METLIFE CHILD’S EDUCATION PROTECTION PLAN (MCEPP)

 

My Child’s Education Protection Plan (MCEPP) is a comprehensive life insurance plan where one can invest for their children’s future with the assurance of ensuring higher education while protecting them from the uncertainties of life.

Investment with Protection:

The moment one starts saving with the Plan he/ she will start enjoying a guaranteed level of life insurance protection. This protection means that in case of payer’s death, the beneficiary(ies) will receive:

• 100% of the Face Amount as lump sum less any indebtedness.
• To continue the insured child’s educational expenses, a benefit at the rate of 2% of the Face Amount per month will be paid till one month before the maturity of the policy.
• The policy will remain in force till the coverage period, all the subsequent premiums covered by the policy will be waived and the beneficiary will receive the maturity benefits.

In case of the unfortunate event of insured child’s untimely death,

• The sum of the premiums paid by customer under the policy or the basic cash value, whichever is greater, and the accumulated bonuses less any indebtedness will be paid as per the terms & conditions of the policy.

 

Guaranteed Maturity Benefit:

At the end of the Premium Payment Term, 50% of the Face Amount will be paid less any indebtedness. At the end of the Coverage Period, remaining 50% of the Face Amount with accrued bonus/es (if declared by the company) will be paid less any indebtedness as per the terms and conditions of the policy.

 

Build-up of Cash Value:

Basic Cash Value of the Policy is based on the Tables of Cash Values as determined by the Company from time to time. Total Cash Value of the Policy is the Basic Cash Value plus the Cash Value of any Reversionary bonuses standing to the credit of the Policy.

 

Complete Surrender:

There will be no surrender value if the Policy is surrendered anytime during the first 2 years. Upon surrender at any time after two years the Policy owner will receive Basic Cash Value and Cash Value of Reversionary Bonus. Even if this Policy gets surrendered after two years, the surrender value might be less than the paid premium.

Policy Loan:

The customer may also take loan up to 85% of the cash value, if required, as provided in the policy provisions.

 

Optional Riders:

You can add many valuable optional benefits to your basic Policy from the following riders by paying additional premium:

• Personal Accident Coverage (ADC): This optional rider will provide financial protection in case of accidental death, permanent disability & dismemberment due to accidents.
• Disability Protection Rider (DPR): In case of total or permanent disability due to illness or accident, this optional rider will provide the following benefits:
  • All the future premiums will be waived
  • During the Premium Paying Term of the policy, the insured child will receive a benefit at the rate of 1% of the Face Amount per month to cover their educational expenses.
• MediCare (MC): You or your family member can get minimum BDT 1,000 to a maximum of BDT 20,000 per day stay at a hospital due to accident or sickness.
• Hospital Care (HC): Weekly Benefit when you and your family members are hospitalized due to accident or sickness. The In-Hospital Weekly Cash Income is doubled for the first 2 weeks of confinement, if you or any of your insured family members are hospitalized due to 9 Dread Diseases.
• Critical Care (CC): Lump sum payment in case of diagnosis of or actual undergoing of surgery, as the case may be, for any of the covered 25 dread diseases.

*These benefits will not reduce your life coverage.

More Benefits:

Income Tax Rebate:

By investing in this policy, policy holders can become eligible for income tax rebate or concession at the applicable rates as per law of the government of Bangladesh which may vary from time to time.

Discounts on Various Medical & Diagnostic Services:

All customers can avail up to 40% discount on medical and diagnostic services at various hospitals, clinics and diagnostic centers included in MetLife’s medical network.

Access to 360Health Service:

By buying this policy, policy holders can get access to MetLife 360Health services. It is a complete digital health protection app that can provide health related advice, information and services to the customers. 360Health is an effective app for prevention, early detection, advanced treatment and financial management of any disease.

Important details

Eligibility & Term:

For insured child, the minimum age is 30 days and maximum is 15 years.

For Guardian, the minimum age is 21 years and maximum is 55 years.

However, the sum of the insured child’s age & the term of the Plan cannot exceed 27 years.

The term of the Plan can be of any period from 12 to 20 years.

The optional riders will terminate on completion of the applicable conditions, which could be earlier than the maturity date of the policy.

Premium Paying Term: Less than 2 years from Coverage Period.

Basic Premium & Modes:

• Annual
• Semi-annual
• Quarterly
• Monthly

In case of monthly premium payment if the payment is less than BDT 2500, EFT will be applicable.

Basic Face Amount:

This is the guaranteed amount payable on death of the insured customer. The minimum Face Amount is BDT 200,000 and maximum Face Amount will be determined as per company’s underwriting guidelines.

