Genius Brochure
Genius Brochure
Genius Plan
Child Education Health and An Individual, Non-linked, Non-participating, Savings, Life Insurance Plan
Hygiene Awareness
Supporting the education of
underprivileged girls in UP Supporting tribal adolescent
and Punjab girls in West Bengal
@PNBMetlife @pnb_metlife @PNBMetlife1 @PNB Metlife PNB Metlife India Insurance Co. Ltd
*Terms and conditions apply
**Tax benefits are as per Income Tax Act, 1961 & are subject to amendments made thereto from time to time. Please consult your tax consultant for more
details. Good and Services Tax (GST) shall be levied as per prevailing tax laws which are subject from time to time.
KEY FEATURES
PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road,
Bangalore -560001, Karnataka. IRDAI Registration number 117. CI No: U66010KA2001PLC028883. PNB MetLife Genius Plan is an Individual, Non-linked,
Non-participating, Savings, Life Insurance Plan (UIN: 117N135V02). For more details on risk factors, terms and conditions please read sales brochure carefully
before concluding a sale. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. This product Guaranteed* Flexible Life Cover
brochure is only indicative of terms, conditions, warranties and exceptions contained in the insurance policy. The detailed Terms and Conditions are
contained in the Policy Document. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please
Benefits Payouts Throughout Policy Term
consult your tax consultant for more details. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time
to time. The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB
MetLife India Insurance Company Limited is a licensed user of these marks. Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website:
www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon
(West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203. AD-F/2022-23/746.
1.5% Higher Benefits In-built Waiver Tax Benefits**
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /FRAUDULENT OFFERS! For Girl Child# of Premium
IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.
• Get Income Benefit payout as per your Child needs: Choose to get income benefit payouts as a
single Lumpsum payout or regular income of upto a maximum of 20 years during Policy Term
Genius Plan
• Flexibility to choose from various premium payment terms and policy terms
Basis your Child Age and his future needs, you select the following:
1 2
Let’s look at a few examples: Scenario II: In case of Sameer’s unfortunate demise in the 1st policy year, all his future premiums
ILLUSTRATION 1: Schooling Expenses i.e., Rs. 19,55,772/- ( Annual premium of Rs. 4,88,943/- for remaining 4 years) will be waived off,
his family receives a lump sum death benefit of Rs. 29,86,508/- to take care of their immediate
Sameer aged 30 years is blessed with a newborn baby girl. He wants to invest in a plan to fulfil needs and his daughter shall receive the Income benefit payouts as mentioned above in Scenario
her schooling needs. He needs the payouts to start when his Child turns 6 years old till, she turns
17 years. He invests in PNB MetLife Genius Plan and selects: I, for her education needs as Sameer had planned for her.
Parameters Boundary Conditions
Plan Option 1 Future Secure Option
ILLUSTRATION 2: Higher Education Needs
Proposer and Life Assured Sameer Amit, aged 40 years having 5 years old son named Pranav and is looking for a savings plan to
Child’s age at the beginning of Income Benefit Payout 6 years fund his Child’s Graduation and post-graduation expenses. He needs the payouts to start when
Child’s age at the end of the Income Benefit Payout 17 years his Child turns 16 years old till he turns 25 years of age. Amit invests in PNB MetLife Genius Plan
Premium Payment Term 5 years and selects:
Desired Income Benefit Payout Amount Rs. 3 Lakhs per annum Parameters Boundary Conditions
Policy Term 17 years Plan Option Child Secure Option
Life Assured Pranav
Sameer pays Annual premium of Rs.4,88,943 during Premium paying term Proposer Amit
Sum Assured on Death Rs. 48,89,430/- payable in 2 cohorts , upon death of Life Assured Child’s Age at beginning of Income Benefit Payout 16 years (End of Policy year 11)
Child Age at end of Income Benefit Payout 25 years (End of Policy year 20)
Rs. 29,86,508/- Payable immediately Rs. 22,20,483/- Payable immediately Rs. 45,55,025/- Payable immediately Premium Payment Term 10 years
1 on death of Life Assured in Year-1 on death of Life Assured in Year-6 on death of Life Assured in Year-17
Premium Amount Rs. 1 Lakh p.a.
Present Value of future Income Present Value of future Income Present Value of future Income Policy Term 20 years
2 (Rs. 19,02,922/-) payable as due (Rs. 26,68,947/-) payable as due (Rs. 3,34,405/-) payable as due
Guaranteed additions of 15% of Income benefit = Guaranteed Income of Rs. 1,99,110/- + Accrued Guaranteed Rs. 10,00,000/- Payable immediately Rs. 13,16,071/- Payable immediately Rs. 10,50,000/- Payable immediately
Total Annualised Premiums paid till Addition of Rs. 91,677/- + Wealth Booster of Rs. 14,539/- (increasing by 5% on death of Life Assured in Year-1 on death of Life Assured in Year-11 on death of Life Assured in Year-20
date accrue every year during every 5 years)
Premium Payment Term Guaranteed additions of 15% of Total Income benefit = Guaranteed Income of Rs. 81,040/- + Accrued Guaranteed
Annualised Premiums paid till date Addition of Rs. 82,500/- + Wealth Booster of Rs. 8,177/- (increasing by 5%
Premium payment of Rs. 3.05 Lakhs p.a. Rs. 3.19 Lakhs p.a. Rs. 3.34 accrue every year during Premium every 5 years)
Rs. 4.89 Lakhs for 5 years Lakhs p.a. Payment Term
Child
Age 0 4 5 6 7 8 9 10 11 12 13 14 15 16 17
(Years)
Policy Period (A) Sum Assured on Death (B) Present value of future income (C) Excess paid immediately on death (B-C) Child
Age 5 14 16 17 18 19 20 21 22 23 24 25
Year 1 Rs. 48,89,430/- Rs. 19,02,922/- Rs. 29,86,508/- (Years)
The present value of future income benefits is calculated using the interest rate of 7% compounded
annually. This rate shall remain fixed for entire policy term. Scenario I: Upon survival, Amit will receive benefits as mentioned below:
Particulars Child Age Start Child Age End Duration Amount (Rs.)
