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 BDT 2,000,000
b. Accidental Dismemberment (AD) will be up to basic face amount but not exceeding BDT 2,000,000
c. Accident Medical expense Reimbursement (AMR) limit per accident will be up to 15% of basic face Amount but not exceeding BDT 300,000
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.