*The benefits mentioned above will be net of any indebtedness

FAQ

METLIFE 3 PAYMENT PLAN (M3PP)

 

MetLife 3 Payment Plan or M3PP is a life insurance contract designed to pay an attractive maturity value with bonuses on its maturity or on death of insured. It works as a financial security that works in 3 installments where 2 installments worth (25% + 25%) = 50% of face amount will be paid before reaching the maturity value and the rest of the 50% with accrued bonuses will be paid at maturity.

Investment with Protection:

The moment one starts saving with the Plan he/ she will start enjoying a guaranteed level of life insurance protection. As mentioned earlier the 3-installment benefit makes this policy different from other plans. The three-installment plan works in the following way:

• 25% of the Face Amount will be provided at the 1/3^rd of the policy term.
• Another 25% of the Face Amount will be provided at the 2/3^rd of the policy term.
• Rest of the 50% along with Reversionary and Terminal Bonuses will be provided at the end of the maturity period.

 

 This protection means that in case of insured customer’s death, the beneficiary(ies) will receive:

• Death coverage plus accrued bonus/es (if declared by the company), where death coverage is determined as:

For policy term 12 to 15 years

Lump sum 100% of FA less debt

+ Accrued Reversionary Bonus +Terminal Bonus

 

For policy term 18 years and above

During the first 1/3rd of the policy term: 100% of FA less debt

+ Accrued Reversionary Bonus +Terminal Bonus

 

After the first 1/3rd of the policy term till the 2/3rd of the policy term:

125% of FA less debt

+ Accrued Reversionary Bonus +Terminal Bonus

 

After the first 2/3rd of the policy till maturity:

150% of FA less debt

+ Accrued Reversionary Bonus +Terminal Bonus

 

Guaranteed Maturity Benefit:

 At Policy maturity, the Face Amount plus accrued bonus/es (if declared by the company) will be paid.

Build-up of Cash Value:

Basic Cash Value of the Policy is based on the Tables of Cash Values as determined by the Company from time to time. Total Cash Value of the Policy is the Basic Cash Value plus the Cash Value of any Reversionary bonuses standing to the credit of the Policy.

Complete Surrender:

There will be no surrender value if the Policy is surrendered anytime during the first 2 years. Upon surrender at any time after two years the Policy owner will receive Basic Cash Value and Cash Value of Reversionary Bonus. Even if this Policy gets surrendered after two years, the surrender value might be less than the paid premium.

Policy Loan:

The customer may also take loan up to 85% of the cash value, if required, as provided in the policy provisions.

Optional Riders:

You can add many valuable optional benefits to your basic Policy from the following riders by paying additional premium: MediCare (MC): Policyholder and his/her family members can get minimum BDT 1,000 to a maximum of BDT 20,000 per day stay at a hospital due to accident or sickness.

• Waiver of Premium (WP): If totally disabled due to accident or sickness for more than six months, the future premium will be waived.
• Hospital Care (HC): Weekly Benefit when policyholder and his/her family members are hospitalized due to accident or sickness. The In-Hospital Weekly Cash Income is doubled for the first 2 weeks of confinement, if you or any of your insured family members are hospitalized due to 9 Dread Diseases.
• Accident Indemnity Certificate (AI): Lump sum payment up to 2 times of Face Amount due to accidental partial disability or death. Regular payments if totally disabled due to accident. This rider also offers waiver of premium.
• Critical Care (CC): Lump sum payment in case of diagnosis of or actual undergoing of surgery, as the case may be, for any of the covered 25 dread diseases.
• Limited Accident Insurance Certificate (AX): Lump sum payment up to 2 times of Face Amount due to accidental disability or death.
• Accidental Death Benefit (ADB): Up to 2 times of Face Amount due to death caused by accident.

*These benefits will not reduce your life coverage.

Eligibility & Term:

The minimum age of the insured is 30 days and maximum is 60 years. Only in case of 24 years term the maximum issue age of the insured should be 55 years. The term of the Plan can be eligible for 12, 15, 18, 21 and 24 years depending on the age of the payor. However, maximum maturity age allowed is (55+24) = 79 years and for salary saving scheme it is (55+21) = 76 years.

The optional riders will terminate on completion of the applicable conditions, which could be earlier than the maturity date of the policy.

 

Basic Premium & Modes:

• Annual
• Semi-annual
• Quarterly
• Monthly mode (only with EFT Debit and minimum Face Amount of BDT 300,000).

 

In case a customer stops premium payment, premium will continue to be deducted from the Total Cash Value until the maturity date of the policy or until the Cash Value gets exhausted, if earlier. The guarantee mentioned above, i.e. the maturity value would be at least equal to sum of Basic Premiums paid, would no more be applicable.