Rs. 1,99,110/- 40.7226% Rs. 4,88,943/-
Guaranteed Income Factor Annual Premium Income Benefit with First Wealth Booster @5% 16 years 20 years 5 Years Rs. 1,71,717/- p.a.
Guaranteed Income
Income Benefit with Second Wealth Booster @10% 21 years 25 years 5 Years Rs. 1,79,894/- p.a.
Total Benefit Payout on Survival Rs. 17,58,055/-
Scenario I: Upon survival, Sameer will receive benefits as mentioned below:
Particulars Child Age Start Child Age End Duration Amount (Rs.) Scenario II: In case of unfortunate demise of Amit in the 1st policy year, all his future premiums
Income Benefit with First Wealth Booster @5% 6 years 10 years 5 Years Rs. 3,05,326/- p.a.
i.e. Rs. 9 lakhs ( Annual Premium of Rs.1 Lakh x remaining 9 years) will be waived off, and Pranav
will receive the benefit payouts as mentioned in the Scenario 1 for his education needs as Amit
Income Benefit with Second Wealth Booster @10% 11 years 15 years 5 Years Rs. 3,19,866/- p.a.
had planned.
Income Benefit with Third Wealth Booster @15% 16 years 17 years 2 Years Rs. 3,34,405/- p.a.
Total Income Benefit Payout on Survival Rs. 37,94,772/-
3 4
Scenario III: In case of unfortunate demise of Amit’s son Pranav during policy term, his family Scenario II: In case of Harish’s unfortunate demise in the 1st policy year, all his future premiums
receives lump sum death benefit and policy terminates. Amount of lumpsum death benefit is i.e. Rs. 9,26,802/- (Annual Premium of Rs. 1,54,467/- for remaining 6 years) will be waived off, his
Rs.10 Lakhs in the 1st policy year, Rs.13.16 Lakhs in the 11th policy year and Rs. 10.50 Lakhs in the family receives a lump sum death benefit of Rs. 8,18,521/- to take care of their immediate needs
20th policy year. and his daughter’s marriage fund continues to accumulate, as mentioned above in Scenario I, as
planned by Harish.
ILLUSTRATION 3: Marriage Fund
Harish, aged 40 years having 10 years old daughter, Sapna and is looking for a savings plan that ILLUSTRATION 4: Gift of Protection
will help him to create a corpus of 26 lakhs for her marriage expenses when she will turn 30 years Sunaina, aged 55 years wants to gift her 8 years old granddaughter Priya with a plan that
of age. Harish invests in PNB MetLife Genius Plan and selects: provides her with a life protection and also ensures a regular savings in her account to take care
of Priya’s growing expenses after she turns 18 years of age. Sunaina invests in PNB MetLife
Parameters Boundary Conditions Genius plan and selects:
Plan Option Future Secure Option Parameters Boundary Conditions
Plan Option Child Secure Option
Proposer and Life Assured Harish
Priya’s age at beginning of Income Benefit payout 18 years
Child Age when Income Benefit to be Paid 30 years
Priya’s age when Income Benefit Payout ends 30 years
Premium Payment Term 7 years
Premium Payment Term 5 years
Desired Income Benefit Payout Amount Rs. 26 Lakhs on Maturity
Desired Income Benefit Payout Amount Rs. 1 Lakh p.a.
Policy Term 20 years
Policy Term 22 Years
Harish Pays Rs. 1,54,467 p.a. during Premium Paying Term
Sunaina Pays Rs. 1,38,802 p.a. during Premium Paying Term
In this policy Sunaina will be the Policyholder and Priya will be the Life Assured
Sum Assured on Death Rs. 15,44,670/- payable in 2 cohorts , upon death of Life Assured
Sum Assured of Rs.13,88,020/- throughout the policy term
Child
Rs. 75,373/- 54.3025% Rs. 1,38,802/-
Age
10 16 17 30 Guaranteed Income Guaranteed Income Factor Annual Premium
(Years)
Policy Period (A) Sum Assured on Death (B) Present value of future income (C) Excess paid immediately on death (B-C) Scenario I: Upon survival, Priya will receive following benefits:
Year 1 Rs. 15,44,670/- Rs. 7,26,149/- Rs. 8,18,521/-
Particulars Child Age Start Child Age End Duration Amount (Rs.)
Year 8 Rs. 15,44,670/- Rs. 11, 66,036/- Rs. 3,78,634/-
Income Benefit with First Wealth Booster @5% 18 years 22 years 5 Years Rs. 1,04,366/- p.a.
Year 20 Rs. 15,44,670/- Rs. 26,26,137/- Nil
Income Benefit with Second Wealth Booster @10% 23 years 27 years 5 Years Rs. 1,09,336/- p.a.
The present value of future income benefits is calculated using the interest rate of 7% compounded annually. Income Benefit with Third Wealth Booster @15% 28 years 30 years 3 Years Rs. 1,14,306/- p.a.
