Life Insurance

From protecting your children’s education to looking after your partner’s retirement, we’ve got a life insurance product that will help you take care of what’s most important to you. Not only can life insurance take care of your family’s mortgage and help them maintain their current standard of living in the event of the death of you or your partner, it can also safeguard more specific aspects of life.

Endowment Plan

You always want to do your best to take care of your family.  But, life is full of uncertainties. So, it’s important to ensure that your family is protected, should something unfortunate happen to you. This simple plan is a truly affordable form of life cover, offering high levels of protection at a low cost.  It’s an ideal way to make sure your loved ones have lifelong comfort and security.
Features::
The policy provides for payment of the face amount to the policy owner at the expiration of the Endowment period. Death at any time before the expiration of the Endowment period terminates the payment of premiums and the face amount with accrued bonus is paid to the beneficiary.


Overview

Eligibility: Minimum age 1 month,   Maximum age 55 years.
Face amount: minimum Rs. 50,000, maximum   Rs. 15 million
Policy Term : can take   10, 15, 20, 25 or 30 years or maturity of plan at age 55, 60, 65.
Mode of payment: Annual, Semi Annual or Quarterly

Who & How one can buy this plan?
1. Any person with normal income can buy this plan for self.
2. Insured persons with normal income can buy this plan for others.
3. For person without Income, only applicant with income can buy insurance plan for him up to amount not more than or equal to applicants insurance amount (in normal case).
First policy issue date: 01/09/2002

For further information: Phone us at +977 1 5555166. Or

View Customer Services Department Address


Three Payment Plan (3PP)

Three Payment Plan provides very high insurance protection and attractive returns on your investment at a very low cost. The unique feature of the plan is that MetLife pays the face amount in three installments

1. 25% of the face amount is paid at the end of 1/3rd of the term of the policy
2. Another 25% is paid at the end of 2/3rd of the term of the policy.
3. 50% of the face amount is paid with bonus. In the event of death, no deduction is made for the installments
already paid.

PROTECTION:

For the Entire Duration of the policy you are insured for the Full Face Amount plus the accrued Bonus. In the event of death, No Deduction is made for the installments already paid. You are insured for the full amount till the last day.

Overview

Eligibility: minimum age 1 month, maximum age 60 years.
Face amount: minimum Rs. 50,000 maximum Rs. 15 million.
Term: 12, 15, 18, 21 or 24 years.                                                                                                                                        
Mode of payment: Annual, Semi Annual or Quarterly

Who & How one can buy this plan?
1, Any person with normal income can buy this plan for self.
2, Insured persons with normal income can buy this plan for others.
3, For person without Income, only applicant with income can buy insurance plan for him up to amount not more than or equal to applicants insurance amount (in normal case).

First policy issue date: 30/01/2002

For further information: Phone us at +977 1 5555166. or

View Customer Services Department Address

Education Protection Plan (EPP)

Education protection plan is the foundation on which you can build your child’s future and career. Your child depends on YOU and the INCOME you provide for Education and other necessities of life. You want your child to have higher Education to give him a good start in this increasingly competitive world. This is where our EPP plans fit your needs.

How this plan works?

You select the period of the plan to suit the age of the Child at which you want the policy proceeds to be paid. There is a wide choice. You can select any period from 10 years to 25 years.

At Maturity:
On survival of child at maturity, Face Amount of the policy plus Bonuses are paid. The money can be used to pay for his higher Education expenses. Or if he has already completed Education, he will find the money very helpful in starting his career. It can also be used for expenses such as Marriage.
In Case of Payer’s Death:
a) All future premiums under the policy will be WAIVED and the policy continues in full force. PLUS,
b) INCOME FOR EDUCATION equal to 1% of the face amount is paid EVERY MONTH to the child till the maturity.                                                                                  
c) At maturity Face Amount of the policy plus Bonuses is paid.
On the Death of Child before maturity:
Full Face Amount PLUS Accrued Bonuses are Payable, subject to Juvenile Endorsement.
Payment on Payer’ Disability:
For a small additional premium, you can add a very valuable benefit-Disability Protection Rider. In the event of your total and permanent DISABILITY DUE TO SICKNESS OR ACCIDENT, all future premiums will be waived. INCOME equal to 1% of the face amount is paid EVERY MONTH to the child till the maturity of the policy. At maturity face amount of the policy plus bonuses is paid.

Overview

Eligibility: minimum age 1 month to 15 Years, Payer’s age 21 years to 55 years.

Face Amount: Minimum Rs. 50,000.00, Maximum Rs. 2 million

Term: You can take the plan for minimum 10 years up to maximum 25 years. However plan term and the age of the child should not be above 25 years.

Mode of payment:  Annual, Semi Annual or Quarterly

First policy issue date: 01/05/2002

For further details: Phone us at +977 1 5555166. or
View Customer Services Department Address.

