In case of insured’s/Policyholder’s sudden demise, to take care of the unexpected emergencies and future planning of your child, your Policy entails following benefits:
Higher of Sum Assured or 105% of the Total Regular Premium paid is paid immediately to your beneficiary, subject to acceptance of claim by the company.
Future Premiums payments under the Policy will cease. In addition, the MetLife will credit on a regular basis an amount equivalent to one annualized regular premium as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.
The Policy shall continue to be in-force with deduction of all Policy Charges other
than Mortality Charges and without any requirement to pay future premiums, till the date of maturity.
To protect your savings from getting eroded by market volatility in your absence, the Fund Values lying in Flexi Cap, Virtue II & Multiplier II Funds, at the time of insured’s death will be transferred to Balancer II, which is a moderate risk fund and this will protect your loved ones financial interest along with a potential of upside in the savings. The entire future payments equivalent to annualized regular premiums will be credited to Balancer II Fund on a monthly basis following the date of notification. First such payment will happen on the monthly anniversary (ie the same day of each month as the date of commencement of the Policy) following the date of notification of death and on a monthly basis thereafter.
No servicing requests like premium redirection, partial withdrawals, fund switches etc. will be allowed in the event of the death of the insured.
At the end of the Policy term, Fund Value along with Loyalty additions, as applicable, will be paid to you.