Multi-purpose
Met Gold Plus
Unit-Linked Life Insurance Plan (Non-Par)
For Accelerated Wealth Creation and Protection
All I want is everything
Call us Toll Free: 1-800-425-6969
Visit us www.metlife.co.in
Write to us: [email protected]
MetLife India Insurance Co. Ltd.
Brigade Seshamahal, 5, Vani Vilas Road,
Basavanagudi, Bangalore - 560 004
Tel: +91-080-2643 8638
IRDA Registration number: 117
UIN for Met Gold Plus is 117L058V01, for Accident Death Benefit
Rider is 117C014V01 & for Critical Illness Rider is 117C013V01.
Insurance is the subject matter of the solicitation. LD/2009-10/EC760/1120.
.
IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
You have always acquired the best for yourself in
life. Not surprisingly, your wealth creation and
protection needs also deserve the best. Keeping
this in mind, MetLife is proud to present Met Gold
Plus, a Unit-Linked Plan which can be customized
to match your financial needs! This long-term plan
offers you the flexibility of short premium payment
commitments along with a multitude of other
benefits.
Want to know more? Read on….
IN THIS Policy, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE PolicyHOLDER
•
Key Benefits Of Met Gold Plus
•
•
Flexibility of Limited Premium
Payment Option: You may choose to
pay premium for 3 or 5 years for
Coverage Term of 10 & 20 years
respectively
Death Benefit: In case of your sudden
demise, your beneficiary will get
higher of Sum Assured (net of
deductible Partial Withdrawal) or
Fund Value at applicable Net Asset
Value (NAV)
ii)
Sum Assured less all Partial Withdrawals (excluding Top-up Premium
Account) made in accordance with the Partial Withdrawal provisions
in the last 24 months preceding the date of death of the Person
Insured
If the death of the Person Insured occurs on or after the attainment of
age 60:
The Death Benefit payable will be higher of
•
The Fund Value (the value of Units pertaining to Regular Premium
Account) or
•
Sum Assured less all Partial Withdrawals (excluding Partial
Withdrawals pertaining to Top-up Premium Account) made in
accordance with the Partial Withdrawal provisions, during the last 24
months immediately preceding the date of death or all Partial
Withdrawals made in accordance with the Partial Withdrawal
provisions post attainment of age 60 whichever is higher
Higher Premium Allocation: Along
with low Fund management
charges helps you to augment your
wealth faster
(B) Maturity Benefit & Settlement Option
•
Liquidity with Partial Withdrawal: Liquidity to help you in case of any
emergency
On maturity of the Policy you will receive the Total Fund Value (Regular
Premium Fund Value + Top-up Fund Value (if any).
•
Choice of 7 Unit-Linked Funds including Return Guarantee Fund: Return
Guarantee Fund to give certainty in your expected returns during volatile
market conditions
However, you can also choose the Settlement Option and
•
•
Enhanced protection with Accident Death Benefit (ADB) Rider: Increase
protection with the help of ADB Rider
•
Enhanced protection with Critical Illness (CI) Rider: Increase protection
with the help of CI Rider
•
Flexibility to add Top-ups: In case of sudden windfalls, you may choose to
infuse more money into your Fund, which in turn accelerates wealth creation
•
Tax Benefit under section 80C, 80D and 10(10D) as per Income Tax Act 1961
( refer to “Tax Section” for more details)
Your Benefits In Detail
(A) Death Benefit
In the unfortunate event of your demise, while the Policy is in force & before
the maturity date, your beneficiary/nominee will get the following Death Benefit
i)
If the death of the Person Insured occurs before the attainment of age 60:
The Death Benefit payable will be higher of
•
The Fund Value (the value of units pertaining to Regular Premium
Account) or
•
Withdraw your Fund Value in installments within 5 years from the
date of maturity
•
Choose a combination of part lumpsum withdrawal on maturity
and regular withdrawal in installments within 5 years from the date
of maturity
If you choose this option, you will have to bear the risks involved in the
Unit-Linked Funds. The number of withdrawals in any calendar year would
be limited to 12. The minimum withdrawal during Settlement Option
should be 5% of the Fund Value.
