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PNB MetLife Mera Wealth Plan, Policy, Premium and Maturity Calculator

PNB MetLife Mera Wealth Plan, Policy, Premium and Maturity Calculator - The Mera Wealth Plan from PNB MetLife is designed to help you build up a fund to meet your life goals through strategic investment in the market, along with life insurance cover. You will also be eligible to receive loyalty additions for sticking with the plan. PNB MetLife offers this plan to individuals from the age of 30 days up to the age of 60. With a choice of 6 fund options, along with the option to manage it on your own or opt for a systematic transfer, this plan provides great opportunities to take advantage of the market and satisfy your risk appetite.

Eligibility - PNB MetLife Mera Wealth Plan and Policy

If you wish to apply for the PNB MetLife Mera Wealth Plan, you must satisfy the eligibility criteria set out by PNB MetLife. The eligibility criteria for the PNB MetLife Mera Wealth Plan is given below:

Eligibility Single Pay 5 Pay 10 Pay Regular Pay
Minimum Age at Entry 0 years (30 days) 0 years (30 days) 0 years (30 days) 0 years (30 days)
Maximum Age at Entry 60 years 54 years
  • Less than 25-year policy term - 60 years
  • More than 25-year policy term - 55 years
60 years
Minimum Age at Maturity 18 years 18 years 18 years 18 years
Maximum Age at Maturity 80 years 74 years 80 years 80 years

*Years mentioned above are based on the age last birthday.

Sum Assured and Premium Range - PNB MetLife Mera Wealth Plan and Policy

The minimum premium amount is based on the premium payment mode you choose. The options of minimum premium paid per policy year is listed out below:

Eligibility Single Pay 5 Pay 10 Pay Regular Pay
Premium Payment Term Single 5 years 10 years Same as policy term
Minimum Policy Term 10 years 10 years 11 years 10 years
Maximum Policy Term 20 years 20 years 30 years 30 years
Minimum Annualised Premium (Premier mode) Rs.1 lakh Rs.1 lakh Rs.24,000 Rs.24,000
Minimum Annualised Premium (Online mode) Rs.1 lakh Rs.30,000 Rs.24,000 Rs.24,000
Maximum Annualised Premium As per board-approved underwriting policy As per board-approved underwriting policy As per board-approved underwriting policy As per board-approved underwriting policy
Premium Payment Mode Single Annual, Bi-annual, Monthly Annual, Bi-annual, Monthly Annual, Bi-annual, Monthly
Sum assured multiple 1.25 10 or (Policy Term X 0.5), whichever is higher 10 or (Policy Term X 0.5), whichever is higher 10 or (Policy Term X 0.5), whichever is higher

*Premiums vary based on age, location, plan term and other factors. Years mentioned above are based on the age last birthday.

Choice of 6 Funds - PNB MetLife Mera Wealth Plan and Policy

Under this plan, the value of the payout depends on the performance of the funds selected by you. The PNB MetLife Mera Wealth Plan offers a choice of 6 funds with a wide range of risk factors. The plans have been listed below.

Plan Coverage - PNB MetLif

Fund Name
Risk Profile
Asset Category Asset Allocation Range
Protector II
Earn a regular income through investment in high-quality fixed income securities
Low risk
Government and other debt securities 60%-100%
Money market instruments 0%-40%
Preserver II
Earn income at a level on par with the preservation of capital by investing in Central and State Government-issued securities
Very low risk
Government and other debt securities 60%-100%
Money market instruments 0%-40%
Balancer II
Generate capital appreciation and earn current income through mixed investments judiciously made in fixed income securities and equities
Medium risk
Government and other debt securities 0%-60%
Money market instruments 0%-60%
Equities 0%-60%
Flexi Cap
Generate long-term capital appreciation from investment in diversified stocks spanning across the market capitalization spectrum with active management of the portfolio
Very high risk
Equities 60%-100%
Money market instruments 0%-40%
Liquid Fund
Generate stable returns through investments in short-term debt and money market instruments
Low risk
Money market instruments 100%
Multiplier II
Generate long-term capital appreciation through investments in diversified equities
High risk
Money market instruments 0%-40%
Equities 60%-100%

e Mera Wealth Plan and Policy

With the PNB MetLife Mera Wealth Plan, you stand to benefit from the following:

