What Is MetLife Health Savings Plan (MHSP) and How Does It Work?

Healthcare expenses may arise unexpectedly, while future medical needs can require long-term financial preparation. Alongside preparing for healthcare expenses, individuals may also need to consider savings, life insurance protection, hospitalization-related support, critical illness coverage and accident-related medical costs.

MetLife Health Savings Plan (MHSP) is a life insurance policy designed to help policyholders build savings while accessing health-related features and benefits. MHSP combines life insurance protection, a Basic Account Value, the MetLife Health Wallet, a co-branded Health Card and the option to add selected health and accident riders according to individual needs.

How Does MetLife Health Savings Plan Work?

Under MetLife Health Savings Plan, policyholders pay premiums and build a Basic Account Value according to the applicable policy terms and conditions.

Policyholders can also deposit additional funds into the MetLife Health Wallet to prepare for future health-related expenses. The available Health Wallet balance and an eligible portion of the Basic Account Value can be accessed through the MetLife Health Card for health-related payments, subject to the applicable policy and card rules.

MHSP also provides maturity and death benefits. Policyholders may customize their protection by adding selected hospitalization, critical illness and accident-related riders when purchasing the policy.

What Are the Base Benefits of/content/metlife/bd/homepage/solutions/health-and-protection/mhsp?

The MHSP base policy provides maturity, death and additional accidental benefits.

Maturity Benefit

The MHSP maturity benefit consists of:

• 100% of the Basic Account Value and
• MetLife Health Wallet balance, if available

The applicable maturity benefit remains subject to the MHSP policy terms and conditions.

Death Benefit

The MHSP death benefit consists of:

• Face Amount
• Basic Account Value
• MetLife Health Wallet balance, if available

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

Additional Accidental Coverage

MHSP provides additional accidental coverage of up to five times the Face Amount.

The applicable amount and availability of additional accidental coverage depend on the relevant policy terms, limits and conditions.

This base benefit is different from Accidental Medical Reimbursement, which is an optional rider for eligible medical expenses arising from an accident.

How Can MHSP Protection Be Customized?

MHSP policyholders can customize their protection by adding selected health and accident riders when purchasing the policy.

These riders require additional premiums and are not automatically included in the MHSP base policy.

In-Hospital Daily Income

The In-Hospital Daily Income rider provides coverage of up to BDT 20,000 per day during hospitalization.

The applicable daily benefit remains subject to the rider’s eligibility requirements, limits and terms and conditions.

Critical Illness: Health Essential

The Critical Illness or Health Essential rider provides coverage against eight critical illnesses.

Coverage applies only to the critical illnesses and conditions defined in the approved rider documents.

Critical Care: Health Extensive

The Critical Care or Health Extensive rider provides broader coverage against 25 critical illnesses.

Health Extensive covers more specified critical illnesses than Health Essential. The selection of a rider should depend on the policyholder’s needs, premium affordability, eligibility and the applicable rider terms and conditions.

Accidental Medical Reimbursement

The Accidental Medical Reimbursement rider provides reimbursement of eligible medical expenses arising from an accident, up to the specified rider limit.

The qualifying expenses, required documents, exclusions, reimbursement limits and other provisions remain subject to the applicable rider terms and conditions.

What Is the MetLife Health Wallet?

The MetLife Health Wallet is an exclusive MHSP benefit that allows policyholders to make optional Top-Up deposits for future health-related expenses.

Policyholders can add funds to the MetLife Health Wallet within the allowable limits. The available Wallet balance can then be used for eligible health-related payments through the MetLife Health Card.

Top-Up deposits may be made through:

• MetLife Head Office
• MetLife Customer Touch Points or Sales Offices
• One by MetLife app
• Designated banking channels
• Mobile Financial Services

MHSP policyholders can make Top-Up deposits and transactions while the policy remains active. Top-Up deposits can be made only when regular policy premiums are up to date and must comply with the applicable minimum and maximum Top-Up limits.

