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.
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|
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|
|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%|
|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%|
|Multiplier II||Very high risk||Money market instruments||60%-100%|
*Premiums vary based on age, location, plan term and other factors
With the MetLife Smart Platinum Plan, you stand to benefit from the following:
The plan provides coverage and pays out under the following areas:
In case of your unfortunate demise during the policy term or before the maturity date, the person you nominate will receive the following benefits:
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.
There are no add-ons available with this plan.
The MetLife Smart Platinum Plan will not provide coverage under the following circumstances:
A few features of the MetLife Smart Platinum Plan worth noting have been mentioned below:
|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 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.
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:
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.
A. You can buy the MetLife Smart Platinum Plan through the following avenues:
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.
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.
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.
A. Premium payments can be made via debit card, credit card or net banking.
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:
The policy will be revived subject to board-approved underwriting policy. Risk cover and investments made in the unit-linked funds will be restored.
A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.
A. The contract will be terminated upon the following events
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.
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