India's 1st IRDAI Approved Insurance Web Aggregator
Met Monthly Income Plan 7 Pay
views
views
This plan has been withdrawn by the insurance company and is no longer available for sale.
Met Monthly Income 7 Pay Plan
Met Monthly Income 7 Pay Plan is a Participating Endowment Plan which provides Guaranteed Monthly Income. Thus, it is a Traditional Plan with Bonus facility.
How it works – In this plan, premium needs to be paid only for 7 years while the policy continues for another 8 years, i.e. total 15 years. In this Plan, there is a Guaranteed Monthly Income for a period of 8 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 8 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 24 times the Monthly Income selected + 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 8 years. On completion of Policy Tenure, Terminal Bonus is paid and the policy is terminated.
Key Features of Met Monthly Income 7 Pay Insurance Plan
It is a Monthly Income Plan where there is a Guaranteed Monthly Income for a period of 8 years or till then end of the Policy Tenure, whether the Life Insured is alive or not
This plan offers Limited Payment Option of 7 years
Simple Reversionary Bonus starts after completion of 3 policy years
In this Plan, there is a Guaranteed Death Benefit of 24 times the Monthly Income chosen+ accrued Bonus that is 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 8 years from the month after completion of the Premium Paying Term
There is no requirement for medicals in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Met Monthly Income 7 Pay Insurance Policy
Death Benefit – In case of death of the Life Insured, the nominee gets:
Within the Premium Paying Term-
24 times the Monthly Income selected + accrued Reversionary Bonus is paid as Immediate Death Benefit
Monthly Income starts from the next Monthly Anniversary and continues for 8 years
Terminal Bonus is paid at the end of 8 policy years as Maturity Benefit
After the Premium Paying Term-
24 times the Monthly Income selected + 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 8 policy years as Maturity Benefit
Survival Benefit— This policy pays Monthly Income for 8 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 7 Pay Policy
Minimum
Maximum
Sum Assured (in Rs.)
96 X Monthly Income
Policy Term (in years)
15
Premium Payment Term (in years)
7
Entry Age of Life Insured (in years)
18
55
Age at Maturity (in years)
-
70
Monthly Income (in Rs.)
1,000
30,000 for 18-35 years
20,000 for 36-45 years
10,000 for 46-55 years
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of Premium Amount in Met Monthly Income 7 Pay Plan
The below illustration is for a healthy Male (non-tobacco user) of opting for a Monthly Income of Rs 10,000 and Policy Term (PT)= 15 years
Additional Features and Benefits of Met Monthly Income 7 Pay Plan
Riders – There are no additional riders available in this plan
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.
