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MetLife Guaranteed Income Plan

What is the Plan all About?

MetLife Guaranteed Income plan is an income benefit plan which offers a regular source of income for your family along with the guaranteed lump sum benefit. It is a non linked, non participating plan which will ensure a financially secured future and help you and your family to realize their dreams and turn them into reality. The benefits of the plan will act as a second income to support your financial objectives.

What are the Key Features?

Acts like a source of second income through guaranteed income benefits

Get guaranteed Lump sum benefit on maturity

Comprehensive plan to secure your family’s future

Flexibility to pay premiums as per your choice

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

What are the Plan benefits?

Guaranteed Income Benefit

The plan offers regular annual income ranging from 11% to 13% of Basic Sum Assured (BSA),based on the opted premium payment term.

  • 5 Pay – 5 annual payments starting from 6th policy anniversary, each equal to 11% of Basic Sum Assured
  • 7 Pay – 8 annual payments starting from 8th policy anniversary, each equal to 11% of Basic Sum Assured
  • 10 Pay – 10 annual payments starting 11th policy anniversary, each equal to 13% of Basic Sum Assured

The Guaranteed Income benefits will cease on the death of the life insured.

Maturity Benefit

Maturity benefit is payable if the life assured survives till the end of the policy term. The maturity benefit comprises of a payout in addition to the Guaranteed Income Benefit. The life insured gets 30% to 55% of the Basic Sum Assured (BSA) on Maturity, based on the Premium Payment Term.

  • 5 Pay – 30% of Basic Sum Assured, payable at the end of policy term as maturity benefit
  • 7 Pay – 35% of Basic Sum Assured, payable at the end of policy term as maturity benefit
  • 10 Pay – 55% of Basic Sum Assured, payable at the end of policy term as maturity benefit

Death Benefit

Sum assured on death is payable on death during the policy term is payable to the nominee as death benefit. Sum Assured on Death accounts to be the highest of the Annualized Premium X Multiple of Annual Premium (10x or 7x, depending on age at entry) or 105% of all premiums paid as on date of death or Sum Assured on Maturity or Basic Sum Assured (BSA).

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) 8 Years ( for 5 pay), 3 Years( for 7 &10 pay) 60 Years
Age at Maturity - 70 Years (for 5 pay), 75 Years (for 7 pay), 80 Years (for 10 pay)
Policy Tenure 10 Years (for 5 pay), 15 Years (for 7 pay) 20 Years (for 10 pay)
Premium Paying Term 5/7/10 Pay -
Premium Paying Mode Annually, Semi Annually and monthly -
Min Premium Rs 52,900 (for 5 pay), Rs 23,864 (for 7 pay), Rs 16,666 (for 10 pay) As per board approved underwriting guidelines
Sum Assured Rs 4 Lacs (for 5 pay), Rs 2 Lacs( for 7 pay), R 1.5 Lacs (for 10 pay) As per board approved underwriting guidelines
Freelook Period 15 days from the receipt of the policy or 30 days (if policy is bought from the company’s website) -
Grace Period 30 days / 15 days (for monthly mode) -
Plan Type Offline -
Multiple of Premium X 7 (for 45 years and above), X 10 (less than 45 years) X 10 (for 45 years and above), X 10 (less than 45 years)

Is any Rider Available with this Plan?

Following riders are available under this plan for payment of an extra nominal amount of premium.

  • MetLife Accidental Death Benefit Plus Rider
  • MetLife Serious Illness Rider

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 Guaranteed Income Plan for Sum assured of Rs 4,58,337 for a fixed term of 20years choosing premium paying term as 10 pay with an annual premium of Rs 50,000.

Scenario 1: Raman Survives the Policy Term

Total payout at maturity is given below which includes guaranteed income benefit plus maturity sum assured.

Scenario 2: Raman dies in the 6th Policy year (before starting of guaranteed monthly income benefits)

Raman’s nominee will receive a lump sum benefit of Rs 5,00,000 and the policy terminates.

Scenario 3: Raman dies in the 12th Policy year (after starting of the guaranteed monthly income benefits)

In the event of Raman’s death in the 12th policy year,guaranteed income benefit that has already been paid to Raman in the 11th policy year amounts to Rs 59,583 will cease on the death.Lump sum amount equal to sum assured i.e Rs 5,25,000 (where sum assured on Death accounts to be the highest of the Annualized Premium X Multiple of Annual Premium (10x or 7x, depending on age at entry) or 105% of all premiums paid as on date of death or Sum Assured on Maturity or Basic Sum Assured) and the policy terminates.