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Met Suvidha Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.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:
Met Suvidha (Non-Par) Plan, i.e. without Bonus
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
Additional Features and Benefits of Met Suvidha Plan
Riders – There are 4 additional riders in this plan.
Accidental Death Benefit (ADB)
Waiver of Premium (WoP)
Critical Illness
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.
