Met Monthly Income Plan | Eligibility | Product Benefits

MetLife offers ‘Met Monthly Income Plan’ a participating plan which guarantees you a monthly regular income for you and your family when you are there and even if you are not there for 15 years or till end of the policy term. Moreover you choose the monthly income that you want and we guarantee you that amount.

Eligibility –

Entry Age (Last Birthday)	Min – 18 years Max – 60 years
Maximum Maturity Age	85 years
Minimum Monthly Income	Rs. 2,000 p.m.
Sum Assured (fixed)	180 times the Monthly Income
Premium Payment Term	5 years/10 years
Policy Term	20 years/25 years

Product Benefits –

Death Benefit

In the ill-timed event of your death your nominee/beneficiary will receive:-

1. During the Premium Payment Term – 25% of the Base Sum Assured plus all accrued simple reversionary bonuses is payable instantly. The monthly regular income also starts from the first monthly anniversary falling after the date of death and continues to be paid to the nominee/beneficiary for the next 15 years. At the end of 15 years from the date of first monthly regular income payment, the policy ceases with payment of “Terminal Bonus”, if any.

2. After the Premium Payment Term – 25(%) per cent of the Base Sum Assured plus all accrued simple reversionary bonuses is payable immediately. The monthly regular income to the nominee/beneficiary continues for the remaining term till maturity. At the maturity date as chosen at inception, the policy ceases with payment of “Terminal Bonus”, if any.

NOTE: In case of death of the beneficiary/nominee during these guaranteed monthly regular income payments period, the same will be made to the legal heir.

Survival Benefits
You get a monthly regular income that you have chosen at the inception of the policy for 15 years 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.

A word about Bonuses

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

Simple Reversionary Bonus is declared by the Company starting from year 3 onwards based on the Company’s experience and this is not guaranteed. Simple Reversionary Bonus is payable on death of the life insured or on maturity whichever is earlier. The Simple Reversionary Bonus will not accrue once the death claim is settled and for the lapsed policies.

Terminal Bonus
The Company may also declare a Terminal Bonus as a percentage of the accrued Simple Reversionary Bonus. The Terminal Bonus is payable only after payment of last monthly regular income payment and the same is not guaranteed.

Reasons to Buy -

1. Guaranteed monthly regular income that you choose at inception payable for 15 years i.e. 180 months.

2. In case of ill-timed death during the term of the policy, your family will immediately get an amount equal to 25% of the Base Sum Assured (45 times monthly regular income).

3. Guaranteed payment of monthly regular income even after the death of the Person Insured – If the monthly regular income has already commenced, the balance monthly income installments will be paid to the nominee as and when they are due. If the monthly regular income has not commenced, the same will be commenced starting from the first monthly anniversary following the date of death and shall be paid for the next 15 years to the nominee.

4. Payment of an additional Sum Assured in case of accidental death if Accidental Death Benefit Rider has been opted by you at inception.

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

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Tags: Life Insurance, Met Life Insurance, Met Monthly Income Plan