Subhabishya Beema Aajeewan Aaya

Wouldn’t it be more wonderful to receive regular Monthly Income each month every year during your retired life up to age 100 or minimum 20 years guaranteed and incase of insured‘s death before 20 years, remaining monthly payments  will be paid to his/her loved ones. What could be more interesting than to know that you pay premium for limited period only and get 5 options to choose at the end of the period and opt for any option you find more beneficial to you?

How Subhabishya Beema Aajeewan Aaya works?

Determine the age you want Subhabishya Beema Aajeewan Aaya to start providing you with the Monthly income to meet your financial needs during your retirement. Accordingly, you may select the Premium Pay Term of 10 or 15 or 20 or 25 or 30 years and the required premium affordable to you for the selected term.

In case of unfortunate event of death of insured, Face Amount plus accrued bonuses will be paid to beneficiary.

In case of policy complete the term, the Maturity benefit can be received as  one of following options:

Option 1 – Life Time Monthly Income

You will start receiving Life Time Monthly Income after completion of premium paying phase during your retirement. The monthly income will be guaranteed for 20 years and thereafter continue as a life time income up to age 100. The amount of the monthly income will be determined at the time of implementing the option at the end of premium paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.

Option 2 – Twenty years Guaranteed Monthly Income

You will receive monthly income guaranteed for twenty years alone. It does not continue for whole life but for twenty years only. Monthly Income will be paid for twenty years. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.

Option 3 – Leave the Principal Amount with the company to earn Annual Cash Coupons

You can leave the Principal Amount (Face Amount plus accrued bonuses less any indebtedness to the policy) with the company to earn income in the form of annual cash coupons. The rate of coupons will be offered by the company in the beginning of each policy year depending on investment income. Payment of annual cash coupons will

Commence with effect from the policy anniversary immediately following the completion of the premium paying phase and continue until insured attained age 100, or until death, whichever is earlier.

You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.

You will also have the option to surrender the Policy at any time after the premium paying phase and get the Principal Amount plus any Coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.

Option 4 – Receive 50% of Principal Amount and leave 50% to earn Annual Cash Coupons

You will receive 50% of Principal Amount in lump sum at the end of premium paying phase and will receive income in the form of annual cash coupons on remaining 50% of Principal Amount. The rate of coupons will be offered by the company in the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium paying phase and continue until insured attained age 100, or until death, whichever is earlier.

You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.

You will also have the option to surrender the Policy at any time after the premium paying phase and get the Principal Amount plus any coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.

Option 5 – Receive the Principal Amount in Lump sum

You will receive the Principal Amount, less any indebtedness, in lump sum at the end of the premium paying phase. Such payment will terminate the Policy contract and the Company shall be free from its all obligations under the Policy. For the coverage of additional benefits following riders can be added: ADB, WP, PA and LTI Life Time Monthly Income Rider (LTI) : In case of accidental death or permanent disability due to accident it provides life time monthly income with a minimum guarantee of 20 years. It can be taken by insured of age 18 -59 years with the coverage of life time monthly income of minimum Rs 1500 or 1 % of face amount.

Overview
Eligibility: minimum age 18 to 55 Years
Face amount: minimum   Rs. 50,000, maximum Rs. 15 million
Term: 10, 15,20,25,30 years.

Mode of payment:  Annual, Semi Annual or Quarterly

ILLUSTRATION OF SUBHABISHYA BEEMA AAJEEWAN AAYA POLICY:

HOW MUCH I WILL GET AS MONTHLY INCOME UNDER OPTION 1?

This option enables you to receive the monthly income calculated as follows:

Monthly Income = Principal amount / Annuity factor* × 12

For example:

Suppose a policy matures with the insured aged 65 years with a total maturity benefit (principal amount) of Rs. 1,500,000/- .

The monthly income payable under this option amounts to the following:

Assuming interest rate of 5%: Rs. 9,113 per month

Assuming interest rate of 6%: Rs. 9,944 per month

 

HOW MUCH I WILL GET AS MONTHLY INCOME UNDER OPTION 2 ?

This option enables you to receive monthly income calculated as follows:

Monthly Income = Principal amount / Annuity factor* × 12

For example:

Suppose a policy matures with the insured aged 65 years with a total maturity benefit (principal amount) of Rs. 1,500,000.

The monthly income payable under this option amounts to the following:

Assuming interest rate of 5%: Rs. 9,553 per month

Assuming interest rate of 6%: Rs. 10,281 per month

* The annuity factor depend on the interest rate and mortality assumption, so the actual annuity factors at the time of

policy maturity may be higher or lower depending upon the interest and mortality rates scenario prevalent at that time.

