Investment Plans 240 views January 7, 2022

PNB MetLife Mera Wealth Plan is Unit-Linked Life Insurance that helps you in financial planning and gets you life cover. The key benefits of this ULIP policy are –

  • Death benefit
  • Maturity benefit
  • Loyalty additions
  • Ten funds

Let’s learn more about these and other benefits of the PNB MetLife Mera Wealth Plan on this page below.

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PNB MetLife Mera Wealth Plan Benefits in Detail

You and your nominee will get the following benefits under this PNB Life Insurance Plan.

Death Payout for the Nominee

Your nominee will get the highest of the following in case of your death during the policy term –

• Fund value
• Basic Sum Assured – Partial Withdrawals (made 2 years before the date of death)
• 105% of total paid premiums excluding partial withdrawals made during 2 years before the date of death

Maturity Benefit

On survival till the end of the policy term, you’ll receive the total fund value. You can choose to receive this benefit as a lump sum or as a structured payout through the settlement process. Once you opt for settlement, the payouts will happen monthly, quarterly, half-yearly or yearly for 1- 5 years. You will get your first installment on the maturity date.

The life insurance cover shall be maintained at 105% of the total paid premiums after the maturity date in case of the settlement option. So, the company will deduct mortality charges from the same, and the available number of units would be divided by the residual number of installments to maintain the payout.

If there is more than one fund, the number of units will be withdrawn in the same proportion of the units held at the time of payment of each installment.

The payment happens based on the number of units and the respective fund’s net asset value (NAV). The remaining fund value or 105% of the total paid premiums (whichever is higher) shall be payable to the nominee upon your death.

Loyalty Additions During the Policy Period

PNB MetLife Mera Wealth Plan provides loyalty additions at the end of every policy year from the end of the sixth year. Check out the table below to know that better.

Policy
Year (In Years)
Annualized Premium < INR 5 Lakh Annualized Premium >= INR 5 Lakh
FundFlexi Cap, Multiplier III, Mid Cap Fund, Premier Multi-Cap Fund, Virtue II, CREST (Thematic Fund)Balancer II, Preserver II, Protector II & Liquid FundFlexi Cap, Multiplier III, Mid Cap Fund, Premier Multi-Cap Fund, Virtue II, CREST (Thematic Fund)Balancer II, Preserver II, Protector II & Liquid Fund

6 - 90.40%0.30%0.50%0.40%
10 - 190.90%0.70%0.90%0.70%
20 - 301.00%0.80%1.00%0.80%

Partial Withdrawal Facility Available After Five Years of Continous Cover

If you’re 18 years or older, the company allows you to do partial withdrawals free of charge. You can withdraw a minimum of INR 5,000 and a maximum of 25% of the total fund value at the beginning of the policy year. However, the minimum fund balance after the partial withdrawal should be at least equal to one annualized premium or 25% of the single premium.

Investment Options Under PNB MetLife Mera Wealth Plan

The insurance company allows you to invest your money in any of the following –

  • Flexi Cap
  • Multiplier III
  • Mid Cap Fund
  • Premier Multi-Cap Fund
  • Virtue II
  • CREST (Thematic Fund)
  • Balancer II
  • Preserver II
  • Protector II
  • Liquid Fund

To invest in any of the above funds, first, you have to choose the investment strategy –

Self-Managed Option – This option allows you to manage investments among any of the above ten funds, subject to a minimum of 20% in each fund. You can switch among these funds depending upon your changing risk appetite and market conditions.

Systematic Transfer Option – If you choose an annual mode of premium payment, you can use this strategy. Upon choosing this option at policy inception or anniversary, your premiums will go into Protector II Fund. The company will then transfer that premium systematically to Flexi Cap Fund through 12 monthly installments.

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