Metlife Single Deposit Protection Scheme (SDPS)

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At MetLife, we offer a package product that is exclusively designed and only offered to cater to the needs of our dear, loyal, and valuable customers approaching a partial or full maturity of their existing policy with us. With the net maturity proceeds s/he may further enhance the protection and/or replace it with this plan especially tailor-made with unique features.
It’s called the Single Deposit Protection Scheme (SDPS) which is a Savings and Life Insurance Plan that also provides attractive Maturity Value as well as valuable Accidental Benefits.
Product Overview:
For the Life Insurance coverage under SDPS, a one-time Premium Charge is deducted from the collected SP a.k.a. the Single Deposit. The net amount then goes into the individual Account of the SDPS Policy and keeps growing with investment yield credited to the account periodically.
SDPS also provides for Accidental Death, Accidental Permanent Partial Disability (APPD), and Accidental Permanent Total Disability (APTD) Coverages through monthly deduction of Cost of Insurance from the SDPS Account Value.
Besides Life and Accidental Benefits, SDPS further provides Maturity Benefits which is the accumulated dividends over the net off SP in the SDPS Account. The Maturity Value is 100% of the Account Value on the Maturity Date of SDPS.
Some examples of payable benefits under SDPS Life Coverage, Accidental Coverages, and Maturities are:
Natural Death Benefit:
If Insured dies of Natural causes, higher of Account Value or Face Amount of SDPS will be paid to the Beneficiary.
Accidental Death (AD) Benefit:
 If the Insured dies of Accidental injuries before Maturity, the benefit payable would be (1) higher of Account Value or Face Amount of SDPS and (2) 100% of Face Amount for Accidental Death.
Accidental Permanent PARTIAL Disabilities (APPD) Benefit:
If Insured meets with Accident leading to any or some of the covered Permanent PARTIAL Disabilities, Company will immediately pay predetermined % of Face Amount for Accidental PPD, the Policy would continue in-force, and Company would pay 100% of Account Value on Maturity. APPD Benefit against multiple of covered losses will not exceed 100% of Face Amount.
In case of Death of Insured after receiving the APPD benefits, Company would pay higher of Account Value or Face Amount of SDPS, and remaining % of APPD on death provided that the cause of death could be linked to the accident and that the death occurred 365 days from the Date of Accident. Otherwise, the death benefit would be limited to higher of Account Value or Face Amount of SDPS. 
Accidental Permanent TOTAL Disability Benefit:
If Insured meets with Accident and it causes him/her Permanent TOTAL Disability Company would immediately pay 100% of Face Amount for Accidental PTD, the Policy would continue in-force, and Company will pay 100% of Account Value on Maturity.
In case of Death after receiving the APTD benefits, the benefit payable would be higher of Account Value or Face Amount of SDPS.
Maturity Benefit:
If Policy matures without any covered loss happening to Policy Owner, Company pays 100% of the Account Value (AV).

Product Details

Eligibility:    

• Minimum Age - 18 Years
• Maximum Age - 61 Years

(Only the existing customers of MetLife are privileged to purchase this policy using the Net Maturity / Partial Maturity receivable as SP paid at policy inception).
Term:                        
Minimum 4 Years & Maximum 15 Years
Currency:    
Bangladesh Taka (BDT)
Single Premium:

• Minimum: BDT 25,000
• Maximum: A BDT Amount that would not lead to exceeding Metlife Bangladesh’s maximum Coverage Limit on a Single Life, i.e. BDT10,000,000 )  

Face Amount:

• For chosen Policy Term 4-7 Years: Face Amount (FA) is 1.5 Times of Single Premium
• For chosen Policy Term (8-11) Years: Face Amount (FA) is 2.0 times of Single Premium
• For chosen Policy Term (12-15) Years: Face Amount (FA) is 2.5 times of Single Premium

Free Look Period:

• 30 days from the Policy Issue Date or 45 days from the Policy Date, whichever is longer will be applicable.
• Deductions can be made on account of any expenses associated with underwriting or issuance of the policy. 

Gender:
Male and Female 
Disclaimers:

• The Policy can be surrendered at any time during the term of the Policy. At surrender, the Policy Owner will receive the Net Cash Surrender Value which is the Account Value less the processing fee (there is no surrender charge). 
• This is a product brief only – Not a contract or binding document. Your Policy Document will contain the exact terms of coverage and exclusions. 

Note: To know about this Product more, please contact our Financial Associate.