First policy issue date: 16/08/2010

 DISCLAIMER

1. This is just an illustration showing the maturity options – NOT A CONTRACT. Your policy will contain the exact

terms of coverage.

2. The annuity factor depend on the interest rate and mortality assumption, so the actual annuity factors at the time of

policy maturity may be higher or lower depending upon the interest and mortality rates scenario prevalent at that time.

Educare: Education Saving Plan

Providing for your child’s Education

Whatever lies ahead of your children, one thing is for certain: giving them the best education. With MetLife’s Educare, planning for your children’s future became very simple: regular savings, coupled with extensive range of features and benefits will help our money work better for you to open for your children the doors of opportunity.

Educare is for

       Those who feel responsible for their child’s education                                                                                           

       Those who want to plan their child’s future from today.                                                                                                      

       Those who wants their child’s smooth University Education

Overview

Eligibility: minimum age 1month, maximum age 15 years.                                                                                               
Term (accumulation period) : 5 to 18 years
Maximum age at the end of accumulation period (Age of child + Accumulation Period) : 23 Years                                                                                                                         
Issue Age (Age of Owner / parent ) : 18 -55 Years                                                                                                        
Premium can be paid : within 5 years , 10 years or every year                                                                                        
Mode of payment :  Annual, Semi Annual or Quarterly

How Educare Works?

The plan has 3 distinct phases:

Accumulation Phase (before college)

          The parent can choose an Accumulation period between 5 years and 18 years.

          During this period premium is paid either within the period of 5 years, 10 years or throughout full Term

Payout Phase (during College)

          Immediately after the accumulation phase, the payouts for the children’s college education will be made in 4 guaranteed semiannual increasing payouts.

Maturity Phase (post College)

          At  maturity (7 years after accumulation phase ends) it will provide the targeted Guaranteed Cash Value plus any accumulated bonuses (if any). These payouts can be used to fund wedding expenses or for further studies or as gift to the child.

In Case of the Insured’s loss of life if -

1. During Accumulation period: Return of all total premiums paid

2. After Accumulation period: Sum of all guaranteed benefits

Additional benefit can add in Educare for the coverage of owner (payer) as a rider which is as follows:

          Accidental Death & Dismemberment (AD&D) – Lump sum : Sum of 8 guaranteed semester fees and post graduation benefit, in case of owner’s loss of life or permanent disability due to accident

           Accidental Death & Dismemberment (AD&D) – Annuity Certain: 5 Annual payments each in the amount of first semester fee in case of owner’s loss of life or permanent disability due to accident

           Permanent Total Disability (A&S) – Lump sum: Sum of 8 guaranteed semester fees and post graduation benefit in case of owner’s loss of life or permanent disability due to accident or sickness

           Permanent Total Disability (A&S) – Annuity Certain: 5 Annual payments each in the amount of first semester fee in case of owner’s loss of life or permanent disability due to accident or sickness

           Critical Illness – Annuity: 7 Critical Diseases (Major Cancer, First Heart Attack, Stroke, Benign Brain Tumor, Serious Coronary Artery Disease, Heart Valve Surgery, and Primary Pulmonary Hypertension) covered. 5 Annual payments each in the amount of first semester fee upon diagnosis of any one of above illness.

          Family Protection Rider (FPR):  Waives the Premium (of base and riders) during premium payment period in case of death or Permanent Total Disability of owner.

ILLUSTRATION OF EDUCARE POLICY:

Child Age:                         4 Years

Owner’s Age:                  30 Years

Accumulation Period:    15 Years

Face Amount:      Rs. 50,000 (First Semester Fee)

                                                                               

Year

Guaranteed Amounts

 
1st year of college
1st Semester

Rs. 50,000

2nd   Semester

Rs. 50,000

 
2nd year of college
3rd Semester

Rs. 55,000

4th   Semester

Rs. 55,000

 
3rd year of college
5th Semester

Rs. 60,000

6th   Semester

Rs. 60,000

 
4th year of college
7th   Semester

Rs. 65,000

8th Semester

Rs. 65,000

3 years after graduation

Rs. 130,000

Total

Rs. 590,000

First policy issue date: 20/01/2012
 
Future Care – DPS
 
Future Care – DPS is a savings and protection plan that provides an attractive Maturity Value and a substantial Accidental Benefit.

Overview:

          Entry age: 18 to 54 years

          Term: Minimum 5 years and Maximum 20 years

          Face Amount : Annual premium  x  Policy Term

          Maximum  Face Amount: Rs 15 million

          Minimum Annual Premium:  Rs. 12,000 /-

          Maximum Annual Premium:  Rs. 3 million

          Mode of Premium Payment: Annual, Semi Annual or Quarterly

          Accidental Coverage (AD/D/PTD) : Up to age 65 years

'F    Future Care – DPS plan can select from following 2 options:

1.     Future Care - DPS with Death Benefit (Gold Plan)

   This plan provides you an opportunity for:

       Maturity Value : Earning reasonable returns leading to attractive Maturity value to meet your financial needs

      Life Coverage = 100% of Face Amount :  Enjoying  life insurance coverage under which the Face Amount will be paid in case of death of the insured due to cause anytime while the policy is in-force regardless of the number of premium  paid. If the Account Value at the time of death is higher  than the Face Amount, the account value will be paid .