The life insurance cover during this period would not be applicable. In case of
death of the Policyholder during this period, the Fund Value as on that date shall
be paid, and the Policy will be terminated. No Partial Withdrawals and switches
are allowed during the Settlement Period. No Top-up Premiums are allowed to be paid
into the Account during the Settlement Period. At anytime during the Settlement
Period, you can take all the balance Fund Value by terminating the Policy.
If you wish to opt for the Settlement Option, you need to inform the Company
at least 90 days prior to the date of maturity.
Other Flexible Benefits
Return Guarantee Fund (RGF)
(A) Liquidity with Partial Withdrawals
The Return Guarantee Fund (RGF)
is a Unit-Linked Fund option that
provides you a minimum
guaranteed Net Asset Value at the
end of 5 Year Period (called as lockin period) from the period of
subscription. At the end of 5 Year
Period from the end of the
subscription period, higher of the
Fund Value in this account or the
number of Units in this account
multiplied by the Guaranteed NAV
will be paid. The guarantee is
applicable on the Units remaining
in the Unit Account attached to this
Fund at the end of lock-in period.
No Guarantee is applicable if the amount is withdrawn (i.e. surrender or
benefit payout) out of this Fund before expiry of the 5 Year Period. However, if
death or maturity coincides with the last day of the lock-in period, the
guaranteed NAV will be paid.
You have the option of Partial Withdrawal (from both Regular and Top-up
Premium Accounts) except investment in Return Guarantee Fund to meet your
liquidity needs in case of any emergency after completion of 3 Policy Years. The
minimum amount of Partial Withdrawal should be Rs. 5,000. The maximum
Partial Withdrawal allowed is 25% of the Fund Value and remaining Fund
Value after any withdrawal should be at least equal to the sum of 120% of the
Annualized Regular Premium and the applicable Surrender Charges. You may
make up to 2 Partial Withdrawals in a Policy Year (from both Regular and Topup Premium Accounts) free of charge. Partial Withdrawals are allowed first
from the Top-up Premium Account and then from the Regular Premium
Account.
(B) Choice of 7 Funds
You may choose between 7 Unit-Linked Funds basis your propensity to take
risk. You may choose to invest your premiums in these Unit-Linked Funds in any
proportion aggregating to a total of 100% subject to minimum allocation in
any chosen Fund not being less than 20%.
Following are the seven Unit-Linked Funds offered with Met Gold Plus.
Fund Name
Preserver II
Return
Guarantee^
Protector II
Balancer II
Flexi Cap
Virtue II
Multiplier II
Investment Objectives
Asset Category
Asset
Allocation
Range (%)
To generate income at a level
consistent with preservation of
capital, through investments in
securities issued or guaranteed
by Central and State
Governments
To outperform the minimum
guaranteed NAV at the end of 5
year period from the date of
launch of a “Tranche” through a
mix of debt and/or equity
Instruments
To earn regular income by
investing in high quality fixed
income securities
Government & government
guaranteed securities
Money market instruments^^
0 - 40
To generate capital appreciation
and current income, through a
judicious mix of investments in
equities and fixed income
securities.
To generate long-term capital
appreciation from an actively
managed portfolio of diversified
stocks across the market
capitalization spectrum
Government and other debt
securities
0 - 60
Equities
Money market instruments^^
0 - 60
0 - 40
Risk Profile
60 - 100
Very Low Risk
Money market instruments^^
Government securities
Debt Securities (PSU &
Corporate AAA Rated Only)
Equity
Money market instruments^^
Government and other debt
securities
Equities
0 - 40
0 - 25
0 - 100
Low Risk
0 - 25
0 - 100
60 - 100
Low Risk
Medium Risk
How does RGF work?
