Money is very important today, always was and always will be. A life insurance plan which ensures a fixed monthly income will be very handy indeed. Even if God forbid something was to happen to you, your loved ones will be cared for as you would want. So MetLife has a policy plan to fulfill this very need.
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.
A plan which provides for your retirement needs and helps you achieve financial freedom – ‘Guaranteed’.
BENEFITS
Death Benefit
In the unfortunate 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 immediately. 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% 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.
Bonuses
Simple Reversionary Bonus
The policy will participate for Simple Reversionary Bonuses on completion of three 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.
ADVANTAGES
1. Guaranteed monthly regular income that you choose at inception payable for 15 years i.e. 180 months.
2. In case of unfortunate 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 dealth 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.
FEATURES & ELIGIBILITY
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 – 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.
Uses:
1. Additional Rider Sum Assured (equal to the lower of the base Sum Assured or Rs. 50 lakhs) in the unfortunate event of an accidental death.
2. The Rider can be deleted at any time on the policy anniversary. Once deleted the Rider cannot be reattached.
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