Met Junior Endowment Plan
Met Junior Endowment Plan is a Child Endowment Plan. This is a Traditional Plan with Bonus and without Bonus facility. In this plan, the life of the child is insured. This plan has 2 versions:
- Met Junior Endowment Participating Plan- with Bonus facility
- Met Junior Endowment Non-Participating Plan- without Bonus facility
In this plan, premium needs to be paid for the entire policy tenure as selected at the time of policy inception.
In Met Junior Endowment – Participating, since this plan is with Bonus Facility, the Sum Assured + accrued Bonuses are paid on the policy maturity as Maturity Benefit or on earlier death as Death Benefit.
In Met Junior Endowment – Non-Participating, since this plan is without Bonus Facility, only the Sum Assured is paid on the policy maturity as Maturity Benefit or on earlier death as Death Benefit.
Risk on the child’s life commences only after he attains at least 7 years of age. In this plan, Bonus is payable only after the first 2 Policy Years or the Child is at least 7 years old, whichever is later.
Key Features of Met Junior Endowment Insurance Plan
- This is a Traditional Child Plan with both Death and Maturity Benefit
- There are 2 versions of this plan
- Met Junior Endowment Participating Plan- with Bonus facility
- Met Junior Endowment Non-Participating Plan- without Bonus facility
- For Participating Plan, Sum Assured + accrued Bonus is paid as Maturity Benefit or on earlier Death
- For Non-Participating Plan, only the Sum Assured is paid as Maturity Benefit or on earlier Death
- Risk on the child’s life commences only after he attains at least 7 years of age.
- Bonus is payable only after the first 2 Policy Years or the Child is at least 7 years old, whichever is later.
Benefits you get from Met Junior Endowment Policy
Death Benefit –
- Met Junior-Non Par: if the child dies the nominee will receive the Sum Assured. However, if death occurs before age 7, then the death benefit is equal to the return of premiums + interest on premiums since risk commences only after the child attains at least 7 years of age.
- Met Junior-Par: If the child dies within the policy tenure, then the nominee will receive the Sum Assured + the Reversionary Bonus + the Terminal Bonus (if any). However, if death occurs before age 7, then the death benefit is equal to the return of premiums + interest on premiums since risk commences only after the child attains at least 7 years of age.
Maturity Benefit –
- Met Junior - Non Par: When the policy matures, the child would receive the entire Sum Assured.
- Met Junior - Par: When the policy matures, the child would receive the Sum Assured + Reversionary Bonus + Terminal Bonus (if any).
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility in Met Junior Endowment Insurance Policy
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
50,000
|
No Limit
|
|
Policy Term (in years)
|
15
|
30
|
|
Premium Payment Term (in years)
|
15
|
30
|
|
Entry Age of Child (in years)
|
0
|
14
|
|
Age at Maturity of Child (in years)
|
-
|
44
|
|
Payment modes
|
Yearly, Half-yearly, Quarterly, Monthly
|
Additional Features and Benefits of Met Junior Endowment Plan
Riders- There are No additional riders available with this plan.
Alternate traditional child plans from different insurance companies
Bharti AXA Life Future Champs Plan
Birla Sun Life Bachat Child Plan
DLF Pramerica Fee Protect Plan
Other child insurance plans from MetLife Insurance
Met Life Bhavishya
Met Junior Money Back
Met Smart Child
