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Retirement Insurance Plan with lifetime Income and health

MetLife Insurance Nepal Offers an Insurance plan, Retirement Insurance Plan with lifetime Income and health, providing protection, savings and Income for your retirement. With MetLife's Insurance plan subhabishya beema Aajewan Aaya (SBAA) you will receive regular income each month during your retired life up to age 100 or minimum 20 years guaranteed. In case of insured's death before 20 years, the remaining monthly payments will be paid to his/her Loved ones. Following are some salient features of it:


Issue age;

18 to 55 (Nearest Birthday)

Minimum Sum Assured;

NPR 50,000

Maximum sum Assured;

NPR 15,000,000

Policy Term;

10, 15, 20, and 30 years

Premium Payment Term;

Annual, Semi-Annual, Quarterly

Exclusion;

Suicide within two years, war risk and pre-existing health condition.

KEY BENEFITS

  • Flexible policy term to end on your retirement age from which you will start receiving your monthly income up to age 100.

  • In case of unfortunate event of death of insured within the policy term, Sum Assured plus accrued bonuses will be paid to your beneficiary.

  • 5  options to receive policy benefits after maturity. The options  are further described below;

  1. Life Time Monthly Income up to age 100.
  2. Twenty years Guaranteed Monthly Income.
  3. Leave the Maturity Amount with the company to earn Annual Cash Coupons up to age 100 or death. The Maturity amount will be paid to the insured upon attending age 100th birthday.
  4. Receive 50% of Maturity Amount and leave 50 % to earn Annual cash coupons up to age 100 or death. 50% of the Maturity amount will be paid to the insured upon attending age 100th birthday.
  5. Receive the Maturity Amount in Lump Sum.

  • Following are the Additional riders you can select ;
  1. Accident Death Benefit : Provides your family with a highly needed supplementary benefits in case of your accidental death.
  2. Personal Accident : Provides additional benefit incase of death of permanent disability as a result of accident occurring during the policy term.
  3. Waiver of Premium : Waives premium incase of Permanent Total Disability due to accidents or sickness.
  4. Lifetime income rider : This benefit will replace your loss of income due to accidental death or disability by providing you or your family with a lifetime monthly income with a minimum guarantee of 20 years.
Retirement Insurance Plan with lifetime Income and health

Illustration of Lifetime Monthly Income:

Mr. Ghanshyam , a retiree chose Lifetime Monthly Income annuity payout option. At the time of maturity of the policy he was aged 60. The maturity amount is sum assured plus reversionary bonus. The maturity amount after tax is NPR 30,00,000. His choice of annuity payments guarantees monthly payment for 20 years and thereafter up to his 100th birthday, if he lives longer following is his payout calculation at different interest rate scenarios:
 AGE 604%
Interest Rate
 5% Interest Rate 6% Interest Rate 7%
Interest Rate
 Annuity Factor                         14.3921 13.0975 11.9749 10.9966
Maturity Amount after Tax 3,000,000 3,000,000 3,000,000 3,000,000
 Monthly Payout Expenses
(NPR 900 * annuity factor)
 900 * 14.3921  900 * 13.0975  900 * 11.9749  900 * 10.9966 
 Monthly Payout Expenses  12,953 11,788 10,777 9,897
*Monthly annuity amount
(NPR)

(3,000,000-12,953)
/(14.3931*12)
= 17,295.65


(3,000,000 -11,788)
/(13.0975*12)
= 19,012.63


(3,000,000 -10,777)
/(11.9749*12)
=20,802.07
 (3,000,000 - 9,897)/
(10.9966*12)
= 22,659.35
*Maturity amount is subject to tax as per the prevailing law. The monthly annuity expenses is incorporated in above calculation is NPR 75 

Lifetime Income Calculation Method

(Maturity Amount - Annuity Payout expense)/(Annuity Factor*12)

Premium Rates per 1000 Sum Assured

 Age     10    15     20     25    30   Age    10    15     20     25     30
 18 108.53 70.84 53.67 43.85 37.16    37 111.00 74.17 57.93 49.56 44.41
 19 108.58 70.91 53.75 43.95 37.29    38 111.35 74.63  58.56 50.38 45.55 
 20 108.63 70.99  53.85  44.07  37.44     39 111.75 75.15  59.29  51.26  46.63 
 21 108.69 71.07 53.95 44.20  37.60    40 112.19 75.73 60.12 52.32 47.93
 22 108.76 71.16  54.07  44.35  37.78     41 112.68 76.38 61.04 53.54 49.35
 23 108.84 71.26 54.19 44.51 37.98    42 113.23 77.11 62.05 54.72 50.89
 24 108.92 71.37 54.32 44.69 38.18    43 113.84 77.93 63.15 56.13 52.57
 25 109.01 71.48 54.47 44.89 38.40    44 114.51 78.85 64.34 57.70 54.38
 26 109.12 71.60 54.62 45.09 38.65    45 115.26 79.90 65.65 59.45 56.85
 27 109.23 71.71 54.79 45.31 38.94    46 116.11 81.10 67.12 61.41 58.50
 28 109.35 71.83 54.98 45.55 39.17    47 117.09 82.46 68.80 63.59 60.88
 29 109.48 71.97 55.19 45.80 39.68    48 118.20 83.98 70.74 65.98 63.53
 30 109.61 72.13 55.41 46.08 40.03    49 119.45 85.66 72.98 68.59 66.50
 31 109.75 72.31 55.65 46.39 40.47    50 120.85 87.51 75.57 71.43 69.86
 32 109.90 72.52 55.93 46.75 40.96    51 122.40 89.55 78.47 74.51
 33 110.07 72.76 56.24 47.16 41.60    52 124.10 91.81 81.67 77.84
 34 110.25 73.04 56.58 47.64 42.09    53 125.95 94.29 85.17 81.44
 35 110.46 73.37 56.96 48.19 42.75    54 127.96 97.00 88.98 85.31
 36 110.71 73.75 57.40 48.83 43.51    55 130.18 100.00 93.10 89.46

Frequently Asked Questions:

How can I apply for this Insurance coverage?

You can call me or message me at 9779851186065(NTC) or 9779810360134(NCELL) and I will assist you with the process.

What to do if I don't receive my policy?

Usually, policy document should reach you by 30 days from date of application. In case you do not receive you can call me or message me at 9779851186065(NTC) or 9779810360134(NCELL) and I will assist you with the process.

How do I calculate annual premium for coverage amount?

Annual premium is based on age and policy term. Premium rates are quoted per thousand of coverage amount. For semi-annual and quarterly payment mode multiply by factor 0.52 and 0.27 respectively or you can message us in our facebook page or my facebook profile

How to lodge a claim?

Contact our claims department or you can call me or message me at 9779851186065(NTC) or 9779810360134(NCELL) and I will assist you with the process.

Disclaimer

The annuity factors are calculated using interest scenario of 4%, 5%, 6% and 7%. The actual factors at the time of policy maturity maybe higher or lower depending upon the interest rate scenario prevalent at that time. Interest/coupon rate will not be guaranteed and will vary each quarter/year. The monthly annuity payout expenses will be decided at the time of choosing the annuity option and will be based on expense experience. Detailed terms, condition and exclusions are included in the policy document. In case of discrepancy between this website and the policy document, the latter shall prevail

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