INSURANCE
Navigating the financial future in Bangladesh requires a strong foundation of protection beyond just savings. A sudden loss of income, an unexpected illness, or a retirement without adequate funds can destabilize a family's security. MetLife Bangladesh provides diverse and localized insurance solutions to address these risks.
As a trusted and leading life insurer in Bangladesh since 1997, MetLife serves over a million individual customers and more than 800 institutional clients. This guide focuses on MetLife’s offerings that combine savings with protection, along with their modern health riders and Shariah-compliant Takaful products, to help you secure your family’s well-being and pursue long-term financial goals.
Understanding Life Insurance in Bangladesh
Life insurance is a vital financial tool that provides a safety net for your loved ones in the event of the unexpected,
ensuring they can maintain their standard of living and meet future goals like education and marriage.
The Benefit of Income Tax Rebate
In Bangladesh, life insurance is a popular avenue for disciplined savings and investment, as it offers a substantial income tax rebate benefit.
MetLife's Core Savings & Protection Portfolio
MetLife’s individual life insurance portfolio is designed to meet customers at every stage of life, offering financial protection and opportunities for capital growth. All core plans offer the dual benefit of life coverage and a lump-sum payout upon maturity.
Savings & Protection Plans (Endowment/M3PP/MFDPP/MDPS)
MetLife Endowment (Growth & Secure): These policies combine financial growth and insurance protection.
The Endowment – Growth plan offers the possibility of higher returns through professional fund management that invests a
portion of the fund in the stock market. The Endowment – Secure plan is a key offering designed for those who seek reliable, long-term savings alongside a secure life insurance cover. Upon maturity or death, the policyholder or nominee is
entitled to the sum assured plus non-guaranteed bonuses.
MetLife Three Payment Plan (M3PP):
This plan provides three separate payments during the policy term, which can be used to meet life's milestones. For terms of 18 years or more, the plan offers 150% coverage, with payments distributed at one-third, two-thirds, and maturity. MetLife Fixed Deposit Protection Plan (MFDPP): A convenient single-premium savings and protection plan, the MFDPP offers financial security of up to approximately 2.5 times the single premium paid. The plan provides up to 15 years of coverage and offers protection against natural death, accidental death, and permanent
disability. MetLife Depositors Protection Scheme (MDPS): This is a flexible protection and savings policy with four different plans to choose from. It offers benefits including life insurance, accidental benefits, critical illness coverage, hospitalization benefits, and a premium waiver benefit in case of disability.
Income Growth Plan (IGP):
The Income Growth Plan (IGP) is a unique life insurance policy that strategically combines life insurance and
savings protection. This plan offers a maximum premium payment term of up to 30 years, providing flexibility to suit various budgetary needs. Plan Structure: The policy is split into two phases. In the first phase (seven years), the Cash Value grows. From the eighth year onwards, the Cash Value and declared dividend are transferred to the Investment & Protection Account (IPA). Death Benefit: In case of the insured's death after the first seven years, the beneficiary receives the greater of the basic Face Amount or the IPA value.
Securing Your Health: MetLife Health Riders & Plans
Medical emergencies can quickly deplete savings. MetLife addresses this risk by offering supplementary health riders
that can be added to a basic life insurance policy.
Hospitalization Support (Hospital Care/MediCare)
Hospital Care: This supplementary contract provides a fixed cash amount when the insured or their family members are hospitalized due to accident or sickness, regardless of the actual expenses. The cash income starts from the first day and continues for up to 52 weeks for each confinement.
MediCare: This supplementary health plan provides a daily cash benefit during hospitalization due to
accident or illness, ranging from a minimum of BDT 1,000 to a maximum of BDT 20,000 per day. The benefit is payable for up to 30 consecutive days per hospitalization and a total of 360 days during the policy coverage period.
Critical Illness Coverage (Critical Care/CIIPP)
Critical Care: This rider offers necessary financial protection upon the diagnosis of, or undergoing surgery for, any of the 25 specified critical illnesses, including Stroke, Cancer (except Skin Cancer), First Heart Attack, and Kidney
Failure.
Critical Illness Insurance Protection Plan (CIIPP): This standalone plan provides protection against a wider range of 52 critical illnesses, including Cancer, Stroke, First Heart Attack, and Kidney Disease. The lump sum benefit helps cover treatment costs and provides financial support to the family while the insured is recovering.
Shariah-Compliant Protection: MetLife Takaful Solutions
For individuals in Bangladesh who wish to align their financial planning with their religious beliefs, MetLife offers Shariah-compliant Takaful solutions. Takaful operates on the principle of mutual assistance where policyholders contribute to a common fund (Tabarru' fund) to help fellow members in times of need.
MetLife Bangladesh offers the following
Takaful life insurance:
MetLife Takaful DPS: Takaful DPS (Deposit Protection Scheme) is a protection and savings plan that is compliant with Shariah Guidelines. It has been developed with three separate plans: Takaful DPS - Gold, Takaful DPS - Silver, and Takaful DPS - Bronze, allowing customers to select a plan that best fits their financial capacity and savings goals. This plan assures a Maturity Value and Insurance Benefits in a Shariah-compliant manner.
Digital Services: Manage Your Policy with the One by MetLife App
MetLife Bangladesh provides comprehensive digital policy servicing and health management features through its mobile application. The widely-used MetLife 360Health app has been transformed into the One by MetLife App, offering a simplified customer experience and greater security.
One by MetLife App Capabilities
How to Choose the Right MetLife Policy?
Choosing the correct insurance policy is a strategic financial step for long-term stability.
Frequently Asked Questions (FAQ)
Here are answers to common questions about MetLife policies in Bangladesh:
If you stop paying premiums, the policy may lapse, or depending on the type and duration, it may acquire a non-forfeiture
value (like paid-up value or surrender value).
Yes, you can hold multiple MetLife policies to cover different financial goals and needs.
No, while the earning member often has the largest policy, policies can also be taken out for dependent spouses and
children to cover costs or safeguard savings plans.
Typically, you will need a completed proposal form, proof of identity (like NID or passport), and proof of age.
You can submit a claim by contacting the Customer Services Department at 09666716344, submitting the necessary forms and documents to a local office, or by submitting an online claim through the MetLife Bangladesh website or the One by MetLife App.
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