Objective

This is an offline insurance policy that pays sum assured to the family members in case of unfortunate demise of the insured member.

What does it do?

A term plan that pays Sum Assured in case of inopportune death of the life insured. There is no maturity or surrender value. USP of the plan lies in where the company proposes to reduce the premiums of existing policies in case the product undergoes re- pricing and premiums of the plan decrease at anytime in future however, it will not increase the premiums in case of an upward price change during re-pricing.

Pros

Premium rates will reduce for existing policyholders in case the rates are revised downward, and remain unchanged in case of a hike.
High sum assured policies can avail lower premium rates.
The policy offers coverage for longer tenure of 35 years.
One can add riders for wider coverage. A lapsed policy can be reinstated within 3 years. Premiums paid toward the policy qualify for tax benefits.

Cons

Riders can be attached only at the time of purchase.

Suited for

Those who prefer agent's assistance in buying a policy can take this policy.

Our View

Term plans are the best kind of life insurance available. If you cannot buy a policy without agent's assistance, you may take this policy. However, if you are comfortable with online purchases, look for online policies as they have lower premium rates. You can avail riders for a marginal increase in premium and enhance the scope of coverage.

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

10

Maximum

35

Sum Assured (Rs)

Minimum

Non Smokers: 2500000 Others: 1000000

Maximum

No limit

Minimum Premium (Rs)

Yearly

3600

Half-Yearly

1847

Quarterly

938

Monthly

319

Premium Payment Frequency

Yearly, Half-yearly, Quarterly, Monthly, Payroll Savings Plan

Premium Payment Term

Equal to policy term

Premium Factor (multiply with annual premium)

0.5131 for Half-yearly, 0.2605 for Quarterly, 0.0886 for Monthly, 0.0868 for Payroll Savings Program

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days of premium due date for Yearly/ Half-yearly/Quarterly premium payment and 15 days from premium due date in case of Monthly premium payment. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Customer Service

Address

MetLife India insurance Company Limited Registered Office: Brigade Seshamahal, 5, Vani Vilas Road, Basavanagudi, Bangalore - 560004

Mail To

indiaservice@metlife.co.in

Call On

1800 425 6969 or +91 080 26438638 from 8 am to 8 pm

SMS

Protect' to 5676769

Additions to the Plan

Available Rider(s)

Accidental death benefit: It covers death due to an accident within 180 days of the accident.
Critical Illness Rider: This rider covers 10 critical illnesses namely: Heart Attack, Stroke, Cnacer, Surgery to coronary arteries, Kidney failure, Major organ transplant, Aorta surgery, Blindness, Heart valve replacement and Paraplegia. This rider benefit can be availed only after 90 days starting from the policy purchase date have elapsed. There is also a survival period of 30 days from the date of confirmed diagnosis of the illness before the benefit is actually paid.

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

50

Maximum Maturity Age (years)

60

Sum Assured (Rs)

Minimum

50000

Maximum

Lower of Base plan insurance or 10 lakh

Rider Premium (Rs)

Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accidental Death rider for Rs 5 lakh sum assured over a 10 year tenure; the annual rider premium works to Rs 400 and Rs 1085 in case of Critical Illness Rider.