This rate shall remain fixed for entire policy term.
Total Income Benefit Payout on Survival Rs. 14,11,429/-
Rs. 18,52,322/- 1199.1700% Rs. 1,54,467/- Scenario II: In case of Unfortunate demise of Sunaina, during 2nd policy year, all her future
Guaranteed Income Guaranteed Income Factor Annual Premium
premiums i.e. Rs. 4,16,406/- (Annual Premium of Rs. 1,38,802/- for remaining 3 years) will be
waived off and her grand daughter Priya continues to receive the benefit payouts, as mentioned
above in Scenario I, for her future financial needs.
Scenario I: Upon survival, Harish will receive benefits as mentioned below:
Scenario III: In case of unfortunate demise of Priya any time during policy term, her family
Particulars Child Age when income benefit to be paid Duration Amount (Rs.) receives a lump sum death benefit of Rs. 13,88,020/- and policy terminates.
Income Benefit with Wealth Booster @5% at Maturity 30 years 1 Year Rs, 26,26,137/-
5 6
PLAN AT A GLANCE
This is a guaranteed savings plan wherein at inception of the policy, the customers can customize the Maximum age6 at Where Waiver of Premium on Accidental Total Permanent Disability is chosen, the maximum age at entry
plan according to their unique needs to financially prepare for their children’ future. entry (Years) will be 60 years last birthday on the life being covered.
Customers can choose from either of the following benefit options:
Plan Option Maximum Maturity Age (last birthday)
Option 1: Future Secure Option:
In this option, the parent is the Policyholder as well as the Life Assured. In the event of death of the Life Future Secure Option (Life Assured)
Assured during the Policy Term, all Instalment Premiums falling due after the date of death shall be Maximum age6 at 80
waived off, and death benefit as illustrated in the benefit section will be paid out immediately, with all Child Secure Option (Policyholder/ Proposer)
Maturity (Years)
future income benefits to be paid out as and when due. Child Secure Option (Life Assured) 50
Option 2: Child Secure Option:
In this option, the life assured would be a child and the Policyholder would be the parent, grandparent or legal The Maximum Age (last birthday) for cessation of Waiver of Premium on ATPD benefit will be age 75.
guardian of the child. In the event of death of the Life Assured during the Policy term, Sum assured on Death Minimum: 1
is payable immediately and the policy terminates. Maximum: Refer table below:
In event of death of the Policyholder (before death of Life Assured) during the Policy term, any 5 Pay 7 Pay 10 Pay
Plan options Instalment Premiums falling due after the date of death shall be waived off and all future income PT Max No. PT Max No. PT Max No.
benefits are paid out as and when due. of Payouts of Payouts of Payouts
In case the Life Assured is a minor, the policy will vest with the Life Assured when the Life Assured 10 5 12 5 15 5
attains an age of 18 years or after completion of the Premium Payment Term whichever is later. If the Life 11 6 13 6 16 6
Assured is a minor at the time of death, death benefit shall be paid to Policyholder. For policies issued
to minor lives the risk cover starts immediately at inception. 12 7 14 7 17 7
Customers may also further customise the plan by choosing the duration of income payouts (Income 13 8 15 8 18 8
Payout Period) ranging from one year (payable as lumpsum at maturity) to a maximum duration equal to
“Policy Term (PT) less Premium Payment Term (PPT)” in years. The income payout period must be 14 9 16 9 19 9
chosen at inception and cannot be altered during the policy term. 15 10 17 10 20 10
Income Payout
Income Payout Period means the period chosen by the policyholder which shall commence from next Period 16 11 18 11 21 11
Policy anniversary following the completion of the Deferment Period (Income Start Date as stated in the
Policy Schedule). During income payout period, the policyholder shall receive Income Benefits till the 17 12 19 12 22 12
Maturity Date or the Income Benefit end date whichever occurs first. 18 13 20 13 23 13
Deferment Period is the period between "Last Premium Due Date" and the "Income Benefit Start Date" 19 14 21 14 24 14
during which only Death and Surrender benefits are payable. The deferment period cannot be altered
during the policy term. 20 15 22 15 25 15
21 16 23 16
Waiver of premium on Accidental Total Permanent Disability (WOP on ATPD): If WOP on ATPD is
opted by the policyholder, then in the event of Accidental Total Permanent Disability(ATPD) of the 22 17 24 17
policyholder, all the future Instalment Premiums falling due after the disability shall be waived off. All
Additional future benefits shall continue to be payable as in case of an in-force policy as and when due. The 23 18 25 18
Benefits (Optional) Income Benefit payouts, mentioned in Income benefit section, will be multiplied by applicable income 24 19
payout adjustment factor on opting for this option.
This is an optional benefit and will have to be chosen by the Policyholder at Inception of the Policy. 25 20
Income pay-out Minimum PPT 5 7 10
Yearly / Half-yearly / Quarterly / Monthly Annualised
Mode
Premium (Rs.) Minimum Annualized Premium Rs. 24,000/- Rs. 12,000/-
Premium Paying Premium Payment Term Policy Term
Maximum
Term (PPT) 5 Years 10 to 25 Years Annualised Subject to maximum Sum Assured on Death limit as per Board Approved Underwriting Policy.
(Years) Premium (Rs.)
