PENSION PLAN | MET PENSION-PAR | MET LIFE | OVERVIEW | BENEFITS | ADVANTAGES| FEATURES & ELIGIBILITY

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 Pension – Par.

OVERVIEW

‘Met Pension (Par)’ serves as a friendly helping hand so you can stay financially independent even after retirement. It helps you build up a fund for your golden years.

BENEFITS

Death Benefit
In case of death while one is saving for retirement, the death benefit payable is:
1. Return of premiums.

2. Accrued reversionary bonus, if any.

3. Any insurance on the life of the Insured that may be provided by riders to this policy.

Vesting Benefit
On the vesting date, you can take one third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities or you can use the entire retirement kitty to buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal bonus, if any.

Guaranteed Additions
Guaranteed Additions equal to 10% of the Sum Assured are payable at the end of the 15th policy year, in the form of a one-time lump sum addition to the Sum Assured.
Guaranteed Additions are available on policies with terms greater than 15 years.

Annuity Options
You can choose from a wide variety of 8 immediate annuity options at the time of retirement to match your pension requirement.

Policy Loan
No loans are available under this policy.

ADVANTAGES

1. A product which participates in the profits of the company through bonuses.

2. Customize your policy with additional rider benefits.

3. Different premium paying terms to suit various income cycles.

4. Get up to 1/3 rd of your retirement kitty as a tax-free lump sum on retirement.

5. Opportunity to get tax benefits under Sec 80C on your contribution.

6. Choose from amongst 8 annuity options at the time of retirement.

7. Get the benefit of protection while you are saving for retirement.

FEATURES & ELIGIBILITY


Entry Age (in completed years)	Min – 18 years Max – 60 years
Minimum Term	10 years
Minimum Vesting Age	45 years
Maximum Vesting Age	70 years
Minimum Sum Assured	Rs. 50,000
Maximum Sum Assured	No Limit
Minimum Annual Premium	Rs. 4000 p.a. for Regular Pay
Premium Payment Term	Single Pay, Limited Pay (3 or 5 Pay) & Regular Pay

RIDERS

MetLife, wants their 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 Rider– 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.

Waiver of Premium Rider

Waiver of Premium (WOP) Rider is an additional offering which can be purchased by paying a nominal extra premium over and above the base premium. The WOP rider ensures that a policyholder’s future due premiums are waived off.

In case of total and permanent disability of the life assured due to accident by outward, violent or visible means, this rider allows premium on base policy and attached riders, if any, to be waived. Total and permanent disability means that at the time at which disability starts or any time thereafter, the life assured can never be capable of doing something to earn wages, compensation or profits. The total disability should last for at least 6 consecutive months. There is no disability cover during the first 6 months of the policy.

The Premium rider will be terminated on the earlier of:
1. The end of the grace period of the first unpaid premium.
2. 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.
3. Death of the life assured.

Term Rider

This is an additional benefit that can be attached to the life insurance coverage to enhance the death cover on your policy.

The term rider allows the payment of an additional amount should death of the life insured occur before 60 years. You can match your changing needs (risk protection) and buy additional insurance at a low cost.

The Term Rider will be terminated on the earlier of:
1. The end of the grace period of the first unpaid premium.

2. 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.

3. Death of the life assured.

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Tags: Life Insurance, PENSION, Pension Plan, PENSION PLANS, pension policies, Retirement plans, RETIREMENT POLICIES