PNB MetLife Insurance T&Cs

The Terms and Conditions of PNB MetLife Insurance Plans are as follows:

1. Free Look Period: The policyholder has an option to review the policy following receipt of the policy document. If he/she is not satisfied or agreeable with the terms and conditions of the PNB MetLife Insurance policy, then he/she can return the policy document to the insurance company, with reasons for cancellation within 15 days from the date the policyholder received it. On cancellation of the policy during the free look period, PNB Metlife Insurance will return the premium paid subject to the following deductions: a) Stamp duty under the policy b) Expenses incurred by the company on medical examination, c) Proportionate risk premium for the period of policy cover.

2. Suicide Exclusion: If the Policyholder dies by suicide within 12 months from the date of inception of the policy or the date of revival of the policy, then the policy will discontinue immediately. In such scenarios, PNB MetLife Insurance company will only refund total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid to the beneficiary or nominee.

3. Tax Benefits: PNB MetLife insurance plans offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to the contentment of the other conditions of the respective sections prescribed. As per the Section 194DA of the Act, the policy proceeds are subject to TDS if conditions prescribed under Section 10(10D) are not met.

4. Loss of the Policy Document: If the policy document is lost, at the request of the policyholder and on fulfilment of required prescribed conditions, the insurance company may issue a duplicate policy document. The PNB MetLife Insurance Company has the right to charge a fee of Rs.1500 for the issue of a duplicate policy paper. Upon the issue of a duplicate policy document, the original document shall cease to have any legal effect.

5. Disclosure: PNB MetLife insurance plan has been issued on the life assured’s representations that the life assured has made full and accurate disclosures of all material facts and circumstances and that the life assured has not suppressed any material facts or circumstances. In the event, it comes to the insurance company knowing that the life assured has misrepresented or suppressed any material facts and circumstances the insurance company will reserve the right to cancel or cease the policy.

6. Governing Laws: PNB MetLife Insurance Policy will be governed by prevalent Indian Laws, any differences or disputes arising out of PNB MetLife Insurance will be subject to the jurisdiction of Indian courts.

7. Assignments: Assignment is allowed under the insurance plan as per section 38 of the Insurance Act, as amended from time to time.

8. Nominations: Nomination is allowed under the insurance plan as per section 39 of the Insurance Act, as amended from time to time.

9. Grace Period: PNB MetLife Insurance plans provide a grace period of 30 days from the due date for the payment of premium for the quarterly, half-yearly, and yearly mode. A grace period of 15 days is available for the monthly mode of premium payout.

10. Policy Lapse: If during the policy tenure, premiums are not paid within the grace period, the policy together with the additional benefits (if any) will lapse from the date of the first unpaid premium, and the policy cover will cease.

11. Policy Revival: PNB MetLife Term Insurance lapsed policy can be revived within 2 years from the date of first unpaid premium else the contract will be terminated.