LIC Premium and Maturity Calculator

PNB MetLife Grameen Ashray Plan, Policy, Premium and Maturity Calculator

PNB MetLife Grameen Ashray Plan, Policy, Premium and Maturity Calculator - This is simple micro-insurance non-participating plan that provides the policyholder with comprehensive life insurance cover at a very nominal cost.

Eligibility - PNB MetLife Grameen Ashray Plan and Policy

EntryAge Minimum – 18 years. Maximum – 55 years.
Coverage Term 5 years.
Maximum Cover Ceasing Age 60 years.
Sum Assured Minimum: Rs.5,000. Maximum: Rs.50,000.

Key Features - PNB MetLife Grameen Ashray Plan and Policy

Type Pure term, micro-insurance plan – non-participating.
Coverage
Death Benefit – In the unfortunate event that the life insured dies during the coverage term, his / her nominees will be entitled to be paid the chosen Sum Assured.

Surrender Benefit: Regular premium policies do not have this benefit, but Single Premium policies can be surrendered after 2 years from the date of commencement.

On receiving the request for surrender, the policyholder will be entitled to receive:

  • 30% of the Single Premium paid if the policy is surrendered in 3 years from commencement of coverage.
  • 20% of the Single Premium paid if the policy is surrendered in 4 years from commencement of coverage.
  • 10% of the Single Premium paid if the policy is surrendered in 5 years from commencement of coverage.
Basis
Single.
Premium paying Term Options
  • Single Premium
  • Regular Premium through the medium of cash / demand draft (DD) / cheque.
Premium paying mode
  • Single Premium.
  • Annual Premium.
Loans
Loans are not provided against this policy.
Tax benefits
Tax benefits are applicable as per applicable taxation laws.

You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Grace Period
There is a grace period of 90 days on non-payment of the unpaid premium.
Free Look Period
There is a free look period of 15 days from the date of receipt of policy documents.
Reinstatement
When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions.

Reinstatement can be requested up to 3 years from the date of the first unpaid premium with a letter requesting the same.

Reinstatement is subject to receipt of a letter showing proof of insurability along with a formal request for reinstatement, and all the unpaid premiums, along with interest.

All premiums due till the date of reinstatement must be paid along with compound interest at the rate prescribed by the company.

Revival fees is Rs.250.

Termination
The policy stands terminated on the earliest among the following scenarios:
  • Date on which the policy is surrendered.
  • Upon the expiry of three years from the date of policy lapse. When the policy is not reinstated, provided that the policy has not acquired any paid up value.
  • Upon payment of death benefit.
  • Upon settlement of Surrender Value (in case of Single Premium Policies).
Exclusion
  • In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, the insurance cover will be void and the company will not be liable to pay any benefits (including but not limited to the Sum Assured) except refunding the premiums received without any interest.

Advantages - PNB MetLife Grameen Ashray Plan and Policy

  • PNB MetLife Plan offers comprehensive coverage at a very affordable rate.
  • Choose the premium paying option – single premium, or over the term of the policy.
  • Simplified process, easy documentation and no medical tests required.
  • Tax Benefits under Section 80C and Section 10(10D).
 

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