Insurer: MetLife

Category: Endowment Plan

Objective: For regular income (Retirement)

Maximum Entry Age: 55 Years

Minimum Age at Maturity: 18 Years

Maximum Age at Maturity: 85 Years

Policy Term: 20, 25, 30 Years

Premium Paying Term: 5/7 Years

Minimum Monthly Income: Rs 4000

Premium Payment Frequency: Yearly, Half- Yearly, Quarterly, Monthly

Under Section 10(10D) death claim is completely tax free.

Reinstatement: If the policy lapses, it can be revived within 3 years from the due date.

What to do?

To Cancel Policy: Deferred Monthly Income plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

If you want to cancel policy after the initial period of 15 days, you can do it but the amount will be paid only after lock in period years.

Policybazaar representatives will assist you in buying Met Deferred Monthly Income Plan.

Term Plan Insurance:  Aegon Religare Level Term Plan vis-à-vis Met Suraksha Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Level term plan is the term insurance plan of AEGON Religare.

Suraksha term plan is the term insurance plan of MetLife.

Age Eligibility:

For AEGON Religare level term insurance, person aged between 18 years to 55 years can buy the term insurance plan. Level term plan maximum maturity age is 75 years.

For Met Suraksha, person aged between 18 years to 60 years can buy the term insurance plan. Met Suraksha term plan maximum maturity age is 65 years.

Life Cover:

The minimum life cover that can be opted with AEGON Religare level term insurance is Rs 5 lacs. The minimum cover available with Met Suraksha is Rs 50,000.  The maximum cover in AEGON Religare level term insurance and Met Suraksha is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for Level term plan is from 10 years to 30 years. The policy term for Met Suraksha term plan is 5, 10, 15, 20, 25 years.

Riders:

AEGON Religare level term plan has accidental death, dismemberment and disability rider, critical illness rider.

Met Suraksha term plan has accidental death benefit rider and critical illness rider.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, AEGON Religare level term plan can be reinstated within 2 years and Met Suraksha within 3 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period Q2, 2011, the claim settlement ratio for AEGON Religare is 46% whereas for MetLife, claim settlement ratio is 79% (H1, 2011).

End Note:

Aegon Religare level term plan is a regular term life insurance plan which pays lump sum amount on death of life insured. Riders are also available with it. Met Suraksha is a similar plan. The policy term and maturity age is more for level term plan.

Compare with other term plans now!

Term Plan Insurance:  Aviva LifeShield Platinum vis-à-vis Met Suraksha Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

LifeShield Platinum is the term insurance product of Aviva Life Insurance.

Suraksha term plan is the term insurance plan of MetLife.

Age Eligibility:

Anyone aged between 18 years to 60 years can apply for Aviva LifeShield Platinum. The maximum age at maturity should not exceed 70 years.

For Met Suraksha, person aged between 18 years to 60 years can buy the term insurance plan. Met Suraksha term plan maximum maturity age is 65 years.

Life Cover:

The minimum life cover that can be opted with Aviva LifeShield Platinum is Rs 50 lacs for Met Suraksha, minimum life cover is Rs 50,000. The maximum cover in Aviva LifeShield Platinum and Met Suraksha plan is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 10 years to 52 years with Aviva LifeShield Platinum. The policy term for Met Suraksha term plan is 5, 10, 15, 20, 25 years.

Riders:

Aviva LifeShield Platinum has two riders available which can be opted by paying additional premium- Accidental death benefit and Dread disease rider.

Met Suraksha term plan has accidental death benefit rider and critical illness rider.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, Aviva LifeShield Platinum can be reinstated within 2 years and Met Suraksha within 3 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period Q2, 2011, the claim settlement ratio for Aviva life insurance is 91% whereas for MetLife, claim settlement ratio is 79% (H1, 2011).

End Note:

Aviva LifeShield Platinum has 3 variants – life protection, income replacement, loan protection. Life protection is regular term plan which pays out lump sum benefit on death of life insured; income replacement pays out regular income in form of monthly installments and also increases monthly benefit by 5% every year; loan protection is for covering your loan obligations and Sum Assured keeps decreasing uniformly. The riders are available only with life protection variant.

