Retirement Plan | Savings Plan| Death Cover – MetLife Retirement Savings Plan

Key Benefits of MetLife Retirement Savings Plan

  • 1

    Guaranteed income for your golden years

  • 2

    Part lump sum on maturity

  • 3

    Extend accumulated savings

Overview

Retirement means freedom from a fixed schedule, which you may be following during your working years. In true sense retirement means enjoying with your family, grand children or your friends, without having to think about work or income.

MetLife Retirement Savings Plan ensures

  1. Vesting Benefit: Sum Assured + Vested Simple Reversionary bonus plus Terminal Bonus, if any.
  2. Death Benefit: Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any; (Where Death Sum Assured is defined as 105% of all Premiums paid (excluding service tax and extra premium, if any))
  3. Flexibility: You can defer the vesting date up to age 75 years.

Product Benefits

Death Benefit

The Death Benefit is Higher of {Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any}, where Death Sum Assured is defined as 105% of all premiums (excluding service tax and extra premiums) paid.  The Death Benefit will not be less than the Surrender Value under the policy.
 
Options to the Nominee on death of the Insured
  • To utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity from the Company at then prevailing rate. 
  • Withdraw the entire Death Benefit amount as a lump sum

The policy terminates with the payment of death claim amount.

Vesting Benefits
If the insured survives and the policy is in-force till Vesting Date, the Vesting Benefit shall be:
Base Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any.

Options on Vesting

  • To utilise the full Vesting Benefit to purchase Immediate Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates.
  • To commute to the extent allowed under Income Tax Act as lump sum and to utilize the balance amount to purchase Immediate Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates.
  • To use the Vesting Benefit to purchase a Single Premium Deferred Pension policy available at that time to defer the purchase of Immediate Annuity. This product can only be purchased from us.
  • To extend the accumulation period within the same policy with same terms and conditions if you are then aged below 55 years
    The policy terminates with the payment of Vesting claim amount.

Simple Reversionary Bonus

The policy will participate for Simple Reversionary Bonuses from year three

Terminal Bonus

In addition to Simple Reversionary Bonuses, the Company may also declare Terminal Bonus from year five onwards. The Terminal Bonus is payable along with death or vesting benefit.

Particulars

Boundary Conditions

Min. Age at entry*

30 years

Max. Age at entry*

64 years (Limited Pay 10 years)
65 years ( Others)

Min / Max. age at Vesting*

50 / 75 years

Minimum Sum Assured

Regular Pay & Limited Pay 10 Years: Rs 300,000
Limited Pay 5 Years & Single Pay: Rs 500,000

Maximum Sum Assured

As per our Board Underwriting Policy

Premium Payment Term

Single Pay / 5 Pay / 10 Pay / Equal to Policy Term

Minimum Policy Term

Premium Payment Type
Regular Pay & Limited Pay 5 years
Limited Pay 10 Years
Single Pay

Minimum Policy Term
10 years
11 years
5 years

Maximum Policy Term#

SP: 20 years
Others: 30 years

Minimum Annualized Premium

Premium Payment Type
Regular Pay
Limited Pay 10 Years
Limited Pay 5 Years
Single Pay

Minimum Annualized Premium
Rs. 7,044
Rs. 13,128
Rs. 35,990
Rs. 262,250

*Age Last Birthday
# offers running terms between minimum & maximum policy terms in the interval of 1 year.

Terms & Conditions Download Brochure

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