Key Benefits of MetLife Guaranteed Savings Plan
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1
Guaranteed additions on cumulative premiums
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2
Guaranteed sum assured on maturity
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3
Life cover for the entire policy term
Overview
MetLife Guaranteed Savings Plan is a plan that helps you fulfil your big dreams by offering lump sum benefit on maturity along with guaranteed additions on cumulative premiums.
With MetLife Guaranteed Savings Plan
- Secure your future with guaranteed returns on cumulative premiums
- Create a corpus to fulfil short term to long term goals as per your choice
- Guarantee your child’s higher education with guaranteed benefits at maturity
- Secure your family’s future with life cover for entire policy term
Product Benefits
Maturity Benefit
On maturity, your benefits will be
- Sum Assured on Maturity plus
- Accrued Guaranteed Additions
Death Benefit
Sum assured on death plus accrued guaranteed additions (as on date of death) is payable on death during policy term
Where Sum Assured on Death is the highest of;
- Annualized Premium X Multiple of Annual Premium (10x or 7x, depending on age at entry)
- 105% of all premiums paid as on date of death
- Sum Assured on Maturity
- Basic Sum Assured (BSA)
Sum Assured on Maturity
It is defined as a percentage of basic sum assured (BSA) and varies with premium payment type
- 5 Pay – 70% of Basic Sum Assured
- 7 Pay – 100% of Basic Sum Assured
- 10 Pay – 130% of Basic Sum Assured
Guaranteed Additions
Guaranteed additions are added at the end of each Policy Year during the Premium Payment Term (provided all due Premiums have been received for that Policy Year)
Guaranteed Additions = Guaranteed Addition rate X Sum of all premiums received till date
- 5 Pay – 5% of cumulative premiums
- 7 Pay – 7% of cumulative premiums
- 10 Pay – 10% of cumulative premiums
Premium Payment Type |
5 Pay |
7 Pay |
10 Pay |
Premium Payment Term (years) |
5 |
7 |
10 |
Policy Term (years) |
10 |
15 |
20 |
Minimum Age* at entry(years) |
8 |
3 |
3 |
Maximum Age* at entry (years) |
60 |
60 |
60 |
Maximum age* at maturity (years) |
70 |
75 |
80 |
Minimum Annual Premium (Rs) |
46,480 |
21,068 |
14,178 |
Maximum Annual Premium (Rs) |
As per Board approved |
As per Board approved |
As per Board approved |
Minimum Sum Assured (Rs) |
4,00,000 |
2,00,000 |
1,50,000 |
Maximum Sum Assured (Rs) |
As per Board approved |
As per Board approved |
As per Board approved |
Premium payment modes |
Yearly/half yearly/monthly |
Yearly/half yearly/monthly |
Yearly/half yearly/monthly |
Multiple of Premium |
Age at entry |
Applicable multiple |
Multiple of Premium |
45 years and above |
10x or 7x |
Multiple of Premium |
Less than 45 years |
10x |
*Age last birthday
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