The applicable crediting interest rate on the MetLife Health Wallet fund may help the accumulated balance grow over time, subject to the policy terms and conditions. The crediting interest rate should not be interpreted as an investment return, yield, profit rate, return on investment or guarantee of financial performance.

The MetLife Health Wallet is an MHSP policy benefit. It should not be interpreted as a conventional savings account, bank account or investment account.

What Is the MetLife Health Card?

The MetLife Health Card is a co-branded prepaid card offered by MetLife in partnership with Eastern Bank PLC to provide MHSP policyholders access to eligible funds for health-related payments.

Every active MHSP policyholder is eligible to receive a Health Card. The card can be used for eligible cashless payments at:

• Hospitals
• Diagnostic centres
• Pharmacies

The cashless payments will be in BDT, and within the approved merchant network in Bangladesh.

The available Health Card balance may include:

• The MetLife Health Wallet balance
• An eligible portion of the Basic Account Value, determined according to the applicable percentage of paid Basic Premium for the relevant policy year

Cash withdrawal and fund transfer are not permitted through the MetLife Health Card.

Cashless payment means using the available Health Card balance to make an eligible health-related payment. It does not mean that healthcare services are free, automatically covered or available without applicable limits.

The MetLife Health Card is a co-branded prepaid card. It should not be interpreted as a conventional bank account, debit card, credit card or unrestricted general-purpose payment card.

How Can the Basic Account Value Be Used for Health-Related Expenses?

Starting from the second MHSP policy year, a policyholder may use an eligible portion of the Basic Account Value for health-related expenses through the MetLife Health Card.

The applicable Basic Account Value portion is determined by the relevant policy year:

• First policy year: 0% of paid Basic Premium
• Second policy year: 20% of paid Basic Premium
• Third policy year: 25% of paid Basic Premium
• Fourth policy year: 30% of paid Basic Premium
• Fifth policy year onward: 35% of paid Basic Premium

Up to 100% of the principal balance in the MetLife Health Wallet may be available through the Health Card, subject to the applicable policy rules.

The usable Health Card limit is determined using:

Principal balance in the MetLife Health Wallet + eligible portion of the Basic Account Value

All available amounts, limits and eligible transactions remain subject to the applicable MHSP terms and conditions.

What MHSP Membership Options Are Available?

MetLife Health Savings Plan provides three membership options based on the applicable monthly premium: Premium Plus, Premium and Standard.

Premium Plus

• Monthly premium of BDT 15,000 or above
• Blue Health Card
• Maximum per-transaction limit of BDT 250,000

Premium

• Monthly premium from BDT 5,000 to BDT 14,999
• Silver Health Card
• Maximum per-transaction limit of BDT 200,000

Standard

• Monthly premium up to BDT 4,999
• Green Health Card
• Maximum per-transaction limit of BDT 150,000

For premium payment modes other than monthly, the applicable premium amount is determined as a multiple of the monthly premium.

The maximum amount that can be used in a transaction also depends on the policyholder’s available balance. There is no limit on the number of daily transactions as long as sufficient balance remains available under the policy.

The applicable offers and benefits associated with each membership tier remain subject to the approved MHSP materials and relevant conditions.

How Does One by MetLife Support MHSP Policyholders?

MHSP is integrated with the One by MetLife app, allowing
policyholders to access policy, Health Wallet and Health Card information.

Through One by MetLife, policyholders can access:

• MHSP policy information
• Policy updates
• Required certificates
• MetLife Health Wallet balance
• MetLife Health Card balance
• Health Card transaction details
• Details of discounts available at healthcare providers
• Health Card offers and benefits

Policyholders may also use the app for selected Health Card requests, including renewal and replacement, subject to the applicable conditions.

How Can Policyholders Add Funds to the MetLife Health Wallet?

Policyholders can add funds through:

• MetLife Head Office
• MetLife Customer Touch Points or Sales Offices
• One by MetLife mobile app
• Designated banking channels
• Mobile Financial Services
  

Top-Up deposits are accepted only when the MHSP policy remains active and regular premium payments are up to date.

