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MetLife Monthly Income Plan – 10 Pay

What is the Plan all About?

MetLife Monthly Income Plan – 10 Pay is a non-linked, deferred endowment participating plan that provides the guaranteed future income for you and your family. This plan provides guaranteed benefits plus bonus payouts in the event of death of the life insured or maturity of the policy, whichever happens first.

What are the Key Features?

Guaranteed regular income option

Regular monthly income to the family

Death cover throughout the policy term

10 year premium payment term

Enjoy tax free monthly income

Enjoy tax exemption

What are the Plan benefits?

Death Benefit

In the event of death of the life insured during the policy term, the nominee will have the flexibility of receiving the death benefit as lump sum or as monthly income.

Lump Sum Option: One-time lump sum amount is payable which is the applicable sum assured. In this policy, Death Benefit sum assured is higher of 105% of all the premiums paid or death sum assured plus accrued simple reversionary bonus plus terminal bonus. Here, Death Sum Assured is higher of base sum assured, maturity sum assured, or 10 times of annualized premium. Base sum assured is 11 times of annualized premium.

Guaranteed Monthly Income Option: Guaranteed level monthly income for 15 years where the death benefit is divided by 135 to get the level monthly income for 180 months.

Maturity Benefit

On survival of the insured to the maturity date, he/she will receive the chosen monthly income for the next 15 years. This monthly income starts one month after the maturity date. At maturity, the policyholder will receive accrued simple reversionary bonuses along with the terminal bonus as lump sum.The policyholder is also given an option to enhance the monthly income by converting accrued simple reversionary bonuses with the terminal bonus into level monthly income.You need to opt the maturity benefit option 90 days before the maturity date.

Bonus

Simple Reversionary Bonus is declared from the 3rd policy year onwards and it is payable on death/surrender/maturity, whichever occurs earlier. Terminal bonus is declared from 5th policy year onwards and it is payable along with maturity or death benefit.

Loan Benefit

No loan benefit is applicable under this policy.

Surrender Value

Surrender value payable is the higher of special surrender value and guaranteed surrender value. Surrender value is acquired on payment of all due premiums for at least 3 full policy years.

Who can Buy the Rider?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Age at Maturity - 65 Years
Policy Tenure 10 Years -
Premium Paying Term 10 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly, & Monthly -
Annualized Premium Rs 23,280 Rs 18,20,000
Monthly Income Rs 1,500 Rs 1 Lac
Base Sum Assured 11 times the annualized Premium -
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) -
Plan Type Offline -

Is any Rider Available with this Plan?

No riders can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

Tax benefits under section 80C towards the premiums paid and the maturity/surrender/maturity benefits can get the tax benefit under section 10 (10D) under the Income Tax Act, 1961.

How the Plan Works?

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

Raman bought MetLife Monthly Income Plan- 10 pay for an annual premium of Rs 25,000 which makes the sum assured as Rs 2,75,000 (11 * Rs 25,000 ).

Scenario 1: Raman Survives the Policy Term

In case of his survival, Raman receives the monthly income for 15 years plus bonuses as a lump sum immediately on maturity.

Scenario 2: Raman dies during the Policy Term

Raman dies in the 7th policy year, Raman’s nominee will receive a death benefit of Rs 2.75 Lacs plus accrued bonuses as monthly income for 15 years.