Each parent tries to fulfill every possible wish and need of their child. They want the future of their children safe, secured and bright. They try their level best to remove all the roadblocks that may be present in the path of their child’s life. Today the expenses are increasing so it becomes imperative to be prepared beforehand for any unforeseen circumstances. This planning can be achieved with the help of MetLife’s child insurance plans. There are various plans available like, Met Bhavishya.
BENEFITS
Death Benefit
In the event of death of the Person Insured (the parent), the family will receive a lump sum payment of Sum Assured. The fixed term payment and maturity benefits will continue irrespective of the death of the Life Insured and all future premiums on the policy would be waived.
Maturity Benefit
On maturity of the policy, the plan offers Guaranteed Periodic Additions and Terminal Additions:
1. Guaranteed Periodic Additions of 5% of the Sum Assured for every completed year.
2. Terminal additions of 20% of the total Guaranteed Periodic Additions.
Guaranteed Payouts
Option A: Policy matures at age 21 of the child.
| Age of the Child | Percentage of Payout | Assumed Milestone |
| 15 years | 20% of Sum Assured | Class X |
| 17 years | 30% of Sum Assured | Class XII |
| 20 years | 50% of Sum Assured | College |
| 21 years | Guaranteed Additions | Higher Education |
Option B: Policy matures at age 25 of the child.
| Age of the Child | Percentage of Payout | Assumed Milestone |
| 17 years | 20% of Sum Assured | Class XII |
| 21 years | 30% of Sum Assured | College |
| 23 years | 50% of Sum Assured | Higher Education |
| 25 years | Guaranteed Additions | Wedding |
FEATURES
| Coverage Term | ||
| Option A | Option B | |
| Minimum Entry Age of the Child | 0 years | 0 years |
| Maximum Entry Age of the Child | 8 years | 12 years |
| Minimum Entry Age of the parent | 20 years | 20 years |
| Maximum Entry Age of the Parent | 50 years | 50 years |
| Policy Term | 21 years – Age at Entry | 25 years – Age at Entry |
| Minimum Sum Assured | Rs 1,00,000 | Rs 1,00,000 |
| Maximum Sum Assured | No Limit | No Limit |
Riders
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.
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.
ADVANTAGES
1. Guaranteed payouts at critical milestones of the child’s life.
2. Guarantee of policy continuance in case of the untimely demise
of parent.
3. Guaranteed payouts of 250% (when the Term Plan is 25 years) of the chosen Sum Assured.
4. Income Tax benefits.
OVERVIEW
MetLife offers ‘Met Bhavishya’ – a guaranteed money back plan that pays out funds to help you meet the education and career milestones of your children. With this plan, the Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to add value to the policy over its term.
There are two options to choose from and fixed term benefits, periodic additions & terminal additions are payable based on the option that you select. The policy is suitable for parents with children between the ages 0-12 and parents in the age group of 20-50 years old.
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