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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.
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)
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.
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 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.
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.
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.
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 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.
|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)||-|
No additional riders are available with this plan.
Plan qualifies as per the provisions of the Income Tax Act,1961 for the tax benefits under Section 80C and 10 (10D).
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.Buy Now