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Pnb Metlife Smart Child Plan

With the cost of living escalating by the day, it’s important to start planning for your child ahead of time to take care of their future needs. The MetLife Smart Child Plan is designed to provide financial protection as the child’s requirement change as they grow up. The policy is a unit-linked life insurance plan (non-par) that will take care of educational costs, extracurricular needs and even their wedding. Investment risks associated with this policy will have to be borne by the policyholder.

Eligibility - Who is the MetLife Smart Child Plan for?

The MetLife Smart Child Plan is designed for parents who wish to prepare well in advance to take care of their child’s future needs. To be eligible for this plan, there are certain requirements set out by PNB MetLife that must be met. The eligibility criteria for the MetLife Smart Child Plan is as follows:

Type of plan Unit-linked Non-participating Life Insurance Plan
Minimum age at entry for the life insured 18 years
Maximum age at entry for the life insured 55 years
Minimum age at entry for the beneficiary 90 days
Maximum age at entry for the beneficiary 17 years

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

The minimum and maximum sum assured is laid out by MetLife taking into consideration the cost of raising a child and the cost of education. Listed below is the information related to premiums and sums assured under the MetLife Smart Child Plan:

Minimum Premium Rs.18,000 p.a.
Maximum Premium
  • Till the age of 35 years - Rs.2 lakhs
  • 35 years to 45 years - Rs.1.25 lakhs
  • 46 years and above - Rs.1.25 lakhs
Minimum Sum Assured 10 times the chosen annualised premium only
Maximum Sum Assured 10 times the chosen annualised premium only
Policy terms 10 years, 15 years and 20 years
Premium Payment Term Policy term
Premium Payment Modes Annual, Semi Annual, Quarterly, monthly and PSP (Payroll Savings Program)

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

Under this plan, the value of the payout depends on the performance of the funds selected by you. The MetLife Smart Child 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%
Multiplies 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 Child Plan Covers?

Opting for the MetLife Smart Child Plan will give you peace of mind knowing that you have planned to help your child achieve his dreams and aspirations. Their future is secured financially against rising costs of education, marriage and other activities because of your financial planning. With this plan, you and your child stand to benefit from the following:

  • Secure your child’s dreams that could include studying in India and abroad, starting their own business, getting married and so on.
  • Protect your child against unforeseen circumstances
  • The systematic transfer option allows you to get the most out of the market by investing in the Protector Fund II and systematically transferring to to Flexi Cap Fund.
  • No hassles of medical examinations
  • Minimum paperwork

Loyalty Additions:

At maturity of this plan, loyalty additions will enhance the fund raised for your child. Loyalty additions are available only for plans that have a policy term of 15 years or 20 years. The benefits will be paid out as a percentage of the average fund value, i.e., the average of the fund value at the end of the last 36 months of the policy term as on the date of maturity. Loyalty additions are payable provided all premiums due are paid up and the policy is in force. Percentages payable on the insurance policy is as follows:

Policy term Loyalty Addition
15 years 2% of the Average Fund Value
20 years 3% of the Average Fund Value

Death Benefit:

In the event that the insured or the policyholder dies, the MetLife Smart Child Plan will payout the following benefits to take care or unexpected emergencies and the child’s future.

Immediate Payout - The higher of the following will be paid out immediately to the beneficiary, subject to acceptance of the claim by MetLife:

  • Sum assured
  • 105% of all premiums paid

Waiver of premiums - Apart from this, all future premium, if any, will be waived and the policy will remain in force for the remainder of the policy term. Furthermore, PNB MetLife will credit the policyholder’s fund with an amount equivalent to one annualized premium as part of PWB on a monthly basis.

Maturity benefit:

At the end of the policy term, the insurance plan will pay out any one of the following:

  • 100% of the withdrawal of the Fund Value as on the date of maturity
  • Withdrawals of the Fund Value at regular periods selected by you during an extended Maturity Benefit Period of up to 5 years starting from the date of maturity. The minimum withdrawal in any calendar year is 5% of the fund value on the date of such request, limited to 12 withdrawals per year. You can also withdraw the balance of the Fund Value in one lump sum by terminating the policy during the settlement period.
  • A combination of part lump sum withdrawal on the maturity date along with a regular withdrawal at intervals.

