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Takaful DPS

Values and Life Protected
Following the rules and regulations of Islamic law and Shariah guidelines, MetLife has introduced Takaful insurance.
Based on guidance from the Shariah Council, the MetLife Takaful life insurance policy has been developed for everyone looking for financial securities driven by Islamic/Shariah considerations. MetLife Takaful DPS has been developed in three separate packages; Gold, Silver and Bronze. All the packages offer insurance protection and a savings plan that provides maturity value, among other benefits, in a Shariah compliant way.
 
Features
  • A life insurance policy offering protection and savings guided by the principles of Shariah.
  • Regularly monitored by the Shariah Council.
  • Offers insurance protection and savings.
  • Three attractive packages: Gold, Silver and Bronze.
  • Offers supplementary critical illness coverage and waiver of contribution benefits.

Product Overview

You can select your plan form the following three (3) options:

Plan       Features
Takaful DPS Gold Maturity Value + Life Coverage + Accidental Coverage + Critical Illness & Waiver of Contribution
Takaful DPS Silver Maturity Value + Life Coverage + Accidental Coverage
Takaful DPS Bronze Maturity Value + Accidental Coverage
Learn more about Takaful DPS insurance policy plans from MetLife
Takaful DPS - Gold Plan Collapsed Expanded

This plan provides you an opportunity to:

  • Earn reasonable returns leading to attractive maturity value to meet your financial planning needs.
  • Enjoy life insurance coverage under which the Face Amount will be paid in case of the death of the insured due to covered cases anytime while the policy is in-force regardless of the number of contributions paid. If the account value at the time of death is higher than the Face Amount, the account value will be paid.
  • In addition to life coverage, accidental coverage will be paid. Accidental coverage includes Accidental Death, Dismemberment and Accidental Permanent Total Disability. In case of Accidental Death or Accidental Permanent & Total Disability, 100% of accidental coverage will be provided. In case of Dismemberment, benefit may reach up to 100% of accidental coverage depending on the type and extent of loss.
  • Benefit under critical guard from a lump sum payment equal to 100% or 50% of the Face Amount (depending on your entry age , policy term & your choice) in case of diagnosis of or actual undergoing of surgery for, as the case may be, the following illnesses/medical conditions as defined in the Participants Membership Document (Policy Document):
    • Stroke
    • Cancer (excluding skin cancer)
    • First Heart Attack
    • Coronary Artery Surgery
    • Other Serious Coronary Artery Diseases
    • Heart Valve Surgery/Replacement
    • Pulmonary Arterial Hypertension ( Primary)
    • Benign Brain Tumor
  • Benefit from waiver of the contribution under family protection rider–disability for the remaining term of the policy in case of permanent total disability due to accident and sickness.

 

 

* face amount is defined as the Takaful DPS  annual contribution times the policy term

 

Critical Illness and Waiver of Contribution Coverages:

The critical illness benefit is equal to 100% of the face amount for ages 18 to 54 years and for terms 5 to 12 years. If you become permanently and totally disable due to accident or sickness within the age of 60 years, you will not be required to pay contributions for the remaining term of the policy and supplementary contracts. MetLife will pay all the contributions on your behalf. You will be entitled to receive all the coverages and projected maturity value.

Please consult your MetLife Financial Associate who has the contribution rates for these coverages.

 

Takaful DPS - Silver Plan Collapsed Expanded

 

This plan provides you an opportunity to:

  • Earn reasonable returns leading to attractive maturity value to meet your financial planning needs.
  • Enjoy life insurance coverage under which the face amount will be paid in case of the death of the insured due to covered cases anytime while the policy is in-force regardless of the number of contributions paid. If the account value at the time of death is higher than the face amount, the account value will be paid.
  • In addition to life coverage, accidental coverage will be paid. Accidental coverage includes Accidental Death, Dismemberment and Accidental Permanent Total Disability. In case of Accidental Death or Accidental Permanent & Total Disability, 100% of accidental coverage will be provided. In case of Dismemberment, benefit may reach up to 100% of accidental coverage depending on the type and extent of loss.

* face amount is defined as the Takaful DPS  annual contribution times the policy term

 

Takaful DPS - Bronze Plan: Collapsed Expanded

This plan provides you an opportunity to:

  • Earn reasonable returns leading to attractive maturity value to meet your financial planning needs.
  • Enjoy death benefit under which the account value or the contributions paid for the basic policy, whichever is higher, will be paid.
  • In addition to life coverage, accidental coverage will be paid. Accidental coverage includes Accidental Death, Dismemberment and Accidental Permanent Total Disability. In case of Accidental Death or Accidental Permanent & Total Disability, 100% of accidental coverage will be provided. In case of Dismemberment, benefit may reach up to 100% of accidental coverage depending on the type and extent of loss.
 

* face amount is defined as the Takaful DPS  annual contribution times the policy term

Product Details Collapsed Expanded

Some important features of Takaful DPS Gold, Silver and Bronze Plan:

  • Maximum Premium and Face Amount will be determined as per company’s underwriting guidelines.
  • Maximum critical illness benefit: Tk. 2,000,000. However for housewives the maximum benefit is Tk. 1,500,000.
  • Mode of  payment: Monthly, Quarterly, Half-Yearly or Yearly
  • Contribution: Minimum Contribution: Tk. 1,000 Monthly, Tk. 3,000 Quarterly, Tk. 6,000 Half - Yearly or Tk. 12,000 Yearly.
  • Currency: Bangladesh Taka (BDT)
  • Accident coverage expires at the age of 65 years.
  • Maximum accidental coverage amount will be BDT 2 crore subject to company’s underwriting guidelines.
  • The critical illness and waiver of contribution coverage (apply to Gold Plan only) expire at age 60 years.
  • Housewives may apply for Gold Plan without waiver of contribution benefit under family protection rider disability.
  • Waiting period (applies to critical illness benefit under Gold Plan only): 180 days since supplementary contract effective date or the last coverage commencement date, whichever is later.Only those critical illness that are first diagnosed or for which surgery has been done after 180 days waiting period are covered.
  • Income tax savings on your paid contributions, subject to Bangladesh tax laws.
  • All illustrations are for standard lives only and shall vary for substandard lives depending on underwriting rules.
  • Company’s existing underwriting guidelines will be applicable.
Eligibility Criteria Collapsed Expanded

Minimum: 18 years and Maximum 54 years

Policy Term Collapsed Expanded

Minimum 5 years and maximum 12 years.

Other Terms and Conditions Collapsed Expanded
 
  • The critical illness and waiver of contribution coverages may not be cancelled by the insured or by the company during the first 2 years from the effective date while the policy is in-force (applies to Gold Plan only)
  • The policy does not cover Death on account of suicide (within two years from the date of issue or from the date of any reinstatement of the policy), War, AIDS, pre-existing condition or other exceptions as specified in the Participants Membership Document (Policy Document). Please read Participants Membership Document for details on exceptions.
  • The policy may lapse with no value if contribution is not paid regularly as due. Monthly cost of insurance, expenses and other charges will be deducted till maturity or until the net cash surrender value exhausted, whichever is earlier.
  • Tax advantages regarding the contribution payment are subject to Tax laws/rules of the Bangladesh government. Please consult your Tax advisor for confirmation and advice.
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