Understanding PNB MetLife Accidental Disability Benefit Rider

The purpose of an add-on cover or a rider is to expand the benefits of the base policy. Add-on covers are not a compulsion, but highly advised as they financially support the policyholder and their families in the times of unpredictability. PNB MetLife Accidental Disability Benefit Rider is one such rider that has been carefully designed to support the life insured in the event of an accident. 

What Is the PNB Metlife Accidental Disability Benefit Rider?

PNB MetLife Accidental Disability Benefit Rider is an add-on cover that provides financial support to the life insured if they meet with an accident, which ultimately  results in disability. This rider or add-on cover can be added to the base policy by paying an additional premium price. 

What Does the PNB Metlife Accidental Disability Benefit Rider Cover?

The PNB MetLife Accidental Disability Benefit Rider covers impairments such as:

• Complete and unrecoverable loss of sight of both eyes
• Amputation or loss of one hand (at or above the wrist) and one foot (at or above the ankle)
• Amputation or loss of both feet (at or above the ankles)
• Amputation or loss of both hands (at or above the wrists)

In order to qualify for the mentioned impairments, the life insured has to be disabled to an extent that they are incapable of performing activities of daily living like washing, feeding, dressing and more. 

Eligibility Criteria Under PNB Metlife Accidental Disability Benefit Rider

The eligibility criteria based on the boundary conditions is as follows:

• Age at entry - 18 years to 65 years
• Cover ceasing age - 75 years
• Policy term - 10 years to 40 years
• Premium payment modes - Single, yearly, half-yearly, quarterly, monthly (only on ECS) and payroll savings plan (PSP)
• Premium payment options - Single, 5 Pay, 7 Pay, 10 Pay, 12 Pay, 15 Pay, Regular Pay
• Minimum sum assured under rider - Rs. 5 Lakh
• Maximum sum assured under rider - Rs. 2 Crore

Terms & Conditions Under PNB Metlife Accidental Disability Benefit Rider

The key terms and conditions under PNB Metlife Accidental Disability Benefit Rider are as follows:

• Accidental disability rider premium should not be greater than 30% of annualized premium of base policy
• Individual rider sum assured can be less than or equal to sum assured of base policy
• Rider premium payment term can be less than or equal to base policy premium payment term
• For regular premium payment term, rider term and policy term are equal
• For limited pay option, rider term can vary between premium payment term and base policy term.

While the free-look period under the rider is 30 days, the grace period is 15 days for monthly or PSP frequency. The grace period for quarterly, half yearly and yearly frequencies is 30 days. It must be noted that the policy is eligible for tax benefits for the premiums paid and proceeds received. 

Also read: 

Common Exclusions Under Life Insurance Riders

Everything You Need To Know About Term Rider    

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.