Met Bhavishya Plan

Met Bhavishya Plan is a Guaranteed Return Plan; in fact it is a Traditional Money Back Child Plan such that the life of the parent is insured for the benefit of the child. If the parent dies within the policy tenure, then the Sum Assured is paid immediately. However, the future premiums are paid by the insurance company such that the policy continues to pay the Maturity Benefits whenever due.

• This is a Double Death Benefit Plan as the Sum Assured is paid immediately if the Life Insured dies and the Maturity Benefit is also paid whenever due.
• There are 2 Maturity Options that can be selected depending upon the policy maturity date.
• Premium needs to be paid till maturity or earlier death.
• There are inbuilt benefits like Premium Waiver Benefit rider and 4 riders.
• The plan has built-in guaranteed additions of Rs.50/- per Rs.1,000/- of Sum Assured every year.
• This plan also pays Terminal Additions which is 20% of the total Guaranteed Additions. 

Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured immediately. The future premiums would be waived and again 25% of the Sum Assured is paid on each of the last 4 policy years.

Survival Benefit – There are 2 Options which can be selected:

Option A:

Option B:

Maturity Benefit – On maturity i.e. at Age 21 for Option A and at Age 25 for Option B, the life insured or his nominee gets the Guaranteed Additions + Terminal Additions.

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

Age of Parent= 30 years, Age of Child = 2 years

He chooses Met Bhavishya option B.

Now his policy period = 25 years –age of child = 23 years

Sum Assured= Rs.5,00,000, Annual Premium is Rs.29,420

Riders – There are 4 riders available in this policy

1.     Accidental Death Benefit (ADB)

2.     Waiver of Premium (WoP)

3.     Critical Illness

4.     Term Rider

You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within 3 years from the first unpaid premium.

You want to surrender the policy – If premiums for 3 years have been paid up, then surrender of policy is allowed.

Guaranteed Surrender Value = 30% of basic premiums paid – 1st year’s premium and additional premium paid (if any).

You want a loan against your policy - There is no loan available under this plan.