Product Overview

MetLife Depositor’s Protection Scheme also known as MDPS is a policy which will help to meet your different expectations and provide financial protection to your family for the certain payment of premium over certain period.

To suit your insurance needs, this universal product has flexibility to choose from four plans providing different benefits. These plans are:

• Platinum
• Gold
• Silver
• Bronze

Four Different Plans to Meet Your Needs:

To meet your insurance requirements, you have flexibility to choose from four different plans:

¹ For Platinum, Gold and Silver plans, if there is no outstanding payment, Life insurance will cover the payment of a “Face Amount” (which is basic annual premium times the basic policy term chosen) or “Account Value” at the time of death; whichever is higher.

² For Bronze plan, if there is no outstanding payment, Account Value or Paid-up Premiums at the time of death; whichever is higher will be paid for Life Coverage.

Maturity Value:

At Policy maturity, 100% of the Account value less any indebtedness will be paid.

Life Coverage:

Life coverage will vary depending on the plans:

• Platinum, Gold and Silver: Account Value or Face Amount whichever is higher less any indebtedness will be paid, and policy terminates. Face Amount is Basic Annual Premium times Basic Policy Term.
• Bronze Plan: Account Value or Basic Premiums paid whichever is higher less any indebtedness will be paid, and Policy terminates.

Account Value:

Account Value means the balance of the account in a particular time into which Net Premiums are credited, interest amount is credited as per Crediting Interest Rate (CIR) and from which Monthly Deductions are made.

Surrender:

Surrender benefit is applicable after 1st policy year. On surrender, the policyholder loses all rights to further payments. Please note that the Cash Surrender Value may be lower than the total premiums paid. If the policy is surrendered within the first 5 years, the following charges will be applicable:
 

In addition, a processing fee of BDT 300 will be applicable for surrender. Partial surrenders are not allowed.

Policy Loan:

The loan value of this Policy is 85% of the amount which with interest, to the end of the Policy Year, will equal the Net Cash Surrender Value.

In-built Riders:

Policyholders are not eligible to add any optional benefits to the basic Policy. However, there are some built in riders with the policy which will provide different benefits. These are:

• Daily In-hospital Benefit: For being hospitalized due to accident or sickness, policy holder will get daily fixed in-hospital cash benefit up to 30 consecutive days per hospitalization and a total of 360 days over the entire policy term. The minimum coverage amount is BDT 1,000 and the maximum coverage amount is BDT 20,000 or 1% of the Face Amount, whichever is lower. The customer may choose any amount within the above limits. The daily in-hospitalization benefit is available for the policy term or up to 12 years, whichever is earlier, subject to a maximum expiry age of 60 years. There is 30 days waiting period for this benefit..
• Additional Accidental Coverage: In the event of death or total and permanent disability due to an accident, an amount equal to two times of the face amount or BDT 4 crore, whichever is lower, will be paid.

• In the case of accidental dismemberment, an amount up to two times the face amount or BDT 4 crore, whichever is lower, may be paid, depending on the nature and extent of the loss. The additional accidental coverage shall terminate at the age of 65 years..

Principal Sum = Two (2) times of the Policy's annual Premium times Policy Term shown in the Policy Specification Schedule of Policy.

In case of occurrence of more than one of the Losses specified under this sub-clause, the total indemnity payable hereunder is established by adding the indemnity corresponding to each single Loss up to a maximum limit of 100% of the Principal Sum. This coverage will be applicable till the Policy Term or age 65 of the insured.

• *Waiver of premium:: In the unfortunate event policy holder can claim PTD caused by sickness or accident, upon proof of claim, all remaining premium will be waived for the rest of the policy term.
  Housewives are not included under this term as they don’t pay the premium or not the source of income. It will Terminate at the age of 60 years.
• Critical Illness: If, during the policy term, the insured person is diagnosed with or undergoes surgery for any of the critical illnesses listed below, a financial benefit equal to 50% or 100% of the face amount (depending on the insured’s age, policy term, and chosen option) will be paid.
  Details and definitions of the listed critical illnesses are provided in the policy document. The maximum payable amount under the critical illness benefit shall be up to BDT 4,000,000

Covered Critical Illnesses:

• Stroke
• Cancer
• First heart attack
• Coronary artery Surgery
• Benign Brain Tumor
• Other Coronary Artery diseases
• Heart Valve Surgery
• Pulmonary Arterial Hypertension

Critical Illness benefit is equal to 100% of FA for Platinum and Gold with issue age of 18- 54 years & policy terms of 7-20years.

Policyholders with issue age of 45-54 years & policy terms 13-20 years may opt to have this benefit equal to 50% of FA for Platinum and Gold plans.

This coverage expires at the age of 60 years or if claimed coverage once during the policy term.

*These benefits will not reduce your life coverage.

IMPORTANT DETAILS

Eligibility & Term:

The minimum issue age is 18 years and the maximum issue age is 54 years. The term of the Plan can be of any period from 7 years to 20 years. Maximum age at maturity should be maximum 74 years

Premium Paying Modes:

• Annual
• Semi-annual
• Quarterly
• Monthly mode

Grace Period

If Account Value, on any Monthly Due Date is insufficient to cover the next Monthly Deduction, a grace period of thirty-one (31) days shall be allowed for the payment of the Premium as determined by the Company to cover the shortfall and shall be subject to a minimum amount acceptable by the Company. If the Insured dies within the grace period, the amount of the overdue Monthly Deduction will be deducted from the death benefit.

Face Amount:

Face amount is decided according to plan options.

• For Platinum plan – Minimum BDT 420,000. There is no limit to the Maximum Face Amount.
• For Gold, Silver & Bronze – Minimum BDT 168,000. There is no limit to the Maximum Face Amount.

*Maximum Face Amount will be determined as per company’s underwriting guidelines.

*The benefits mentioned above will be net of any indebtedness