60 - 100
Very High Risk
Money market instruments^^
60 - 100
To generate long-term capital
appreciation by investing in
diversified equities selected
from S&P CNX Nifty Index
60 - 100
Money market instruments^^
•
If you opt for the RGF at any time, provided the Fund is open for
subscription the entire modal premium, net of allocation charges is
invested in the RGF
•
The other premiums payable by you are allocated in other Funds
(other than RGF) as per the allocation specified by you at the inception of
the Policy
0 - 40
To generate long-term capital
Equities
appreciation by investing in
diversified equities of companies
promoting healthy life style and Money market instruments^^
enhancing quality of life
Equities
The RGF would be a limited period offer and would be available in tranches.
During the offer period of each tranche, the Net Asset Value of the Fund would be
Rs. 10. Subscription to a tranche of the Return Guarantee Fund (RGF) would
terminate on a specified date. The term of the tranche will start after the
subscription period. During the subscription period, the Company will declare
NAV and the Fund will be invested in Money Market Instruments. Each tranche
would terminate at the end of 5 years from the date of close of subscription. The
minimum guarantee applicable for the Return Guarantee Fund will be specified
at the beginning of the subscription period. The Policyholder cannot invest in
RGF if the outstanding duration to Policy maturity is less than the term of the
tranche (5 years) plus the subscription period.
Very High Risk
0 - 40
Very High Risk
0 - 40
^You are requested to read the “Return Guarantee Fund” section carefully before investing in the Return Guarantee Fund.
^^ Investment in money market protects the Net Asset Value (NAV) from volatile market conditions.
•
Partial Withdrawal or Switching-out of the RGF will not be allowed
•
You can switch in money into the RGF from other Funds, as long as it is
open for subscription
•
Top-up Premium will not be invested in the RGF
•
At the end of the RGF term, the proceeds from RGF will be allocated into
the other Funds in the same proportion as the Fund portfolio at that time.
In exceptional case of the entire Fund being invested in a Return
Guarantee Fund at the time of termination, the proceeds would be
allocated to the Funds opted for at inception
•
Switch-in facility is allowed into this Fund from other Funds; provided, the
Guarantee Fund is offered and is open for subscription on the date of
allocation of premium into this Fund
•
If the Policy is surrendered before the end of the term of the RGF, the RGF
Units are encashed at the NAV as on that date. The Guarantee will cease to
apply on surrender
•
Kindly visit our website or contact our call centre or visit our nearest branch
regarding the RGF availability and the applicable guaranteed NAV
charge. Subsequent changes in a Policy Year would be considered as an alteration
and would be charged accordingly.
(C) Flexibility of switching between Unit-Linked Funds
You may wish to use this benefit to lock growth in your investments. You have
the benefit to switch partially or fully between the available Unit-Linked Funds
options, at any point of time during the coverage term. You will have the
benefit of 12 (twelve) free switches in every Policy Year, post which every switch
in a Policy Year would be levied a charge of Rs. 250. The minimum value of every
switch should be Rs. 5, 000.
Switch-in facility is available with Return Guarantee Fund, Switch-Out is not a possibility.
(D) Surrender Benefit
Enhanced protection with Accident Death Benefit Rider
You have an option to surrender your Policy any time after the completion of
the first 3 Policy Years. The Surrender Value payable will be subject to
applicable Surrender Charges.
Besides life cover, you may choose to enhance protection with Accident Death
Benefit Rider (117C014V01) by paying an additional nominal premium for the
rider coverage.
In exceptional circumstances, the Company may defer the surrender of the
Policy for a period not exceeding 30 days from the date of application.
Examples of such circumstances are:
Enhanced protection with Critical Illness Rider
•
When one or more stock exchanges which provide a basis for valuation for
a substantial portion of the assets of the Fund are closed other than for
ordinary holidays
•
When, as a result of political, economic, monetary or any circumstances
that or out of the control of the Company, the disposal of the assets of the
Unit-Linked Fund(s) are not reasonable or would not reasonably be
practicable without being detrimental to the interests of the remaining
Policyholders invested in the Unit-Linked Fund(s)
You have the flexibility to make additional investments (over and above the
regular premium) with the help of Top-up Premiums, anytime during the
coverage term. The minimum amount of a single Top-up Premium is Rs. 5,000.