Basic Face Amount:

This is the guaranteed amount payable on death of the insured customer. The minimum Face Amount is BDT 200,000 and maximum Face Amount will be determined as per company’s underwriting guidelines.

For Juvenile Insurance:

• Age 30 days to 5 years – Minimum BDT 200,000, Maximum BDT 20,00,000.
• Age 6 years to 15 years – Minimum BDT 200,000, Maximum BDT 25,00,000.

*The benefits mentioned above will be net of any indebtedness

FAQ

Lifeline

 

This policy is intended to serve as a retirement plan for the policyholder. The primary idea behind this policy is that after paying a specific amount of premium within a specific time frame (Premium Payment term), the policyholder will be able to take advantage of a pension amount in the following days either on a monthly basis or on an annual basis (Investment Accumulation period), depending on his or her preferences. At maturity, the benefit shall be the principal amount. They can also inform the company that they do not need the pension amount right away, in which case the company can keep the pension amount and at maturity he or she will get the principal amount plus accumulated pension amount.

Investment with Protection:

• During Premium Payment Phase: Beneficiary will get basic face values plus accrued reversionary and terminal bonus less any outstanding debt of the company in the event of death of the insured.
• During Investment Accumulation Phase: In the event of the insured’s death, the beneficiary will get the principal amount. If a pension is left with MetLife to accrue interest, the death benefit will equal the principal amount plus the accumulated value of the pension.

 

Pension Amount:

Pension amount is calculated as a percentage of Principal Amount. The percentage is called “Coupon Rate”. The coupon rate cannot be lower than 2% of Principal Amount annually.

Guaranteed Maturity Benefit:

The principal amount will be the maturity benefit. If a pension is let to grow with interest at MetLife, the maturity benefit will equal the principal amount plus the pension’s cumulative value.

 

Build-up of Cash Value:

Basic Cash Value of the Policy is based on the Tables of Cash Values as determined by the Company from time to time. Total Cash Value of the Policy is the Basic Cash Value plus the Cash Value of any Reversionary bonuses standing to the credit of the Policy.

 

Complete Surrender:

• Cash surrender during premium payment phrase: After premiums have been paid for 2 years , the account starts to generate cash value. After this period, if policy owner surrender the policy and receive total cash value less any indebtedness. Total cash value is the basic cash value plus cash value of the reversionary bonus.
• Surrender benefit during investment accumulation phrase: Policy owner will receive principal amount. If pension is left with MetLife, principal amount plus the accrued interest on pension.

 

Policy Loan:

The customer may also take loan up to 85% of the cash value, if required, as provided in the policy provisions.

 

Optional Riders:

Policyowner can add many valuable optional benefits to your basic Policy from the following riders by paying additional premium:

• MediCare (MC): You or your family member can get minimum BDT 1,000 to a maximum of BDT 20,000 per day stay at a hospital due to accident or sickness.
• Waiver of Premium (WP): If totally disabled due to accident or sickness for more than six months, your future premium will be waived.
• Hospital Care (HC): Weekly Benefit when you and your family members are hospitalized due to accident or sickness. The In-Hospital Weekly Cash Income is doubled for the first 2 weeks of confinement, if you or any of your insured family members are hospitalized due to 9 Dread Diseases.
• Accident Indemnity Certificate (AI): Lump sum payment up to 2 times of Face Amount due to accidental partial disability or death. Regular payments if totally disabled due to accident. This rider also offers waiver of premium.
• Critical Care (CC): Lump sum payment in case of diagnosis of or actual undergoing of surgery, as the case may be, for any of the covered 25 dread diseases.
• Limited Accident Insurance Certificate (AX): Lump sum payment up to 2 times of Face Amount due to accidental disability or death.
• Accidental Death Benefit (ADB): Up to 2 times of Face Amount due to death caused by accident.

*These benefits will not reduce your life coverage.

 

Eligibility & Term:

The minimum age at the date of issuance of the policy is 18 years and maximum is 55 years. The term of the Plan can be up to policyholder attaining the age of 100 years and premium paying term is 10-20 years depending on the age of the payor.

The optional riders will terminate on completion of the applicable conditions, which could be earlier than the maturity date of the policy.

 

Basic Premium & Modes:

• Annual
• Semi-annual
• Quarterly
• Monthly mode

 

Pension payment options:

At the beginning of investment accumulation phrase, following options are available:

• Annual Pension or
• Monthly pension or
• Leave your pension with MetLife to accumulate with interest.

 

Basic Face Amount:

The minimum Face Amount is BDT 150,000 and maximum Face Amount will be determined as per company’s underwriting guidelines.

*The benefits mentioned above will be net of any indebtedness.

 

FAQ