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Insurance Plans India 720 views August 10, 2021
PNB Metlife Grameen Ashray is a non-participating traditional pure term plan that helps guard your family financially should you die during the policy period.
Let’s check out the highlights of the plan mentioned below.
Continue reading this page to understand the features in detail. Let’s start.
Table of Contents
This PNB Metlife insurance plan comes with exciting features that you can check below.
The minimum sum assured under the policy stands at INR 5,000 while it can go up to INR 50,000. You can select the coverage amount as per your needs.
The policy term under the PNB Metlife Grameen Ashray plan stands at a maximum of five years.
If an insured person dies during the policy term (provided the policy is in full force and all due premiums have been paid), the nominee will get the sum assured as per the policy schedule. This plan doesn’t provide any maturity benefits.
PNB Metlife Grameen Ashray offers two premium payment options – Single Premium and Regular Premium. On choosing the single premium plan option, policyholders will need to pay the premium at the inception of the policy. For the regular premium plan option, you will need to pay the premium every year on the due date. An individual needs to pay the regular premium amount on or before the due date mentioned in the policy. Regular premiums received before the due date will be credited to the policy on the due date. You can also change the frequency of the premium payment.
The policy also offers a grace period of 90 days from the due premium date within which policyholders can pay the premium without any additional interest. During this period, the policy will remain in force for all the insured events.
If an individual doesn’t pay the premium during the grace period, the policy will lapse with effect from the date of the first unpaid premium. In such a case, you will not get any claim benefits. However, you can reinstate your policy later to get the benefits.
Have a look at the important conditions related to the plan mentioned below.
The policyholder can reinstate the lapsed PNB Metlife Grameen Ashray plan (while an insured person is alive)by doing the following.
Note: The reinstatement fee is fixed at INR 250.
Policyholders with regular premium policies will get no surrender value. On the other hand, policyholders with single premium policies can get a surrender value anytime after the completion of two years from the inception of the policy.
When you make a surrender request, you will get a cash surrender value of 30%, 20%, or 10% of the single premium on surrendering the policy in the 3rd, 4th or 5th policy year, respectively.
PNB Metlife Grameen Ashray Plan will terminate in the following situations.
The policy also offers a free look period of 15 days from the date of receipt of the policy document. Within this period, you can review the terms and conditions. On having any objection, return the policy stating the reasons. After returning the policy, PNB Metlife will refund the premiums minus stamp duty charges, expenses incurred on the medical examination (if any) and a proportionate risk premium for the period risk cover.