There is no minimum Top-Up amount required until further notice. However, Top-Up deposits remain subject to MetLife’s applicable minimum and maximum limits and policy rules.

Top-Up amounts are not included in the Premium Certificate. The Premium Certificate reflects only the Policy Premium Amount.

What Happens If an MHSP Premium Remains Unpaid?

If an MHSP premium remains unpaid for 31 days from the due date, the due premium will be automatically deducted from the MetLife Health Wallet, subject to sufficient available Wallet balance.

A new Top-Up deposit will be accepted only after the regular policy premium is brought up to date. However, any existing MetLife Health Wallet balance may still be used for eligible health-related expenses, subject to the applicable policy rules.

What Happens to Unused MetLife Health Wallet Funds?

Any unused MetLife Health Wallet balance will be refunded to the policyholder if the MHSP policy:

• Matures
• Terminates
• Lapses
• Is surrendered

Health Card transactions will be disabled automatically when the policy matures, terminates, lapses or is surrendered.

The refund and closure process remains subject to the applicable MHSP and MetLife Health Wallet rules.

What Should Customers Review Before Choosing MHSP?

Before choosing MetLife Health Savings Plan, customers should review:

• Face Amount
• Regular premium requirements
• Basic Account Value
• Maturity benefit
• Death benefit
• Additional accidental coverage
• Partial use of Basic Account Value
• MetLife Health Wallet Top-Up rules
• Applicable crediting interest rate
• Available Health Card balance
• Health Card restrictions
• Health Card transaction limits
• Membership tier
• Approved healthcare merchant network
• Optional rider premiums
• Rider eligibility requirements
• Covered critical illnesses
• Hospitalization-related benefits
• Rider exclusions and limits
• Policy maturity, lapse, termination and surrender provisions
• Complete MHSP terms and conditions

The suitability of MHSP depends on the customer’s savings objectives, life insurance needs, healthcare-related financial priorities, premium affordability and individual circumstances.

Key Takeaways

• MetLife Health Savings Plan is a life insurance policy with savings and health-related features.
• MHSP provides maturity, death and additional accidental benefits.
• The maturity benefit includes 100% of the Basic Account Value and the available MetLife Health Wallet balance.
• The death benefit includes the Face Amount, Basic Account Value and available MetLife Health Wallet balance.
• Selected health and accident riders can be added by paying additional premiums.
• The MetLife Health Wallet allows optional Top-Up deposits for future health-related expenses.
• The MetLife Health Card provides access to eligible Health Wallet funds and an applicable portion of the Basic Account Value.
• The Health Card does not permit cash withdrawals or fund transfers.
• An eligible portion of the Basic Account Value may be used from the second policy year. MHSP provides Premium Plus, Premium and Standard membership options.
• MHSP balances, certificates, transactions and policy information can be accessed through One by MetLife.
• All MHSP, Health Wallet, Health Card, membership and rider features remain subject to the applicable terms and conditions.

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Disclaimer: The MetLife Health Card is issued, maintained, and operated exclusively by the partner bank pursuant to its own systems, processes, and applicable terms and conditions. MetLifeʼs role is limited to facilitating access to the Health Card as a policy benefit called the “MetLife Health Walletˮ which is integrated with the MetLife Health Savings Plan. MetLife does not own, control, or manage the bankʼs card infrastructure, transaction processing systems, payment networks, merchant acquisition, dispute resolution mechanisms, or customer service operations. Accordingly, MetLife shall not be liable for any delay, failure, interruption, error, omission, unauthorized transaction, declined transaction, dispute, reversal issue, system unavailability, or service deficiency arising out of or in connection with the bankʼs issuance, activation, PIN management, transaction processing, settlement, blocking, reissuance, or other card-related services.

All queries, complaints, and disputes relating to the Health Card or card transactions must be raised directly with the issuing bank and shall be governed by the bankʼs applicable policies, timelines, and regulatory obligations

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.