      Accidental Coverage = 200% of Face Amount : Enjoying  additional Accidental benefits under which 2 times the Face Amount will be paid in the event of Accidental Death  or Accidental Permanent & Total Disability, consequently enjoying a total coverage of 3 times the Face Amount . In case of Accidental Dismemberment the additional Accidental Benefit may reach up to 2 times the Face Amount depending on the type and extent of loss.

 

2.     Future Care – DPS without Death Benefit (Silver Plan)

This plan provides you an opportunity for:

       Maturity Value : Earning reasonable returns leading to attractive Maturity value to meet your financial needs

      Accidental Coverage = 200% of Face Amount : Enjoying  additional Accidental benefits under which 2 times the Face Amount will be paid in the event of Accidental Death  or Accidental Permanent & Total Disability. In case of Accidental Dismemberment the additional Accidental Benefit may reach up to 2 times the Face Amount depending on the type and extent of loss.

Illustration of Benefits and Projected Maturity Values:

If insured of age 35 years wants go for 20 years term and can afford Rs. 30,000 annual premium 

(i.e. by saving Rs. 2,500 per month). The Coverage and Benefits that S/He can get is:

Example for Future Care – DPS Gold Plan:

          Life Coverage : Rs 600,000      ( i.e. Rs.30,000 x 20 )

          Accidental Coverage : Rs. 1200,000

          Maturity Value @ assumed Investment Yield Rate

          Yield Rate @ 7% = Rs. 1,061,167

          Yield Rate @ 9% = Rs. 1,356,821

        or

          Life Annuity * ( if insured wish to take annuity instead of above lump sum amount ) :

          Monthly income @ assuming interest rate of  7% = Rs. 5,846.65

          Monthly income  @ assuming interest rate of  if 9% =  Rs. 7,475.59

Example for Future Care –DPS Silver Plan :

          Accidental Coverage = Rs. 1200,000

          Maturity Value @ assumed Investment Yield Rate

          Yield Rate @ 7% = Rs. 1,088,381

          Yield Rate @ 9% = Rs. 1,390,862

or

          Life Annuity Option * ( if insured wish to take annuity instead of above lump sum amount)

          Monthly income @ assuming interest rate of  7% = Rs. 5,996.58

          Monthly income @ assuming interest rate of  9% = Rs. 7,663.15

* This illustration only based on assumption and presented for understanding purpose. The actual amount will be determined at the time maturity, using actual interest rate and mortality.

Additional benefit can be added in Future Care- DPS  as riders which are as follows:

          Critical Illness: 7 Critical Diseases (Major Cancer, First Heart Attack, Stroke, Benign Brain Tumor, Serious Coronary Artery Disease, Heart Valve Surgery, and Primary Pulmonary Hypertension) covered. Lump sum payment equal to 100 % or 50 % of Face Amount upon diagnosis of any one of above illness.

          Family Protection Rider:  Waives the Premium (of base and riders) during premium payment period in case of Permanent and Total Disability due to accident or sickness.

First policy issue date: 24/05/2012

Rider
Rider is an addition to an insurance policy that becomes part of the contract and that provide extra benefits as mention in contract in case of eventuality as covered. Some of riders that can be attached with insurance policy are:

      Accidental Death Benefit (ADB): it provides for payment of an additional sum in the event of death of insured due to accident
      Disability waiver of premium (WP): WP waives the future premium of policy in case of insured become permanent total disable
      Disability Protection Rider (DPR):It protects payer (in Education Protection Plan) in the event of disability due to sickness or accident. If payer become permanent total disable:
·       All future premiums will be waived off & the policy continues in full force
·          1% of the face amount will be paid per month to the child till the maturity & at maturity child receives full Face Amount   plus bonus

·          Life Care Protection Plan ( PA) : Life Care ensures that the policy holder's life plan is comprehensively protected, against accident. Accidental Coverage consists of the following:

·          Accidental Death (AD) – In case of accidental death of insured, Lump Sum Cash is provided to beneficiary

·          Permanent Total Disability (PTD) due to accident - Lump Sum Cash is provided to insured.

·          Permanent Partial Disability (PPD)- In case of loss of sight, hearing & speech indemnity due to accident,  % wise amount of face amount is paid to insured

Note: The information contained in this page is intended for general customer understanding and is subject to the terms and conditions. Please refer to the brochure or policy document or call our representative for more information.