<PAGE>   1

                                                                   EXHIBIT 10.24
                      METROPOLITAN LIFE INSURANCE COMPANY
                   LONG TERM PERFORMANCE COMPENSATION PLAN
        (FOR PERFORMANCE PERIODS STARTING ON OR AFTER JANUARY 1, 2000)


I.    PURPOSE OF THE PLAN

      -     Align management with policyholders' 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. An
      individual who becomes a participant in the Plan will participate prorata
      in any performance period then in progress from the effective date of
      participation. Upon the recommendation of the Chief Executive Officer, the
      Board of Directors may determine participation on a basis other than
      proration. 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 January 1.

IV.   TARGET INCENTIVE OPPORTUNITIES

      The Nominating and Compensation Committee (the "Committee") will establish
      the incentive opportunity for each level of Plan participant for each
      performance period.
<PAGE>   2
Long Term Performance Compensation Plan                             Page 2 of 4



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

<TABLE>
<CAPTION>
GRADE LEVEL (CURRENT TITLE)                   TARGET PERCENTAGE OPPORTUNITY
---------------------------                   -----------------------------
<S>                                           <C>
41 (Chief Executive Officer)                          250%
40 (President)                                        200%
39 (Senior Executive Vice President)                  185%
38 (Executive Vice President                          150%
36/37 (Senior Vice President)                         95%
33-35 (Vice President/Sr. Vice President)             30%/65%/85%
</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.

      The incentive opportunity ($) for each participant is determined by
      multiplying the applicable percentage for the individual by the
      individual's average base salary over the performance period. If the
      participant was not an employee of the Company 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.

      Where an individual changes participation levels or becomes a participant
      in the Plan for the first time during a performance period, incentive
      opportunities are prorated accordingly.

V.    GUIDELINES FOR DETERMINING CORPORATE PERFORMANCE

      At the beginning of each performance period, the Nominating and
      Compensation Committee will determine the measures and specific goals for
      that plan period. The measures for the 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

<PAGE>   3
Long Term Performance Compensation Plan                             Page 3 of 4



      overall assessment will involve the broad discretion and judgment of the
      Committee and may take into account changes in 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 will determine
      the amount which may be awarded to the participants with respect to such
      period. Such amount will be the incentive opportunities multiplied by the
      corporate performance percentage. The Committee will recommend individual
      awards to the Board. These awards will generally be equal to the
      participant's incentive opportunity multiplied by the corporate
      performance percentage. However, line of business performance, changes in
      an individual's responsibilities, or individual performance may be taken
      into account when determining individual awards. The Committee has
      discretion in determining the amount of any recommended award, may decline
      to recommend an award, and may modify the time of payment of any award.

      The payment of any awards as a result of performance under the Plan for
      the 2000 - 2002 performance period will be paid out in 2003. It is
      anticipated that a portion of any individual award paid out in 2003 will
      be payable in MetLife, Inc. stock.

      No amount 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 became 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 rata 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.

      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.

<PAGE>   4
Long Term Performance Compensation Plan                             Page 4 of 4


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.