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:
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
Benefits you get from Met Junior Endowment Policy
Death Benefit –
Maturity Benefit –
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