Top-up Premiums are not allowed into the Return Guarantee Fund.
•
During periods of extreme volatility of markets during which surrenders
would, in our opinion, be detrimental to the interests of the existing
Policyholders invested in the Unit-Linked Fund(s)
•
In case of natural calamities, strikes, war, civil unrest, riots and bandhs
The Top-up Premiums cannot exceed 25% of the total Regular Premium paid
till date. Top-up Premiums will not increase the Sum Assured.
•
In event of any force majeure or disaster that affects our normal functioning
•
If so desired by the Insurance Regulatory and Development Authority
Besides life cover, you may choose to enhance protection with Critical Illness Rider
(117C013V01) by paying an additional nominal premium for the rider coverage.
For further details on riders, please ask for a separate rider brochure.
How Can I Manage My Investments?
(A) Flexibility to add Top-up Premiums
Any Top-up Premiums paid would not be eligible for Partial Withdrawals for
3 years from the date of such payment. However, the 3 year lock-in condition will
not be applicable for Top-ups made during the
last 3 years of the Coverage Term.
(B) Flexibility of Premium Re-direction
You may choose to manage your investment
with the option of premium re-direction.
You have an option to change the allocation
of future premiums (including Top-up
premiums if any) with premium re-direction.
However the proportion for any chosen Fund
should be at least 20%. You would have the
option to change the Premium Allocation
proportions once every Policy Year free of
Other Features
(A) Flexibility of Premium Mode
You may choose to pay your premiums annually, semi-annually, quarterly &
monthly as per your convenience.
(B) Free Look Period
You have a period of 15 days from the date of receipt of the Policy Document to
review the terms and conditions of this Policy. If you have any objections to any
of the terms and conditions, you have the option to return the Policy stating the
reasons for the objections you shall be refunded an amount equal to nonallocated premiums plus charges levied through cancellation of Units plus Fund
Value at the date of cancellation subject to deduction of expenses towards
medical examination, stamp duty and proportionate risk premium.
(C) Grace Period
If you are unable to pay your Regular Premium on time, we maintain the Policy
in-force for 30 days from the due date of unpaid premium (15 days in case of
monthly mode). If your Regular Premium remains unpaid after the Grace
Period, the Policy shall lapse from the due date of the first unpaid premium.
Payment Term
3 Pay
5 Pay
Policy Year
Year 1
Year 2-3
Year 4 onwards
Year 1
Year 2-3
Year 4-5
Year 6 onwards
Annualized
Premium <=100000
8%
6%
Not applicable
12%
5%
3%
0%
Annualized
Premium > 100000
7%
6%
Not applicable
10%
5%
3%
0%
The Premium Allocation Charge for Top-up Premium is 2%
Met Gold Plus At A Glance
20 Years Coverage Term
(B) Policy Administration Charges
Minimum Age at Entry (lbd*) 18 Years
18 Years
The following Policy Administration Charge would be deducted by cancellation
of Units on a monthly basis at the beginning of each month. The
Administration Charge mentioned in 'At Inception' will be deducted at Policy
inception in addition to the Monthly Policy Administration Charge.
10 Years Coverage Term
Maximum Age at Entry (lbd*)
65 Years
55 Years
Premium Payment Term
3 Years
5 Years
Minimum Annualized
Premium in Rupees
Annual Mode Rs. 60,000;
Annual Mode Rs. 40,000;
Other than Annual Mode Rs. 80,000 Other than Annual Mode Rs. 60,000
Sum Assured
5,10, 20 times the annualized
premium
10 and 20 times multiple are
allowed for entry ages up to
55 and 45 years only respectively
5,10, 20 times the annualized
premium
10 and 20 times multiple are
allowed for entry ages up to
55 and 45 years only respectively
Annual, Semi-annual, Quarterly
& Monthly
Annual, Semi-annual, Quarterly
& Monthly
Premium Payment Modes
*lbd - Last Birthday
How does Met Gold Plus work for you?
