PNB MetLife India Insurance Company Limited.

Registered Address: Brigade Seshamahal, 5, Vani

Vilas Road, Basavanagudi, Bangalore- 560004. Tel: +91-080-26438638. Insurance is the subject matter of the solicitation.
For more details on risk factors, terms and conditions please read this sales brochure carefully before concluding a sale.
IRDA Unique Identification Number for Met Endowment Savings Plan is 117N083V01. This product 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. Premium will be applied to the policy on the premium due date.
Policyholder has a facility to withdraw from the ECS mode atleast 15 days prior to due date of ECS submission and
Insurer shall not levy any additional charges towards cancellation of the ECS mode. LD/2013-14/300. EC256.
For details, contact your Branch Manager/Insurance Advisor or
visit us at www.pnbmetlife.com; Call us Toll Free: 1-800-425-6969
Write to us: indiaservice@pnbmetlife.co.in
Met Endowment Savings Plan
A Non-Linked Participating Endowment Plan Statutory Warning:
Section 41 of the Insurance Act, 1938 states:
No person shall allow or offer to allow, either directly or indirectly, as an inducement to
any person to take out or renew or continue an insurance in respect of any kind of risk
relating 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 continuing a policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses or tables of the insurer
Any Person making default in complying with the provisions of this section shall be
punishable with fine which may extend to five hundred rupees.
Section 45 of the Insurance Act, 1938 states:
No policy of life insurance effected before the commencement of this Act shall after the
expiry of two years from the date of commencement of this Act and no policy of life
insurance effected after the coming into force of this Act shall after the expiry of two years
from the date on which it was effected, be called in question by an insurer on the ground
that a statement made in the proposal for insurance or in any report of a medical officer,
or referee, or friend of the Person Insured, or in any other document leading to the issue
of the policy, was inaccurate or false, unless the insurer shows that such a statement was
on material matter or suppressed facts which it was material to disclose and that it was
fraudulently made by the policy owner and that the owner knew at the time of making it
that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age
at any time if he is entitled to do so, and no policy shall be deemed to be called in question
merely because the terms of the policy are adjusted on subsequent proof that the age of
the Person Insured was incorrectly stated in the proposal.
Disclaimer
(1)
(2)
Make life one
happy journey.
Plan ahead.
Met Endowment Savings Plan
A Non-Linked Participating Endowment Plan
To ensure that you and your loved ones continue to enjoy a
good life and are able to meet the various financial goals you
have set to achieve, it is advisable to build your savings
portfolio with an emphasis on long term savings.
Met Endowment Savings Plan is specifically built to address
your long term financial objectives and comes to you at
affordable premiums.
Long term saving option from 10 30 years
Flexible premium payment options of 5, 10 or throughout the policy term
Boost your maturity benefits with reversionary bonus and terminal bonus, if any
Tax Benefits under sections 80C and 10(10D)
Key benefits of Met Endowment Savings Plan (MESP)
Maturity Benefit
In case of your survival till maturity, you will get Base Sum Assured plus accrued
Simple Reversionary Bonus plus Terminal Bonus, if any
Simple Reversionary Bonus
The policy will participate for Simple Reversionary Bonuses from year three
onwards and the declared bonus will be credited at the end of the Policy Year
occurring immediately after the date of declaration of bonus, provided all the due
premiums have been paid. Simple Reversionary Bonus is expressed as a
percentage of the Sum Assured
Simple Reversionary Bonus is declared by the Company every year starting from 3
rd

year onwards based on the Companys experience and this is not guaranteed.
Simple Reversionary Bonus is payable on the death of the Life Insured or on
maturity or on surrender whichever is earlier. The Simple Reversionary Bonus will
not accrue from the date of lapse or death as applicable.
Terminal Bonus
The Company may also declare Terminal Bonus from year five onwards. Terminal
Bonus will be declared as a percentage of the declared Simple Reversionary
Bonus. The Terminal Bonus is payable along with death or Maturity Benefit.
Death benefit
In case of the unfortunate demise of the Life Insured, we shall pay the higher of
{[Death Sum Assured + The Accrued Simple Reversionary Bonus and Terminal Bonus,
if any], 105% of all Premiums paid}, where the Death Sum Assured is defined as the
higher of {10 times the Annualised Premium, Base Sum Assured}.
