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MetLife Three Payment Plan (M3PP)
MetLife Three Payment Plan (M3PP) is an endowment assurance policy that provides insurance protection and attractive returns on premiums.
MetLife Three Payment Plan (M3PP) provides insurance protection and attractive returns on Premiums
- 1. A unique Policy encompassing life insurance and savings protection
- 2. 50% of the Face Amount is paid before the maturity of the Policy
- 3. Available for a wide range of terms
- 4. A variety of optional supplemental Benefits are available to personalize the package to your needs
At a glance
Death Benefit
For policy term 12 to 15 years:
Lumpsum 100% of FA less debt (If any) + Accrued Reversionary Bonus +Terminal Bonus
For policy term 18 years and above:
During the first 1/3rd of the policy term: 100% of FA less debt+ Accrued Reversionary Bonus +Terminal Bonus
After the first 1/3rd of the policy term till the 2/3rd of the policy term:
125% of FA less debt + Accrued Reversionary Bonus +Terminal Bonus
After the first 2/3rd of the policy till maturity:
150% of FA less debt + Accrued Reversionary Bonus +Terminal Bonus
Payment Before Maturity
A) 25% of the Face Amount is paid at the end of the first one-third of the term of the Policy.
B) Another 25% of the Face Amount is paid at the end of the first two-third of the term of the Policy.
Maturity Benefit
The remaining 50% of the Face Amount is paid at maturity, along with Reversionary Bonus and Terminal Bonus (if applicable).
Protection all through
The 1st and/or 2nd installment amount has no bearing on the Benefits receivable by the Beneficiary(ies) in case of Insured's death. Even if the Insured dies after the 2nd installment has been paid, the Beneficiary(ies) receives the full Death Benefit plus the Reversionary and Terminal Bonuses. In the event of Insured's death, no deduction is made for the installments already paid.
Personal Accidental Coverage (if chosen)
A) Accidental Death and Permanent Total Disability will be equal to basic Face Amount but not exceeding BDT 5,000,000.
B) Accidental Dismemberment will be up to basic Face Amount but not exceeding BDT 5,000,000.
C) Accident Medical expense Reimbursement limit per accident will be up to 15% of basic Face Amount but not exceeding BDT 750,000.
Valuable Optional Riders
You can also add the following optional Riders to your Policy by paying additional Premium
A) MediCare
B) Waiver of Premium
C) Hospital Care
D) Accident Indemnity Certificate
E) Critical Care
F) Limited Accident Insurance Certificate
G) Accidental Death Benefit
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Frequently Asked Questions (FAQ)
MetLife Three Payment Plan (M3PP) combines life insurance protection with savings benefits in one Policy. MetLife M3PP pays 50% of the Face Amount before Policy maturity through two scheduled installments. The Policy pays the remaining 50% of the Face Amount at maturity with the Reversionary Bonus and Terminal Bonus, if applicable.
MetLife M3PP pays the Face Amount in three scheduled installments during the Policy term. The Policy pays 25% of the Face Amount at the end of the first one-third of the Policy term. The Policy pays another 25% at the end of the first two-thirds of the Policy term. The Policy pays the remaining 50% at maturity with the Reversionary Bonus and Terminal Bonus, if applicable.
MetLife M3PP pays the remaining 50% of the Face Amount at Policy maturity. The Policy also pays the Reversionary Bonus and Terminal Bonus at maturity, if applicable. The Policy pays the other 50% of the Face Amount through two installments before maturity.
MetLife M3PP provides 100% of the Face Amount as the death benefit for a Policy term of 12 to 15 years. MetLife deducts any outstanding debt from the Face Amount. MetLife also pays the accrued Reversionary Bonus and Terminal Bonus with the death benefit.
MetLife M3PP calculates the death benefit according to the stage of a Policy term of 18 years or longer.
- MetLife pays 100% of the Face Amount, less any debt, if the Insured dies during the first one-third of the Policy term.
- MetLife pays 125% of the Face Amount, less any debt, if the Insured dies after the first one-third and before the end of the first two-thirds of the Policy term.
- MetLife pays 150% of the Face Amount, less any debt, if the Insured dies after the first two-thirds of the Policy term and before maturity.
- MetLife adds the accrued Reversionary Bonus and Terminal Bonus to the applicable death benefit.
The installments paid before maturity do not reduce the death benefit under MetLife M3PP. MetLife pays the applicable full death benefit even if the Insured dies after receiving the first or second installment. MetLife also pays the Reversionary Bonus and Terminal Bonus to the Beneficiary or Beneficiaries. MetLife does not deduct the previously paid installments from the death benefit.
MetLife M3PP offers optional Personal Accidental Coverage for accidental death, permanent total disability, accidental dismemberment, and accident-related medical expenses.
- Personal Accidental Coverage provides an Accidental Death and Permanent Total Disability benefit equal to the basic Face Amount, subject to a maximum of BDT 5,000,000.
- Personal Accidental Coverage provides an Accidental Dismemberment benefit of up to the basic Face Amount, subject to a maximum of BDT 5,000,000.
- Personal Accidental Coverage reimburses medical expenses of up to 15% of the basic Face Amount per accident, subject to a maximum of BDT 750,000.
A Policyowner can add seven optional riders to MetLife M3PP by paying an additional Premium. MetLife M3PP offers MediCare, Waiver of Premium, Hospital Care, Accident Indemnity Certificate, Critical Care, Limited Accident Insurance Certificate, and Accidental Death Benefit as optional riders. These optional riders allow a Policyowner to personalize the Policy according to individual protection needs.
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