MetLife Three Payment Plan (M3PP) is a MetLife Bangladesh policy that combines life insurance and savings protection through three scheduled payments. M3PP pays 25% of the Face Amount at the end of the first one-third of the policy term, another 25% at the end of the first two-thirds, and the remaining 50% at maturity together with Reversionary Bonus and Terminal Bonus, if applicable.

MetLife Three Payment Plan is available for a range of policy terms. Customers may also add selected accidental benefits and optional riders by paying additional premiums.

The following frequently asked questions explain how M3PP works, when payments are made, what death and maturity benefits are available, and which optional benefits may be added.

What Is MetLife Three Payment Plan (M3PP)?

MetLife Three Payment Plan (M3PP) is a policy that combines life insurance and savings protection.

M3PP offers:

• Life insurance protection
• Two scheduled payments before maturity
• A final payment at maturity
• Reversionary Bonus and Terminal Bonus (if applicable)
• Optional supplemental benefits for additional premiums
• A range of available policy terms

All benefits remain subject to the applicable M3PP policy terms and conditions.

Why Is MetLife Three Payment Plan Called a Three Payment Plan?

MetLife Three Payment Plan is called a three payment plan because the policy’s Face Amount is distributed through three scheduled payments subject to the survival of the insured life.

The three M3PP payments are :

1. 25% of the Face Amount at the end of the first one-third of the policy term
2. Another 25% of the Face Amount at the end of the first two-thirds of the policy term
3. The remaining 50% of the Face Amount at maturity, together with Reversionary Bonus and Terminal Bonus, if applicable

How Much Does MetLife Three Payment Plan Pay Before Maturity?

MetLife Three Payment Plan pays a total of 50% of the Face Amount before the policy reaches maturity.

The pre-maturity payments consist of:

• 25% of the Face Amount at the end of the first one-third of the M3PP policy term
• Another 25% of the Face Amount at the end of the first two-thirds of the M3PP policy term

The remaining 50% of the Face Amount is paid at maturity, together with applicable bonuses.

What Is the Maturity Benefit of MetLife Three Payment Plan?

The maturity benefit of MetLife Three Payment Plan consists of the remaining 50% of the Face Amount, together with Reversionary Bonus and Terminal Bonus, if applicable.

The first 50% of the Face Amount is paid through two instalments before maturity. The remaining portion and applicable bonuses are paid when the M3PP policy reaches maturity.

All payments remain subject to the policy terms and conditions.

Does MetLife Three Payment Plan Provide Life Insurance Protection?

Yes, MetLife Three Payment Plan combines life insurance protection with savings protection.

The applicable M3PP death benefit depends on:

• The selected policy term
• The stage of the policy when the insured dies
• Accrued Reversionary Bonus
• Terminal Bonus
  
• Any Outstanding Debt

What Is the M3PP Death Benefit for a Policy Term of 12 to 15 Years?

For an M3PP policy term of 12 to 15 years, the death benefit is 100% of the Face Amount together with accrued Reversionary Bonus and Terminal Bonus.

The M3PP death benefit for a 12-to-15-year policy term includes:

• A lump-sum payment equal to 100% of the Face Amount
• Accrued Reversionary Bonus
• Terminal Bonus (if applicable)
• Deduction of any outstanding debt

The payment remains subject to the applicable policy terms and conditions.

What Is the M3PP Death Benefit for a Policy Term of 18 Years or More?

For an M3PP policy term of 18 years or more, the death benefit ranges from 100% to 150% of the Face Amount, depending on when the insured dies during the policy term.

During the first one-third of the M3PP policy term

The death benefit includes:

• 100% of the Face Amount
• Accrued Reversionary Bonus
• Terminal Bonus
• Deduction of any outstanding debt

After the first one-third and up to the first two-thirds of the M3PP policy term

The death benefit includes:

• 125% of the Face Amount
• Accrued Reversionary Bonus
• Terminal Bonus
• Deduction of any outstanding debt

After the first two-thirds of the M3PP policy term and before maturity

The death benefit includes:

• 150% of the Face Amount
• Accrued Reversionary Bonus
• Terminal Bonus
• Deduction of any outstanding debt

All M3PP death benefits remain subject to the policy terms and conditions.

