Retirement – is that part of life when a person starts a new life. It is a time to realize all the dreams that were lost on the way to become successful and providing for the family. It is the time to reap what was sowed in younger days. It is time to make up for all the lost times with friends and family. It is also a time of anxiety, a time when financial independence is of utmost importance. This can all be done with careful planning in advance. During the early years of your work life start planning for your retirement too. Prepare for your old age in your youth so that your retirement will be from employment and not from income. A financially secured future guarantees peace of mind and gives independence in old age. There are no limitations to what you can do when you have the means and especially the capital that you have invested for your future plans. So we bring you a must have pension plan from MET LIFE, Met Growth.
OVERVIEW
MetLife offers ‘Met Growth’ – a Unit-Linked solution to help you plan for your golden years. It is specially designed to provide financial security for your future requirements. This plan allows you to start planning immediately by ensuring the safety of your first year premiums. It also helps create your retirement fund faster by giving you 100% allocation from the second year onwards, coupled with attractive loyalty additions into your fund. Guaranteed.
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER
BENEFITS
Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the Fund Value would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus the regular premium received by us in the first policy year is payable.
Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed Loyalty Addition or you can opt for the settlement options.
Loyalty Additions
You get the guarantee of enhancing your wealth creation through guaranteed loyalty additions (up to 120% of the first year annual premium) at the end of the 10th & 15th year plus Guaranteed Additions as a % of the Fund Value.
At the end of the 10th year: 50% of the first year annualized premium
At the end of the 15th year:
As a percentage of the first year annualized premium (in Year 15)
| Annualized premium (Rs) | Guaranteed Loyalty Addition |
| Silver (12,000 – 25,000) | 55% of the first year annualized premium |
| Gold (25,100 – 2,00,000) | 60% of the first year annualized premium |
| Platinum (2,00,001 & above) | 70% of the first year annualized premium |
Plus 2% of the Average Fund Value at the end of the 20th year and every 5 years thereafter.
ADVANTAGES
1. Maximize your return potential – 100% of your premium invested in funds of your choice from the 2nd year onwards.
2. Get Guaranteed Loyalty Additions of up to 120%** of your first year premiums
3. Get guaranteed loyalty additions of 2% of your average Fund Value for coverage terms of 20, 25 and 30 years.
4. Liquidity in the form of Partial Withdrawals and Surrender Benefits.
FEATURES & ELIGIBILITY
| Entry Age (in completed years) | Min – 0 years (3 months to be completed) Max – 60 years |
| Maturity Age | Min – 18 years Max – 75 years |
| Coverage Term | 15 / 20 / 25 / 30 years |
| Premium Payment Term | Regular |
| Minimum Annualized Premium | Rs. 12,000 |
| Basic Sum Assured | Min – 5 times the Annualized Premium ***Other Sum Assured multiples – 10 times & 20 times the Annualized Premium. |
| Premium Paying Modes | Monthly, Quarterly, Half-yearly, Yearly |
|
*** For entry ages above 55 only 5 multiple is allowed. |
|
RIDERS
At MetLife, we want our customers to get the maximum out of their lives. Be it in terms of making their dreams come true or getting the best out of their insurance plan. With this in mind, we created MetMore which allows you to customize your life insurance plan. So that it can be tailored to meet the unique needs of you and your family members. MetMore offers you a choice of riders which are optional contracts that allow you to enjoy additional benefits. They are always attached to the basic policy at the time of purchasing it, and cannot be bought separately or independently. Each rider comes with its own premium rates and separate policy conditions. The premium, nature and characteristics of the rider are based on the base policy to which the rider is attached.
So go on, get more out of life.
Accidental Death Benefit – Death caused due to an accident is one of the most unexpected and painful of all causes of deaths. Due to the high unpredictability of this form of mishap, the benefits offered by the Accidental Death Benefit Rider become all the more important and relieving.
