PART B MetLife Immediate Annuity Page 1 of 12

Transcription

1 PART B MetLife Immediate Annuity Page 1 of 12 DEFINITIONS APPLICABLE TO YOUR POLICY The words or terms below that appear in this Policy in initial capitals and bold type will have the specific meaning given to them below. These defined words or terms will, where appropriate to the context, be read so that the singular includes the plural, and the masculine includes the feminine. 1. Age means age of the Annuitant as of his last birthday and is as shown in the Schedule. 2. Annuitant means the person or persons named in the Schedule on whose life/lives the Annuity is payable. 3. Annuity means the fixed amount, unless provided otherwise under the Policy, payable under the Policy as per the Annuity Option chosen by You and as specified to be applicable in the Schedule. 4. Annuity Frequency means the frequency at which the Annuity becomes payable under this Policy and is as shown in the Schedule. 5. Application means the proposal form and any other information given to Us to decide whether and on what terms to issue this Policy. 6. Appointee means the person named in the Schedule to receive payment under this Policy, if the (Nominee) is a minor at the time payment becomes due under this Policy. 7. Date of Commencement of Risk means the date on which the risk under the Policy comes into effect and is as specified in the Schedule. 8. Date of Inception of the Policy means the date on which this Policy is issued after We have accepted the risk under the Application. The Date of Issue is shown in the Schedule. 9. Date of Commencement of the Policy is the same of the Date of Inception of the Policy 10. IRDA of India means the Insurance Regulatory and Development Authority of India. 11. Living Certificate means a declaration by the Annuitant in a format specified by Us, which is duly signed by a gazetted officer and/or a registered medical practitioner, declaring that the Annuitant is living on the date of the declaration and accompanied with a self-attested identification proof of the Annuitant duly verified by the gazetted officer and/or the registered medical practitioner or any other person as notified by Us from time to time. 12. Named Spouse means Your spouse as named in the Application and is as shown in the Schedule. 13. Nominee means the person named by You in the Application (or as may be subsequently notified to Us from time to time) to receive the benefits under the Policy, if any, in the event of the death of the Annuitant in accordance with the terms of the Policy. 14. Policy means this contract of insurance, as evidenced by the Policy Document. 15. Policy Document means this document, any endorsements issued by Us, the Schedule, the Annexures and the Application. 16. Policy Year means a period of twelve consecutive calendar months from the Date of Commencement of Risk. 17. Purchase Price means the amount specified in the Schedule which We have received from You as a Single Premium for the purchase of the Annuity before the Date of Commencement of Risk.

2 PART B MetLife Immediate Annuity Page 2 of Schedule means the policy schedule set out above that We have issued, along with any Annexure, tables or endorsements attached to it from time to time. 19. Single Premium means the amount paid by You at inception under the Policy. This is also equal to Purchase Price 20. Surrender Value means the amount that is calculated in accordance with Part D. 21. We, Us, or Our means PNB MetLife India Insurance Company Limited. 22. You or Your means the Policyholder as named in the Schedule.

