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Pnb Metlife Smart Platinum Plan

MetLife offers this Smart Platinum plan that enables you to enhance your investment portfolio with the option of six different funds. The policy provides protection till the age of 99 years with a premium payment period of 5 years, 10 years or your whole life. Since this is a unit-linked insurance plan, takers of this plan must know that the investment risk will be borne by you.

Eligibility - Who is the MetLife Smart Platinum Plan for?

Those who wish to purchase the MetLife Smart Platinum Plan must satisfy the eligibility criteria set out by PNB MetLife. The eligibility criteria for the MetLife Smart Platinum Plan is given below:

Minimum age at entry 7 years
Maximum age at entry 70 years
Type of plan Unit-linked insurance plan
Premium payment modes Payroll Savings Program, Monthly, Quarterly, Half-yearly, Yearly
Premium payment terms 5 years, 10 years or entire policy term

Sum Assured and Premium Range - What you Get and What it Costs?

The minimum premium amount is based on the premium payment mode you choose. The options of minimum premium paid per policy year is listed out below:

Premium Payment Mode Minimum Annualized Premium
Annual mode Rs.30,000
Bi-Annual mode Rs.60,000
Quarterly mode Rs.60,000
Monthly mode Rs.60,000
Payroll Savings Program, Rs.60,000

Under this plan, the value of the payout depends on the performance of the funds selected by you. The MetLife Smart Platinum Plan offers a choice of 6 funds with a wide range of risk factors. The plans have been listed below.

Fund Name Risk Profile Asset Category Asset Allocation Range
Protector II Low risk Government and other debt securities 60%-100%
Money market instruments 0%-40%
Preserver II Very low risk Government and other debt securities 60%-100%
Money market instruments 0%-40%
Balancer II Medium risk Government and other debt securities 0%-60%
Money market instruments 60%-100%
Equities 0%-60%
Flexi Cap Very high risk Government and other debt securities 60%-100%
Money market instruments 0%-40%
Virtue II Very high risk Money market instruments 0%-40%
Equities 60%-100%
Multiplier II Very high risk Money market instruments 60%-100%
Equities 0%-40%

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the MetLife Smart Platinum Plan Covers?

With the MetLife Smart Platinum Plan, you stand to benefit from the following:

  • Choice to invest in 6 unit-linked funds to suit your risk appetite
  • Flexible premium payment terms of 5 years, 10 years or the entire term
  • Coverage till the age of 99 years
  • Flexible options to increase or decrease the sum assured according to changing needs during your life
  • Partial withdrawal options allows for liquidity during times of financial need
  • Auto rebalancing option at fund value movements selected by you which enable you to gain from market opportunities
  • Tax benefits as per the Income Tax Act 1961

The plan provides coverage and pays out under the following areas:

Death Benefit:

In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:

  • Upon death before the age of 60, the higher of the following will be paid out:
    • The base fund value, i.e., the value of the units in the base premium account
    • The base sum assured minus any partial withdrawals in the last 24 months before the date of death
    • 105% of the total premiums paid, including both regular and limited premiums
  • Upon death after the age of 60, the higher of the following will be paid out:
    • The base fund value, i.e., the value of the units in the base premium account
    • The base sum assured minus any partial withdrawals in the last 24 months before the date of death or any partial withdrawals made post the age of 60, whichever is higher
    • 105% of the total premiums paid, including both regular and limited premiums
  • Upon death during the grace period, notice period or before the discontinuance of the policy due to non-payment of premiums, then the death benefit will be paid after deducting overdue charges, mortality charges, and policy administration charges.

Maturity Benefit:

Once you attain the age of 99 years, the policy will mature at the start of the policy year. The total fund value in the unit account will be the value of the maturity benefit. This is determined by the net asset value on the date of maturity of the policy.

Add-On Plans – Additional Coverage under the MetLife Smart Platinum Plan:

There are no add-ons available with this plan.

Exclusions - What the MetLife Smart Platinum Plan doesn’t Cover?

The MetLife Smart Platinum Plan will not provide coverage under the following circumstances:

  • If the life insured commits suicide within one year from the commencement date of the policy, whether sane or insane, MetLife will not be liable to pay the sum assured.
  • If the life insured commits suicide within one year from the reinstatement date of the policy, whether sane or insane, MetLife will not be liable to pay the sum assured.
  • MetLife will refund the Fund Value as is on the date of death.
  • Any charges applied after the date of death will be refunded to the nominee.