7 Years 12 to 25 Years
Minimum Sum PPT 5 7 10
Policy term (Years) 10 Years 15 to 25 Years
Assured (Rs.) Minimum Sum Assured Rs. 2,40,000/- Rs. 1,20,000/-
Plan Option Policyholder/ Life Assured Minimum Entry Age (last birthday) Maximum Sum As per Board approved underwriting policy
Future Secure Option Policyholder/ Life Assured 18 Years Assured
Minimum age at 6
Policyholder Rider Options PNB MetLife Accidental Death Benefit Rider Plus,
18 Years
entry (Years) Child Secure Option PNB MetLife Serious Illness Rider
Life Assured 0 Years Premium Payment Annual / Half Yearly / Quarterly/ Monthly
Where Waiver of Premium on Accidental Total Permanent Disability is chosen, the minimum age at entry will 18 years last Modes
birthday on the life being covered for this benefit.
6
All reference to age are as on age last birthday. For policies issued to minor lives the risk cover starts immediately at inception. Also, in case the life
Plan Option Policyholder/ Life Assured Maximum Entry Age (last birthday) assured is a minor, the policy will vest with the life assured when the life assured attains an age of 18 years or after completion of the Premium Payment
Premium Payment Term Term whichever is later. If the Life Assured is a minor at the time of death, death benefit shall be paid to Policyholder.
Maximum age6 at
5 Years 7 Years 10 Years
entry (Years)
Future Secure Option Policyholder/ Life Assured 55 Years 60 Years
Policyholder 55 Years 60 Years
Child Secure Option
Life Assured 25 Years
7 8
a On death of Policyholder:
BENEFITS IN DETAIL
• During Premium Paying Term: All Instalment Premiums falling due after the date
of death, if any, shall be waived off and Income Benefit as defined above will be
Income Benefit: payable at the respective future due date(s).
On survival of the Life Assured, provided all due premiums are paid and the policy is in-force,
• After completion of Premium Paying Term: Income Benefit as defined above will
the Income benefits shall be paid during the income payout.
be payable at the respective future due date(s).
Income benefit payable in each Policy Year is the sum of –
a Guaranteed Income: Annualised Premium x Guaranteed Income Factors b On death of Life Assured:
b Sum of accrued Guaranteed Additions (GA) divided by the Income Payout Period, Higher of following amounts shall be payable immediately as lumpsum and the policy
c Wealth Booster shall terminate,
Wherein, • Sum assured on Death, or
• Guaranteed Income Factors are based on entry age, Premium Paying Term,
Policy Term, Income Payout Period, premium amount and option chosen. • Present value of future income benefits (calculated using interest rate of
Guaranteed Additions (GA) = 15% of Total Annualised Premium paid till date, 7% compounded annually)
will accrue to the Policy at each Policy Anniversary during Premium Payment In case the Life Assured is a minor, the policy will vest with the Life Assured when the Life
Term, provided the Policy is in In-force Status Assured attains an age of 18 years or on completion of the Premium Payment Term whichever is
• Wealth Booster = Applicable Guaranteed Wealth Booster Factor x later.
(Guaranteed Income + Sum of Accrued GA / Income Payout Period). If the Life Assured is a minor at the time of his/her death, death benefit shall be paid to
Policyholder. For policies issued to minor lives the risk cover starts immediately at inception.
Policy Year under Income Pay out Period
1st to 5th Year 6th to 10th Year 11th to 15th Year 16th to 20th Year Where, Sum Assured on Death is defined as higher of:
Wealth Booster Factors 5% 10% 15% 20% a 10 times the Annualized Premium
b 105% of Total Premiums Paid till date of death
Under Future Secure Option, on death of the life assured, Income benefits would be paid at their
respective due dates, provided the policy is in-force at the time of death of life assured.
WAIVER OF PERMIUM ON ACCIDENTALL
Death Benefit: TOTAL PERMANENT DISABILITY (WOP ON ATPD)
On death of the Life Assured during the policy term provided that the policy is still In-force status This is an optional benefit. If WOP on ATPD is opted by Policyholder at the inception of the
on the date of death of Life Assured, and all due Instalment Premiums are received in full by Us, Policy, then in the event of Accidental Total Permanent Disability of the Policyholder, while the
following benefit will be payable in accordance with the Plan Option in force under the Policy: Policy is in In-force Status, all the future Instalment Premiums falling due after the disability shall
be waived off.
1) Option1: Future Secure Option The Policy will not terminate with waiver of premium being triggered under WOP on ATPD. All future
Where Future Secure option is in force under the Policy, then: benefits shall continue to be payable as in case of an in-force policy as and when due.
a On death of the Life Assured during the Premium Paying Term, If this option is chosen, income payout shall be reduced by the adjustment factor mentioned below:
• All Installment Premiums falling due after the date of death, if any, shall be waived off. Premium Paying Term (Years) Future Secure Child Secure
• Income Benefit as defined above will be payable at the respective future due date(s) 5 0.15% 0.15%
and any excess of the Sum Assured on Death over the present value of future
income benefits (calculated using interest rate of 7% compounded annually), will 7 0.20% 0.25%
9 10
Where “Loss of Sight” shall mean: The Income Benefit payout shall be accumulated monthly at Reverse Repo Rate published by
• Total, permanent and irreversible loss of all vision in both eyes. The blindness must RBI on its website. This rate will be reviewed at the beginning of every month and will be aligned
with latest Reverse-Repo Rate published on RBI’s website. Such accumulated Income Benefit
be confirmed by an Ophthalmologist; loss of sight - means total, permanent and shall be paid on the chosen date of Income Benefit payout.
irreversible loss of all vision in both eyes as a result of an Accident.