The Policyholder chooses the premium payable at inception based on which the Base
Sum Assured is arrived at.
Base Sum Assured = Chosen Annualised Premium * Multiplier Factor (which depends
on your age, chosen policy term and premium payment term).
Please refer to the Benefit Illustration for your Base Sum Assured and/or the Policy
Schedule.
The Maturity and Death Benefits mentioned above are subject to the condition that
the due premiums have been paid and the Policy is kept in-force.
Benefits in detail
Policy Loan facility
Your Met Endowment Savings Plan also provides you the flexibilities of Policy Loans.
The maximum amount of Policy Loan that you can avail will be limited to 90% of the
Special 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 existing
on the policy, to the end of that year. While you avail the loan, your Policy must be
assigned in favour of the Company. The rate of interest for your loan shall be
determined by the Company from time to time and informed upon applying for
Policy loan. The present rate of interest is 12% p.a.
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
Death Benefit (in case of Reduced Paid-up cases):
The Death Benefit for a Reduced Paid-Up policy is defined as the Death Sum Assured
multiplied by the ratio of the number of Installment premiums paid to the total
number of Installment premiums payable. To this, the accrued Simple Reversionary
Bonuses will be added.
Maturity Benefit (in case of Reduced Paid-Up cases):
On survival till the maturity date, the Reduced Paid-Up Value as defined above will
be paid.
Reinstatement
When the premium is not paid within the Grace Period, the Policy shall lapse and be
subject to the applicable non-forfeiture provisions contained in the Policy. The
Policyholder may, however, reinstate the Policy while the Person Insured is alive if
the Policyholder:
Requests in writing for reinstatement within two (2) years from the date of first
unpaid premium
Provides satisfactory evidence of insurability to us (if applicable)
Pays all due premiums together with interest payment up to the date of
reinstatement with interest at the rate prescribed by the Company at the time of
reinstatement. The Present rate of interest is 12% p.a.
On fulfillment of reinstatement requirement as specified by the Company
Also, please note that;
If three full years premiums are paid, then upon subsequent non-payment of
premium, the Policy can be reinstated within six months from the date of last
unpaid premium together with interest payment at such rate as may be prevailing
at the time of the payment without any evidence of good health
On reinstatement of the policy, the accrued bonuses will be reinstated along with
the base policy benefits
A surrendered policy cannot be reinstated
The revival of a lapsed/paid up policy is also subject to payment of revival fee, which
is Rs. 250/- at present and subject to review in future with IRDA approval.
Upon reinstatement of the policy, all the policy benefits, including Survival Benefits
will be restored back.
Termination
The Policy will be terminated on the earliest of the following:
The date on which the Policy is surrendered
At the expiry of three years from the date of lapsation, when the Policy has not
been reinstated and provided the said Policy has not acquired any Paid-Up Value
under aforementioned section
Upon payment of Death Benefit
Upon payment of Maturity Benefit in case of maturity
Other Provisions and Features
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, if any
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 and 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 benefits (surrender value and reduced paid up value) as
applicable.
Surrender Value
If all due premiums have been paid for at least 3 full policy years (2 years in case of
Limited Pay 5 Years), the policy would acquire a Surrender Value. The Surrender
Value is equal to the maximum of Guaranteed Surrender Value and Special
Surrender Value.
The Guaranteed Surrender Value is based on a percentage of Total Premiums paid
(excluding any extra premiums and taxes paid) and the discounted value of
accrued Simple Reversionary Bonus
The Special Surrender Value will be quoted only on receipt of a surrender request
and the Special Surrender Value Factor depends on the then prevailing market
conditions and is not guaranteed
A surrendered policy cannot be reinstated
Note: Please refer to the Policy Schedule for full details regarding the applicable
percentage of Total Premiums paid and for the applicable discount factors to be
applied on the accrued Simple Reversionary Bonus. You may also go through the
Benefit Illustration to check the Guaranteed Surrender Value and Special Surrender
Value under two different scenarios.
