The Met Junior Money Back is a money back pla. This plan comes with the combination of security and savings. The company offers the money back plan which gives the guaranteed periodic survivals at the finishing of 5, 10, 15 years. This plan gives both timely and efficient returns on investment along with payouts at the time of different requirement of life.
The key features of Met Junior Money Back are as follows:
- This plan pays guaranteed survival benefit which is payment of 20% of Sum Assured every year starting from 5th year up to maturity.
- The maturity benefits of this plan are 40% of Sum Assured which is to be paid for sure and 10% of Sum Assured every year up to maturity which is also ensured by the terms of the policy.
- As death benefit the plan pays out sum assured along with guaranteed additions.
- This plan is applicable for tax benefit under Section 80 C, 10(10D).
- No rider is available under this policy.
The eligibility criteria for Met Junior Money Back are as follows:
Par Non Par
Minimum Entry Age of the Child 0 years 0 years
Maximum Entry Age of the Child 14 years 14 years
Coverage Terms 20 years 20 years
Premium Payment Terms 20 years 20 years
Minimum Premium Rs. 5,000 Rs. 5,000
Minimum Sum Assured Rs 50,000 Rs 50,000
Maximum Sum Assured No Limit (subject to underwriting) No Limit (subject to underwriting)
The benefits of Met Junior Money Back are as follows:
Death Benefit
On the unfortunate death of the policy holder the Sum Assured along with the Guaranteed Additions are paid. The policyholder is at liberty to Guaranteed Additions of Rs. 100/ per Rs. 1000/- Sum Assured for each year.
In case of death before 7 years then the Death Benefit will be equivalent to the return of premiums plus interest on premiums.
Maturity Benefit
On maturity of the policy, the Life Insured will receive the Survival Benefits along with the Guaranteed Addition.
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