Liquidity Option:

In case of sudden emergencies, you can make a partial withdrawal to meet liquidity needs.

  • You can withdraw only after completing 5 policy years.
  • A minimum of 5 annualized premiums must be paid into the policy.
  • In one policy year, only 2 partial withdrawals are allowed subject to a minimum of Rs.5,000 for each withdrawal.
  • The maximum withdrawal limit is 10% of the Fund Value.
  • One partial withdrawal is free in a policy year and subsequent withdrawals will be charged.
  • After making a partial withdrawal, the minimum fund value must be equal to 200% of the annualised premium plus applicable discontinuance charges.

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

There are no add-ons available with this plan.

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

Under all insurance policies, there are certain exclusions for which the insurance company will not be liable to pay the benefits. Under the MetLife Smart Child Plan, the following exclusions will be applicable:

  • Commencement - If the person insured commits suicide, whether sane or insane, within one year from the commencement date of the policy, the insurance plan is deemed void. The company will not be liable to pay any benefits except refund the Fund Value.
  • Reinstatement - If the person insured commits suicide, whether sane or insane, within one year from the reinstatement date of the policy, the insurance plan is deemed void. The company will not be liable to pay any benefits except refund the Fund Value.

Other Key Features:

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

Particulars Details
Flexible Terms Policyholders can choose between 10 years, 15 years and 20 years
Free-Look Period 15 days from the receipt of the policy document
Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
Tax Benefit Tax benefit is applicable at the time of purchase and when the benefit is paid out
Transfer and Assignment The policy can be transferred or partially assigned in accordance with the Insurance Act, 1938, Section 38
Auto Foreclosure When the fund reaches 120% of the annualised regular premium plus applicable discontinuance charges after the expiry of the grace period, if the policy has completed 5 years, it will be foreclosed and the Fund value will be paid out
Non-Negative Claw Back Additions Beginning from the 5th policy anniversary, the maximum reduction in yield will be maintained at such percentages as maybe required by law
Systematic Transfer Option Available for annual mode only and must be opted for at the time of purchasing the policy or during the term of the policy.
Lock-in Policy If premiums are not paid during the lock-in period of 5 years, then the fund will be credited to the Discontinued Policy Fund which will accumulate interest and be paid out upon the expiry of the lock-in period
Reinstatement
  • If a regular policy is not revived within the 30 day grace period, the policy will be discontinued and the policy will be paid out completely
  • If a lock-in policy, you can revive it within 2 years from the date of discontinuance but before the expiry of the lock-in period
Grace Period 30 days from the due date of unpaid premium For monthly mode, 15 days
Loan Facility There is no loan facility available

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

Under the provisions of the Income Tax Act, 1961, subject to change from time to time, tax benefits are available under this plan. To take full advantage of the tax benefits available, you are advised to seek out a tax advisor who will be able to guide you according to the prevailing laws. Tax benefits and exemptions can be availed for premiums paid towards this policy and benefits received from the plan.

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

MetLife, through advisors, their customer service, their website and branches, help customers with all queries related to their insurance products. Potential customers and existing ones can benefit from a number of services provided by PNB MetLife designed to help save time, make policies available easily and provide convenience. Some of the services offered by MetLife are as follows:

  • Compare different protection plans
  • Domestic Medical assistance and emergency assistance
  • Discounts on wellness packages
  • Preventive healthcare packages from leading hospitals and diagnostic centers in India
  • Medical second opinions
  • 24x7 access to qualified doctors
  • Meet an advisor through PNB MetLife
  • Calculate your premium payment using the Premium Calculator
  • Get the Premium Rates Form online
  • Download the brochure for every policy available
  • Download the terms and conditions
  • Contact the customer care via phone, fax, email, or SMS
  • Locate a PNB MetLife branch online

Why you should Buy the MetLife Smart Child Plan?