3 PART C MetLife Immediate Annuity Page 3 of 12 POLICY FEATURES, BENEFITS & PREMIUM PAYMENT CONDITIONS 1. Policy Features MetLife Immediate Annuity is the name of the product offered by Us. It is a non-linked immediate annuity plan offered by Us and is non- participating in nature. Your Policy provides the following benefits 2. Policy Benefits The Annuity under this Policy will be payable by Us, in accordance with the Annuity Option and at the Annuity Frequency chosen by the Annuitant and is specified in the Schedule. The following Annuity Options are available under this Policy: 2.1 Life Annuity We will pay the Annuity to the Annuitant at the Annuity Frequency for the Annuitant s lifetime commencing from the first due date after the Date of Commencement of Risk as specified in the Schedule. If the Annuitant dies after the Date of Commencement of Risk, We shall not be liable to make any further payments under the Policy. 2.2 Life Annuity with Return of Purchase Price We will pay the Annuity to the Annuitant at the Annuity Frequency for the Annuitant s lifetime commencing from the first due date after the Date of Commencement of Risk as specified in the Schedule. If the Annuitant dies after the Date of Commencement of Risk, We will pay an amount equal to the Purchase Price to the Nominee and We shall not be liable to make any further Annuity payments under the Policy. 2.3 Life Annuity with Return of Balance Purchase Price We will pay the Annuity to the Annuitant at the Annuity Frequency for the Annuitant s lifetime commencing from the first due date after the Date of Commencement of Risk as specified in the Schedule. If the Annuitant dies after the Date of Commencement of Risk, We will pay to the Nominee an amount equal to the Purchase Price after deducting the sum of all Annuity payments already made by Us under the Policy prior to the Annuitant s death and We shall not be liable to make any further payments under the Policy. 2.4 Annuity for a Guaranteed Period & Life After Completion of the Annuity Guarantee Period In case of death of the Annuitant before completion of the Annuity Guarantee Period: We will pay the Annuity to the Annuitant at the Annuity Frequency starting from the Date of Commencement of Risk. In case the Annuitant dies before completion of the Annuity Guarantee Period as specified in the Schedule, We will continue to pay the Annuity to the Nominee till the end of Annuity Guarantee Period. No further payments will be made once the Guarantee Period is over. In case of death of the Annuitant after completion of the Annuity Guarantee Period: We will pay the Annuity to the Annuitant at the Annuity Frequency for the Annuitant s lifetime commencing from the first due date after the Date of Commencement of Risk as specified in the Schedule. If the Annuitant dies after the after completion of the Annuity Guarantee Period as specified in the Schedule, We shall not be liable to make any further payments under the Policy.

4 PART C MetLife Immediate Annuity Page 4 of Joint Life and Last Survivor This Annuity Option is applicable only where the Annuitant has listed his/her spouse as a Named Spouse and when this Annuity Option is in force for the Annuitant. We will pay the Annuity to the Annuitant at the Annuity Frequency for the Annuitant s lifetime commencing from the first due date after the Date of Commencement of Risk specified in the Schedule. If the Annuitant dies during the lifetime of the Named Spouse, as specified in the Schedule, after the Date of Commencement of Risk, the Annuity will become payable to the Named Spouse for such spouse s lifetime. No further payments shall be made by Us under the Policy once the Named Spouse dies. In the event the Named Spouse has predeceased the Annuitant or where the Named Spouse is no longer a legal spouse of the Annuitant at the time of death of the Annuitant, no benefits will become payable on the death of the Annuitant. 2.6 Increasing Life Annuity We will pay the Annuity to the Annuitant at the Annuity Frequency for the Annuitant s lifetime commencing from the first due date after the Date of Commencement of Risk specified in the Schedule. The Annuity specified in the Schedule will increase at the rate of 3% per Policy Year after the Date of Commencement of Risk. If the Annuitant dies after the Date of Commencement of Risk, We will not be liable to make any further payments under the Policy. 3. Purchase Price Payment Conditions 3.1. Payment of Purchase Price The Purchase Price is to be paid by You at the inception of the Policy as specified in the Schedule. All taxes, cess, surcharge and other levies, whether existing now or introduced in the future, will be levied, as and when applicable, on the Purchase Price paid by You.

5 PART D MetLife Immediate Annuity Page 5 of 12 POLICY SERVICING CONDITIONS You are requested to refer to the Policy Servicing Conditions described below before making a request for Policy servicing to Us. 1. Free Look Period 2. Loan If 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 the terms and conditions, You may cancel the Policy by giving a signed written notice to Us stating the reasons for Your objection and You will be entitled to a refund of the Purchase Price paid subject to a deduction of proportionate risk premium for the period of cover in addition to the expenses incurred on medical examination (if any) and the stamp duty charges. Loans are not available under this Policy. 3. Surrender This Policy cannot be surrendered. 4. Claims Procedure We will not be obliged to make any payment due on the Annuitant s death (if applicable) under the Policy unless and until We have received all of the information and documentation We request, including but not limited to: (a) (b) (c) (d) (e) (f) The original Policy document; The claim form prescribed by Us, duly completed; The official death certificate issued by a competent governmental authority; First Information Report, police inquest report and a post-mortem report where the Annuitant s death is due to an unnatural cause; Proof of title to the Policy where applicable; Nominee/Appointee/legal heir identification and address proof as per regulatory requirements. 5. Annuity Payment payout procedure: We will start paying the Annuity amount at the end of the chosen Annuity Frequency. We will not be obliged to make any payment of the Annuity under the Policy unless and until We have received the Living Certificate before the applicable Annuity due date. 6. Termination of the Policy The Policy will be terminated upon death of the Annuitant. In case of Joint Life Annuity option is specified to be in force in the Schedule, the Policy will be terminated upon the death of the last survivor.