• The Blindness is evidenced by:
• Corrected visual acuity being 3/60 or less in both eyes or ; FLEXIBILITY TO ACCUMULATE INCOME BENEFIT
• The field of vision being less than 10 degrees in both eyes. At any point during the Policy Term, the Policyholder shall have an option to defer the
Income Benefit, if applicable, and accumulate them instead by giving the Company a written
• The diagnosis of blindness must be confirmed and must not be correctable by aids or notice at least 30 days before next Income Benefit Payout.
surgical procedure.
The accrued Income Benefit Payouts will be accumulated monthly at Reverse Repo Rate
For an accidental total and permanent disability claim to be payable there should be an evidence published by RBI on its website and this rate will be reviewed at the beginning of every month
of bodily injury arising out of an accident. and will be aligned with latest Reverse-Repo Rate published on RBI’s website.
The impairment must have persisted continuously for a period of at least 180 days from the The Policyholder can withdraw from the accumulated Income, partly/ fully at any point during
occurrence of such Accident, but before the expiry of cover and must, in the opinion of a the Policy Term by giving the Company a written notice. If the unpaid Income Benefits are not
Medical Practitioner, appointed by the company, be deemed permanent. taken by the Policyholder during the Policy Term, the same shall be payable along with benefits
payable at the time of termination of the Policy on death of the Life Assured, maturity or
Where, surrender of the Policy. This option can be availed when the Policy is in In-force Status.
“Accident” means a sudden, unforeseen and involuntary event caused by external, visible and
violent means. The Policyholder can choose to opt in or opt out of this option at any point during the Policy
Term by giving the Company a written notice at least 30 days before next Income Benefit
“Injury” means accidental physical bodily harm excluding any Illness, solely and directly caused Payout.
by an external, violent, visible and evident means which is verified and certified by a Medical
Practitioner.
"Bodily Injury" means Injury must be evidenced by external signs such as contusion, bruise and FLEXIBILITY TO CHOOSE INCOME PAYOUT MODE
wound except in cases of drowning and internal injury.
The policyholder can choose to receive the Income Benefits at less frequent intervals. The
“Medical Practitioner” means a person who holds a valid registration from the medical council of amount of Income Benefit shall be as given below:
any State or Medical Council of India or Council for Indian Medicine or for homeopathy set up
by the Government of India or a State Government and is thereby entitled to practice medicine Income Payout Frequency Income Payout Factor
within its jurisdiction and is acting within its scope and jurisdiction of license. Provided such Annual 100% of Annual Amount
Medical Practitioner is not the Life Insured covered under this Policy or the Policyholder or is not
a spouse, lineal relative of the Life Insured and/or the Policyholder or a Medical Practitioner Half-Yearly 97% of Annual Amount x 1 ⁄ 2
employed by the Policyholder/Life Insured.
Quarterly 96% of Annual Amount x 1 ⁄ 4
Policyholder may submit request to alter Income Payout Frequency at any time during the policy
term. Alteration in the Income Payout Frequency will be applicable only from next policy
DHANLAKSHMI BENEFIT anniversary.
The applicable Guaranteed Income Factors will be enhanced by 1.5% where the Life
Assured is a female life under Child Secure Option.
LOANS
FLEXIBILITY TO CHOOSE You may take a loan against your policy once it acquires a Surrender Value. The maximum
THE DATE OF BENEFIT PAYOUT amount that can be availed is 80% of Surrender Value of your policy at the end of the relevant
Policy Year less {any unpaid premiums for that year and loan interest accrued, if a loan is already
Income Benefits will be paid on policy anniversaries by default. Alternatively, the existing on the policy, to the end of that year}. While you avail the loan, your Policy must be
policyholder can choose to receive the Income benefits on any one date, as per their choice. assigned in favor of the Company to the extent of the outstanding loan.
The date of Income Benefit Payout specified in the Schedule can be changed before the start of The rate of interest to be charged to new loans (including incremental loans to policies already
Income Benefit payout by giving the Company a written notice at least 30 days before the having loans availed) issued during a financial year will be reviewed at the beginning of each
Income Benefit Payout Start Date. The chosen date of receiving the Income Benefit payout must financial year. The rate of interest to be charged on loans that will be taken up during the
be before the date of immediately succeeding Policy Anniversary. financial year is taken as the 10 Year G-Sec rate as on 1st of April plus 250 basis points. Such
interest rate will be rounded up to the nearest 50 basis points and will continue till respective
loan amount and interest thereof is received by us.
11 12
However, under special circumstances where the prevailing 10 Year G-Sec rate is changing in
excess of 200 basis points from the 10 Year G-Sec rate used for determining the existing interest FLEXIBLE PREMIUM PAYMENT MODES
rate; the company shall review the rate of interest based on the prevailing 10 Year G-Sec rate. & MODAL FACTORS
the Company charges a rate of interest of 9% compounded annually, on outstanding policy loan.
The Company shall review the formula for determining rate of interest to be charged on You may select to pay premiums by Yearly, Half Yearly, Quarterly or Monthly mode
outstanding loan and reserves the right to change this, subject to prior approval from IRDAI. subject to the minimum Annualised premium under each mode.
