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FAQ - Policy Servicing |
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v. How can I make an assignment request?
Requisites to process an assignment:
Written request in the MetLife format with the name of the person / institution (assignee) to which you wish to assign the policy. The Request form can be downloaded from the MetLife Website.
Photo ID and address proofs are required in case of 3rd party individual assignment.
Original Policy Document
vi. What is the difference between nomination and assignment?
Nominating a beneficiary gives them the authorization to receive the policy money in the event of the death of the life assured. It does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his/her will or by a subsequent assignment.
On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities to the insurance policy in favour of the assignee and cannot be revoked. However, the policy can be re-assigned in favour of the insured at the written request of the assignee.
vii. What is a free look cancellation?
Once you receive the policy document, we advise you to go through the details and understand the terms and conditions of your policy. In case you want to clarify any aspect of your policy, you can speak to your financial consultant or contact us at any of our branches.
If you think that your policy does not suit your needs, you can cancel the policy by giving a written request within the free look period of 15 days from the receipt of the policy. The market value of the invested premiums will be refunded after nominal deductions on proportionate basis.
This is as per the provisions of the IRDA (Protection of Policyholders’ Interest, 2002).
viii. What is the difference between a fund switch & premium redirection?
A switch is permissible only for Unit Link Policies. Fund switch is the facility provided to the Policy Owner to change the investment pattern by moving from one Investment Fund to another Fund amongst the available funds under the policy. It is applicable to accumulated funds only and not for future premium allocations.
A premium redirection, on the other hand, allows you to change your allocation for all future premiums of your policy, without impacting your existing units.
ix. What are the requirements to fund switch/ redirect my funds?
A Fund Switch / Premium Redirection Form duly filled and signed by the Policy owner should be sent to any of the MetLife branches or to our corporate address. If the request is received till 3pm, same day NAV is allotted
Fund Switch request can also be placed through PIP.
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Customer helpline no. :
1-800-425-6969
( 24 Hrs. - Within India only)
or +91-80-2650-2244
(8 am - 8 pm )
Fax : 080-41506969 |
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SMS MET HELP to 56161
(Special SMS Charges Apply) |
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indiaservice@metlife.co.in |
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