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MetLife Bhavishya Plus

What is the Plan all About?

MetLife Bhavishya Plus is a non linked, deferred and participating endowment plan. The plan offers the triple benefits of life protection, money back and savings. The plan offers you to save systematically for the future financial objective to fulfill the future aspirations of your family.

What are the Key Features?

Flexible saving options from 12 to 24 years

Guaranteed fund for long term objectives

Enjoy Terminal and reversionary bonus

Ensure financial security of your child

Inbuilt Waiver of Premium Rider

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

What are the Plan Benefits?

Death Benefit

In the event of death of the life insured during the policy term, the nominee will receive the death sum assured plus the accrued simple reversionary bonus. Death sum assured is higher of10 times the annualized premium, minimum guaranteed sum assured on maturity, the absolute amount to be paid on death, or 105% of all premiums paid. Additonally, future premiums are waived off and the policy will remain in force for the remaining years till maturity. The nominees will receive maturity benefit and survival benefits as described in the plan.

Survival Benefit

A fixed amount of 20 % of the base sum assured is payable at the end of each policy year in the last three policy years before the maturity. This benefit is kind of money back benefits before the completion of the term.

Maturity Benefit

Maturity benefit applicable if the life assured survives till the end of the policy term. The maturity benefit is equal to the balance 40% of the sum assured plus accrued simple reversionary bonus and terminal bonus.

Bonus

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

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 Rider?

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 term -
Premium Paying Mode Annually, Semi Annually and monthly -
Min Premium Rs 8,000-Yearly mode, Rs 10,000-Half Yearly mode, Rs 15,000-Monthly mode -
Sum Assured Rs 92,320 Rs 5 Lacs
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 riders are available with 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 Does the Plan Work?

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

Raman bought MetLife Bhavishya Plus for Sum assured of Rs 1 Lac for a fixed term of 12 years.

Scenario 1: Raman Survives the Policy Term

Raman will get A fixed amount of 20 % of the base sum assured is payable at the end of each policy year which is Rs 20,000 in the last three policy years before the maturity. On maturity, he will get the balance 40% of the sum assured ( which is Rs 40,000) plus accrued simple reversionary bonus and terminal bonus.

Scenario 2: Raman dies during the Policy Term

Raman’s nominee will receive a death benefit of Rs 1 lac plus future premiums are waived off and the policy will remain in force for the remaining years till maturity.The nominees will get a fixed amount of 20 % of the base sum assured is payable at the end of each policy year which is Rs 20,000 in the last three policy years before the maturity. On maturity, nominee will get the balance 40% of the sum assured ( which is Rs 40,000) plus accrued simple reversionary bonus and terminal bonus, if any.

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