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MetLife College Plan

What is the Plan all About?

MetLife College plan is a non linked, participating plan which helps you to build a corpus to ensure a financially secured future for your child. The plan offers systematic money back during the child’s years in college to offer unperturbed education.The plan offers comprehensive benefits to accomplish the education of your child.

What are the Key Features?

Flexible saving options from 12 – 24 years

Guaranteed fund in the last 3 policy years

Enjoy bonus additions at maturity

Guaranteed death benefit

Tax Benefit under section 80C & 10 (10D)

What are the Plan benefits?

Survival Benefit

A fixed amount equals to the 20% of the base sum assured is payable as the survival benefits at the end of each policy year in the last 3 years before the completion of the term.

Maturity Benefit

Loyalty Additions are paid as a percentage of average fund value where average fund value is the average of the fund values at the end of the last 36 months as on date of maturity.The loyalty additions are paid if the customer opts for a longer policy tenure like 15 or 20 years.For 15 year policy term, loyalty additions are paid as 2% of the fund value and for 10 year policy term, loyalty additions are paid as 3% of the fund value.

Bonus

Applicable and the accrued reversionary bonus is payable on death or surrender or maturity claim amount.Reversionary bonus is expressed as a percentage of the base sum assured.Terminal bonus is payable only on maturity and is expressed as a % of the accrued simple reversionary bonus.

Death Benefit

In the event of death of the life insured who is the parent, the death benefit is given to the nominee (who is the child) which comprise of the following benefits:

  • 1. Death sum assured which is the highest of 10 times the Annualized Premium or Basic Sum Assured (BSA) or minimum guaranteed sum assured on maturity or 105% of all paid premiums.
  • 2. Waiver of all future premiums and policy will continue till the completion of the policy term.
  • 3. Survival benefits
  • 4. Maturity Benefit

Loan Benefit

The plan offers a loan facility which is 90%of the special surrender value of the policy at the end of the relevant policy year less any unpaid premiums for that year.

Revival Benefit

A lapsed policy can be revived upon written request, produces evidence of insurability and on payment of all overdue premiums within 2 years from the date of first unpaid premium.

Surrender Value

Surrender value is payable if first 3 years premium is paid. Surrender value will be higher of Guaranteed surrender value or special surrender value. For more details refer the policy brochure.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 20 Years 45 Years
Age at Maturity - 69 Years
Policy Tenure 12 Years 24 Years
Premium Paying Term Same as policy year -
Premium Paying Mode Annually, Semi Annually, quarterly and monthly -
Min Premium Rs 18,000 (for annual Mode), Rs 30,000 (for other Modes) Rs 42,44.482
Sum Assured Rs 2,12,040 Rs 5 Crores
Freelook Period 15 days from the receipt of the policy -
Grace Period 30 days / 15 days (for monthly mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No additional rider is available under this plan.

Is the Plan, eligible for Tax Benefit?

Plan qualifies as per the provisions of the Income Tax Act, 1961 for the tax benefits under Section 80C and 10 (10D).

How the Plan Works?

Let us understand the plan with the help of Raman’s example.

Raman bought MetLife College Plan for Sum assured of Rs 5 Lacs for a fixed term of 24 years.

Scenario 1: Raman Survives the Policy Term

Raman will receive 20% of Rs 5 lacs (Base Sum Assured) which is Rs 1 lac in the last three years plus Minimum guaranteed sum assured on maturity is 40% of the base sum assured which is Rs 3 Lacs plus accrued terminal and simple reversionary bonus.

Scenario 2: Raman dies during the Policy Term

Raman’s nominee will receive Death sum assured of Rs 5 Lacs (or highest of 10 times the Annualized Premium or minimum guaranteed sum assured on maturity or 105% of all paid premiums).The future premiums are waived off and the policy will continue till the completion of the policy term. The nominee will receive the Survival benefits which is Rs 1 lac in the last three years plus Minimum guaranteed sum assured on maturity is 40% of the base sum assured which is Rs 3 Lacs plus accrued terminal and simple reversionary bonus.