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MetLife Bachat Yojna is a non linked, participating endowment plan. The plan allows you to save systematically to fulfill the financial objectives set in your life through this affordable premium plan.The plan helps you to secure the financial protection of your loved ones in your presence and in your absence too.
Enables long term savings
Cost effective insurance plan
Assured death and maturity benefits
Enjoy Terminal and reversionary bonus
Avail tax benefits under section 80C & 10 (10D)
TIn 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 of 10 times the annualized premium, minimum guaranteed sum assured on maturity, the absolute amount to be paid on death, or 105% of all premiums paid.
Maturity benefit applicable if the life assured survives till the end of the policy term. The maturity benefit is equal to the base sum assured plus accrued simple reversionary bonus and terminal bonus,if any.
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 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||60 Years|
|Age at Maturity||-||75 Years|
|Policy Tenure||15 Years||-|
|Premium Paying Term||10 Years||-|
|Premium Paying Mode||Annually, Semi Annually and monthly||-|
|Min Premium||Rs 6,000-Yearly mode, Rs 10,000-Half Yearly mode, Rs 15,000-Monthly mode||Rs 23,999|
|Sum Assured||Rs 64,800||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 Bachat Yojna for Sum assured of Rs 1 Lac for a fixed term of 15 years with the premium payment term as 10 years.
Scenario 1: Raman Survives the Policy Term
Raman will get the base sum assured on the completion of the term which is Rs 1 lac plus accrued simple reversionary bonus and terminal bonus and the policy comes to an end.
Scenario 2: Raman dies during the Policy Term
Raman’s nominee will receive a death benefit of Rs 1 lac plus accrued bonuses till death and the policy comes to an end.