MetLife Bhavishya Plan is a Guaranteed Money Back Child Plan such that the life of the parent is insured for the benefit of the child. If the parent dies within the policy tenure, then the Sum Assured is paid immediately. However, the future premiums are paid by the insurance company such that the policy continues to pay the Maturity Benefits whenever due.
Eligibility Criteria | |||||
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Minimum | Maximum | ||||
Sum Assured (in Rs.) | 1,00,000 | No Limit | |||
Policy Term (in years) | Option A: 21 minus age at entry of the child. Option B: 25 minus age at entry of the child |
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Premium Payment Term (in years) | Equal to Policy Term | ||||
Entry Age of Life Parent (in years) | 20 | 50 | |||
Entry Age of Life Child (in years) | 0 | 8 for Option A, 12 for Option B |
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Age at Maturity(in years) | - | 75 | |||
Regular Premium (in Rs.) | 6,000 | No Limit | |||
Payment modes | Yearly, Half-Yearly, Quarterly, Monthly & SSS |
Benefit | Description | |||||
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Maturity Benefit | On the maturity, i.e. at Age 21 for Option A and at Age 25 for Option B, the life insured or his nominee gets the Guaranteed Additions + Terminal Additions. | |||||
Survival Benefit | There are 2 Options which can be selected: | |||||
Option A | Age of Child | % of Payout | ||||
15 years | 20% of Sum Assured | |||||
17 years | 30% of Sum Assured | |||||
20 years | 50% of Sum Assured | |||||
Option B | Age of Child | % of Payout | ||||
17 years | 20% of Sum Assured | |||||
21 years | 30% of Sum Assured | |||||
23 years | 50% of Sum Assured | |||||
Death benefit | In the case of death of the Life Insured, the nominee would get the Sum Assured immediately. The future premiums would be waived and again 25% of the Sum Assured is paid on each of the last 4 policy years. |
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Know claim process of MetLife Bhavishya Plan
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the fastest growing life insurance companies in the country, having as its shareholders, MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife has been present in India since 2001.
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