•
The premium paid by you decides your Sum Assured, based on the Sum
Assured multiple chosen by you.
•
Your premium net of the Premium Allocation Charge will be invested in
the Unit-Linked Fund/s of your choice. The Net Asset Value of the
Unit-Linked Fund prevailing on that particular day decides the number of
Units allocated to you.
•
•
Once the Units are allocated, Policy Administration Charges and Mortality
Charges (deducted for the Life Insurance Benefit, depending on your age)
are deducted by cancellation of Units.
Net Units and the Net Asset Value of the Unit-Linked Fund decide your
Fund Value. Every time, the premium is paid, fresh Units are allocated
and the Policy accumulates higher number of Units, resulting into
potentially higher fund value.
What Will I Be Charged?
Following are the details of the charges in Met Gold Plus.
(A) Premium Allocation Charges
This is a Premium-based charge. After deducting this charge from your
Premiums, the remainder is invested to buy Units. Premium Allocation Charges
will be deducted from the Premiums received as a percentage of Annualised
Premium as shown below:
Year
Charge
At Inception (3 Pay & 5 Pay)
• Annualized Premium <= 100000
• Annualized Premium > 100000
Rs. 1,200
Rs. 3,600
From 1st month onwards during the policy term
Rs. 100 per month
The Policy Administration Charge would be deducted from the Unit-Linked
Funds in proportion to respective Fund Values available in each of the
subscribed Unit-Linked Funds as on the due date of deduction.
(C) Mortality Charges
Mortality Charge will be deducted at the beginning of each month by
cancellation of an appropriate number of Units at the relevant Net Asset Value.
Mortality Charge will be based on the attained Age of Person Insured, Cost of
Insurance (CoI) and the applicable Sum Assured.
The calculation method will be as follows:
Mortality Charge = (Sum at Risk/1000) * Cost of Insurance (CoI)
The Sum at Risk is defined as the Death Benefit (as defined in the benefits
section) minus the Fund Value (relating to Regular Premium Account) in the
Unit Account.
Sample monthly Cost of Insurance per 1000 sum at risk is as below:
Gender
Male
Female
20 Years
0.084667
0.074667
30 Years
0.097542
0.096875
40 Years
0.179167
0.138083
(D) Rider Premium Charge
The Rider Premium Charges are not deducted from Fund Value and are payable
in addition to the Regular Premium. Service Tax and Education Cess on Rider
Premium will also be applicable at current tax rates. No charges will be
deducted from the rider premiums.
(E) Fund Management Charge
(G) Switching Charge
These charges are adjusted while calculating the Net Asset Value of the
Unit-Linked Funds each day. The following Fund Management Charges
(expressed as a % of the Value of Assets underlying the Unit Account) will be levied:
**plus the current Cost of Guarantee of 0.20% p.a.
The first 12 switches
between Funds in a Policy
Year will be free of any
charge. Thereafter a
charge of Rs. 250 per switch
will be levied. The Switching
Charges will be deducted
by cancellation of
appropriate number of
Units using the relevant Net
Asset Value of these Units.
(F) Surrender Charge
(H) Partial Withdrawal
Charge
Fund Option
Preserver II
Protector II
Balancer II
Virtue II
Multiplier II
Flexi Cap
Return Guarantee Fund
Charges
1.00% p.a.
1.00% p.a.
1.15% p.a.
1.25% p.a.
1.25% p.a.
1.25% p.a.
1.05% p.a.**
The Surrender Charge is based on the First Year Annualized Premiums and is
deducted from the Fund Value. Surrenders are not permitted during the first
3 years of the Policy.
