Met Junior Money Back Insurance Plan
Met Junior Money Back Plan is a Child Money Back Plan. This is a Traditional Plan without Bonus facility where the life of the child is insured.
In this plan, premium needs to be paid for the entire policy tenure as selected at the time of policy inception.
20% of the Sum Assured if paid as Survival Benefit at the end of every 5 years and the remaining 40% of the Sum Assured along with Guaranteed Additions of 10% of the Sum Assured would be paid on maturity as Maturity Benefit.
However, if the child dies within the policy tenure, then the entire Sum Assured, irrespective of the Survival Benefits already paid, + Guaranteed Additions are paid as Death Benefit and the policy terminates.
Risk on the child’s life commences only after he attains at least 7 years of age. Hence, if death of the child occurs before 7 years of age, then only the premiums paid till date + interest would be returned.
Key Features of Met Junior Money Back Insurance Plan
- This is a Traditional Child Money Back Plan with Death, Survival and Maturity Benefit.
- In this plan, there is Guaranteed Additions of Rs. 100 per Rs. 1000 of Sum Assured for each completed year.
- Sum Assured + Guaranteed Additions are paid Death Benefit if the child dies within the Policy Tenure and then the policy terminates.
- 20% of the Sum Assured is paid at the end of every 5 years as Survival Benefit
- The remaining 40% of the Sum Assured along with Guaranteed Additions are paid as Maturity Benefit upon survival till maturity.
- 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 Money Back Insurance Policy
Death Benefit – If the child dies within the Policy Tenure, then the entire Sum Assured + Guaranteed Additions would be paid as Death Benefit, irrespective of the Survival Benefits already paid.
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.
Survival Benefit— 20% of the Sum Assured is paid at the end of every 5 policy years
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End of Policy Year
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Survival Benefit paid
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End of 5th Policy Year
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20 % of the Sum Assured is paid
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End of 10th Policy Year
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20 % of the Sum Assured is paid
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End of 15th Policy Year
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20 % of the Sum Assured is paid
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Maturity Benefit – When the policy matures, the remaining 40% of the Sum Assured along with Guaranteed Additions are paid as Maturity Benefit only if the Life Insured survives.
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 Conditions in Met Junior Money Back Insurance Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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50,000
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No Limit
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Policy Term (in years)
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15
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30
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Premium Payment Term (in years)
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15
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30
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Entry Age of Child (in years)
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0
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14
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Age at Maturity of Child (in years)
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-
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34
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Premium (in Rs.)
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5,000
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No Limit
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Payment modes
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Yearly, Half-yearly, Quarterly, Monthly
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Additional Features and Benefits of Met Junior Money Back Plan
Riders- There are No additional riders available with this plan.
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse.
You want to surrender the policy – No information.
You want a loan against your policy - No information.
Alternate traditional child money back plans from different insurance companies
Bajaj Allianz Child Gain Plan
ING Creating Life Money Back Plan
LIC Komal Jeevan
Other child insurance plans from MetLife Insurance
Met Bhavishya
Met Junior Endowment Plan
Met Smart Child