6 PART E MetLife Immediate Annuity Page 6 of 12 POLICY CHARGES The following fees/charges are applicable under this Policy: 1. Miscellaneous Fee: This fee is payable for issuing a new Policy Document if the original Policy Document has been lost. The Miscellaneous Fee is presently Rs. 200 for each such request.

7 PART F MetLife Immediate Annuity Page 7 of 12 GENERAL TERMS & CONDITIONS The following general terms and conditions are applicable to Your Policy. If You wish to change the Nominee, assign the Policy or update Your/Nominee s address or other contact details in Our records, You should do so only through the forms prescribed by Us for these purposes. These forms are available at Our offices or may be obtained from Your financial advisor. 1. Nomination Nomination should be in accordance with provisions of Section 39 of the Insurance Act 1938 as amended from time to time. A leaflet containing the simplified version of the provisions of Section 39 is enclosed as Annexure to this Policy for your reference. Nomination of this Policy is not applicable if the Policy has been effected under Section 6 of the Married Women s Property Act Assignment: Assignment should be in accordance with provisions of Section 38 of the Insurance Act 1938 as amended from time to time. A leaflet containing the simplified version of the provisions of Section 38 is enclosed as Annexure to this Policy for your reference. Assignment of this Policy is not applicable if the Policy has been effected under Section 6 of the Married Women s Property Act Taxation The tax benefits on the Policy shall be as per the prevailing tax laws in India and amendments thereto from time to time. In respect of any payment made or to be made under this Policy, We will deduct or charge or recover taxes including service tax and other levies as applicable at such rates as notified by the government or such other body authorized by the government from time to time. Tax laws are subject to change. 4. Currency & Place of Payment All amounts payable either to or by Us will be paid in the currency shown in the Schedule. Such amounts will be paid by a negotiable bank draft or cheque drawn on a bank in the country in which the currency of this Policy is denominated. 5. Section 45 of the Insurance Act, No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy i.e. from the date of commencement of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. 2. A policy of life insurance may be called in question at any time within three years from the date of commencement of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud; provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured, the grounds and materials on which such decision is based. For the purposes of this sub-section, the expression fraud means any of the following acts committed by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy: a. the suggestion, as a fact of that which is not true and which the insured does not believe to be true;

8 PART F MetLife Immediate Annuity Page 8 of 12 b. The active concealment of a fact by the insured having knowledge or belief of the fact; c. Any other act fitted to deceive; and d. Any such act or omission as the law specifically declares to be fraudulent. Mere silence as to facts likely to affect the assessment of risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent, keeping silence to speak, or unless his silence is, in itself, equivalent to speak. 3. Notwithstanding anything contained in sub section 2, no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer; provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive. A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer. 4. A policy of life insurance may be called in question at any time within three years from the date of commencement of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued; provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based. In case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on ground of fraud, the premiums collected on the policy till date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation. The mis-statement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact, no life insurance policy would have been issued to the insured. 5. 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 life insured was incorrectly stated in the proposal. 6. Fraud, Misrepresentation and Forfeiture: Fraud, Misrepresentation and Forfeiture would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938 as amended from time to time. A leaflet containing the simplified version of the provisions of Section 45 is enclosed in Annexure to this Policy. 7. Proof of Age (a) Subject to Section 45 of the Insurance Act 1938, if the actual age of the Annuitant differs from the Age stated in the Application then: (i) If the actual age proves to be higher than what is stated in the Application, the Basic Sum Assured will be adjusted to that which would have been purchased by the amount of premium paid, had the age been correctly stated. The Policy will continue to be in force; (ii) If the actual age proves to be lower than what is stated in the Application, the premium paid in excess will be