For Term 20/Premium Paying Term-5
No. of Annualized Premiums Paid
Policy Years / Percentage of Annualized Premium
0-3 Years 4 Years
5 Years
6+years
Less than one Annualized
Premiums paid
More than or equal to one but less
than two Annualized Premiums paid
More than or equal to two but less
than three Annualized Premiums paid
More than or equal to three but less
than four Annualized Premiums paid
More than or equal to four but less
than five Annualized Premiums paid
Equal to five Annualized Premiums paid
100%
30%
NA
NA
100%
25%
NA
NA
100%
20%
15%
NA
NA
15%
10%
0%
NA
NA
5%
0%
NA
NA
0%
0%
For Term 10/Premium Paying Term-3
No. of Annualized Premiums Paid
Policy Years/Percentage of Annualized Premium
0-3 Years
4 Years 5 Years 6+Years
Less than one Annualized Premiums paid
100%
20%
NA
NA
More than or equal to one but less
100%
15%
NA
NA
than two Annualized Premiums paid
More than or equal to two but less
100%
10%
5%
NA
than three Annualized Premiums paid
Equal to three Annualized Premiums paid
NA
0%
0%
0%
The Surrender Charge would be deducted from the Fund Value before
payment of the same to the Policyholder.
The first 2 Partial
Withdrawals in a Policy Year
from both base as well as
Top-up Funds (if any) will
be free of any charge. For
each subsequent Partial
Withdrawal in a Policy Year, a charge of Rs. 250 would be levied. The Partial
Withdrawal Charge will be deducted by cancellation of Units of appropriate
number of Units using the relevant Net Asset value of these Units.
(I)
Miscellaneous Charge
The Company has the option to charge Rs. 250 for alterations like Premium
Re-direction and Reinstatement of the Policy.
The Miscellaneous Charge will be deducted by cancellation of appropriate
number of Units using the relevant Net Asset Value of these Units.
(J)
Service Tax Charge
This charge as notified by the Government from time to time will be made by
the cancellation of appropriate number of Units at the relevant Net Asset Value
and the same is subject to changes in the tax laws in future and the Policy
proceeds would be affected to that extent. Service Tax on the Fund
Management Charges would be calculated while calculating the Net Asset
Value of the Unit-Linked Funds at each valuation date.
In the event that in any given year, the number of Units in the Unit Account is
insufficient to enable the Company to recover the tax amount, the Company
reserves its right to recover such outstanding tax amount from the Unit
Account in the following years. MetLife reserves the right to recover any taxes
imposed by any Governmental authorities from the Policyholder's Fund Value.
Note: The Company reserves the right to increase/decrease any of the above charges (except
Premium Allocation Charge and Mortality Charge) subject to prior approval from IRDA.
Tax Benefits
Tax Benefits under this plan are available as per the provisions and conditions
of the Income Tax Act, 1961 and are subject to any changes made in the tax laws
in future. Please consult your tax advisor for advice on the availability of tax
benefits for the Premiums paid and proceeds received under the Policy for
more details.
Discontinuance Of Premium
(A) Within the first 3 Policy Years
If any Regular Premium due within the first 3 Policy Years of the inception of
Policy, remains unpaid even after the grace period from the date of last unpaid
Premium, the benefit of the Sum Assured in the Policy will cease to exist and the
Policy benefit and Rider Benefit will lapse with effect from the due date of first
unpaid Premium. If the contract is not reinstated within the reinstatement
period then the Policy will be terminated and the Fund Value Net of Surrender
Charge shall be payable at the end of reinstatement period or at the expiry of
the 3rd Policy Year, whichever is later. This will be true even if the premiums are
allocated into the Return Guarantee Fund. In this case, the minimum
guaranteed NAV will not apply if the termination is triggered before the end of
5 years from the close of subscription. You can apply for reinstatement of the
lapsed Policy within 2 years from the date of the first unpaid Premium, subject
to the following conditions:
•
Request in writing for reinstatement within two (2) years from the
date of the first unpaid premium
•
Provided satisfactory evidence of insurability to us and fulfill all such
requirements which may be reasonably prescribed by us
•
Payment in full of an amount equal to all the Regular Premiums and
Rider Premium due but unpaid till the effective date of reinstatement
•
Applicable reinstatement fee
In case of the death of the Person Insured during the time allowed for
reinstatement of a lapsed Policy, the Fund Value will be paid to the nominee.
