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Met Monthly Income Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Met Monthly Income Plan
Met Monthly Income Plan is a Participating Endowment Plan which provides Guaranteed Monthly Income. It is a Traditional Plan with Bonus facility.
How it works – In this plan, premium needs to be paid only for 5 years for a 20 years policy and for 10 years for a 25 years policy. The policy continues for another 15 years after completion of the Premium Paying Term. In this Plan, there is a Guaranteed Monthly Income for a period of 15 years or till then end of the Policy Tenure, whether the Life Insured is alive or not.
After completion of the Premium Paying Term, the Guaranteed Monthly Income payment starts from the next Month Anniversary and continues for 15 years. On survival till the end of the Policy Tenure, Simple Reversionary Bonus + Terminal Bonus are paid as Maturity Benefit.
However, if the Life Insured dies within the Policy Tenure, the nominee would get 25% of the of the Sum Assured + accrued Reversionary Bonus is paid as Immediate Death Benefit and the policy continues. The Guaranteed Monthly Income Payment starts immediately from the next month anniversary if Premium Paying Term has not been completed and continues for a total period of 15 years. On completion of Policy Tenure, Terminal Bonus is paid and the policy is terminated.
There is additional Accidental Death Benefit rider in this plan as well.
Key Features of Met Monthly Income Insurance Plan
It is a Monthly Income Plan where there is a Guaranteed Monthly Income for a period of 15 years or till then end of the Policy Tenure, whether the Life Insured is alive or not
This plan offers Limited Payment Option
In this Plan, there is a Guaranteed Death Benefit of 25% of the Sum Assured + accrued Bonus paid immediately and the future premiums are waived off and the policy continues to provide the Guaranteed Monthly Income
In case of Death of the Life Insured, Guaranteed Monthly Income would commence from the next monthly anniversary
This policy pays Monthly Income for 15 years from the month after completion of the Premium Paying Term
There is an additional in built rider of Accidental Death Benefit
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Met Monthly Income Insurance Policy
Death Benefit – In case of death of the Life Insured, the nominee gets:
Within the Premium Paying Term-
25% of the Sum Assured + accrued Reversionary Bonus is paid as Immediate Death Benefit
Monthly Income starts from the next Monthly Anniversary and continues for 15 years
Terminal Bonus is paid at the end of 15 policy years as Maturity Benefit
After the Premium Paying Term-
25% of the Sum Assured + accrued Reversionary Bonus is paid as Immediate Death Benefit
The remaining Monthly Income continues to be paid to the nominee for the remaining number of years
Terminal Bonus is paid at the end of 15 policy years as Maturity Benefit
Survival Benefit— This policy pays Monthly Income for 15 years from the month after completion of the Premium Paying Term.
Maturity Benefit – On survival till the end of the Policy Tenure, Simple Reversionary Bonus + Terminal Bonus is paid as Maturity Benefit.
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions and other restrictions in Met Monthly Income Policy
Minimum
Maximum
Sum Assured (in Rs.)
180 X Monthly Income
Policy Term (in years)
20
25
Premium Payment Term (in years)
5
10
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
85
Monthly Income (in Rs.)
1,000
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of Premium Amount in Met Monthly Income Plan
The below illustration is for a healthy Male (non-tobacco user) of opting for a Monthly Income of Rs.1,00,000 and Policy Term (PT) = 20 and 25 years
Additional Features and Benefits of Met Monthly Income Plan
Riders – There is 1 in built rider:
Accidental Death Benefit Rider
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. It can be re-instated within 3 years of lapsation by paying up all due premiums with interest. However, the discretion of revival lies with the Insurer. The policy acquires a Paid Up Value after completion of 3 policy years.
You want to surrender the policy – There are Surrender Benefits in this plan after 3 policy years.
Guaranteed Surrender Value=30% of all premiums paid – 1st years’ premium
You want a loan against your policy – Loan facility is not provided under this policy.