Loan interest is due at the end of each Policy Year. Interest not paid within thirty days after it is Modal factors shall be used to derive the Annualised Premium. In case a mode other than annual
due will be added to the loan principal. The Revised Loan Principal (as of the due date) will bear is chosen then the Annualised premium is equal to (Installment premium / modal factor). Modal
interest at the same rate as the original loan principal. Any loan and interest not repaid at income Factors on premium will be applicable as per the table below:
benefit payout date will be deducted from the income benefit payout. Premium Paying Mode Modal Factors
Before payout of any benefit (death, survival, surrender etc.) to the policyholder for a policy
Annual 1
where loan is availed, the loan outstanding amount and unpaid interest amount, if any will be
recovered first and the balance if any will be paid to the policyholder. Half-Yearly 0.5131
Where the loan outstanding including interest exceeds 90% of the surrender value for a reduced Quarterly 0.2605
paid-up policy, then the policy will be foreclosed and the policyholder will be paid the surrender
value less loan outstanding including interest. Where the policy is in-force (premium paying) and Monthly 0.0886
the outstanding policy loan balance at any time is equal to or exceeds the then prevailing
surrender value, then the policy shall not be terminated. In such cases we shall send a notice, 90 Alterations between different modes of premium payment is allowed at any policy anniversary
days in advance, to policyholder to repay the loan amount along with the interest. If he does not on request. Future Installment Premiums payable shall be revised such that Benefits under the
repay the loan or fail to respond to the notice within 90 days of the date of issuance of such Policy remain unchanged.
notice, we shall foreclose the policy.
GRACE PERIOD
RIDERS
Grace period is time granted from the due date for the payment of premium, without any
To safeguard your family against certain unfortunate events, you can opt for the following penalty or late fee, during which time the policy is considered to be in-force with the risk cover
riders at the beginning of policy or at any policy anniversary during the Premium payment term: without any interruption, as per the terms & conditions. The grace period for payment of the
premium is 15 days, where the policyholder pays the premium on a monthly basis and 30 days in
PNB MetLife Accidental Death Benefit This Rider provides additional protection over and above the death benefit all other cases. If a valid death claim arises under the policy during the Grace period, but before
Rider Plus (UIN: 117B020V03) under this Policy in the event of the death of the Life Assured in an Accident the payment of due premium, the due and unpaid premium for the policy year will be deducted
PNB MetLife Serious Illness This Rider provides additional protection over and above the Death Benefit under this Policy in from the Death benefit. During the Grace Period, the risk on the life of the Life Assured will
Rider (UIN: 117B021V03) the event of the Life Assured being diagnosed with any of the critical illnesses listed in the Rider continue to be covered.
Please refer to the rider brochure and rider terms and conditions for further details.
• Rider Sum Assured shall be subject to Sum Assured of Base Policy. PREMIUM DISCONTINUANCE
• Total premium for all non-health riders put together shall be subject to maximum of 30% of
the premium of the Base Policy. Lapse
If all due premiums for the first two consecutive years are not paid, the policy shall lapse
• Total premium for all health Riders put together shall be subject to a ceiling of 100% of at the end of the grace period and the risk cover and rider benefits, if any,will cease immediately.
the total premium under the Base Policy. No benefits will be paid when the policy is in lapsed status. A lapsed policy can be revived as per
• The Rider premium payment term should be less than or equal to the outstanding terms and conditions as mentioned in the Revival section.
Premium Payment Term of the Base Policy. If a lapsed policy is not revived by the end of the revival period, the policy will be terminated.
• Riders shall not be available under the Base Policy if the term of Rider exceeds
the outstanding Policy term of the Base Policy.
SURRENDER VALUE
• Rider can be attached at the inception of the policy or at policy anniversary.
• When the Base Policy is paid-up, lapsed, surrendered or forfeited, the rider attached to If all due Instalment Premiums have been paid for at least first two consecutive Policy
the Base Policy will also terminate immediately. For more details on the rider benefits, Years, the Policy shall acquire a Guaranteed Surrender Value.
features, terms and conditions, please refer to the rider terms and conditions carefully or The Policy will automatically terminate after payment of the Surrender Value. The Surrender
contact Your insurance advisor. Value payable shall be higher of Guaranteed Surrender Value and Special Surrender Value as
There is no overlap in benefit offered under different riders & base product. given below:
Guaranteed Surrender Value:
GSV = {GSV Factor x Total Premiums Paid + GSV Factor on Guaranteed Additions x Sum of
Accrued Guaranteed Addition minus Income benefits (as applicable) already paid till the date of
Surrender}; subject to a minimum of zero.
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The GSV Factors are as mentioned below: Income Benefit:
GSV Factors as a % of Total Premiums Paid On survival of life assured during policy term of a reduced paid-up policy, Reduced Income
Policy Term > 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 benefit will be payable, where,
Policy Reduced Income Benefit = Reduced Paid-up Guaranteed Income + Accrued GA/Payout period
Year
of and,
Surrender↓
Reduced Paid-up Guaranteed Income = Guaranteed Income to be paid during the income
1 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
payout period x (t/n)
2 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
“t” refers the Number of Installment Premiums paid and “n” refers the Number of installment
3 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Premiums payable during the PPT.
4 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
5 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% Death Benefit:
6 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
7 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% Future Secure Option
8 70.0% 63.3% 60.0% 58.0% 56.7% 55.7% 55.0% 54.4% 54.0% 53.6% 53.3% 53.1% 52.9% 52.7% 52.5% 52.4% On death of Life Assured following benefits would be payable:
9 90.0% 76.7% 70.0% 66.0% 63.3% 61.4% 60.0% 58.9% 58.0% 57.3% 56.7% 56.2% 55.7% 55.3% 55.0% 54.7%
• Reduced paid-up income benefits will be payable as and when due
10 90.0% 90.0% 80.0% 74.0% 70.0% 67.1% 65.0% 63.3% 62.0% 60.9% 60.0% 59.2% 58.6% 58.0% 57.5% 57.1%
• Any excess of Reduced Paid-up Sum Assured on Death over the present value of
11 0.0% 90.0% 90.0% 82.0% 76.7% 72.9% 70.0% 67.8% 66.0% 64.5% 63.3% 62.3% 61.4% 60.7% 60.0% 59.4%
reduced paid-up future income benefits payable during the policy term, will be
12 0.0% 0.0% 90.0% 90.0% 83.3% 78.6% 75.0% 72.2% 70.0% 68.2% 66.7% 65.4% 64.3% 63.3% 62.5% 61.8% payable immediately on death as lumpsum.
