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MetLife Guaranteed Savings Plan

What is the Plan all About?

MetLife Guaranteed Savings plan is a non linked, participating endowment plan. The plan helps you to fulfill the dreams by offering lump sum benefits on maturity along with the guaranteed additions.This plan helps you to build a corpus to ensure a financially secured future.

What are the Key Features?

Flexible premium payment options

Get Life cover for the entire policy term

Enjoy guaranteed additions at maturity

Enhance protection through Accidental death and serious illness riders

Tax 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 Sum assured on death plus accrued guaranteed additions (as on date of death) where Sum Assured on Death is the highest of;

  • Annualized Premium X Multiple of Annual Premium (10x or 7x, depending on age at entry)
  • 105% of all premiums paid as on date of death
  • Sum Assured on Maturity
  • Basic Sum Assured (BSA)

Maturity Benefit

Maturity benefit applicable if the life assured survives till the end of the policy term. The maturity benefit comprises of sum assured on maturity plus accrued guaranteed additions.

Sum Assured on Maturity: It is defined as a percentage of basic sum assured (BSA) and varies with premium payment type

  • 5 Pay – 70% of Basic Sum Assured
  • 7 Pay – 100% of Basic Sum Assured
  • 10 Pay – 130% of Basic Sum Assured

Guaranteed Additions: Guaranteed Additions are added at the end of each Policy Year during the Premium Payment Term (provided all due Premiums have been received for that Policy Year)

Guaranteed Additions = Guaranteed Addition rate X Sum of all premiums received till date

  • 5 Pay – 5% of cumulative premiums
  • 7 Pay – 7% of cumulative premiums
  • 10 Pay – 10% of cumulative premiums

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) 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 46,480(for 5 pay), Rs 21,068( for 7 pay), Rs 14,178(for 10 pay) As per board approved underwriting guidelines
Sum Assured Rs 4 Lacs (for 5 pay), Rs 2 Lacs( for 7 pay), Rs 1.5 Lacs (for 10 pay) As per board approved underwriting guidelines
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?

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 Does the Plan Work?

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

Raman bought MetLife Guaranteed Savings Plan for Sum assured of Rs 5,56,917 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 on maturity is given below which includes guaranteed additions plus maturity sum assured.

Scenario 2: Raman dies during the Policy Term

Raman’s nominee will receive a lump sum benefit of Rs 9,03,992 and the policy terminates.The lump sum benefit comprise of sum assured at death,which is Rs 7,23,992 plus accrued guaranteed additions of Rs 1,80,000 as on date of death.

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