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Met Mortgage Protector Plus Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Met Mortgage Protector Plus Plan
 
Met Mortgage Protector Plus Plan is a Decreasing Term Plan. It is a Traditional Plan without Bonus facility. Thus, this plan can be taken to cover a loan for a tenure of 5 years or more.
 
How it works – In this plan, premium can be paid in a lumpsum or for a limited period of 2/3rd of the outstanding loan tenure. The policy would continue till the end of the loan.
 
Being a pure term plan, there is no maturity or surrender benefit in this plan. However, if the Life Insured dies within the policy tenure, the outstanding loan amount would be paid to the beneficiary as Death Benefit and the policy would be terminated.
 
 
Key Features of Met Mortgage Protector Plus Policy
 
  • It is a Decreasing Term Plan with bonus facility
  • In this plan premium can be paid in a lumpsum under Single Premium Option or for 2/3rd of the Outstanding Loan Tenure under Limited Pay Option
  • There is no Maturity or Surrender Benefit under this plan
  • In case of the unfortunate event of death of the Life Insured, the outstanding loan amount is payable to the beneficiary as Death Benefit
  • This policy is available to all kinds of loans for a tenure of more than 5 years
 
Have any doubts that need to be clarified? Request a Call Back
 
Benefits you get from Met Mortgage Protector Plus Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the outstanding loan amount is paid to the beneficiary as Death Benefit to settle the loan and the policy terminates.
 
Maturity Benefit – There is no Maturity Benefit 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 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 Mortgage Protector Plus Insurance Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
Outstanding Loan Amount
Policy Term (in years)
5
Outstanding Payment Tenure of the Loan
Premium Payment Term (in years)
Single
2/3rd of the Outstanding Payment Tenure of the Loan
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
65
 
 
Additional Features and Benefits of Met Mortgage Protector Plus Plan
 
Riders – There are no additional riders in this plan.
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease.
 
You want to surrender the policy – Being a pure term plan; there is no Surrender Benefit under this plan.
 
You want a loan against your policy – Loan facility is not available under this plan.

 
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