13 0.0% 0.0% 0.0% 90.0% 90.0% 84.3% 80.0% 76.7% 74.0% 71.8% 70.0% 68.5% 67.1% 66.0% 65.0% 64.1%
Reduced Paid-Up Sum Assured on Death shall be defined as: Sum Assured on Death x (t/n).
14 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 85.0% 81.1% 78.0% 75.5% 73.3% 71.5% 70.0% 68.7% 67.5% 66.5%
The present value of future reduced income benefits is calculated using an interest rate of 7%
15 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 85.6% 82.0% 79.1% 76.7% 74.6% 72.9% 71.3% 70.0% 68.8%
compounded annually. This rate shall remain fixed for entire policy term.
16 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 86.0% 82.7% 80.0% 77.7% 75.7% 74.0% 72.5% 71.2%
“t” refers the Number of Installment Premiums paid and “n” refers the Number of Installment
17 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 86.4% 83.3% 80.8% 78.6% 76.7% 75.0% 73.5% Premiums payable during the PPT.
18 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 86.7% 83.8% 81.4% 79.3% 77.5% 75.9%
19 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 86.9% 84.3% 82.0% 80.0% 78.2% Child Secure Option
20 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 87.1% 84.7% 82.5% 80.6% The following benefits will be payable on death:
21 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 87.3% 85.0% 82.9% • On death of the Policyholder: Reduced paid-up income benefits will be payable as and when
22 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 87.5% 85.3% due. There will no other benefits payable on death of the Policyholder.
23 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 87.6% • On death of the Life Assured: Higher of Reduced Paid-up Sum Assured on Death or present
24 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% value of future reduced income benefits would be payable immediately in lumpsum and the
The details of GSV Factor on Guaranteed Additions can be downloaded from our website www.pnbmetlife.com policy will terminate.
Special Surrender Value (SSV): The present value of future reduced income benefits is calculated using an interest rate of 7%
Special Surrender Value is the Surrender Value specified by Us on receipt of a request for compounded annually. This rate shall remain fixed for entire policy term.
Surrender. SSV is not guaranteed and the Company can change these SSV factors at any time
Reduced Paid-Up Sum Assured on Death shall be defined as Sum Assured on Death x (t/n)
during the Policy Term, subject to prior approval from IRDA of India.
Reduced Paid up Income Benefit = Reduced Paid-up Guaranteed Income + Accrued GA/Payout
period
REDUCED PAID-UP VALUE
Reduced Paid-up Guaranteed Income = Guaranteed Income to be paid during the income payout
If a policy has acquired a non-zero surrender value and future due instalment premiums period x (t/n)
are not paid, the policy will continue as a paid up policy with reduced benefits (reduced paid-up “t” refers the Number of Installment Premiums paid and “n” refers the Number of Installment
policy). The policyholder shall have the option to surrender the policy. Premiums payable during the PPT.
Waiver of Premium on ATPD, if chosen will cease immediately upon conversion to reduced
paid-up status.
Once the Policy becomes reduced Paid-up, Rider benefits (if any), shall cease immediately and
automatically after payment of Surrender Value with respect to Rider benefits (if applicable).
If the policyholder does not surrender the policy and policy continues as a reduced paid-up
policy, then following reduced benefits shall be payable:
15 16
REVIVAL TERMS & CONDITIONS
You can revive your lapsed / Paid-up policy and the riders for its full coverage within five Free look period
consecutive years from the due date of the first unpaid premium but before policy maturity, by
paying all outstanding premiums along with the interest, as applicable. The interest for revival of The Policyholder has a free look period of 15 days from date of receipt of the Policy Document
the policy will be charged at market related rates set by the Company from time to time. The and period of 30 days in case of electronic policies and policies obtained through distance
Company may change this interest rate from time to time., the Company charges 8.0% mode, to review terms and conditions of the policy and where the Policyholder disagrees to any
compounded annually interest on revivals. of those terms or conditions, policyholder has the option to return the Policy to Us for
cancellation, stating the reason for his objection, then policyholder shall be entitled to a refund
The rate of interest is calculated as the 10 Year G-Sec rate as on 1st of April plus 50 basis points, of the premium paid subject only to a deduction of a proportionate risk premium for the period
rounded up to the nearest 50 basis points. The Company will review the rate on an annual basis in of cover and expenses incurred by Us on medical examination of the proposer and stamp duty
April based on the prevailing 10 Year G-Sec rate. However, under special circumstances where charges.
the prevailing 10 Year G-Sec rate is changing in excess of 200 basis points from the G-Sec rate
used for calculating the current interest rate, the company shall review the interest rate based on Tax benefits
the prevailing 10 Year G-Sec rate. Tax benefits under this plan may be available as per the provisions and conditions of the Income
This formula will be reviewed annually and only altered subject to prior approval of IRDA of India. 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
Revival of the policy and riders, if any, is subject to Board approved underwriting policy. A received under the policy.
surrendered policy cannot be revived.
