India's 1st IRDAI Approved Insurance Web Aggregator

Met Suvidha Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Met Suvidha Plan
 
Met Suvidha Plan is an Endowment Plan which can be Participating or Non-Participating. Thus, it is a Traditional Plan with and without Bonus facility.
 
How it works – In this plan, there are many options for premium payment. Premium can be paid in a lumpsum, under Single Premium Option, throughout the policy term under Regular Premium Option and for 5 or 10 years under Limited Payment Option.
 
This plan has 2 variants:
  1. Met Suvidha (Non-Par) Plan, i.e. without Bonus
  2. Met Suvidha (Par) Plan, i.e. with Reversionary and Terminal Bonus
 
Now, on survival till the end of the Policy Tenure, the Sum Assured along with Bonuses under Participating Option and without Bonuses under non-Participating Option is paid as Maturity Benefit and the policy is terminated.
 
However, if the Life Insured dies within the policy tenure, the Sum Assured along with Bonuses under Participating Option and without Bonuses under non-Participating Option is paid to the nominee as Death Benefit and the policy terminates.
 
There are 4 additional riders in this plan.
 
 
Key Features of Met Suvidha Policy
 
  • It is an Endowment Plan with 2 variants
    • Met Suvidha (Non-Par) Plan, i.e. without Bonus
    • Met Suvidha (Par) Plan, i.e. with Reversionary and Terminal Bonus
  • In this plan, there are 3 Payment Options, namely Single Premium, Regular Premium and Limited Premium of 5 or 10 years
  • On survival till end of Policy Term, the policyholder gets Maturity Benefit of Sum Assured under Met Suvidha (Non-Par) Plan and Sum Assured + Reversionary Bonus + Terminal Bonus under Met Suvidha (Par) Plan
  • If the Life Insured dies within the Policy Tenure, the nominee gets Death Benefit of Sum Assured under Met Suvidha (Non-Par) Plan and Sum Assured + Reversionary Bonus + Terminal Bonus under Met Suvidha (Par) Plan
  • There are 4 additional riders in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 
 
Benefits you get from Met Suvidha Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:
  • Under Met Suvidha (Par)- The Sum Assured + Reversionary Bonus + Terminal Bonus (if any)
  • Under Met Suvidha (Non-Par)- the Basic Sum Assured only
As Death Benefit and the plan terminates.
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets:
  • Under Met Suvidha (Par)- The Sum Assured + Reversionary Bonus + Terminal Bonus (if any)
  • Under Met Suvidha (Non-Par)- the Basic Sum Assured only
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 Suvidha Insurance Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
75,000
No Limit
Policy Term (in years)
5 for Non-Par
15 for Par
30
Premium Payment Term (in years)
Single
Equal to Policy Term
Entry Age of Life Insured (in years)
15
70 for Non-Par
60 for Par
Age at Maturity (in years)
-
75
Premium (in Rs.)
2,500
No Limit
Payment modes
Single, Yearly, Half-Yearly, Quarterly and Monthly and SSS
 
 
Sample illustration of Premium of Met Suvidha Plan
 
The below illustration is for a healthy male opting for

Sum Assured of Rs 10,00,000 for Policy Tenure of 25 years with Regular Pay Option

 

Met Suvidha Plan Sample Premiums

 

Additional Features and Benefits of Met Suvidha Plan
 
Riders – There are 4 additional riders in this plan.
  1. Accidental Death Benefit (ADB)
  2. Waiver of Premium (WoP)
  3. Critical Illness
  4. Term Rider
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. However, if at least 3 years premiums have been paid, then the policy gets converted to Paid Up Value and continues with a reduced coverage. The policy can however be revived within 3 years from the date the policy lapses.
 
You want to surrender the policy – There are different Surrender Values for different Payment Options:
  • Single Payment Option: The policy acquires a Guaranteed Surrender Value from the end of the 2nd policy year onwards. Guaranteed Surrender Value = 90% of the Single Premium paid.
  • Regular and Limited Payment Option: Under any of these options, the policy acquires a Guaranteed Surrender value from the end of the 3rd policy year onwards. Guaranteed Surrender Value= 30% of all premiums paid – 1st year’s premium
 
You want a loan against your policy – Loan facility is not available in this plan.

 
Other Endowment Plans from PNB Metlife
  • Met Monthly Income Plan
  • MetLife Endowment Savings Plan
  • MetLife 100 Gold Par Regular Plan
  • Met 100 Platinum Par Plan
  • PNB MetLife Gold Endowment Par Plan
  • PNB MetLife Platinum Endowment Par Plan
  • PNB MetLife Junior Par Endowment Plan
  • PNB MetLife Group Savings Plan
  • PNB MetLife Deferred Monthly Income Plan
  • PNB MetLife Deferred Monthly Income Plan -7 Pay
  • PNB MetLife Endowment Savings Plan Plus
  • PNB MetLife Monthly Income Plan – 10 Pay (New)
  • PNB MetLife Bachat Yojana Plan
  • PNB MetLife College Plan
  • PNB MetLife Bhavishya Plus Plan
Similar Withdrawn Endowment Plans from PNB Metlife
Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2021 MyInsuranceClub.com