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Future Care DPS

A savings and protection plan that provides attractive maturity value and substantial accident benefits.
Future Care DPS is a savings and protection plan from MetLife that provides attractive maturity value and substantial accident benefits.

Choose from the two Future Care DPS plans:

Gold Plan: Future Care DPS with Death Benefit

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:  Life insurance coverage under which the Face Amount will be paid in case of death of the insured due to covered anytime while the policy is in-force regardless of the number of premiums paid. If the account value at the time of death is higher than the Face Amount, the account value will be paid.[1]
  • Accidental Coverage = 200% of Face Amount: 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.

Silver Plan: Future Care DPS without Death Benefit

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: 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.

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

Illustration of Benefits and Projected Maturity Values

If insured of age 35 years wants a 20-year term and can afford Rs. 30,000 annual premium (i.e. by saving Rs. 2,500 per month), the Coverage and Benefits that he or she can get are:

Example for Gold Plan: Future Care DPS

  • 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 wishes 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 Silver Plan: Future Care DPS

  • 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 wishes 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 is only based on assumption and presented for understanding purpose. The actual amount will be determined at the time of maturity, using actual interest rate, and mortality.

Additional benefits 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 the above illnesses.
  • Family Protection Rider: Waive the Premium (of base and riders) during premium payment period in case of Permanent & 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