MetLife Met Protect Term Insurance Plan
Met Protect is a pure term insurance plan from MetLife which can be purchased online without any agent intervention. Hence this is a cheap plan as there is no commission payout.
Key Features of Met Protect Plan
§ It is a pure level Term Insurance Policy with benefit payable to nominee on death
§ Its a purely online plan which can be purchased and managed online
§ Low cost pure term plan for high sum assured
§ Non-smoker and women discount available
Benefits you get from Met Protect Plan
Death Benefit – Sum Assured is the only death benefit available if the life insured dies within the policy term.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Met Protect Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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25,00,000
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No Limit
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Policy Term (in years)
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10
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35 for regular
15 for single
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Premium Payment Term (in years)
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Single
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Equal to policy term
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Entry Age of Policyholder
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18
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60
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Age at Maturity
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-
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70
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Single premium
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NA
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NA
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Payment modes
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Yearly, Half-yearly and Single
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Sample illustration of premium amount in Met Protect Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of Met Protect Plan
Riders – There are no riders available with this plan
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate online term plans from different insurance companies
1. iTerm plan from Aegon Religare
2. Aviva iLife Term Plan
3. iProtect term plan from ICICI Prudential
4. Kotak e-preferred Term Plan
Other term insurance plans from MetLife
1. Met Suraksha
2. Met Suraksha TROP
3. Met Protect Plus
