Key Benefits of MetLife Guaranteed Savings Plan

Overview

Guaranteed Increasing Income Benefit

On Survival you will receive a guaranteed income increasing at a rate of 10% p.a. (simple) from the second income benefit onwards. The Guaranteed Increasing Income Benefit will be expressed as a percentage of Basic Sum Assured (BSA) and will be payable from the next policy anniversary after completion of the Premium Payment Term till maturity. The details of the Guaranteed Increasing Income Benefit are mentioned in the table below:

Guaranteed Increasing Income Benefit: The year on year increase in the Guaranteed Income benefit for each premium paying term and policy term is illustrated below, 

Guaranteed Sum Assured on Maturity

In addition to the Guaranteed Increasing Income Benefit, Guaranteed Sum Assured on Maturity is payable on survival of Life Assured till the end of the Policy Term, Guaranteed Sum Assured on Maturity is defined as a percentage of Basic Sum Assured and varies by the Policy Term (PT) and Premium Payment Term (PPT).

Build-up option

You can choose to defer the Guaranteed Increasing Income Benefit till end of the policy term by choosing the ‘Build-up Option’. If Build-up option is chosen, all due premiums have been paid and policy is in force, all income payouts shall be accrued at 5% every year at a compounded interest rate and will be payable at the end of the policy term. The deferred Guaranteed Increasing Income Benefit payout will be enhanced as shown in the table below:

Death Benefit

In case of unfortunate demise of the life assured during the policy term, provided policy is in force and all due premiums have been paid as on the date of death, Sum Assured on Death shall be payable.

Where Sum Assured on Death is the highest of;

   •  Annualized Premium multiplied by the Multiple of Premium according to the Multiple Option chosen
   •  Guaranteed Sum Assured on Maturity
   •  Basic Sum Assured (BSA) which is the absolute amount assured to be paid on death
   •  105% of all premiums paid as on date of death

where Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and taxes, if any.

There are 2 multiples which can be chosen at the inception of the policy and it cannot be changed during the term of the policy:

If Build-up Option is chosen and the death occurs after completion of the Premium Payment Term, all deferred incomes till the date of death accumulated at a compounding interest rate of 5% every year will be payable along with Sum Assured on Death as defined above.

Death Benefit Payout Option:

On death of the Life Assured, the Company will pay the death benefit as Lump sum or Annual Income based on the Option chosen by the Life Assured at the time of inception of the policy.

If Lump Sum Option is chosen, the Death Benefit will be paid as lump sum immediately and the policy will terminate.

If the Annual Income Option is chosen, the Death Benefit will be paid to the Nominee as annual installments increasing at a rate of 10% p.a. (simple) over the Death Payout period which is equal to 10 years.