Now, this is the New Kid on the Block, Online Term Insurance from Metlife "Met-Protect" product in the same line with Aegon Religare I-Term and ICICI Prudential I-Protect is offering, where premium rates are much lesser than other products available in the market. Although I have explained about Term Insurance plan in my Earlier post we will be going through it once again.
What is a Term Plan?
A Term plan covers an individual (Known as Insured) for a chosen coverage amount (known as Sum Assured) and for specific number of years (known as Policy Term). The amount paid by the individual to avail this benefit is called as Premium. In case any unfortunate event were to happen to the individual during the term of coverage, assuming all premiums due have been paid, the insurance company provides the coverage amount to the nominee (as proposed by the Insured).
Who should buy Term Plan?
Who should buy Term Plan?
The Term plan is ideal for you if you are:
Unmarried working individuals with or without any liability
Married working Individuals with or without Liability
Married working individuals with kids and loans
When should you buy Term Plan?
Married working Individuals with or without Liability
Married working individuals with kids and loans
When should you buy Term Plan?
When you are young and comparatively healthy, hence an insurance company charges lesser premium. With increasing age, the probability of occurrence unforeseen events increases resulting in higher premiums. Given that the premiums to be paid are constant throughout the term of the plan the earlier you buy it, the better it is.
Key Features of Met Protect• Buy this affordable, pure risk insurance plan online.
• Get rewarded with lower premiums for being a Non-Smoker*.
• Differential premiums for males and females.
• Avail of tax benefits under Section 80C^ on the premiums paid.
• Get rewarded with lower premiums for being a Non-Smoker*.
• Differential premiums for males and females.
• Avail of tax benefits under Section 80C^ on the premiums paid.
Eligibility Criteria for Met ProtectMinimum Age at Entry 18 Years
Maximum Age at Entry 60 Years
Max policy Expiry Age 70 Years
Minimum Sum Assured Rs. 25 Lakhs
Maximum Sum Assured No Limit Subject to Underwriting
Policy Term Regular Pay: 10 – 35 Years ;
Single Pay : 10-15 Years
Premium Payment Term Regular/Single
Premium Payment Frequency Annual/Semi Annual/SingleWho is considered as a Non-Smoker?People who have not smoked or consumed tobacco or nicotine products in any form in the last 5 years (Tobacco product includes but not limited to cigarettes, bidis, cigars, chewable tobaccos like ghutka, flavored pan masala etc) and who have tested negative for the Cotinine Test. The special premium rates will be offered subject to satisfactory results of “Cotinine Test” besides other underwriting requirements as may be required by the company from time to time.
Maximum Age at Entry 60 Years
Max policy Expiry Age 70 Years
Minimum Sum Assured Rs. 25 Lakhs
Maximum Sum Assured No Limit Subject to Underwriting
Policy Term Regular Pay: 10 – 35 Years ;
Single Pay : 10-15 Years
Premium Payment Term Regular/Single
Premium Payment Frequency Annual/Semi Annual/SingleWho is considered as a Non-Smoker?People who have not smoked or consumed tobacco or nicotine products in any form in the last 5 years (Tobacco product includes but not limited to cigarettes, bidis, cigars, chewable tobaccos like ghutka, flavored pan masala etc) and who have tested negative for the Cotinine Test. The special premium rates will be offered subject to satisfactory results of “Cotinine Test” besides other underwriting requirements as may be required by the company from time to time.
Benefi ts under your policy1) Death BenefitIn the event of your unfortunate demise during the term of the Policy, your beneficiary will receive the Sum Assured provided the Policy is in force at the time of death.
2) Maturity BenefitThis plan does not have any maturity benefit.
3) Paid-up & Surrender ValueThis Plan does not have any paid-up or surrender value
4)Tax Benefits
Tax Benefits under this plan are available as per the provisions and conditions of the Income Tax Act 1961 and are subject to any changes made in the tax laws in future.
2) Maturity BenefitThis plan does not have any maturity benefit.
3) Paid-up & Surrender ValueThis Plan does not have any paid-up or surrender value
4)Tax Benefits
Tax Benefits under this plan are available as per the provisions and conditions of the Income Tax Act 1961 and are subject to any changes made in the tax laws in future.
How this fares when we compare it with Aegon Religare Life Insurance I-Term Plan and ICICI Prudential I-Protect Plan.
Features | Aegon Religare Life Insurance I-Term | ICICI Prudential Life Insurance I-Protect | Metlife Life Insurance Met-Protect |
Premium Charges | Cheap | Cheapest | Slightly Higher |
Policy Term | Maximum 25 years | Maximum 30 Years | Maximum 35 Years |
Accidental Death Benefit Rider | Option not available | Available at affordable rates | Option not available |
How to opt for this policy | Online only or by Calling up at the Call center | Online only or by Calling up at the Call center | Online only |
Premium Payment options | Annual | Annual | Annual, Semi Annual and Single Premium |