  • Turn your hard earned savings into good investments with better returns
  • Choose to self-manage the investment or opt for the Systematic Transfer Option
  • Flexible Premium Payment options
  • Receive payouts as you like in the form of a lump sum or structured payouts
  • Receive Loyalty Additions with this plan
  • Protect your investment with life coverage
  • Tax benefits as per the Income Tax Act 1961

The plan provides coverage and pays out under the following areas:

Death Benefit:

In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:

  • Upon death before the age of 60, the higher of the following will be paid out:
    • Fund value
    • The base sum assured minus any partial withdrawals in the last 24 months before the date of death
    • 105% of the total premiums paid, not including service tax
  • Upon death after the age of 60, the higher of the following will be paid out:
    • Fund value
    • The base sum assured minus any partial withdrawals made after attaining the age of 58 years
    • 105% of the total premiums paid, not including service tax
  • Upon death during the discontinued policy fund period, the benefit paid will be equal to the discontinued policy fund value.

The sum assured is calculated as (Annualized premium/Single premium x Multiple).

Maturity Benefit - PNB MetLife Mera Wealth Plan and Policy

Upon surviving till the end of the policy term, you will be eligible for maturity benefits provided that all premiums are paid and the policy is in force. The benefit payable will equal the total fund value as is on the date of maturity. You can receive the maturity benefits through the following options:

  • Lump Sum benefit - Receive the entire fund value in one payment.
  • Structured Payout - This settlement option must be chosen before the maturity date. MetLife will payout the total fund value in instalments over a period of one to five years post the maturity date. You can choose to receive the income in monthly, quarterly, half-yearly and yearly instalments.

Fund management charges are applicable during the settlement period, but no other charges will be levied. The policy will not be eligible for any further loyalty additions. If the life insured dies during the settlement period, the remaining fund value will be payable to the nominee.

Loyalty Additions:

From the 6th policy year onwards, provided the policy is in force and all premiums have been paid up to date, loyalty additions will be allocated to your policy at the end of every policy year. Loyalty Additions are expressed as a percentage of the average daily fund values for each fund. If you select multiple funds under this plan, then the Loyalty Additions will be determined based on the fund value of each fund and the loyalty addition percentage of each particular fund will be allocated to the plan. This addition is guaranteed by MetLife and will not be retracted under any circumstances.

Annualised Premium Amount Type of Fund 6th year to 9th year 10th year to 19th year 20th year to 30th year
Annualised Premium less than Rs.5 lakh Flexi Cap 0.40% 0.90% 1.00%
Multiplier III 0.40% 0.90% 1.00%
Balancer II 0.30% 0.70% 0.80%
Preserver II      
Protector II 0.30% 0.70% 0.80%
Liquid Fund 0.30% 0.70% 0.80%
Annualised Premium more than Rs.5 lakh Flexi Cap 0.50% 0.90% 1.00%
Multiplier III 0.50% 0.90% 1.00%
Balancer II 0.40% 0.70% 0.80%
Preserver II 0.40% 0.70% 0.80%
Protector II 0.40% 0.70% 0.80%
Liquid Fund 0.40% 0.70% 0.80%

Choice of Two Investment Strategies:

  • Self-managed option - Invest your premium amount in the fund of your choice in proportions you like subject to 20% minimum in each fund. You can switch between the funds and redirect future premiums depending on market conditions and your changing risk appetite.
  • Systematic Transfer option - If you have chosen an annual premium payment mode, you can opt for systematic transfers at the time of inception or on any policy anniversary. Under this option, all new premiums will be invested in the Protector II fund. It will then systematically be transferred to the Flexi Cap Fund through 12 monthly instalments.