This Rider provides for the payment of an additional amount should death occur as a result of an accident by outward violent and visible means before age 60 years.
Death of the Life Insured must occur within 180 days from the date of the accident.
|
Minimum Entry |
15 years |
|
Maximum Entry |
55 years |
|
Maximum age at maturity |
60 years |
|
Minimum Sum Assured |
Rs. 50,000 |
|
Maximum Sum Assured |
Rs. 10, 00,000 or base Sum Assured whichever is lower. |
Death Benefit
In the unfortunate event of death due to an accident the Rider Sum Assured is paid and the policy is terminated.
Critical Illness Rider – No one likes to think about the possibility of suffering a critical illness like cancer, heart attack and stroke etc. It is something that many of us assume will not happen to us. In the daily grind of activities, one ends up never being prepared for such an eventuality. Metlife offers a ‘Critical Illness Rider’ which provides payment of an additional amount on the diagnosis of as many as 10 critical conditions. You can have the money to pay for the illness when you need it rather than after the treatment is over, Thus helping you protect yourself against any health or lifestyle risk.
1.Insured critical illness conditions.
2. Heart attack.
3. Stroke.
4. Cancer.
5. Surgery to coronary arteries.
6. Kidney failure.
7. Major organ transplant.
8. Aorta surgery.
9. Blindness.
10. Heart valve replacement.
11. Paraplegia.
Waiting Period – No amount will be payable under this benefit in respect of critical illness diagnosed within a period of 90 days from the date of issue or reinstatement of the policy.
Survival Period – The benefit amount under this rider is payable only if the insured survives for the period of at least 30 days from the date of diagnosis of the insured critical illness.
Termination of the Critical Illness Rider
The riders will terminate on the earliest of any one of the four mentioned below:
1. On diagnosis of the critical illness within 90 days from the issue date or reinstatement of the policy.
2. Lapse, surrender, conversion of the base policy into paid up insurance.
3. The policy anniversary on which the life assured is aged 60 years (as on last birthday) or the maturity date of the base policy which ever is earlier.
4. The date of first occurrence of the event on which benefit becomes payable.
This Rider provides for the payment of an additional amount should death occur as a result of an accident by outward violent and visible means before age 60 years.
Death of the Life Insured must occur within 180 days from the date of the accident.
Critical Illness Rider – No one likes to think about the possibility of suffering a critical illness like cancer, heart attack and stroke etc. It is something that many of us assume will not happen to us. In the daily grind of activities, one ends up never being prepared for such an eventuality. Metlife offers a ‘Critical Illness Rider’ which provides payment of an additional amount on the diagnosis of as many as 10 critical conditions. You can have the money to pay for the illness when you need it rather than after the treatment is over, Thus helping you protect yourself against any health or lifestyle risk.
1.Insured critical illness conditions.
2. Heart attack.
3. Stroke.
4. Cancer.
5. Surgery to coronary arteries.
6. Kidney failure.
7. Major organ transplant.
8. Aorta surgery.
9. Blindness.
10. Heart valve replacement.
11. Paraplegia.
Waiting Period – No amount will be payable under this benefit in respect of critical illness diagnosed within a period of 90 days from the date of issue or reinstatement of the policy.
Survival Period – The benefit amount under this rider is payable only if the insured survives for the period of at least 30 days from the date of diagnosis of the insured critical illness.
Termination of the Critical Illness Rider
The riders will terminate on the earliest of any one of the four mentioned below:
1. On diagnosis of the critical illness within 90 days from the issue date or reinstatement of the policy.
2. Lapse, surrender, conversion of the base policy into paid up insurance.
3. The policy anniversary on which the life assured is aged 60 years (as on last birthday) or the maturity date of the base policy which ever is earlier.
4. The date of first occurrence of the event on which benefit becomes payable.
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Tags: Life Insurance, PENSION, Pension Plan, PENSION PLANS, pension policies, Retirement plans, RETIREMENT POLICIES