Each parent tries to fulfill every possible wish and need of their child. They want the future of their children safe, secured and bright. They try their level best to remove all the roadblocks that may be present in the path of their child’s life. Today the expenses are increasing so it becomes imperative to be prepared beforehand for any unforeseen circumstances. There are certain ages in the child’s life when extra capital is needed. Today children have to be good in all the fields, be it studies or extra curricular activities and even games. This planning can be achieved with the help of MetLife’s child insurance plan – MET JUNIOR MONEY BACK. This policy gives you returns on your investment as well as money back when you need at various intervals.
BENEFITS
Death Benefit
In the event of death of the Person Insured, the Sum Assured along with the Guaranteed Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100/ per Rs. 1000/- Sum Assured for each completed year.
If death occurs before age 7, then the Death Benefit is equal to the return of premiums plus interest on premiums.
Maturity Benefit
On maturity, the Life Insured will receive the Survival Benefits plus the Guaranteed Addition.
Survival Benefit
| At the end of 5 years | 20% of Sum Assured |
| At the end of 10 years | 20% of Sum Assured |
| At the end of 15 years | 20% of Sum Assured |
| Upon survival to maturity | 40% of Sum Assured plus total Guaranteed Additions |
ADVANTAGES
1. Guaranteed Survival Benefit: Payment of 20% of Sum Assured every year starting from 5th year up to maturity.
2. Guaranteed Maturity Benefit:
- Guaranteed payment of 40% of Sum Assured.
- Guaranteed addition of 10% of Sum Assured every year up to maturity.
3. Guaranteed Death Benefit: Guaranteed payment of Sum Assured along with guaranteed additions (accrued till that time). This is paid over and above the survival benefit payments made already.
4. Tax benefits as applicable under Section 80 C, 10(10D).
FEATURES & ELIGIBILITY
MetLife offers ‘Met Junior Money Back’ – a money back plan that combines savings and security. Your child’s well-being is your highest priority. So a money back plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years, along with guaranteed growth of your savings.
A plan which offers both timely and efficient return on investment with payouts at different milestones.
RIDERS
No riders are available.
| Coverage Term | ||
| Par | Non Par | |
| Minimum Entry Age of the Child | 0 years | 0 years |
| Maximum Entry Age of the Child | 14 years | 14 years |
| Coverage Terms | 20 years | 20 years |
| Premium Payment Terms | 20 years | 20 years |
| Minimum Premium | Rs. 5,000 | Rs. 5,000 |
| Minimum Sum Assured | Rs 50,000 | Rs 50,000 |
| Maximum Sum Assured | No Limit (subject to underwriting) | No Limit (subject to underwriting) |
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Tags: CHILD, CHILD ASSURANCE, CHILD INSURANCE, Child Plan, CHILDREN PLAN
