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My Child's Education Protection Plan(MCEPP)
Secure your child's future
My Child's Education Protection Plan(MCEPP)
It is every parent’s wish that their children receive a higher education so that they can move forward in their professional careers and lead a stress-free life. What if you could ensure that the continuation of the dreams for your children does not get affected by anything and you don’t have to drain your finances or risk other life priorities? MetLife Bangladesh introduces the ideal life insurance “My Child’s Education Protection Plan” for you, where you can invest for your children’s future with the assurance of ensuring higher education while protecting them from the uncertainties of life.
At a glance
Maturity Benefit
At the end of the Premium Payment Term, 50% of the Face Amount will be paid less any indebtedness. At the end of the Coverage Period, remaining 50% of the Face Amount with bonus less any indebtedness as per the terms and conditions of the policy will be paid.
Death Coverage
In case of Policy Owner’s unfortunate death, the following benefits will be provided to the beneficiary;
1. 100% of the Face Amount as lumpsum less any indebtedness
2. Monthly Income Benefit equal to 2% of the Face Amount will be paid every month to the insured child prior to 1 month before the maturity of the Policy, and
3.All the future PREMIUMS under the policy will be WAIVED, the policy would continue till the maturity and beneficiary will receive Maturity Benefit.
Additional Benefits our customers can avail
1.Tax Rebate
2.Get access to One By MetLife
3.Discounts on various medical and diagnostic services
Valuable Optional Riders
You can also add the following optional Riders to your basic Policy by paying additional Premium-
1. Personal Accidental Coverage
2. Disability Protection Rider
3. MediCare
4. Hospital Care
5. Critical Care
MCEPP
More information about this product
Frequently Asked Questions (FAQs) - MCEPP
My Child's Education Protection Plan (MCEPP) is a life insurance solution designed to help parents financially prepare for their child's higher education while providing protection against life's uncertainties.
MCEPP allows parents to build funds for their child's education through planned savings while ensuring continued financial support if the policy owner passes away during the policy term.
At the end of the Premium Payment Term, My Child’s Education Protection Plan (MCEPP) pays 50% of the Face Amount, less any indebtedness. At the end of the Coverage Period, it pays the remaining 50% of the Face Amount plus applicable bonuses, less any indebtedness, subject to the policy terms and conditions. Bonuses should not be presented as a fixed or guaranteed accumulation amount; their applicability and value depend on the policy terms.
For My Child’s Education Protection Plan (MCEPP), the child’s entry age must be 30 days to 15 years, and the policy owner’s entry age must be 21 to 55 years. The child’s age plus the selected coverage period cannot exceed 27 years. You can choose a Coverage Period of 12 to 20 years, with a Premium Payment Term that is two years shorter than the selected Coverage Period. The minimum Face Amount is BDT 200,000, while the maximum is subject to MetLife’s underwriting requirements. Eligibility and available terms are subject to the policy conditions.
The beneficiary will receive:
- 100% of the Face Amount as a lump sum (less any indebtedness)
- A Monthly Income Benefit equal to 2% of the Face Amount for the insured child
- Waiver of all future premiums while the policy continues until maturity
In the event of the policy owner's death, the insured child will receive a monthly income equal to 2% of the Face Amount until one month before the policy maturity date.
Stopping premium payments is different from the premium waiver provided if the policy owner dies. In the event of the policy owner’s death, future premiums are waived and the policy continues until maturity, subject to its terms. If premiums are instead missed or discontinued, the effect on coverage and benefits depends on the policy’s provisions and status. A lapsed policy does not provide coverage, and reinstatement is subject to applicable requirements. Policyholders should check their policy document or contact MetLife for the consequences specific to their MCEPP policy before stopping payments.
Yes. All future premiums will be waived, and the policy will remain active until maturity. The beneficiary will also receive the applicable maturity benefits as per the policy terms and conditions.
Premiums paid under MCEPP may qualify for tax rebate benefits, subject to the prevailing tax laws and regulations of Bangladesh.
MCEPP customers may enjoy:
- Tax Rebate benefits
- Access to One By MetLife
- Discounts on selected medical and diagnostic services
You may enhance your coverage by adding the following riders for an additional premium:
- Personal Accidental Coverage
- Disability Protection Rider
- MediCare
- Hospital Care
- Critical Care
MCEPP is ideal for parents who want to build a dedicated fund for their child's higher education while ensuring financial protection and continuity of benefits in the face of unexpected life events.
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