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Met Sukh Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Met Sukh Plan
 
Met Sukh Plan is a simple Money Back Plan. It is a Traditional Plan without Bonus facility. There are Guaranteed Additions in this plan but no Bonus.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure of 20 years. The plan offers Guaranteed Additions of Rs 100 per 1000 Sum Assured for each completed year for which premiums have been paid.
 
Now, in this plan, 20% of the Sum Assured (called Face Amount in this plan) is paid back to the Life Insured after every 5 policy years as Survival Benefit. The remaining 40% of the Sum Assured along with all accrued Guaranteed Additions is paid on policy maturity as Maturity Benefit. However, if the Life Insured dies within the policy tenure, the entire Sum Assured + accrued Guaranteed Addition is paid as Death Benefit irrespective of the Survival Benefits paid.
 
There are 4 additional riders in this plan
 
 
Key Features of Met Sukh Policy
 
  • It is a simple Money Back Plan without Bonus facility
  • The plan offers Guaranteed Additions of Rs 100 per 1000 Sum Assured for each completed year for which premiums have been paid
  • In this plan, 20% of the Face Amount is paid back to the Life Insured after every 5 policy years as Survival Benefit
  • The remaining 40% of the Sum Assured along with all accrued Guaranteed Additions is paid on policy maturity
  • If the Life Insured dies within the policy tenure, the entire Sum Assured + accrued Guaranteed Addition is paid as Death Benefit irrespective of the Survival Benefits paid
  • There are 4 additional riders in this plan
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 
Benefits you get from Met Sukh Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Sum Assured + accrued Guaranteed Addition is paid as Death Benefit irrespective of the Survival Benefits paid and the policy terminates.
 
Survival Benefit – There is Survival Benefit of 20% of the Sum Assured that is paid every 5 years in this plan.

 

Policy Year
Survival Benefit
End of 5th Policy Year
20% of the Face Amount
End of the 10th Policy Year
20% of the Face Amount
End of the 15th Policy Year
20% of the Face Amount
 
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the remaining 40% of the Sum Assured along with all accrued Guaranteed Additions as Maturity Benefit and the policy terminates.
 
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 Sukh Insurance Policy
 

 

 
Minimum
Maximum
Face Amount (in Rs.)
75,000
No Limit
Policy Term (in years)
20
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (in years)
15
55
Age at Maturity (in years)
35
75
Premium (in Rs.)
8,000
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly, Monthly and SSS
 
 
Additional Features and Benefits of Met Sukh Plan
 
Riders – There are 4 additional riders in this plan:
  1. Accidental Death Benefit (ADB)
  2. Waiver of Premium (WoP)
  3. Critical Illness (CI)
  4. Term Rider (TR)
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years premiums have been paid, then the policy gets converted to a Paid Up Value continues with the reduced coverage. The policy can however be revived within 3 policy years from the date of the policy lapse.
 
You want to surrender the policy – The policy can be surrendered is at least 3 years premiums have been paid as the policy acquires a Guaranteed Surrender Value.
 
You want a loan against your policy – Loan facility is not available in this plan.

 
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