Add-On Plans - PNB MetLife Mera Wealth Plan and Policy

There are no add-ons available with this plan.

Exclusions - PNB MetLife Mera Wealth Plan and Policy

The PNB MetLife Mera Wealth Plan will not provide coverage under the following circumstances:

  • If the life assured commits suicide within one year from the policy commencement date or the policy issuance date, whether sane or insane at the time of death, MetLife will not be liable to pay the sum assured.
  • If the life assured commits suicide within one year from the policy reinstatement date, whether sane or insane at the time of death, MetLife will not be liable to pay the sum assured.
  • MetLife will refund the Fund Value as is on the date of death.
  • Any fees charged after the date of death will be refunded to the beneficiary.

Other Key Features - PNB MetLife Mera Wealth Plan and Policy

A few features of the PNB MetLife Mera Wealth Plan worth noting have been mentioned below:

Particulars Details
Free-look Period
15 days from the receipt of policy (30 days for policies sold through PNB MetLife website).
Grace Period
30 days from the due date of unpaid premium. 15 days in case of monthly mode.
Nomination
Policyholders can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938.
Assignment
Under Section 38 of the Insurance Act, 1938, assignment of this policy can be carried out.
Non-negative claw back addition
MetLife may add non-negative claw back additions to the unit fund at different intervals of time.
Flexible Switch
Flexible option to switch fully or partially between available fund options at any time. Minimum amount required to switch is Rs.5,000. No charges are applicable.
Tax Benefit
Tax benefits as per the prevailing Income Tax laws are applicable for premiums paid and benefits received from this policy, subject to amendment from time to time.
Service Tax
Applicable as per government notification from time to time.
Partial Withdrawal
After 5 policy years or the attainment of 18 years, whichever is later, partial withdrawals of a minimum of Rs.5,000 are allowed. THe maximum withdrawal in one year is limited to 25% of the total fund value at the start of the policy year. No charges are applicable.
Discontinued Policy Fund
You can choose to move your policy to the discontinued policy fund if you are unable to pay future premiums within the first 5 policy years.
Paid-up Policy
After completing 5 years, if you cannot pay future premiums, you can opt to convert it to a paid up policy with reduced benefits.
Surrender Benefit
After completing 5 policy years, the policy will acquire a surrender value equal to the fund value minus discontinuance charges.
Reinstatement
A lapsed policy can be reinstated within 2 years from the date of first unpaid premium by paying all outstanding dues.
Policy Loan
Not available.

Tax Benefits - PNB MetLife Mera Wealth Plan and Policy

Under prevailing tax laws in India, policyholders are eligible for tax benefits and exemptions against premiums paid towards and benefits received from the PNB MetLife Mera Wealth Plan. The provisions of the Income Tax Act, 1961 are subject to change from time to time. PNB MetLife advises its customers to seek advice from a tax consultant to take full advantage of tax benefits available.

Other Benefits - PNB MetLife Mera Wealth Plan and Policy

As one of the leading insurers of the world, MetLife in association with Punjab National Bank offers a plethora of services to customers to enhance their experience. Given below are some of the customer-centric services offered by PNB MetLife:

  • Domestic medical and emergency assistance
  • 24x7 access to qualified doctors
  • Discounts on wellness packages
  • Medical second opinions
  • Meet an advisor through PNB MetLife
  • Locate a PNB MetLife branch online
  • Download the brochure for any plan online
  • Calculate your premium payment using the Premium Calculator online
  • Compare different protection plans online
  • Preventive healthcare packages from leading hospitals and diagnostic centers in India
  • Contact the customer care via phone, fax, email, or SMS
  • Get the Premium Rates Form on the website
  • Read the terms and conditions online.
 

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