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MetLife Retirement Savings Plan is a non-linked participating pension plan that helps you to attain financial independence for your golden days, so you enjoy those days without any financial worries. Expenses don’t stop and this plan thus, ensures you that your post-retirement life is not affected.
Comprehensive retirement plan
Avail Death cover
Vesting date up to 75 years of age
Avail bonuses under the plan
Flexible premium payment term
Get tax exemption
In the event of the untimely demise of the insured during the policy term, Death Benefit payable is higher of Death Sum Assured plus Accrued Simple Reversionary Bonus plus Terminal Bonus. Here, Death Sum Assured is 105% of the total premiums paid. Death benefit under this policy is not less than the surrender value.The nominee has the option to utilize the entire or some part of the death benefit for purchasing an immediate annuity at the prevailing rate or the nominee can withdraw the death benefit amount as a lump sum.The policy terminates on payment of the death benefit.
In case of survival of the insured till the vesting date, Base Sum Assured plus Accrued Simple Reversionary Bonus plus Terminal Bonus is payable as the vesting benefit.
The insured has the option to choose from the following vesting benefits:
The policy terminates on payment of the vesting amount.
Simple Reversionary Bonus is declared every year from the 3rd policy year onwards, based on the company’s experience and it is non-guaranteed. Simple Reversionary Bonus is a percentage of the sum assured and it is payable on the death of the insured or surrender or on vesting, whichever occurs earlier.
Terminal Bonus may be declared from the 5th policy year onwards. Terminal Bonus is a percentage of the accrued Simple Reversionary Bonus and it is payable with the death or vesting benefit.
No loan can be availed under this policy.
Surrender value is the maximum of guaranteed surrender value or special surrender value. Surrender value is payable on payment of all due premiums for at least 3 full policy years for regular pay & limited pay of 10 years. Surrender value becomes payable on payment of all due premiums for at least 2 full policy years for limited pay of 5 years. For single pay policy, surrender value is payable at anytime.
|Age (as on last birthday)||30 Years||64 years (limited pay-10 years), 65 years (others)|
|Vesting Age||50 Years||75 Years|
|Policy Tenure||5/10/11 Years||20 Years (single pay), 30 Years (others)|
|Premium Paying Term||Single Pay, Regular Pay, Limited (5 & 10 years) Pay||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly, Monthly||-|
|Annualized Premium||Rs 7044 (regular pay), Rs 13128 (limited pay- 10 years), Rs 35990 (limited pay- 5 years), Rs 262250 (single pay)||-|
|Sum Assured||Rs 3 Lacs (regular pay & limited pay- 10 years), Rs 5 Lacs (single pay & limited pay- 5 years)||No Limit (subject to underwriting)|
|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 rider can be attached under this plan.
Tax benefits can be availed as applicable under the Income Tax Act, subject to change in tax laws.
Let us understand the plan with the help of Raman’s example.
Raman bought MetLife Retirement Savings Plan for Sum assured of Rs 3 Lacs for a fixed term of 11 years.
Scenario 1: Raman Survives the Policy Term
Upon choosing MetLife Retirement Savings Plan, premiums are paid for the opted premium payment term. On the date of vesting, the vesting benefit payable is the sum assured (Rs 3 Lacs) plus simple reversionary bonus plus terminal bonus. This benefit can be used to buy an immediate annuity or may defer the purchase of an annuity to a later date.
Scenario 2: Raman dies during the policy term
In the event of death, the nominee has the option to utilize the entire or some part of the death benefit for purchasing an immediate annuity at the prevailing rate or the nominee can withdraw the death benefit amount as a lump sum which is Rs 3 Lacs.The policy terminates on the payment of the death benefit.