following the completion of each financial year, on or before 30th September every year. No Cash Bonus will be paid for lapsed policies. Both in-force and death claim policies are eligible for Cash Bonus. The Simple Reversionary Bonus and the Cash Bonus will be applied on the Base Sum Assured.

Maturity Benefit

On attaining the maturity age, subject to the Policy being in-force, you will receive the last the Terminal Bonus, if any. This will be payable along with the final installment of the monthly regular income.

Simple Reversionary Bonus

The policy will be eligible for Simple Reversionary Bonuses on completion of three policy years. The Simple Reversionary Bonus will be declared at the end of each of Financial Year and will be credited as on the date of the policy anniversary. The first bonus will be declared at the end of the Financial Year preceding the third Policy Anniversary so that the bonus vests immediately on completion of the 3rd Policy Anniversary. The Simple Reversionary Bonus once declared stands attached to the policy benefits till the end of the 10th Policy Year. The reversionary bonuses accrued at the end of 10th Policy Year is amortized over the Benefit Payout Period and added to the monthly income chosen at inception. This forms the Enhanced Monthly Income as described above. The first payment of the Enhanced Monthly Income will commence from the monthly anniversary following the completion of the 10th Policy Year.

Survival Benefits

On completion of 10 Policy Year till the policy maturity, subject to the Policy being in-force, you get
Enhanced monthly regular income = Guaranteed monthly income chosen at the inception + (Accrued bonuses at the end of the 10th policy year / (Benefit Payout Period*12))}.
The monthly regular income commences from the monthly anniversary date that immediately succeeds the completion of the 10th Policy Year (i.e. completion of one month immediately after the completion of 10th policy year.
You will also get cash bonuses (if any) every year from 11th Policy year.
In case of the death of the Person Insured while receiving the Survival Benefit, the Enhanced Monthly Income will continue to be paid to the nominee till the maturity date.

Terminal Bonus

The Company may also declare Terminal Bonus expressed as a percentage of declared Simple Reversionary Bonuses and the same will be payable upon policy maturity or upon earlier death claim.

Particulars

Boundary Conditions

Premium Payment Term

7 years

Min. Age at entry*

18 years

Max. Age at entry*

55 Years

Max. age at maturity*

85 years

Policy Term

20/25/30 Years

Min. Monthly Income

Rs. 5,000

*Age as on last birthday

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