Met Suraksha is also a good term insurance plan with Sum Assured beginning from Rs 50,000 and also has riders that can be attached with it.

Compare with other term plans now!

Term Plan Insurance:  Aviva LifeShield vis-à-vis Met Suraksha Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

LifeShield is the term insurance product of Aviva Life Insurance.

Suraksha term plan is the term insurance plan of MetLife.

Age Eligibility:

Anyone aged between 18 years to 55 years can apply for Aviva LifeShield. The maximum age at maturity should not exceed 65 years.

For Met Suraksha, person aged between 18 years to 60 years can buy the term insurance plan. Met Suraksha term plan maximum maturity age is 65 years.

Life Cover:

The minimum life cover that can be opted with Aviva LifeShield is Rs 5 lacs and for Met Suraksha, minimum life cover is Rs 50,000. The maximum cover in Aviva LifeShield is Rs 50 lacs and in Met Suraksha, the maximum cover is unlimited as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 5 years to 40 years with Aviva LifeShield. The policy term for Met Suraksha term plan is 5, 10, 15, 20, 25 years.

Riders:

There are no riders available with Aviva LifeShield. Met Suraksha term plan has accidental death benefit rider and critical illness rider.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, both Aviva LifeShield can be reinstated within 2 years and Met Suraksha within 3 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period Q2, 2011, the claim settlement ratio for Aviva life insurance is 91% whereas for MetLife, claim settlement ratio is 79% (H1, 2011).

End Note:

Unlike Aviva LifeShield, MetLife Suraksha has no upper limit on Sum Assured. Also Met Suraksha offers riders which are available by paying bit more of premium. The policy term available for Aviva LifeShield is more than Met Suraksha.

Compare with other term plans now!

Term Plan Insurance:  Aviva LifeShield Plus vis-à-vis Met Suraksha Plan

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

LifeShield Plus is the term insurance product of Aviva Life Insurance.

Suraksha term plan is the term insurance plan of MetLife.

Age Eligibility:

Anyone aged between 18 years to 55 years can apply for Aviva LifeShield Plus. The maximum age at maturity should not exceed 65 years.

For Met Suraksha, person aged between 18 years to 60 years can buy the term insurance plan. Met Suraksha term plan maximum maturity age is 65 years.

Life Cover:

The minimum life cover that can be opted with Aviva LifeShield Plus is Rs 10 lacs and for Met Suraksha, minimum life cover is Rs 50,000.  The maximum cover in Aviva LifeShield Plus and Met Suraksha is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 10 years to 30 years with Aviva LifeShield Plus. The policy term for Met Suraksha term plan is 5, 10, 15, 20, 25 years.

Riders:

Aviva LifeShield Plus has two riders available which can be opted by paying additional premium- Accidental death benefit and Dread disease rider.

Met Suraksha term plan has accidental death benefit rider and critical illness rider.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, Aviva LifeShield Plus can be reinstated within 2 years and Met Suraksha within 3 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period Q2, 2011, the claim settlement ratio for Aviva life insurance is 91% whereas for MetLife, claim settlement ratio is 79% (H1, 2011).

End Note:

Aviva LifeShield Plus is a term insurance plan which has broad life cover as well as riders available.

Met Suraksha is more or less the same. The marginal difference is in age eligibility and policy term.

Compare with other term plans now!

Online Term Insurance: Met Protect vis-à-vis Future Generali Smart Life

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured. Online term plan insurance is the same but is cheaper as it can be bought online directly from insurer.

Met Protect is the online term insurance product of MetLife Insurance.

Smart Life is the online term insurance product of Future Generali.

Age Eligibility:

For Met Protect, person aged between 18 years to 60 years can buy the term insurance plan. Met Protect maximum maturity age is 70 years.

For Future Generali Smart Life, person aged between 18 years to 60 years can buy the term insurance plan. Smart Life maximum maturity age is 68 years.

