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LifeLine

A Pension Plan for you
Have you been thinking about your life after retirement? If yes, then we have a plan for you that keeps you as happy in your retired life as you are now. We feel that you need to start planning for your retirement because now you are working, earning, and spending at your will. When you will retire, you wouldn’t be able to keep pace with things at such ease. Your regular income will cease but you will need sufficient financial support to be able to pay for your living, medical, and other expenses. You are the one who must secure a happy retirement for yourself. No one wants to depend financially on others after retirement, right? Keeping these realities in mind, MetLife presents a pension plan for you called LifeLine which will ensure regular payment as per your choice up to your age of 100 years so that you can enjoy your life after retirement. Unique Value for You You will pay premium for a certain period of time when you are working and earning to receive pension income from MetLife for a long period of time when you retire.

Unique Value for You 

You will pay premium for a certain period of time when you are working and earning to receive pension income from MetLife for a long period of time when you retire.

  • On top of Basic Face Amount, your plan is eligible for policy bonus(es), if declared by the Company.
  • Policy Loan facility during Premium Payment Phase is available if you need one
  • Additional accidental benefits through Personal Accident Coverage are available for you by paying additional premium
  • You will also have option to add valuable living and other insurance benefits by paying additional premium.
  • Income Tax savings on your paid premium, subject to Tax Laws / Rules of Bangladesh government. Please consult your Tax Advisor for confirmation and advice.
I need to learn more about LifeLine
Product Overview

The way LifeLine will work for you 

Decide on the following four points and see how LifeLine will work for you: 

  • When do you want your pension income to be started?
  • How much pension income do you prefer?
  • Do you have any existing retirement plan? If yes, is it enough?
  • Do you want your pension income to be annually or monthly?
Product Details

Issue Age

18 to 55 years

Maturity Age

100 years

Premium Payment Term

10 Years to 20 Years

Basic Face Amount

BDT 1,00,000 to 1,00,00,000

Premium Payment Modes

Monthly, Quarterly, Semi-annually, and Annually

Expiry Age of Personal Accident Coverage

65 years or end of Premium Payment Phase, whichever is earlier.

Other Terms and Conditions

1. Principal Amount: It is Basic Face Amount plus accrued Policy Bonuses (if declared) less indebtedness on the Policy (if any). 

2. Pension (i.e. Income Coupon) Payout Options: At the start of Investment Accumulation Phase, following options are available for you.

a. Annual Pension; or

b. Monthly Pension; or

c. Leave your pension with MetLife to accumulate with interest

3. Pension (i.e. Income Coupon) Amount Calculation: Pension is calculated as a percentage of the Principal Amount. Mentioned percentage is called as “Coupon Rate”. This coupon rate is guaranteed to be not less than 2% of Principal Amount annually. Please consult your Financial Associate to know current coupon rate.

4. Policy Bonuses: There are two (02) types of bonuses during Premium Payment Phase; Reversionary Bonus (RB) and Terminal Bonus (TB). RB is applicable for all available terms whereas TB is only applicable for 16 to 20 years term. Please note that bonuses are not guaranteed.

5. Maturity Benefit: The Maturity Benefit shall be the Principal Amount. If pension (i.e. income coupon) is left with MetLife to accumulate with interest, maturity benefit will be Principal Amount plus accumulated value of pension.

6. Death Benefit:

a. During Premium Payment Phase: In case of death of the Insured, the beneficiary will receive Basic Face Amount plus accrued Reversionary and Terminal Bonuses (if applicable) less indebtedness to Company (if any).

b. During Investment Accumulation Phase: In case of death of the Insured, beneficiary will receive Principal Amount. If pension (i.e. income coupon) is left with MetLife to accumulate with interest, death benefit will be Principal Amount plus accumulated value of pension.

7. Additional Accidental Benefit under Personal Accident Coverage, if chosen: 

a. Accidental Death (AD) and Permanent Total Disability (PTD) will be equal to Basic Face Amount but not exceeding Tk. 20,00,000

b. Accidental Dismemberment (D) will be up to Basic Face Amount but not exceeding Tk. 20,00,000

c. Accident Medical Expense Reimbursement (AMR) limit per Accident will be up to 15% of Basic Face Amount but not exceeding Tk. 3,00,000

8. Surrender

a. Cash Surrender during Premium Payment Phase: The policy acquires cash value after premiums have been paid for first two (02) years.

After this period, Policy Owner can surrender the policy and receive Total Cash Value, less any indebtedness. Total Cash value is the Basic Cash Value plus cash value of the Reversionary Bonus.

b. Surrender Benefit during Investment Accumulation Phase (subject to processing fee, if any): Policy Owner will receive Principal Amount. If pension (i.e. income coupon) is left with MetLife to accumulate with interest, surrender benefit will be Principal Amount plus accumulated value of pension (i.e. income coupons).

9. Re-instatement during Premium Payment Phase: Unless the Policy has been cash surrendered, it may be reinstated at any time within five years after default in payment of premium upon written application along with evidence of insurability, including good health, satisfactory to the Company together with payment of all overdue premiums and repayment of any loan with interest. 

10. This Policy does not cover Death on account of Suicide (within two years from date of issue or from the date of reinstatement), War, Acquired Immune Deficiency Syndrome (AIDS), pre-existing condition or other exclusions as specified in the policy document. 

11. Policy Loan will be allowed up to a maximum of 85% of the Total Cash Value, less any indebtedness.

How to make a Claim

Making a claim in case of Insured’s death, dismemberment, disability or any other insured events is as simple as calling our MetLife Head Office at 9561791 (ext. 777) or 16344. We will guide you or your designated beneficiary (ies) through the whole process.

Glossary of Insurance Terms

This PDF file provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Click Here

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Terms & conditions

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Disclaimers:

1. This plan is underwritten by American Life Insurance Company (MetLife) and is subject at all times to the terms and conditions of the Plan Policy and Riders issued by MetLife. The information given here is intended for general consumer understanding only. Detailed terms, conditions and exclusions are included in the Policy Document. In case of discrepancy between this web contents and the policy document, the latter shall prevail. 

2. The product is not available in the United States, or offered to U.S. persons, for purposes of this statement, a U.S. Person is a citizen or resident of United States (including a U.S. Permanent Resident residing outside the U.S.), U.S. partnership and any trust that is controlled by one or more U.S. persons and is subject to the supervision of a U.S. Court. 

3. Supplementary Contracts/Riders (if any) attached with the Basic Policy, will automatically cancel on the termination/ expiry date of the Supplementary Contracts/Riders or at the end of the Premium Payment Term, whichever is earlier.

Note: To know more about this Product, please contact our Financial Associate.