Met Monthly Income Plan – 7 Pay | Eligibility | Product Benefits

MetLife offers ‘Met Monthly Income Plan-7 Pay’ where you are required to pay premium only for 7 years and get back the Guaranteed Monthly Income that you decide at inception for 8 years. At the end of the term you will also get the accrued bonuses as a lump sum.

A Monthly Income Plan that guarantees income to add to your income every month. Because these days growing needs demand more than one income.

Eligibility –


Entry Age	18 yrs – 55 yrs
Maximum Maturity Age	70 years
Minimum Monthly Income	Rs. 1,000 p.m.
Sum Assured (fixed)	96 times the Monthly Income
Premium Payment Term	7 years
Policy Term	15 years
	Age Last Birthday

The Maximum Monthly Income available in this product is based on your age at the time of buying the policy and is as follows:
Age	Maximum Monthly Income
18-35	Rs. 30,000
36-45	Rs. 20,000
46-55	Rs. 10,000

Product Benefits –

Survival Benefits
You get a monthly regular income that you have chosen at the beginning of the policy for 8 years (Maximum of 96 months) after the end of the Premium Payment Term. The monthly regular income commences from the monthly anniversary date that immediately succeeds the completion of the Premium Payment Term.

Maturity Benefit
On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses along with the Terminal Bonus, if any.

Bonus
The policy will participate in the profit by way of Simple Reversionary Bonuses on completion of 3 years. The declared bonus will be credited on each policy anniversary happening immediately after the date of declaration of bonus provided all the due premiums have been paid.

The Simple Reversionary Bonus will not accrue once the death claim is settled and for the lapsed policies. The Company may also declare a Terminal Bonus as a percentage of the accrued Simple Reversionary Bonus.

Death Benefit
In case of ill-timed death during the term of the Policy, your family will immediately get a guaranteed sum equal to 24 times the chosen monthly income. In addition to this, all accrued bonuses (non guaranteed) till date will also be paid to the nominee.

In addition to the above lump sum, your family will continue getting the guaranteed monthly income as scheduled. If the monthly regular income has not commenced, the same will start from the first monthly anniversary following the date of the death and shall be paid for the next 96 months to your nominee.

Reasons to Buy –

1. Get chosen Guaranteed Regular Monthly Income for 8 years i.e., 96 months.

2. You will get accrued bonuses as a lump sum at maturity of the plan, if any.

3. In addition to the death benefit your family will continue to get guaranteed monthly income as scheduled.

4. Tax benefits on both the amount invested and the benefits received under Section 80C and Section 10 (10)D.

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Tags: Life Insurance, Met Life Insurance, Met Monthly Income Plan - 7pay