PNB Metlife Mera Wealth Plan

What are the Features and Benefits of the PNB Metlife Mera Wealth Plan?

Here are the features and benefits of PNB Metlife Mera Wealth Plan:

• Create an investment plan: Define your goals and choose a suitable investment path.

• Good returns: Invest your savings in a variety of funds with the potential for good returns.

• Investment options: Choose between Self-managed (actively manage your investments) or Systematic Transfer (automatic allocation based on your risk appetite).

• Loyalty rewards: Stay invested and earn bonus units (Loyalty Additions) from the 6th year onwards.

• Flexible payment terms: Choose a payment plan that suits your budget (Single Pay, 5 Pay, 10 Pay, or Regular Pay).

• Plan options: Select from Premier or Online plans based on your needs and preferences.

• Maturity benefit: Upon policy completion, receive the accumulated Fund Value as a lump sum or opt for structured payouts.

• Death benefit: In the unfortunate event of the death of the life assured while the policy is in force and not in discontinued policy fund, the nominee will receive the highest of the following:

  • Fund value

  • The Basic Sum Assured minus all partial withdrawals made during the two-year period immediately preceding the date of death of the Insured

  • 105% of total premiums paid excluding partial withdrawals made during the two-year period immediately preceding the date of death of the Insured

• Life cover: Protects your loved ones in case of your passing.

• Systematic Transfer Option: Automates investment, eliminating market timing concerns.

• Structured payouts: Receive your maturity benefit in installments over a chosen period.

• Settlement Options: Lump sum or structured payouts over 1-5 years post-maturity. Insurance cover is maintained at 105% if the settlement period extends beyond maturity. Remaining fund value is payable in case of death during settlement period. During settlement, only fund management charges are applied.

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What are the Eligibility Criteria for PNB Metlife Mera Wealth Plan?

How Does PNB Metlife Mera Wealth Plan Work?

Here’s how PNB Metlife Mera Wealth Plan works:

• Plan Customization: You have the freedom to decide your plan option, premium amount, premium payment type, premium frequency, and policy term according to your financial capabilities and objectives.

• Investment Options: Choose from a range of investment options tailored to suit your risk appetite and financial objectives. Whether you prefer conservative investments or seek higher growth potential, there's an option for everyone.

• Maturity Benefit: Upon maturity of your policy, you have the flexibility to receive your maturity benefit in two ways:

  • Lump Sum: Receive the entire maturity amount at once to fulfill your financial aspirations or objectives.

  • Structured Payout: Opt for a structured payout through a settlement option, which allows you to receive regular payments over a defined period, ensuring a steady income stream to meet your specific needs and goals.

• Death Benefit: In the unfortunate event of your demise during the policy term, your nominated beneficiary or nominee will receive the death benefit. This ensures financial protection and support for your loved ones during challenging times, helping them maintain their financial stability and security.

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Exclusions Under the PNB Metlife Mera Wealth Plan

The PNB MetLife Mera Wealth Plan excludes coverage for suicide within the first twelve months of the policy or its revival. This means that if the life assured dies by suicide during this period, the nominee or beneficiary will only receive the Fund Value as available on the date of death, instead of the full death benefit. Any fee, apart from the Fund Management Charges (FMC), that is collected after the date of death will be included back into the Fund Value as it stands on the day when the Insured's death is reported.

Additional Details of PNB Metlife Mera Wealth Plan

• Switching: Under the self-managed option, you can switch partially or fully between available Unit-Linked fund options at any time during the policy term. Each switch must be a minimum of Rs 5,000, and all switches are free of charge.

• Partial Withdrawals: Available after 5 policy anniversaries or when the Life Assured reaches age 18, whichever is later. Withdrawals are free and subject to a minimum limit of Rs. 5,000. The maximum partial withdrawal in a policy year is 25% of the total fund value at the start of the year, provided the minimum fund balance after withdrawal equals one annualized premium or 25% of the single premium.

• Policy Loans and Top Ups: Not allowed under this policy.

  

• Grace Period: You have a 30-day grace period (15 days for monthly mode) to pay all due premiums. If not paid within this period, the policy enters a Discontinued Policy status, but the full risk cover remains available during the grace period.

• Free Look Period: You can cancel the policy within 15 days (30 days for distance marketing) of receiving it. You'll receive an amount equal to non-allocated premiums, charges levied through cancellation of units, and the fund value at cancellation, minus proportionate risk premium, medical examination expenses (if any), and stamp duty charges.

• Premium Discontinuance and Revival: Applicable to Regular Pay, 5 Pay, and 10 Pay policies. A discontinued policy can be revived within 3 years by paying all due premiums.

• Termination of Policy: The policy terminates under various conditions, including cancellation during the free look period, maturity benefit payment, surrender value payment, death benefit payment, expiration of the revival period, or if the fund value reaches 120% of the annualized premium plus applicable discontinuance charges.

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