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MetLife Money back plan is a traditional, non-linked, money back plan which offers you to protect the precious moments of your family with financial security at every step. Money back plans as the name suggests offer survival benefits in the form of money backs along with providing a death benefit during the policy term to protect your family from the uncertain eventualities.
Offers Guaranteed money backs at regular intervals
Offers guaranteed returns with life insurance
Get full death benefit regardless of paid survival benefits
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 higher of
The policyholder will receive the survival benefit of 10% of the base sum assured from the 5th to the 9th policy year for a money back plan of 10 years.The policyholder will receive 50% of the sum assured by the end of 9th policy year as survival benefit.
The policyholder will receive remaining 50 % of the sum assured on maturity plus additional guaranteed 10% of the sum assured at the time of maturity.Total payout on maturity is 60% of the sum assured under the policy.
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 3 years from the date of first unpaid premium.
This policy acquires a surrender value, in case all due premiums are paid for the first 3 policy years.Guaranteed surrender value(GSV) is expressed as a percentage of total premiums paid by the policyholder.The policy surrender value is dependent on the year of surrender as well.Surrender in 1st policy year, GSV is nil.Surrender in 2nd to 3rd policy year,GSV is 30% of the total premiums.Surrender in 4th to 7th policy year, GSV is 50% less survival benefits,surrender in 8th policy year, GSV is 70% less survival benefits.Surrender in 8th to 10th policy year, GSV is 90% less survival benefits.
|Age (as on last birthday)||13 Years||55 Years|
|Age at Maturity||-||65 Years|
|Policy Tenure||10 Years||10 Years|
|Premium Paying Term||Same as policy term||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly and monthly||-|
|Annual Premium||Rs 23,119||-|
|Sum Assured||Rs 2.5 Lacs||Rs 5 Crore|
|Freelook Period||15 days/ 30 days (for distance marketing channel) from the receipt of the policy||-|
|Grace Period||30 days / 15 days (for monthly mode)||-|
No 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 money back plan for Sum assured of Rs 5 Lacs for a fixed term of 10 years.
Scenario 1: Raman Survives the Policy Term
Raman will start getting 10% of the sum assured from 5th to 9th year as survival benefit.The survival benefit will be 10% of the sum assured. Rs 50,000 is payable as a money back amount. On maturity, Raman will receive the remaining 50% of the sum assured which is Rs 2,50,000 plus an additional 10% guaranteed which is Rs 50,000.So the total payout is 110% of the sum assured( Rs 5 Lacs).
Scenario 2: Raman dies during the policy term
Assuming if Raman dies in the beginning of the9th policy year.He had already received three money backs amounting to Rs 1.5 Lacs ( 10% of 5 Lacs for 3 policy years).His family members are entitled to receive a death benefit of Rs 5 lacs (100% of the sum assured) without deducting any paid survival benefits and the policy terminates.