METLIFE THREE PAYMENT PLAN (M3PP)
Product Overview
MetLife Three Payment Plan (M3PP) is a life insurance contract designed to provide financial security along with an attractive maturity benefit, including bonuses (if declared by the company), while also offering life coverage in the event of the insured’s death. Under this plan, benefits are paid in three installments, where two installments aggregating 50% of the face amount (25% + 25%) are paid at specified stages before the policy reaches maturity, and the remaining 50% of the face amount, along with accrued bonuses (if declared by the company), is 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 1/3rd of the policy term.
- Another 25% of the Face Amount will be provided at the 2/3rd of the policy term.
- Rest of the 50% along with Reversionary and Terminal Bonuses (if declared by the company) will be provided at the end of the maturity period.
This protection means that in case of insured’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
Lumpsum 100% of Face Amount less any debt
+ Accrued Reversionary Bonus +Terminal Bonus (if declared by the company)
For policy term 18 years and above
During the first 1/3rd of the policy term:
100% of Face Amount less any debt
+ Accrued Reversionary Bonus +Terminal Bonus (if declared by the company)
After the first 1/3rd of the policy term till the 2/3rd of the policy term: 125% of Face Amount less any debt
+ Accrued Reversionary Bonus +Terminal Bonus (if declared by the company)
After the first 2/3rd of the policy till maturity:
150% of Face Amount less any debt
+ Accrued Reversionary Bonus +Terminal Bonus (if declared by the company)
Maturity Benefit:
At Policy maturity, the Face Amount less any indebtedness 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. 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 two years. Upon surrender at any time after two years the Policy owner will receive Basic Cash Value and Cash Value of any 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 net cash surrender value, if required, as provided in the policy provisions.
Optional Riders:
The Policyholder can add many valuable optional benefits to your basic Policy from the following riders by paying additional premium:
- Personal Accident Coverage (PAC): This optional rider will provide financial protection in case of accidental death, permanent disability & dismemberment due to accidents.
- 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.
- Hospital Care (HC): Weekly Benefit when policyholder and his/her family members are hospitalized due to accident or sickness.
- 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.
IMPORTANT DETAILS
Eligibility & Term:
The minimum issue age of the insured under the plan is 30 days, while the maximum issue age is 60 years. However, for policies with a 24‑year policy term, the maximum issue age of the insured is restricted to 55 years. The plan offers policy term options of 12, 15, 18, 21, and 24 years, which are available subject to the age eligibility.
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
In the case of monthly mode, if the premium amount is less than BDT 2,500, the EFT Debit will be applicable, and the face amount must be at least BDT 300,000 or higher.
Basic Face Amount:
This is the guaranteed amount payable on death of the insured. 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
ব্যাংক এবং বীমাকারীর দায়িত্ব স্পষ্টীকরণ :
এই প্রচারপত্রে উল্লিখিত বীমা পলিসি বিষয়ে ইস্টার্ন ব্যাংক পিএলসি কর্পোরেট বীমা প্রতিনিধির দায়িত্ব পালন করবে এবং বীমাকারী প্রতিষ্ঠান বীমাপত্রের অধীনে উল্লিখিত সকল শর্তাবলীর দায়ভার গ্রহণ করবে।
বীমা সম্পর্কিত সকল অনুসন্ধান-এর জন্য নিম্ন লিখিত ঠিকানায় যোগাযোগ করুনঃ
মেটলাইফ বাংলাদেশ, মেটলাইফ বিল্ডিং, ১৮-২০, মতিঝিল বা/এ, পিও বক্স নম্বর- ৯, ঢাকা বাংলাদেশ- ১০০০
কল করুন ১৬৩৪৪ নম্বরে
আন্তর্জাতিক ডায়াল-ইন নম্বর- +৮৮০৯৬৬৬৭১৬৩৪৪
আমাদের ফ্যাক্স করুন- +৮৮-০২-৯৫৫৮৬৮২
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