Since 2001, PNB MetLife has made a mark in the insurance segment of India servicing millions of customers. MetLife, in partnership with Punjab National Bank, one of India’s leading banks, offers a diverse range of investment, protection, savings and retirement products in the Indian market. PNB MetLife also provides advice and guidance through more than 25,000 financial advisors and bank partners. Raking in profits year after year in the recent past, MetLife has become one of the fast-growing life insurance companies in India. With the MetLife Smart Child Plan, your child’s future is secured and you can have peace of mind knowing finance is available to fulfill your child’s dreams and aspirations.

Frequently Asked Questions (FAQs):

Q. How do I meet an advisor for the MetLife Smart Child Plan?

A. You can meet an advisor from PNB MetLife to discuss the MetLife Smart Child Plan through the following avenues:

  • You can contact the customer care via phone, fax, email or SMS to request to meet an advisor.
  • Request online on the PNB MetLife website by filling in the relevant form.
  • You can visit a PNB MetLife branch. You can locate a branch on the website.

Q. Will I be required to do a medical examination for the MetLife Smart Child Plan?

A. The medical tests needed is based on the decision of the underwriter. The requirement of a medical examination depends on factors such as your age, the sum assured, whether you are a smoker or not, and other such factors.

Q. How do I cancel the MetLife Smart Child Plan within the free-look period?

A. If you wish to cancel the policy within the free-look period, you must submit a written request to cancel the policy and state your objection to the policy within 15 days from the date of receipt of the policy document. You can cancel the policy via the following avenues:

  • Apply online on the company’s website. This option is a preliminary cancellation and within 10 working days the hard copy of the cancellation request form must be mailed or couriered.
  • Visit the registered office in Bangalore
  • Visit the nearest PNB MetLife branch

You need to send the duly-filled and signed copy of the cancellation request form, ID proof, the original policy document, and a cancelled cheque with the name of the policyholder and the bank account number.

Q. How do I intimate a claim for insurance to PNB MetLife?

A. To file for a claim with PNB MetLife, these are the options available to you:

  • Contact your financial advisor or sales manager
  • Visit the claims department at the head office in Bangalore
  • Visit the branch office
  • For BABP channel, the claim can be made to the channel partner or bank who will communicate the claim to the respective branch or claims team
  • For group claims, you can contact the regional service team

You can send in your claim in written form via post, email or fax, too.

Q. Will my nominee still receive benefits if my death occurs outside of India?

A. Yes, your nominee can file for an insurance claim. The documents required are similar to that of a death within the country. The death certificate will need to be attested by the Indian Embassy of the country in which the death occurred.

Q. Can I get a duplicate policy document if I have lost the original?

A. Yes, you can apply for a duplicate policy by downloading the request form and format of Rs.100 indemnity bond. The bond on stamp paper of Rs.100 (for Jammu and Kashmir, Rs.40) is required along with a fee of Rs.200 for the issuance of a duplicate policy.

Q. Can I appoint my spouse and my child as nominees under this plan?

A. Yes, you can nominate more than one person under the MetLife Smart Child Plan. During the time of payout, the nominees will receive equal share of the benefits.

Q. In case of the beneficiary’s demise, can someone else claim insurance?

A.

  • If the nominee dies after the death of the policyholder, the legal heir can claim insurance. The policy will continue to pay the same benefits as and when due.
  • If the nominee dies before the policyholder, the policyholder can nominate someone else and continue the policy.

Q. How do I pay my premium towards the MetLife Smart Child Plan?

A.

  • You can set standing instructions with your bank to pay the premium using your credit card
  • You can pay your premiums using the option of “Pay Your Premiums Online” on the PNB MetLife website. Accepted modes of payment are net banking, credit card and debit card.
  • You can use the Electronic Clearance System (ECS) to pay directly from your bank account
  • You can mail or submit a cheque or DD to PNB MetLife
  • Auto Debit facility is available for Axis Bank NRE/NRO accounts

Q. What is the settlement process time taken by PNB MetLife?

A. Once PNB MetLife receives all the documents and the claim form submitted by you, the process can take up to 30 days. In case further investigations are required, then the process can take up to 6 months from the date of intimation of the claim.