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MET LIFE -- BHAVISHYA PLAN |
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Bhavishya plan |
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Met Bhavishya is a guaranteed money back plan from the MetLife Insurance Company, specifically designed to take care of the education and career needs of the children. The plan provides lump sum benefit payments, at very important intervals, through the policy term. |
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The important features of the plan are: |
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Life assurance – under this plan the life insured is that of the parent. |
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Policy term – Choice of two policy terms depending on the age of the child. |
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Option A: 21 minus age of named child at entry |
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Option B: 25 minus age of named child at entry |
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Guaranteed additions – guaranteed additions of Rs.50 on every Rs.1000 of the face value for every completed year, will be payable to the policy holder. Moreover, a guaranteed terminal addition equal to 20% of the total guaranteed periodic additions will be payable if the policy is in force till the end of the policy term. These guaranteed additions will form the maturity benefits under this plan. |
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Death benefits – during the term of policy |
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Death of the life assured – the family will receive the entire sum assured (face value) of the policy. The fixed term payment and the maturity benefits will continue even then and all the future premium payments would be waived. |
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Death of the named child – any of the following three options may be exercised. |
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- Another individual, in whom the policy holder has insurable interest, is nominated for the policy and the policy is kept in force by payment of the premiums as on their due date(s). The policy terms, due dates and periodical and maturity benefits remain the same
- Policy is surrendered and the guaranteed surrender value, as specified in the policy document, is paid to the policy holder.
- Further premium payments are discontinued and the policy is kept in force at a reduced paid-up value.
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Benefit payments – the benefits under the policy are provided at guaranteed intervals to secure the future of the named child. |
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Option A |
Option B |
Percentage of payouts* |
Age of child |
Assumed Milestone |
Age of child |
Assumed Milestone |
20% |
15 years |
Class X |
17 years |
Class XII |
30% |
17 years |
Class XII |
21 years |
Graduation |
50% |
20 years |
Graduation |
23 years |
Higher Education |
Guaranteed Additions |
21 years |
Higher Education |
25 years |
Wedding |
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* payout percentage is as on the face value of the policy |
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Basic plan parameters |
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Option A |
Option B |
Minimum entry age of the named child (in years) |
0 |
0 |
Maximum entry age of the named child (in years) |
8 |
12 |
Minimum entry age of parent (in years) |
20 |
20 |
Maximum entry age of parent (in years) |
50 |
50 |
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Rider – the add-on riders available at the time of taking the policy are: accident death benefit; waiver of premium; critical illness; term rider. |
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Tax Benefits – available for premiums paid under the policy and for premiums paid for critical illness / waiver of premium rider (if so opted for) under Section 80C and Section 80D of income tax law. Also, the benefit payments received under the policy are fully exempt from tax under Section 10 (10D). |
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