<PAGE>   1
                                                                   EXHIBIT 10.24


                    LONG TERM PERFORMANCE COMPENSATION PLAN
          (For performance periods starting on or after April 1, 2001)

I.       PURPOSE OF THE PLAN

         -   Align management with policyholders' and shareholders' interests.

         -   Provide competitive levels of total pay for senior executives for
             competitive levels of performance.

         -   Encourage a long term strategic perspective.

         -   Encourage/reward performance that supports the Company's long term
             performance results.

         -   Attract and promote retention of key executives with long term
             business perspective.

II.      PARTICIPATION

         The Board of Directors will determine the levels of Officers and others
         eligible to participate in the Plan for each performance period.
         Participants' incentive opportunities under the Plan shall not be
         vested or assignable in any respect.

III.     PERFORMANCE PERIODS

         The period over which long term performance shall be measured is three
         years. Each performance period will begin on April 1.

IV.      TARGET INCENTIVE OPPORTUNITIES

         The Compensation Committee (the "Committee") will establish the
         incentive opportunity for each Plan participant for each performance
         period.

         The schedule of target incentive opportunities for the various levels
         of participants is:

<TABLE>
<CAPTION>
         Grade Level (Current Title)                                   Target Percentage Opportunity
         ---------------------------                                   -----------------------------
<S>                                                                    <C>
         41 (Chief Executive Officer)                                                 125%
         40 (President)                                                               100%
         39 (Senior Executive Vice-President)                                       92.50%
         38 (Executive Vice-President)                                                 75%
         37/36 (Senior Vice-President)                                               47.5%
         33-35 (Vice-President/Sr. Vice-President)                            15%/32.50%/42.50%
</TABLE>

         At the beginning of each plan period, management recommends individual
         incentive opportunities for each participant. These incentive
         opportunities may be higher or lower than the above targets established
         for the various levels based on the individual's relative contribution
         to or impact on long term business results, the individual's potential
         and the individual's level of personal performance.
<PAGE>   2
         The incentive opportunity ($) for each participant is determined based
         on the applicable percentage and the individual's grade level at the
         beginning of the performance period. If the participant was not an
         employee of the Company or a subsidiary at the beginning of the
         performance period, the Committee, at the Chief Executive Officer's
         recommendation, will determine in its discretion, the appropriate
         incentive opportunity.

         The total incentive opportunity for any performance period is equal to
         the total of the incentive opportunities of all individuals
         participating in that performance period.

V.       GUIDELINES FOR DETERMINING CORPORATE PERFORMANCE

         At the beginning of each performance period, the Committee will
         determine the measures and specific goals for that plan period. The
         measures for the Long Term Plan will include both financial and
         strategic business goals against which corporate performance will be
         measured.

         Performance assessment at the end of each period will consider
         achievement of established goals. In addition to performance as
         measured against these goals, the overall assessment will involve the
         broad discretion and judgment of the Committee and may take into
         account changes in the corporate strategy and in the market, economic,
         tax and regulatory environment during the performance period. The
         Committee will determine a corporate performance percentage that may
         vary between 0% and 200%.

VI.      AWARDS

         Following the end of each performance period the Committee, after
         reviewing shareholder return and other performance measures, will
         determine the amount which may be awarded to the participants with
         respect to such period. Such amount will be based on the incentive
         opportunity and the corporate performance percentage. The Committee
         will recommend individual awards to the Board. The Committee has
         discretion in the determining the amount of any recommended award, may
         decline to recommend an award, and modify the time of payment of any
         award.

         Awards may be paid in whole or in part in shares of MetLife, Inc.
         common stock. No award shall become payable unless it is approved by
         the Board in its discretion and no award may be made unless the
         participant was an employee of the Company or a subsidiary at the end
         of the performance period or died, retired or become totally disabled
         during such period while such an employee.

         A participant who retires, dies or becomes totally disabled while such
         an employee during the course of a performance period may be granted
         for such performance period, at the discretion of the Board, a pro rate
         portion of the full award that would have been payable if such event
         had not occurred, or at the recommendation of the Chief Executive
         Officer, an award may be recommended on other than a pro rata basis.

                                       2
<PAGE>   3
         Awards under the Plan will not be taken into account for purposes of
         determining the level of Insurance and Retirement benefits and
         contributions to the Savings and Investment Plan.

VII.     ROLE OF THE COMMITTEE

         The Committee exercises overall responsibility and has broad discretion
         with respect to all aspects of the Plan and for performance assessment.


                                       3