Reduced Paid-Up Value
If the Regular Premiums for at least three full years have been paid and no further
due premiums have been paid under Regular Pay and Limited Pay 10 Years and if the
Regular Premiums for at least two full years have been paid and no further due
premiums have been paid under Limited Pay 5 Years, then the Policy acquires
Paid-Up Value and will be eligible for a Reduced Paid-Up Value.
Reduced Paid-Up Value is determined as:
Death Sum Assured x Number of Installment Regular Premiums paid + Accrued Simple Reversionary Bonus
Total number of Installment Regular Premiums payable
The Policy will be entitled only to the amount of the Reduced Paid-Up Insurance on
the Maturity Date or on death of the Person Insured, whichever is earlier. A Reduced
Paid-Up Insurance Policy shall not be entitled for any future bonuses.
You may elect to pay premiums Yearly, Half-Yearly, Quarterly, Monthly or in PSP
mode, subject to the minimum premium under each mode.
Alterations between different modes of premium payment is allowed at any policy
anniversary on request, subject to payment of alteration charges, which is Rs.100/- at
present and subject to review in future with IRDA approval.
Modal Premium
Mode of Premium Regular Pay Limited Pay 10 Years Limited Pay 5 Years
Yearly
Half-Yearly
Quarterly
Monthly
15,000
12,000
6,000
2,500
24,000
12,000
6,000
2,500
30,000
15,000
7,500
5,000
Met Endowment Savings Plan at a glance
*Age Last Birthday
#
Offers running terms between minimum and maximum policy terms
Premium Payment Term Boundary Conditions
Min. Age at entry*
Max. Age at entry*
Max. Age at maturity*
20 years
60 years (54 years in Limited Pay 5 option)
10 years 15 years 10 years
20 years 25 years 30 years
Rs. 1,64,000 Rs. 2,57,000 Rs. 1,45,000
Rs. 5 crore Rs. 5 crore Rs. 5 crore
75 years
5 years
Limited Pay
10 years
Limited Pay
Regular Pay
Premium Payment Term
Options
Minimum Policy Term
Maximum Policy Term
#
Min. Sum Assured
Max. Sum Assured
Policy Loan facility
Your Met Endowment Savings Plan also provides you the flexibilities of Policy Loans.
The maximum amount of Policy Loan that you can avail will be limited to 90% of the
Special 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 existing
on the policy, to the end of that year. While you avail the loan, your Policy must be
assigned in favour of the Company. The rate of interest for your loan shall be
determined by the Company from time to time and informed upon applying for
Policy loan. The present rate of interest is 12% p.a.
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
Death Benefit (in case of Reduced Paid-up cases):
The Death Benefit for a Reduced Paid-Up policy is defined as the Death Sum Assured
multiplied by the ratio of the number of Installment premiums paid to the total
number of Installment premiums payable. To this, the accrued Simple Reversionary
Bonuses will be added.
Maturity Benefit (in case of Reduced Paid-Up cases):
On survival till the maturity date, the Reduced Paid-Up Value as defined above will
be paid.
Reinstatement
When the premium is not paid within the Grace Period, the Policy shall lapse and be
subject to the applicable non-forfeiture provisions contained in the Policy. The
Policyholder may, however, reinstate the Policy while the Person Insured is alive if
the Policyholder:
Requests in writing for reinstatement within two (2) years from the date of first
unpaid premium
Provides satisfactory evidence of insurability to us (if applicable)
Pays all due premiums together with interest payment up to the date of
reinstatement with interest at the rate prescribed by the Company at the time of
reinstatement. The Present rate of interest is 12% p.a.
On fulfillment of reinstatement requirement as specified by the Company
Also, please note that;
If three full years premiums are paid, then upon subsequent non-payment of
premium, the Policy can be reinstated within six months from the date of last
unpaid premium together with interest payment at such rate as may be prevailing
at the time of the payment without any evidence of good health
On reinstatement of the policy, the accrued bonuses will be reinstated along with
the base policy benefits
A surrendered policy cannot be reinstated
The revival of a lapsed/paid up policy is also subject to payment of revival fee, which
is Rs. 250/- at present and subject to review in future with IRDA approval.