Do M3PP Payments Made Before Maturity Reduce the Death Benefit?

No, the first and second M3PP instalments do not reduce the applicable death benefit payable to the beneficiary.

Even if the insured dies after the second scheduled instalment has been paid, the beneficiary receives the full applicable death benefit together with Reversionary Bonus and Terminal Bonus.

No amount is deducted from the M3PP death benefit for the first or second instalment already paid.

Does MetLife Three Payment Plan Include Reversionary and Terminal Bonuses?

MetLife Three Payment Plan includes Reversionary Bonus and Terminal Bonus in its applicable maturity and death benefits.

Under M3PP:

• Reversionary Bonus is included with the remaining Face Amount payable at maturity
• Terminal Bonus is included at maturity, if applicable
• Accrued Reversionary Bonus and Terminal Bonus are included in the applicable death benefit

The payment of bonuses remains subject to the M3PP policy terms and conditions.

What Personal Accidental Coverage Is Available with MetLife Three Payment Plan?

MetLife Three Payment Plan offers optional Personal Accidental Coverage for accidental death, permanent total disability, accidental dismemberment and accident-related medical expenses.

If Personal Accidental Coverage is selected, the available benefits include:

Accidental Death and Permanent Total Disability

The benefit is equal to the Basic Face Amount, subject to a maximum of BDT 5,000,000.

Accidental Dismemberment

The benefit may be up to the Basic Face Amount, subject to a maximum of BDT 5,000,000.

Accident Medical Expense Reimbursement

The reimbursement limit per accident may be up to 15% of the Basic Face Amount, subject to a maximum of BDT 750,000.

All Personal Accidental Coverage benefits remain subject to the applicable policy provisions.

Which Optional Riders Can Be Added to MetLife Three Payment Plan?

MetLife Three Payment Plan allows customers to add selected optional riders by paying additional premiums.

The optional M3PP riders are:

• MediCare
• Waiver of Premium
• Hospital Care
• Accident Indemnity Certificate
• Critical Care
• Limited Accident Insurance Certificate
• Accidental Death Benefit

Each M3PP rider has separate benefits, limits, premium requirements and applicable terms and conditions.

What Should Customers Review Before Considering MetLife Three Payment Plan?

Before considering MetLife Three Payment Plan, customers should review the policy term, Face Amount, scheduled payments, death benefits, bonus provisions, optional coverage and premium requirements.

Important M3PP details to review include:

• Selected policy term
• Basic Face Amount
• Timing of the three scheduled payments
• Applicable death benefit at each stage
• Effect of any outstanding debt
• Reversionary Bonus provisions
• Terminal Bonus provisions
• Personal Accidental Coverage
• Optional riders
• Additional premium requirements
• Applicable policy terms and conditions

The suitability of M3PP depends on the customer’s financial objectives, protection needs and ability to continue paying premiums.

Key Takeaways About MetLife Three Payment Plan

• MetLife Three Payment Plan combines life insurance and savings protection.
• M3PP pays 50% of the Face Amount through two instalments before maturity.
• M3PP pays the remaining 50% of the Face Amount at maturity with applicable bonuses.
• Scheduled M3PP instalments do not reduce the applicable death benefit.
• M3PP death benefits vary according to the policy term and the stage at which the insured dies.
• Personal Accidental Coverage is available under M3PP if selected.
• Optional M3PP riders require additional premiums.
• All M3PP benefits remain subject to the applicable policy terms and conditions.

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Financial Disclaimer: The information provided is for general informational purposes only and should not be considered financial, investment or insurance advice. Policy features, premiums, Face Amount, benefits, bonuses, coverage limits, optional riders, outstanding debts and other terms may vary. Please review the approved policy literature and consult a qualified financial advisor before making any financial decision.

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