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Met Easy Super Plan

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Met Easy Super Plan
 
Met Easy Super Plan is a Regular Premium Unit Linked Insurance Plan from PNB MetLife Insurance. It is a Non-Traditional Insurance Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid till the end of the policy tenure as selected at policy inception.
 
The premium, net of charges, is invested in the fund as selected by the policyholder and being a ULIP, the risk of investment is borne by the policyholder. There are 2 Investment Strategies in this plan, namely:
  • Auto Rebalancing option, where the funds are automatically rebalanced according to the chosen portfolio allocated in the Flexi Cap Fund and the Protector II Fund in the proportions as per the choice of the policyholder and
  • Self Managed option, where there are 6 investment funds to choose and directly manage self portfolio
 
On policy maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy tenure, the higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit. There is also 1 additional rider available in this plan-Accidental Death Benefit rider.
 
 
Key Features of Met Easy Super Insurance Plan
 
  • It is a  plan regular premium ULIP
  • There is no Policy Administration Charge in this plan
  • In this plan, there are 2 Investment Strategies along with a choice of 6 Funds
  • The 2 Investment Strategies are Auto Rebalancing option and Self Managed option
  • On policy maturity, the Fund Value is paid as Maturity Benefit
  • However, if the Life Insured dies within the Policy tenure, the higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit
  • There is enhanced protection in this plan with Accidental Death Benefit Rider

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 
 
Benefits you get from Met Easy Super Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Fund Value or the Sum Assured as Death Benefit, subject to a minimum amount of 105%of the total Premium paid and the policy terminates
 
Maturity Benefit – On survival till the end of the policy maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
 
 
Eligibility conditions & other restrictions in Met Easy Super Policy                   
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
10 X AP
Policy Term (in years)
15
20
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
60 years for 15 year policy term & 55 years for 20 year policy term
Age at Maturity (in years)
-
75
Annual Premium (in Rs.)
12,000
1,20,000
Payment modes
Only Annual
 
 
Additional Features and Benefits of Met Easy Super Plan
 
Riders – There is an Additional Rider in this plan:
  • Accidental Death Benefit
 
Investment Fund Options
In this plan, there are 2 Investment Strategies in this plan:
  • Self- Managed Option- There are 6 Investment Funds in this Plan:
    • Protector II Fund
    • Preserver II Fund
    • Balancer II Fund
    • Multiplier II Fund
    • Virtue II Fund
    • Flexi Cap Fund
  • Auto Rebalancing Option
 
Top-up – There is no provision for Top Up in this plan.
 
Switching - There is a facility of switching the funds anytime subject to a minimum switch of Rs 5000. 4 switches are allowed free of cost every year post which there is a charge of Rs 250 per switch.
 
Partial Withdrawal - In this policy, there is an option of Partial Withdrawal after 5 policy years subject to a minimum withdrawal of Rs 5000 such that the remaining Fund Value after any withdrawal should be at least equal to the sum of 120% of the Annualised Base Premium. Only 1 Partial Withdrawal is allowed free of cost every year post which there is a charge of Rs 250 per transaction.
 
 
Charges in Met Easy Super Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year
Premium Allocation Charge
Year 1
9.15%
Year 2 to 5
6.9%
Year 6 onwards
5%
 
 
Policy Administration Charge— There is no Policy Administration Charge in this plan.
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
Protector II Fund
1.00% p.a.
Preserver II Fund
1.00% p.a.
Balancer II Fund
1.15% p.a.
Multiplier II Fund
1.25% p.a.
Virtue II Fund
1.25% p.a.
Flexi Cap Fund
1.25% p.a.
 
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

 

Year of Discontinuation
Annual Premium <= Rs 25,000 p.a.
Annual Premium > Rs 25,000 p.a.
1st
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards
NIL
 
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 
What happens if?
 
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee.
The policy can be revived as well but within a period of 2 years from the Date of Discontinuance of the Policy or before completion of the Lock-in period of 5 policy years, whichever is earlier.
 
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
 
If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want a loan against your policy - There is loan available under this plan but after 2 policy years of minimum amount of Rs 5000 and upto a maximum of 40-50% of the Surrender Value, depending upon the equity proportion of the Fund Value.

 
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