Exclusions
In the event of revival of the policy as per terms and conditions stated above, Guaranteed
Additions corresponding to all the installment premiums paid on revival shall accrue in the policy 1 Suicide exclusion:
as if the policy had continued without any break.
If the Life Assured’s death is due to suicide within twelve months from the date of
The benefit payouts will be as mentioned below: commencement of the risk or from the Date of Revival of the Policy as applicable, the Nominee
of beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid under the
Revival during PPT: All benefit payouts shall be made when due as if the policy had continued
Policy till the date of death or Surrender Value available as on the date of death, whichever is
without any break.
higher, provided the Policy is in Inforce status. We shall not be liable to pay any interest on this
Revival after PPT: Sum of all due Guaranteed Survival Payouts (if applicable) till the date of revival amount.
will be paid as lumpsum upon revival of the policy. The other benefits which fall due subsequently
2 Exclusions Applicable to Waiver of Premium on ATPD
in the policy tenure shall be paid as and when due.
Disability benefit shall not be paid on disablement of the insured person occurring directly or
indirectly as a result of (any of the following):
TERMINATION • Intentional self-inflicted injury, attempted suicide,
The Policy will be terminated on the earliest of the following: • Insured person being under the influence of drugs, alcohol, narcotics or
psychotropic substances unless taken in accordance with the lawful directions
• On payment of free-look cancellation amount and prescription of a Doctor;
• The date of Payment of Surrender Value • War (whether declared or not) and war like occurrence or invasion, acts of foreign
• At the expiry of the Revival period, when the Policy has not been reinstated and enemies, hostilities, civil war, rebellion, revolutions, insurrections, mutiny, military or
provided the said policy has not acquired any Paid-Up Value usurped power, seizure, capture, arrest, restraints and detainment of all kinds.
• On payment of last Income (or Reduced Paid-up Income) Benefit • Riot, Civil Commotion, strike;
• On Payment of Death benefit on death of Life Assured under Child Secure Option • Taking part in any naval, military or air force operation during peace time or during service
in any police, paramilitary or any similar organization.
• On return of eligible premium/surrender value under suicide clause
• Participation by the insured person in any flying activity, except as a bona fide,
fare-paying passenger of a recognized airline or Pilots and cabin crew of a commercial
AVAILABLE ONLINE airline, on regular routes and on a scheduled timetable;
• Participation by the insured person in a criminal or unlawful act with illegal or
PNB MetLife Genius Plan is available for sale through online mode. criminal intent;
• Any injury incurred before the effective date of the cover;
• Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but
not limited to, diving or riding or any kind of race; underwater activities involving the use
of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting;
bungee-jumping;
17 18
• Nuclear Contamination: the radio-active, explosive or hazardous nature of nuclear
fuel materials or property contaminated by nuclear fuel materials or accident arising EXTRACT OF SECTION 41 OF THE INSURANCE ACT,
from such nature. 1938, AS AMENDED FROM TIME TO TIME STATES
• Nuclear, chemical or biological attack or weapons, contributed to, caused by, resulting (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement
from or from any other cause or event contributing concurrently or in any other sequence to any person to take out or renew or continue an insurance in respect of any kind of risk relating
to the loss, claim or expense. For the purpose of this exclusion: 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
a Nuclear attack or weapons means the use of any nuclear weapon or device or waste
continuing a policy accept any rebate, except such rebate as may be allowed in accordance with
or combustion of nuclear fuel or the emission, discharge, dispersal, release or escape the published prospectuses or tables of the insurer.
of fissile/ fusion material emitting a level of radioactivity capable of causing any
Illness, incapacitating disablement or death.
b Chemical attack or weapons means the emission, discharge, dispersal, release FRAUD AND MISSTATEMENT
or escape of any solid, liquid or gaseous chemical compound which, when
suitably distributed, is capable of causing any Illness, incapacitating disablement Treatment will be as per Section 45 of the Insurance Act, 1938 as amended from time to time.
or death. ✓ Please read this Sales brochure carefully before concluding any sale.
c Biological attack or weapons means the emission, discharge, dispersal, release ✓ This product brochure is only indicative of terms, conditions, warranties and
or escape of any pathogenic (disease producing) micro-organisms and/or exceptions contained in the insurance policy. The detailed Terms and Conditions
biologically produced toxins (including genetically modified organisms and are contained in the Policy Document.
chemically synthesized toxins) which are capable of causing any Illness,
incapacitating disablement or death. Provision of Section 45 of the Insurance Act, 1938 is mentioned in the Policy document for
further reference.
Nomination
Nomination should be in accordance with provisions of Section 39 of the Insurance Act 1938 as REACH US
amended from time to time. Nomination of this Policy is not applicable if the Policy has been
effected under Section 6 of the Married Women’s Property Act 1874. IRDA of India Registration number 117
Provision of Section 39 of the Insurance Act, 1938 is mentioned in the Policy document for CI No.: U66010KA2001PLC028883
further reference.
Product UIN: 117N135V02
Assignment
Call us: Website:
Assignment should be in accordance with provisions of Section 38 of the Insurance Act 1938 as Toll-free at 1-800-425-6969 Say Hi to khUshi, our chatbot
amended from time to time. Assignment of this Policy is not applicable if the Policy has been
effected under Section 6 of the Married Women’s Property Act 1874. on www.pnbmetlife.com
Email: Phone:
Provision of Section 38 of the Insurance Act, 1938 is mentioned in the Policy document for
further reference indiaservice@pnbmetlife.co.in +91-22-41790000
19 20