PNB MetLife - Deferred Monthly Income Plan

Met Deferred Monthly Income Plan from MetLife guarantees a monthly income for you & your family during your non working years. You choose the monthly income that you want and we guarantee it. This Plan also provides for bonus payout every year till the end of the Policy term* (or on death) thus ensuring you peace of mind.

1.You get Guaranteed monthly regular income that you choose at inception becomes payable to you till maturity.
2.Your loved ones get Guaranteed death benefi t equal to 24 times the chosen monthly income along with the bonuses (as applicable).
3. Your loved ones also get Guaranteed payment of monthly regular income even after the death of the Person Insured.
4.Income Enhancers in the form of bonuses (if any).

Survival Benefits:
On completion of 10 Policy Year till the policy maturity, subject to the Policy being in-force, you get Enhanced monthly regular income = Guaranteed monthly income chosen at the inception + (Accrued bonuses at the end of the 10th policy year / (Benefi t Payout Period*12))}
.The monthly regular income commences from the monthly anniversary date that immediately succeeds the completion of the 10th Policy Year (i.e. completion of one month immediately after the completion of 10th policy year.
You will also get cash bonuses (if any) every year from 11th Policy year. In case of the death of the Person Insured while receiving the Survival Benefi t, the Enhanced Monthly Income will continue to be paid to the nominee till the maturity date.
Maturity Benefit:
On attaining the maturity age, subject to the Policy being in-force, you will receivethe last the Terminal Bonus, if any. This will be payable along with the final installment of the monthly regular income.
Simple Reversionary Bonus:
The policy will be eligible for Simple Reversionary Bonuses on completion of three policy years and the declared bonus will be credited at the end of the policy year immediately following the date of declaration of bonus provided all the due premiums have been paid. The declaration of Simple Reversionary Bonus depends on the experience of the Company. The Simple Reversionary Bonus once declared stands attached to the policy benefi ts till the end of the 10th Policy Year. The reversionary bonuses accrued at the end of 10th Policy Year is amortised over the Benefi t Payout Period and added to the monthly income chosen at inception. This forms the Enhanced Monthly Income as described above. The first payment of the Enhanced Monthly Income will commence from the monthly anniversary following the completion of the 10th Policy Year. Simple Reversionary Bonus will not accrue for lapsed policies.
Cash Bonus:
Your policy will be eligible for Cash Bonus on completion of 10 Policy years and the declared bonus will be paid within 9 months following the completion of each financial year. No Cash Bonus will be paid for lapsed policies.
Terminal Bonus:
The Company may also declare a Terminal Bonus at the time of Policy maturity or at the time of payment of last monthly income payment (in case of death claim, provided all due premiums have been paid. The Terminal Bonus is payable only after payment of last monthly regular income payment and the same is not guaranteed.
Death Benifits:
In the unfortunate event of death of the Person Insured while the policy is in force, the nominee/benefi ciary will receive:-
a) If the Death of the Person Insured occurs before the 10th Policy Anniversary: 24 times the Monthly Income under the policy plus all the accrued Simple Reversionary Bonuses will be paid immediately on death, as a lump sum.
Monthly Income chosen at the inception will commence from the fi rst monthly anniversary falling immediately after the date of the death and continue to be paid to the nominee for the next 10/15/20 years as chosen by the Policyholder.
The Simple Reversionary Bonuses accrued after the death will be paid in lump sum at the end of the 10th policy Year The policy will also be eligible for cash bonuses which may be declared after the completion of 10th Policy Year.
The policy terminates with the disbursement of the last Monthly Income payout, along with the payment of Terminal Bonus, if any.
b) If the Death of the Person Insured occurs after the 10th Policy Anniversary: 24 times the Monthly Income under the policy will be paid immediately on death, as a lump sum. In addition the nominee will continue to receive the revised Monthly Income being under payment under the Policy till maturity. On maturity, the nominee will receive the Terminal Bonus declared, (if any), along with the fi nal installment of Monthly Income. The policy will also be eligible for cash bonuses which may be declared after the completion of 10th Policy Year. The maximum period for which Monthly Income is payable is 120/180/240 months from the commencement of fi rst Monthly Income payment in case the Benefi t Payout Period chosen is 10/15/20 years respectively.
Tax benefi:
Tax benefi ts under this plan are available as per the provisions and conditions of the Income Tax Act 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 benefi ts for thepremiums paid and proceeds received under the policy.

Minimum Age at entry : 18 Years
Maximum Age at entry : 55 Years

Premium Payment Term : 5/7 Years
Policy Term : 20/25/30 Years

Sum Assured:-
120 times the Monthly Income for Policy Term of 20 years
180 times the Monthly Income for Policy Term of 25 yrs
240 times the Monthly Income for Policy term of 30 years

Free look period:
You have a period of 15 days from the date of receipt of the Policy document to review the terms and conditions of this Policy. If you have any objections to any of the terms and conditions, you have the option to return the Policy stating the reasons for the objections and you shall be entitled to a refund of the premium paid subject only to a deduction of a proportionate premium for the time on risk that we have borne in addition to the expenses incurred towards medical examination and stamp duty charges.

Grace Period:
If premiums are not paid on their due dates, a Grace period of 30 days from the due date of unpaid premium (15 days for monthly & PSP mode) will be allowed for payment of premium without interest. During the Grace period the Policy shall continue to be in force for all the Insured events. If the premium is/are not paid within the grace period, the Policy will lapse and will be subject to non-forfeiture options (guaranteed surrender value and reduced paid up value) as applicable.

Guaranteed Surrender Value:If all due premiums have been paid for at least 3 full policy years, and the policy has been in force for 3 full policy years, the policy would acquire a Guaranteed Surrender Value.
Guaranteed Surrender Value = Min of zero (0) or 30% of the total amount of premiums paid - fi rst policy year premium - extra premiums, if any - the Survival Benefi ts already paid).
Cash Surrender Value:The Cash Surrender Value will depend on the Paid-Up Benefi t and accrued simple reversionary bonus defined below suitably reduced by the Survival Benefits already paid and surrender value factor. The Cash Surrender Value will be quoted on receipt of surrender request and the surrender value factor depends on the then prevailingmarket conditions and is not guaranteed.

Claim Ratio	Solvency Ratio
99% (2023-24)	2% (March 2024)