Objective

This is an online term insurance policy that pays sum assured on unfortunate demise of the insured person.

What does it do?

This is a pure risk insurance plan which pays sum assured to the nominee in case of untimely death of the insured. The plan can be purchased online through company's website. The plan does not pay any maturity, survival or surrender benefit.

Pros

The plan can be purchased online at convenience.
Women and non-smokers can avail lower premium rates.
Premiums paid toward the policy qualify for tax benefits.

Cons

The premiums cannot be paid quarterly or monthly, but only annually or semi-annually.
Minimum sum assured is fixed at Rs 25 lakh.
The plan does not offer any riders for enhanced protection.

Suited for

A plain term insurance is a definite buy for everyone.

Our View

Term plans are the best kind of life insurance available. Anyone who is comfortable making online purchase and doesn't need assistance in buying a policy can take this plan.

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

10

Maximum

35 for Regular Premium policies; 15 for Single Premium policies

Sum Assured (Rs)

Minimum

2500000

Maximum

No limit

Premium Payment Frequency

Single, Yearly, Half-yearly

Premium Payment Term

Single, Equal to policy term

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 . 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.

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