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Product Details
Met Life's Monthly Income Plan is a scheme that guarantees payment of a monthly income to the policyholder for a period of 15 years after the end of the premium paying term. In the event of the death of the policyholder, the regular monthly income shall accrue to the nominee. Investors can choose a policy term of 20 or 25 years. The corresponding premium paying term for the same is 5 and 10 years, respectively.
Additional Features
The scheme pays an additional 25% of the sum assured to the nominee in the event of the death of the policyholder during the policy term. The additional sum assured is paid along with the payment of regular monthly incomes until the maturity of the policy.
Policy At A Glance
Assuming the age of a healthy male policyholder to be 55 years and the policy term to be 20 years, the premium payable during the limited premium paying term of 5 years and the benefits that will accrue to the policyholder at various quanta of monthly income are illustrated herewith…
Met Life Monthly Income Plan is structured in a manner so as to provide the amount of the sum assured to the policyholder in installments, as a regular monthly income, during the policy term itself, rather than return the same as a lumpsum on maturity. The policy thus makes sense for those nearing their retirement age, as it will ensure a regular stream of income then.
However, as far as the returns are concerned, for the policy taken at 55 years of age, the absolute gains from this plan over a period of 20 years are less than 9%. While the returns are relatively higher at lower age groups, say, 18% if the policy is taken at 30 years of age, the same fail to match even the returns that one can gain by investing in bank term deposits during this tenure.
Invest in this plan only for the sake of the convenience of regular income. Those seeking higher returns may give this one a skip.
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