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Single Deposit Protection Scheme (SDPS)

A single time insurance premium from MetLife Bangladesh will secure life insurance and savings protection

At MetLife Bangldesh, we offer a life insurance product that is exclusively designed and only offered to cater to the needs of our loyal customers who are approaching a partial or full maturity of their existing policy with us. With the net maturity proceeds they may further enhance the protection and/or replace it with this insurance plan tailor-made with unique features. The Single Deposit Protection Scheme (SDPS) which is a savings and life insurance plan that also provides an attractive maturity value as well as valuable accidental benefits.
  • For the Life Insurance Coverage under SDPS, a one-time premium charge is deducted from the collected form a single deposit. The net amount then goes into the individual account of the SDPS policy and keeps growing with investment yield credited to the account periodically.
  • SDPS also provides for Accidental Death, Accidental Permanent Partial Disability, and Accidental Permanent Total Disability.
  • In addition to life and Accidental Benefits, SDPS further provides Maturity Benefits.
Learn more about Single Deposit Protection Scheme (SDPS)
Product overview Collapsed Expanded

Some examples of payable benefits under SDPS life coverage, Accidental Coverages, and maturities are:

Natural Death Benefit

If the insured dies of natural causes, the account value or the face amount of SDPS(whichever is higher) will be paid to the beneficiary.

Accidental Death Benefit

If the insured dies of accidental injuries before maturity, the benefit payable would be the Account Value or Face Amount of SDPS (whichever is higher) and 100% of Face Amount for Accidental Death.

Accidental Permanent Partial Disabilities (APPD) Benefit:

If insured meets with accident leading to any or some of the covered Permanent Partial Disabilities, company will immediately pay predetermined % of face amount for Accidental PPD, the policy would continue in-force, and company would pay 100% of Account Value on maturity. APPD benefit against multiple of covered losses will not exceed 100% of Face Amount.

In case of Death of Insured after receiving the APPD benefits, company would pay higher of Account Value or Face Amount of SDPS, and remaining % of APPD on death provided that the cause of death could be linked to the accident and that the death occurred 365 days from the date of accident. Otherwise, the death benefit would be limited to higher of Account Value or face amount of SDPS.

Accidental Permanent Total Disability Benefit

If insured meets with accident and it causes him/her Permanent Total Disability Company would immediately pay 100% of Face Amount for Accidental PTD, the policy would continue in-force, and company will pay 100% of Account alue on maturity.

In case of death after receiving the APTD benefits,the benefit payable would be the account value or face amount of SDPS (whichever is higher).

Maturity Benefit

If policy matures without any covered loss happening to policy owner, company pays 100% of the account value

Eligibility criteria Collapsed Expanded

Minimum age - 18 Years

Maximum age - 61 Years

(Only the existing customers of MetLife are privileged to purchase this policy using the net maturity / partial maturity receivable as single premium paid at policy inception).

Term Collapsed Expanded

Minimum 4 years and maximum 15 years 

Single premium Collapsed Expanded

Minimum single premium will be BDT 25,000.

Maximum single premium will be determined as per company’s underwriting guidelines.

Face amount Collapsed Expanded

For chosen policy Term 4-7 years: Face Amount (FA) is 1.5 times of single premium

For chosen policy term (8-11) years: Face Amount (FA) is 2.0 times of single premium

For chosen policy term (12-15) years: Face Amount (FA) is 2.5 times of single premium

Currency Collapsed Expanded

Bangladesh Taka (BDT) 

Exclusions of SDPS Collapsed Expanded

HIV/AIDS, suicide during the first 2 years of policy issue date or 2 years following a reinstatment/face amount increase, war etc. Policy document specifies all the exclusions with respective definitions.

Glossary of insurance terms Collapsed Expanded

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