The Fund Value shall be subject to the performance of the underlying UnitLinked Funds and applicable Fund Management Charges. Once the Policy is
reinstated, all the applicable charges will be deducted.
In case the rider has been opted for, the status of the Rider will be same as that
of the Base Policy. If the Base Policy lapses, the Rider also lapses. During the
period allowed for reinstatement, the Rider Benefit is discontinued. The Rider
will be reinstated along with the Base Policy conditional to the Rider Premium
being paid in full along with the Base Policy Premium.
(B) After 3 Policy Years (not applicable for a 3 year Premium Paying Term)
If the due Regular Premium has been paid for at least 3 consecutive Policy Years
from the inception of Policy and subsequent Regular Premiums are unpaid, the
Policyholder may reinstate the Policy within 2 years from the date of first
unpaid Premium. During the period allowed for reinstatement, the Policy
Benefit shall be allowed to continue to be in force by levying applicable charges
but the Rider Benefit shall cease to exist.
The Policyholder is however entitled to submit a written notice to the Company
within the period allowed for the reinstatement of the Policy opting to
continue the Policy. The Company will continue deduction of applicable Policy
Charges and keep the Policy in force until the Fund Value does not fall below
the amount equivalent to 120% of the Annualized Premium of the Basic Plan
and applicable Surrender Charge.
Where the Fund Value falls to the level of an amount equal to the sum of 120%
of the Annualized Regular Premium of the Basic Plan and applicable Surrender
Charge or the Fund Value is inadequate for the deduction of the applicable
Policy Charges whichever is earlier, the Policy shall stand terminated and the
Surrender Value, if any, shall be paid. This will be true even if the Premiums are
allocated into the Return Guarantee Fund. In this case, the minimum
guaranteed NAV will not apply if the termination is triggered before the end of
5 years from the close of subscription.
If the Base Policy lapses, the Rider also lapses. During the period allowed for
reinstatement, the Rider Benefit is discontinued. The Rider will be reinstated
along with the Base Policy conditional to the Rider Premium being paid in full
along with the Base Policy premium. However, in case the Policyholder ceases
to pay the Base Regular Premium and submits a written request to the
Company opting to continue the Policy by deduction of applicable charges, the
Rider Benefit is discontinued.
Contract Termination
If the Policy is lapsed during the first 3 Policy Years and not reinstated within
2 years from the date of such lapse, the Policy would be terminated by paying
the Surrender Value at the end of reinstatement period or at the expiry of the
third Policy Year, whichever is later.
The contract shall also be terminated once all the contractual obligations have
been discharged.
Suicide Clause
In the event the Person Insured commits suicide, whether sane or insane at that
time, within first Policy Year from the Effective date of Policy or the date of the
last reinstatement whichever is later, we shall not be liable to pay the Sum
Assured, except refunding the Fund Value.
Policy Loan
No loan is available under this product
Risks Inherent In The Unit-linked Funds
Due to the nature of the Unit-Linked Funds, the Company does not guarantee
the price of the Units of any of the Unit-Linked Funds offered by it. Unit-Linked
Life Insurance products are different from the traditional insurance products
and are subject to the risk factors.