Other Key Features:

A few features of the MetLife Smart Platinum Plan worth noting have been mentioned below:

Particulars Details
Non-negative claw back addition The maximum reduction in yield starting from the fifth policy year will be recorded at percentages that are stipulated by the law. The non-negative claw back addition will be added by MetLife equal to 0.60% of the average fund value of the last 24 months.
Switch between Unit-linked funds Flexible option to switch fully or partially between available fund options at any time
Tax Benefit Tax benefit is applicable at the time of purchase and when the benefit is paid out
Partial Withdrawal After 5 policy years, partial withdrawals of a minimum of Rs.5, 000 are allowed for financial emergencies.
Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
Change in base sum assured Increase or decrease in base sum assured is allowed subject to certain requirements and conditions along with the payment of a fee
Free-Look Period 15 days from the receipt of the policy document
Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium
Grace Period 30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
Alterations In case of limited pay option of 5 years, policyholders can change it to 10 years without alterations in the premium amount. Apply 3 months in advance before the 5th policy anniversary
Transfer Partial or full assignment of the policy can be carried out under Section 38 of the Insurance Act, 1938

Tax Benefits – How you can save with the MetLife Smart Platinum Plan?

Tax benefits are available under this policy at the time of purchasing the policy as well as when benefits are paid out. As per the provisions of the Income Tax Act, 1961, policyholders can avail tax benefits, subject to amendments made to tax laws from time to time. PNB MetLife advises policyholders to consult a tax advisor to find out more about the benefits available against the premiums paid towards this plan and for proceeds received from the policy.

Other Benefits – How you can save with the MetLife Smart Platinum Plan?

Prospective customers and existing customers of PNB MetLife can avail a host of benefits and services offered by the company through their website, branches and customer care. Customers who wish to purchase a plan can find all relevant information in the brochures and on the website and get sound advice from experts. PNB MetLife offers the following benefits to their customers:

  • Meet an insurance and investment advisor through PNB MetLife
  • Compare different protection plans
  • Calculate your premium payment using the Premium Calculator
  • Contact the customer care via phone, fax, email, or SMS
  • Download the brochure
  • Locate a PNB MetLife branch
  • Read the terms and conditions
  • Get the Premium Rates Form

Why you should Buy the MetLife Smart Platinum Plan?

MetLife established its presence in India in 2001 and has since grown to more than 7,000 locations that have serviced millions of customers. The company tied up with a leading nationalised bank in the country, Punjab National Bank, to offer reliable and credible insurance products. The company has also consistently raked in profits and declared profit shares for the past few years. The products on offer include life insurance, health insurance and retirement plans. Dealing with PNB MetLife gives you access to over 10,000 financial advisors, a dedicated customer care and online services to name a few.

Frequently Asked Questions (FAQs):

Q. Where can I purchase the MetLife Smart Platinum Plan?

A. You can buy the MetLife Smart Platinum Plan through the following avenues:

  • You can contact an advisor on the PNB MetLife website
  • You can visit the nearest PNB MetLife branch
  • You can contact PNB MetLife through phone, fax, email or SMS

Q. Can I transfer this policy to someone else?

A. Yes, under Section 38 of the Insurance Act, 1938, you can transfer, assign or partially assign this policy to another person. You must provide written notice to MetLife in advance.

Q. Are there any charges applicable if I return the policy within the free-look period?

A. You are granted 15 days to review the policy document. If you are unsatisfied, you may submit a written request along with the policy document to MetLife. An amount will be refunded to you equal to non-allocated premiums, plus the fund value at the date of cancellation, plus charges through cancellation of units, minus any expenses towards medical exams, proportionate risk premium and stamp duty.

Q. What happens if I can’t make premium payments sometime in the future?

A. If you cannot make premium payments, the policy will be discontinued after the grace period and a period of 30 days has elapsed after MetLife has sent a revival notice. You can revive the policy within 2 years. If you stop paying premiums after the policy has reached a lock-in period, then you have the option to revive it within two years, withdraw it completely or convert it into a paid-up policy.

Q. How do I make payments towards the premium amount?

A. Premium payments can be made via debit card, credit card or net banking.

Q. Is there an option to reinstate a lapsed MetLife Smart Platinum Plan?

A. You can reinstate a lapsed policy within 2 years from the date of the first unpaid premium. To reinstate your policy, you need to fulfill the following criteria:

  • Pay all due premiums
  • Provide a written request to PNB MetLife
  • Provide satisfactory evidence of insurability
  • Pay the charges applicable

The policy will be revived subject to board-approved underwriting policy. Risk cover and investments made in the unit-linked funds will be restored.

Q. Are there any charges applicable to switch funds during the policy term?

A.

  • Every policy year, you are allowed four free switches. After this, Rs.250 will be charged per switch made. The charges are deducted by cancelling the appropriate number of units calculated by the relevant Net Asset Value of the units.
  • For switch request made online, there are no charges.

Q. How long will PNB MetLife take to process my application?

A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.

Q. When will my policy terminate?

A. The contract will be terminated upon the following events

  • Death of the insured
  • Maturity date
  • Fund reaches a value of 120% of the annualised premium plus applicable discontinuance charges

Q. Are there charges for partial withdrawals made from the policy?

A. One withdrawal is granted for free every policy year from the base premium account. Subsequent withdrawals will cost Rs.250. This charge is deducted from the cancellation of units using the relevant net asset value of the units.