9 PART F MetLife Immediate Annuity Page 9 of 12 refunded to You without interest or may be adjusted towards future premium at Our sole discretion. The Policy will continue to be in force. (b) If the Annuitant s actual age is such that it would have made him/her ineligible for the insurance cover stated in the Policy, We reserve the right at Our sole discretion to take such action as may be deemed appropriate including cancellation of the Policy upon payment of the Surrender Value. 8. Loss of the Policy Document If the Policy Document is lost or destroyed, You may make a written request for a duplicate Policy Document which We will issue duly endorsed to show that it is in place of the original Policy Document, as long as You first pay Us the Miscellaneous Fee specified in Part E. Upon the issue of a duplicate Policy Document, the original will cease to have any legal force or effect. 9. Travel, Residence & Occupation This Policy does not impose any restrictions as to travel, residence or occupation. 10. Governing Law & Jurisdiction The terms and conditions of the Policy shall be governed by and be interpreted in accordance with Indian law and all disputes and differences arising under or in relation to the Policy shall be subject to the sole and exclusive jurisdiction of the courts situated in Mumbai. 11. Our Address for Communications Any notice, request direction or instructions given to Us, under this Policy, shall be in writing and delivered by hand, post, facsimile or from registered electronic mail ID to: PNB MetLife India Insurance Co. Ltd., Registered office: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore , Karnataka. IRDA of India Registration number 117, CI No.: U66010KA2001PLC Call us Toll-free at , Website: indiaservice@pnbmetlife.co.in or Write to us: PNB MetLife India Insurance Co. Ltd., 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai Phone: , Fax: Similarly, any notice, direction or instruction to be given by Us, under the Policy shall be in writing and delivered by hand, post, courier, facsimile or registered electronic mail ID to the updated address in Our records. You are requested to communicate any change in address, immediately, to enable us to serve You promptly.

10 PART G Page 10 of 12 GRIEVANCE REDRESSAL MECHANISM & OMBUDSMAN DETAILS Grievance Redressal Mechanism In case You/Nominee has any query or complaint or grievance, You/Nominee may approach Our office at the following address: PNB MetLife India Insurance Co. Ltd., Registered office: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore , Karnataka. IRDA of India Registration number 117, CI No.: U66010KA2001PLC Call us Toll-free at , Website: indiaservice@pnbmetlife.co.in or Write to us: PNB MetLife India Insurance Co. Ltd., 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai Phone: , Fax: Please address Your/Nominee s queries or complaints to Our customer services department, and Your/Nominee s grievances to Our grievance redressal officer, who are authorized to review Your/Nominee s queries or complaints or grievances and address the same. Please note that only an officer duly authorized by Us has the authority to resolve Your/Nominee s queries or complaints or grievances. We shall in no way be responsible, or liable, or bound by, any replies or communications or undertakings, given by or received from, any financial advisor or any employee who was involved in selling You this Rider. In case You/Nominee are not satisfied with the decision of the above office, or have not received any response within 10 days, You/Nominee may contact the IRDA of India by any of the following means for resolution: IRDA of India Grievance Call Centre (IGCC) Toll Free No.: You/Nominee can register the complaint online at You/Nominee can write or fax the complaint to Consumer Affairs Department Insurance Regulatory and Development Authority of India 9 th Floor, United India Towers, Basheerbagh, Hyderabad , Andhra Pradesh Fax No.: ID: complaints@irda.gov.in In case You/Nominee are not satisfied with Our decision/resolution of the compliant/grievance, You/Nominee may approach the insurance ombudsman at the address in the list of ombudsman below, if Your/Nominee s grievance pertains to: (a) (b) (c) (d) Insurance claim that has been rejected or dispute of a claim on legal construction of the Policy; Delay in settlement of claim; Dispute with regard to premium; or Non-receipt of Your Policy Document. The complaint should be made in writing duly signed by the You, Nominee or by Your legal heirs with full details of the complaint and the contact information of complainant As per Rule 13(3) of the Redress of Public Grievances Rules 1998, the complaint to the insurance ombudsman can be made:

11 PART G Page 11 of 12 (a) (b) (c) Only if the grievance has been rejected by the grievance redress machinery of the Insurer; Within a period of one year from the date of rejection by the insurer; and If it is not simultaneously under any litigation. List of Insurance Ombudsman CONTACT LOCATION AHMEDABAD BENGALURU BHOPAL BHUBANESHWAR CHANDIGARH CHENNAI DELHI KOCHI GUWAHATI HYDERABAD JAIPUR KOLKATA CONTACT DETAILS 2nd floor, Ambica House, Near C.U. Shah College, Ashram Road, Ahmedabad Tel.: , Fax: bimalokpal.ahmedabad@gbic.co.in 19/19, Jeevan Soudha Building, Ground Floor 24 th Main, J.P. Nagar First Phase, Bengaluru Tel.: / bimalokpal.bengaluru@gbic.co.in Janak Vihar Complex, 2nd Floor, 6, Malviya Nagar, Opp. Airtel, Near New Market, Bhopal Tel.: /202. Fax: bimalokpal.bhopal@gbic.co.in 62, Forest park, Bhubneshwar Tel.: / Fax: bimalokpal.bhubaneswar@gbic.co.in S.C.O. No , 2nd Floor, Batra Building, Sector 17 D, Chandigarh Tel.: , Fax: bimalokpal.chandigarh@gbic.co.in Fatima Akhtar Court, 4th Floor, 453 (old 312), Anna Salai, Teynampet, Chennai Tel.: / Fax: bimalokpal.chennai@gbic.co.in 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi Tel.: / Fax: bimalokpal.delhi@gbic.co.in 2 nd Floor, CC-27/2603, Pulinat Building, M.G. Road, Ernakulam, Kochi Tel.: , Fax: bimalokpal.ernakulam@gbic.co.in Jeevan Nivesh Bldg., 5th Floor, Near. Pan bazar over bridge, S.S. Road, Guwahati Tel.: / Fax: bimalokpal.guwahati@gbic.co.in , 1st floor, "Moin Court", Lane Opp. Saleem Function Palace, A. C. Guards, Lakdi-Ka-Pool, Hyderabad Tel.: / Fax: bimalokpal.hyderabad@gbic.co.in Jeevan Nidhi II Bldg., Gr. Floor, Bhawani Singh Road, Jaipur Tel.: bimalokpal.jaipur@gbic.co.in Hindustan Bldg. Annexe, 4, C.R. Avenue, 4th Floor, KOLKATA TEL : / Fax : bimalokpal.kolkata@gbic.co.in JURISDICTION State of Gujarat, Union Territories of Dadra & Nagar Haveli and Daman and Diu. State of Karnataka. States of Madhya Pradesh and Chhattisgarh. State of Orissa. States of Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir and Union Territory of Chandigarh. State of Tamil Nadu and Union Territory Pondicherry Town and Karaikal (which are part of Union Territory of Pondicherry). State of Delhi. State of Kerala and Union Territory of (a) Lakshadweep (b) Mahe a part of Union Territory of Pondicherry States of Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura. State of Andhra Pradesh, Telangana, Union Territory of Yanam which is a part of Territory of Pondicherry. State of Rajasthan. States of West Bengal, Sikkim and Union Territories of Andaman and Nicobar Islands.

12 PART G Page 12 of 12 LUCKNOW MUMBAI NOIDA PATNA PUNE 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow Tel.: /1 Fax: bimalokpal.lucknow@gbic.co.in 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai Tel.: /6960. Fax: bimalokpal.mumbai@gbic.co.in Bhagwan Sahai Palace, 4 th Floor, Main Road, Naya Bans, Sector-15, G.B. Nagar, NOIDA Tel.: /51/53 bimalokpal.noida@gbic.co.in Kalpana Arcade Building, 1 st Floor, Bazar Samiti Road, Bahadurpur, Patna Tel.: bimalokpal.patna@gbic.co.in 3 rd Floor, Jeevan Darshan Bldg., N.C. Kelkar Road, Narayan Peth, Pune Tel.: bimalokpal.pune@gbic.co.in Districts of Uttar Pradesh : Laitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar. States of Goa, Mumbai Metropolitan Region excluding Navi Mumbai & Thane State of Uttaranchal and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur. States of Bihar and Jharkand State of Maharashtra, Area of Navi Mumbai and Thane excluding Mumbai Metropolitan Region.