Life Cover:

The minimum life cover that can be opted with Met Protect is Rs 25 lacs and minimum life cover with Future Generali Smart Life is Rs 15 lacs. The maximum cover for Met Protect is unlimited and for Future Generali Smart Life maximum life cover is Rs 49.99   as long as it is approved by insurer’s underwriter.  The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for Met Protect is from 10 years to 35 years. The policy term for Smart Life is from 8 years to 30 years.

Riders:

There are no riders available with both Met Protect and Future Generali Smart Life.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, Met Protect can be reinstated within 2 years and Future Generali Smart Life within 3 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

The claim settlement ratio for Metlife insurance is 79% (H1, 2011) whereas for for Future Generali, claim settlement ratio is 67% (H1, 2011).

End Note:

Both Met Protect and Future Generali Smart Life are good term life insurance plans. Met Protect has broader Sum Assured than Future Generali Smart Life.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Future Generali Smart Life, Aviva i-Life, Bharti AXA iProtect

Online Term Insurance: Met Protect vis-à-vis Kotak e-Preferred

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured. Online term plan insurance is the same but is cheaper as it can be bought online directly from insurer.

Met Protect is the online term insurance product of MetLife Insurance.

e-Preferred is the online term insurance product of Kotak Life Insurance.

Age Eligibility:

For Met Protect, person aged between 18 years to 60 years can buy the term insurance plan. Met Protect maximum maturity age is 70 years.

For Kotak e-Preferred, person aged between 18 years to 65 years can buy the term insurance plan. e-Preferred maximum maturity age is 70 years.

Life Cover:

The minimum life cover that can be opted with both Met Protect and Kotak e-Preferred is Rs 25 lacs. The maximum cover for both Met Protect and Kotak e-Preferred is unlimited as long as it is approved by insurer’s underwriter.  The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for Met Protect is from 10 years to 35 years. The policy term for e-Preferred is from 5 years to 30 years.

Riders:

There are no riders available with both Met Protect and Kotak e-Preferred.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, Met Protect and Kotak e-Preferred can be reinstated within 2 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

The claim settlement ratio for Metlife insurance is 79% (H1, 2011) whereas for Kotak Life, claim settlement ratio is 83% (H1, 2011).

End Note:

Both Met Protect and Kotak e-Preferred are good term life insurance plans. Kotak e-Preferred is tad more flexible since it allows increase or decrease in life cover. Kotak e-Preferred is tad more flexible since it allows increase or decrease in life cover. It also lets you convert to any other Kotak life insurance plan (except term plan).

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Future Generali Smart Life, Aviva i-Life, Bharti AXA iProtect

Online Term Insurance:  IndiaFirst Anytime vis-à-vis Met Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured. Online term plan insurance is the same but is cheaper as it can be bought online directly from insurer.

IndiaFirst, a comparatively new insurer also has online term insurance plan by the name of Anytime.

Met Protect is the online term insurance product of MetLife Insurance.

Age Eligibility:

Anyone aged between 18 years to 60 years can apply for IndiaFirst Anytime. The maximum age at maturity should not exceed 70 years.

For Met Protect, person aged between 18 years to 60 years can buy the term insurance plan. Met Protect maximum maturity age is 70 years.

Life Cover:

The minimum life cover that can be opted with IndiaFirst Anytime is Rs 10 lacs and for Met Protect, minimum life cover is Rs 25 lacs. The maximum cover for IndiaFirst Anytime is Rs 49 lacs and for Met Protect, life cover is unlimited as long as it is approved by insurer’s underwriter.  The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term of 5 to 30 years for IndiaFirst Anytime. The policy term for Met Protect is from 10 years to 35 years.

Riders:

There are no riders available with IndiaFirst Anytime and Met Protect.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, both IndiaFirst Anytime and Met Protect can be reinstated within 2 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

The claim settlement ratio for IndiaFirst life insurance is 84% (Q2, 2011) whereas for Metlife, claim settlement ratio is 79% (H1, 2011).