The Insured (and the Policyholder, if different) is aware that the investment in
Units is subject, interalia (amongst others), to the following risks:
•
The investments in the Units are subject to market and other risks and
there can be no guarantee that the objectives of any of the Unit-Linked
Funds will be achieved. The Unit-Linked Funds do not offer a guaranteed
or Assured Return
•
The premium paid in Unit-Linked Life Insurance Policies are subject to
investment risks associated with capital markets. The Fund Value of each
of the Unit-Linked Fund can go up or down depending on the factors &
forces affecting the financial markets from time to time including changes
in the general level of interest rates and the insured is responsible for
his/her decisions
•
The past performance of the Unit-Linked Fund(s) of the Company is not
necessarily indicative of the future performance of any of these UnitLinked Funds
•
The name of the Product does not in any way indicate the quality of the
product, its future prospects or returns
•
The names of the Unit-Linked Funds and their objectives do not in any
manner indicate the quality of the Fund, their future prospects or returns
•
All benefits payable under the Policy are subject to the tax laws and other
legislations/regulations as they exist from time to time
•
Please know the associated risks from the Financial Advisor or the
intermediary
Statutory Warning
•
Please refer the Policy Document for further details and risk factors
Section 41 of the Insurance Act, 1938 states:
•
This product brochure is only indicative of terms, conditions, warranties
and exceptions contained in the Insurance Policy
•
Insurance is the subject matter of the solicitation
(1) No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate
of the whole or part of the commission payable or any rebate of the
premium shown on the Policy, nor shall any person taking out or renewing
or continuing a Policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses or tables of the
insurer
Risks Inherent In The Return Guarantee Fund (RGF)
•
•
•
The Fund assures a minimum guarantee of return by way of a guaranteed
NAV at the expiry of the lock-in period and when the markets perform
well, the guaranteed return may be lower than that provided by nonguaranteed Funds. The Insured is responsible for his/her decisions
If this Fund is not open for subscription when the Premiums are due, such
due premiums would be invested in the other opted Funds in the same
proportion as indicated at the time of applying for this Policy unless the
Policyholder changes the proportions under Premium re-direction option
The past performance of the RGF is not necessarily indicative of the future
performance of the Fund
(2) Any person making default in complying with the provisions of this section
shall be punishable with fine which may extend to Rs. 500.
Section 45 of the Insurance Act, 1938 states:
“No Policy of life insurance effected before the commencement of this Act shall
after the expiry of 2 years from the date of commencement of this Act and no
Policy of life insurance effected after the coming into force of this Act shall
after the expiry of 2 years from the date on which it was effected, be called in
question by an insurer on the ground that a statement made in the proposal for
insurance or in any report of a medical officer, or referee, or friend of the
Person Insured, or in any other document leading to the issue of the Policy, was
inaccurate or false, unless the insurer shows that such a statement was on
material matter or suppressed facts which it was material to disclose and that it
was fraudulently made by the Policy owner and that the owner knew at the
time of making it that the statement was false or that it suppressed facts which
it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for
proof of age at any time if he is entitled to do so, and no Policy shall be deemed
to be called in question merely because the terms of the Policy are adjusted on
subsequent proof that the age of the Person Insured was incorrectly stated in
the proposal.”
About MetLife
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,
Inc. and was incorporated as a joint venture between MetLife International
Holdings Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private
Limited and other private investors. MetLife is one of the fastest growing life
insurance companies in the country. It serves its customers by offering a range
of innovative products to individuals and group customers at more than 700
locations through its bank partners and company-owned offices. MetLife has
more than 55,000 Financial Advisors, who help customers achieve peace of
mind across the length and breadth of the country. For more information
about MetLife, please visit the company's website at www.metlife.co.in.
MetLife Inc., through its affiliates, reaches more than 70 million customers in
the Americas, Asia Pacific and Europe. Affiliated companies, outside of India,
include the number one life insurer in the United States (based on life
insurance inforce), with over 140 years of experience and relationships with
more than 90 of the top one hundred FORTUNE 500®1 companies. The MetLife
companies offer life insurance, annuities, automobile and home insurance,
retail banking and other financial services to individuals, as well as group
insurance, reinsurance and retirement and savings products and services to
corporations and other institutions.
1
FORTUNE 500® is a registered trademark of FORTUNE® magazine, a division
of Time, Inc.