Upon reinstatement of the policy, all the policy benefits, including Survival Benefits
will be restored back.
Termination
The Policy will be terminated on the earliest of the following:
The date on which the Policy is surrendered
At the expiry of three years from the date of lapsation, when the Policy has not
been reinstated and provided the said Policy has not acquired any Paid-Up Value
under aforementioned section
Upon payment of Death Benefit
Upon payment of Maturity Benefit in case of maturity
Tax benefits 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 benefits for the
premiums paid and proceeds received under the policy.
A Word About Taxes
In the event the Person Insured commits suicide, whether sane or insane at that time,
within one year from the Date of Commencement of insurance cover, the insurance
cover shall be void. The Company will not be liable to pay any of the benefits available
under the product including but not limited to the Sum Assured except refunding
80% of premium(s) received without interest.
In the event the Person Insured commits suicide, whether sane or insane at that time,
within one year from the date of the last reinstatement, the insurance cover shall be
void. The Company will not be liable to pay any of the benefits available under the
product except the higher of the Surrender Value or 80% of the premiums paid till the
date of death, provided the policy is in force.
Exclusions
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture
between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited
(PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private
Limited and other private investors, with MIHI and PNB being the majority
shareholders. PNB MetLife was previously known as MetLife India Insurance
Company Limited (MetLife India) and has been present in India since 2001.
PNB MetLife brings together the financial strength of a leading global Life
Insurance provider, MetLife, Inc., and the credibility and reliability of PNB, one of
India's oldest and leading nationalised banks. The vast distribution reach of PNB
together with the global insurance expertise and product range of MetLife makes
PNB MetLife a strong and trusted insurance provider.
PNB MetLife is present in over 150 locations across the country and serves customers
in more than 7,000 locations through its bank partnerships with PNB, JKB and
Karnataka Bank Limited.
PNB MetLife provides a wide range of protection and retirement products through
its Agency sales of over 20,000 Financial Advisors and multiple bank partners, and
provides access to Employee Benefit plans for over 800 corporate clients in India.
With its headquarters in Bangalore and Corporate Office in Gurgaon, PNB MetLife
is one of the fastest growing Life Insurance companies in the country. The company
continues to be consistently profitable and has declared profits for last three
financial years.
For more information, visit www.pnbmetlife.com
About PNB MetLife India Insurance Company Limited
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, if any
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 and 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 benefits (surrender value and reduced paid up value) as
applicable.
Surrender Value
If all due premiums have been paid for at least 3 full policy years (2 years in case of
Limited Pay 5 Years), the policy would acquire a Surrender Value. The Surrender
Value is equal to the maximum of Guaranteed Surrender Value and Special
Surrender Value.
The Guaranteed Surrender Value is based on a percentage of Total Premiums paid
(excluding any extra premiums and taxes paid) and the discounted value of
accrued Simple Reversionary Bonus
The Special Surrender Value will be quoted only on receipt of a surrender request
and the Special Surrender Value Factor depends on the then prevailing market
conditions and is not guaranteed
A surrendered policy cannot be reinstated
Note: Please refer to the Policy Schedule for full details regarding the applicable
percentage of Total Premiums paid and for the applicable discount factors to be
applied on the accrued Simple Reversionary Bonus. You may also go through the
Benefit Illustration to check the Guaranteed Surrender Value and Special Surrender
Value under two different scenarios.
Reduced Paid-Up Value
If the Regular Premiums for at least three full years have been paid and no further
due premiums have been paid under Regular Pay and Limited Pay 10 Years and if the
Regular Premiums for at least two full years have been paid and no further due
premiums have been paid under Limited Pay 5 Years, then the Policy acquires
Paid-Up Value and will be eligible for a Reduced Paid-Up Value.
Reduced Paid-Up Value is determined as:
Death Sum Assured x Number of Installment Regular Premiums paid + Accrued Simple Reversionary Bonus
Total number of Installment Regular Premiums payable
The Policy will be entitled only to the amount of the Reduced Paid-Up Insurance on
the Maturity Date or on death of the Person Insured, whichever is earlier. A Reduced
Paid-Up Insurance Policy shall not be entitled for any future bonuses.