End Note:

Both IndiaFirst Anytime and Met Protect are good term life insurance plans. There is no cap on maximum Sum Assured in Met Protect whereas maximum cover is limited to Rs 49 lacs in IndiaFirst Anytime.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, Aviva i-Life, ICICI Pru iCare, Future Generali Smart Life, Kotak e-Preferred

Online Term Insurance:  Bharti AXA iProtect vis-à-vis Met Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured. Online term plan insurance is the same but is cheaper as it can be bought online directly from insurer.

Bharti AXA is the last insurer to join online insurance foray with the launch of iProtect.

Met Protect is the online term insurance product of MetLife Insurance.

Age Eligibility:

For Bharti AXA iProtect, person aged between 18 years to 50 years can buy the term insurance plan. iProtect maximum maturity age is 60 years.

For Met Protect, person aged between 18 years to 60 years can buy the term insurance plan. Met Protect maximum maturity age is 70 years.

Life Cover:

The minimum life cover that can be opted with both Bharti AXA iProtect and Met Protect is Rs 25 lacs. The maximum cover is depends on the applicants preference and financial profile and subject to approval by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

The policy term for iProtect is 10/15/20/25/30 years. The policy term for Met Protect is from 10 years to 35 years.

Riders:

There are no riders available with both Bharti AXA iProtect and Met Protect.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, Bharti AXA iProtect  can be reinstated within 5 years and Met Protect within 2 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

The claim settlement ratio for Bharti AXA life insurance is 71% (H1, 2011) whereas for Met Protect, claim settlement ratio is 79% (H1, 2011).

End Note:

Both Bharti AXA iProtect and Met Protect are good term life insurance plans. There is family Care benefit in iProtect which pays Rs 1 lacs within 48 hours of submitting all claim documents. Met Protect allows you both single premium and regular premium option.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, ICICI Pru iCare, Future Generali Smart Life, Met Protect

Online Term Insurance:  ICICI Pru iCare vis-à-vis Met Protect

A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured. Online term plan insurance is the same but is cheaper as it can be bought online directly from insurer.

iCare is the new online term insurance product of ICICI Pru life insurance.

Met Protect is the online term insurance product of MetLife Insurance.

Age Eligibility:

For ICICI Pru iCare, person aged between 18 years to 65 years can buy the term insurance plan. iCare maximum maturity age is 75 years.

For Met Protect, person aged between 18 years to 60 years can buy the term insurance plan. Met Protect maximum maturity age is 70 years.

Life Cover:

The minimum life cover that can be opted with ICICI Pru iCare is Rs 10 lacs and Met Protect is Rs 25 lacs. The maximum cover for ICICI Pru iCare is Rs 1.5 Cr and for Met Protect, maximum life cover is unlimited as long as it is approved by insurer’s underwriter.  The underwriter decides life cover on basis of age, annual salary, medical condition etc.

Policy Term:

You can choose policy term from 5 years to 30 years with ICICI Pru iCare. The policy term for Met Protect is from 10 years to 35 years.

Riders:

ICICI Pru iCare offers inbuilt Accidental rider for its option II.

There are no riders available with Met Protect.

Premium Comparison:

The premium comparison for few samples is given below:

*kindly verify the premium for any changes. The premium for females is bit lower.

Reinstatement:

On policy lapse, both ICICI Pru iCare and Met Protect can be reinstated within 2 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

The claim settlement ratio for ICICI Pru is 93% (H2, 2011) whereas for Metlife, claim settlement ratio is 79% (H1, 2011).

End Note:

Both ICICI Pru iCare and Met Protect are good term life insurance plans. However ICICI Pru iCare has cap on maximum Sum Assured which is Rs 1.5 Cr. But iCare does have inbuilt rider with one of its variants. Both ICICI Pru iCare and Met Protect allows you both single premium and regular premium option.

Other Online Term Plans:

HDFC Click2Protect, IndiaFirst Anytime Plan, AEGON Religare iTerm, Aviva i-Life, Future Generali Smart Life, Kotak e-Preferred