Compare PNB MetLife Mera Wealth Plan

PNB-MetLife-Life-Insurance-Company

PNB MetLife Mera Wealth Plan

PNB MetLife Mera Wealth Plan is a Unit Linked Plan which provides dual benefits of life insurance coverage as well as wealth creation. The plan has flexible premium paying modes, provides Loyalty Additions and also allows automated investments. Liquidity is also allowed through partial withdrawals.

Key features of the plan

  • The plan has two investment options. One is self-managed option where the policyholder can invest in any of the available funds. The other is automated investment portfolio where the company invests the premiums in a specified ratio.
  • Premiums can be paid at once, for a limited tenure or regularly.
  • Loyalty Additions increase the Fund Value.

How does the plan work?

Step 1 – the policyholder chooses the premium amount, plan term and the premium paying term. The minimum and maximum Sum Assured is then calculated and the policyholder can choose any Sum Assured from the minimum and maximum range.

Step 2 – the policyholder also chooses the investment strategy. There are 2 strategies which are as follows:

  • Self-Managed Option – under this strategy, the policyholder can choose to invest the allocated premium in any of the available six fund options. The available funds are – Flexi Cap,  Multiplier III Funds, Balancer II, Preserver II, Protector II & Liquid Fund
  • Systematic Transfer Option – under this option, the premiums are invested in Protector II Fund. Thereafter, every month, premiums are redirected to Flexi Cap Fund.

Step 3 – the policyholder can make partial withdrawals or switch his investments from one fund to another of from one strategy to another.

Step 4- in case of death during the plan term, the death benefit is paid.

Step 5 – if the insured survives the plan tenure, the maturity benefit is paid.

Example

Mohan, aged 40 years, buys the plan for a term of 15 years. He pays annual premiums of Rs.50, 000 throughout the plan term. The Sum Assured is Rs.5 lakhs.

Option 1 – He chooses the Self-Managed Portfolio Strategy and allocates 100% of the premiums in Flexi Fund. In case of death during the tenure, the death benefit would be paid to the nominee which would be higher of the Sum Assured or Fund Value. On maturity, the Fund Value is paid.

Option 2 – He chooses Systematic Transfer Option. The allocated premium is invested in Protector II Fund. Then, every following month, the units are moved to Flexi Cap Fund. On death, higher of Sum Assured or Fund Value is paid. On maturity, the Fund Value is paid.

Mohan can make partial withdrawals, switch between funds and also redirect future premiums.

Plan benefits

  • Death benefit – if the life insured dies during the plan term and due premiums have been paid, the death benefit would be payable. The death benefit is higher of -
    • Sum Assured including any top-up premium Sum Assured
    • Fund Value including any top-up premium Fund Value

    Provided that the death benefit is at least 105% of the total premiums paid till death
    If the life insured dies before reaching 60 years of age, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death
    If the life insured dies after attaining 60 years, any partial withdrawals made after crossing 58 years of age would be deducted from the Sum Assured.

  • Maturity Benefit – when the plan matures, the available Fund Value as well as any top-up premium Fund Value is paid to the policyholder. The policyholder can receive this maturity benefit in lump sum or in instalments over a 5-year period after maturity through Settlement Option feature.
  • Loyalty Additions – if all due premiums have been paid under the plan, Loyalty Additions are added from the end of the 6th policy year and every year thereafter. The additions are expressed as a percentage of the Fund Value and the rate depends on the premium amount and fund option selected. Here are the rates:
  • Policy year Premiums less than Rs.5 lakhs Premiums Rs.5 lakhs and above
    Flexi Cap & Multiplier III Funds Balancer II, Preserver II, Protector II & Liquid Fund Flexi Cap & Multiplier III Funds Balancer II, Preserver II, Protector II & Liquid Fund
    6-9 0.40% 0.30% 0.50% 0.40%
    10-19 0.90% 0.70% 0.90% 0.70%
    20-30 1% 0.80% 1% 0.80%
  • Partial withdrawals – the policyholder can make partial withdrawals after the first 5 years. The maximum amount of withdrawal is limited to 25% of the Fund Value and all withdrawals are free of cost.
  • Switching – under the Self-Managed option, the policyholder can switch for changing funds. Unlimited free switches are allowed throughout the policy tenure.
  • Premium redirection – in case of Self-Managed option, future premiums can be redirected to different funds than originally selected. However, the minimum allocation in any fund should be 20%.
  • Eligibility

      Minimum Maximum
    Age at entry (in completed years) 30 days Single premium – 60 years
    Limited premium of 5 years – 54 years
    Limited premium of 10 years – 60 years if term is 25 years or less or 55 years if term is more than 25 years
    Regular premium – 60 years
    Age at maturity (in completed years) 18 years Limited premium of 5 years – 74 years
    Other premium paying terms – 80 years
    Term of the plan Single premium – 10-20 years
    Limited premium of 5 years – 10-20 years
    Limited premium of 10 years – 11-30 years
    Regular premium  - 10-30 years
    Premium paying options Single Pay, Regular pay or limited pay
    Premium Paying term Regular pay – equal to plan term
    Limited pay – 5, 10 years
    Single Pay - once
    Annual premium amount Premium payment term 5 years or single premium– Rs.1 lakh
    Premium payment term 10 years or regular pay – Rs.24,000
    Premium payment term 5 years  for Online plans – Rs.30,000
    No limit
    Sum Assured Limited or regular premium - higher of 10 times the annual premium or 0.5*term*annual premium
    Single Premium – 1.25 times the single premium

What is not covered in the policy?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.

FAQs

What is the minimum value of each switch?<

The minimum value per switch is Rs.5000.

What is the premium paying frequency?<

Premiums can be paid annually, semi-annually or monthly.

Is insurance cover available when settlement option is selected?<

No, settlement option only pays the maturity benefits over a 5-year period. There is no life cover available during these 5 years.

When can the plan be surrendered?<

The plan can be surrendered any time after the first 5 years. If surrendered earlier, funds would be transferred to Discontinued Policy Fund and would be paid only after the completion of 5 years.

Are there any riders available in the plan?<

No riders are available under the plan.

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