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Met Life Smart One

The MetLife Smart One Plan has dual benefits of investment and protection under one plan. With just one single premium payment, you can enjoy cover for up to 20 years. This unit-linked life insurance plan does not participate in bonuses declared by MetLife, but gives you the opportunity to take advantage of the market highs. With a Stop Loss Option available, you can protect yourself from market falls and keep your investment safe. This plan gives you access to 6 different unit-linked funds and the option to manage them on your own or opt for an auto-rebalance.

Eligibility - Who is the MetLife Smart One Plan for?

For all insurance plans, there is an eligibility criteria set by MetLife. Customers who wish to purchase the MetLife Smart One Plan must satisfy the requirements given below:

Minimum age at entry 3 months (0 years)
Maximum age at entry 65 years
Minimum age at maturity 18 years
Maximum age at maturity 75 years
Type of plan Unit-linked Life Insurance (Non-Participating)
Premium payment options Single

*Ages specified are defined as the age last birthday

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

Given below is an indicative table of the premium payments required for the Smart One Plan. Based on the term of the plan and the premium amount selected, the payout will vary.

Minimum Premium Rs.18,000
Maximum Premium Rs.5 lakhs
Policy Terms 10 years to 20 years
Sum Assured Multiple
  • 5 time of SP in the first policy year
  • 1.25 times of SP for the remaining term

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

Plan Coverage - What the MetLife Smart One Plan Covers?

With the MetLife Smart One Plan, you can have peace of mind knowing that your family is financially protected in case something were to happen to you. The Smart One Plan is a unit-linked, non-participating life insurance plan. This policy is an ideal way of securing your family’s standard of living and status. Under this plan, you will receive the following key benefits:

  • Pay one single premium
  • Get the benefits of investment and protection in one plan
  • Choose between 6 funds to maximise market advantages
  • Choice of 2 investment strategies: Self-managed and Auto rebalance
  • Protect yourself from market lows with the Unique Stop Loss options
  • Enjoy liquidity of funds with the partial withdrawal option from the 5th policy anniversary
  • Enjoy loyalty additions that help accelerate wealth creation
  • Avail tax benefits under the Income Tax Act, 191

Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Smart One Plan:

Death Benefit:

In the unfortunate event of death or demise of the life insured before the maturity date, the nominee will get the following death benefits. However, the policy needs to be active to avail the death benefits.

  • Death of the Person Insured occurs on or after the attainment of age 60, the death benefit payable will be higher of:
    • 105% of the Single Premium paid.
    • Base Sum Assured minus all Partial Withdrawals made in accordance with the Partial Withdrawal provisions during the last 2 years before the date of demise, or all Partial Withdrawals made as per the Partial Withdrawal provisions post attainment of age 60, whichever is higher.
    • Single Premium Fund Value (the value of units applicable to Base Premium Account).
  • Death of the Person Insured occurs before the attainment of age 60, the death benefit payable will be higher of:
    • 105% of the total Single Premium paid
    • Single Premium Fund Value (the value of units applicable to Base Premium Account)
    • The Base Sum Assured minus all Partial Withdrawals, made in accordance with the Partial Withdrawal provisions in the last 2 years before the date of demise of the life assured

Maturity Benefit:

Upon maturity of the policy, MetLife will pay the Total Fund Value as is on the date of maturity. You may also opt to defer the maturity proceeds with the following settlement options by informing MetLife 90 days prior to the maturity date of the policy:

  • Receive the Total Fund Value in installments within 5 years from the date of maturity
  • Choose a combination of lump sum and part installment
  • The minimum withdrawal during the settlement option is 5% of the fund value
  • The number of withdrawals is limited to 12 per calendar year
  • Charges for this option are applicable

During the settlement period, you have the option to withdraw the entire outstanding fund value at any time by terminating the policy with MetLife. If you choose the settlement option, the risks connected with the unit-linked funds will be borne by you. During this period, life insurance cover is not applicable. However, in case of your demise during this period, MetLife will pay out the fund value as on the date of death and terminate the policy.

Loyalty Additions:

From policy year 6 to year 10, Loyalty Additions will be credited to your policy at the end of every policy year. This addition is expressed as a percentage of the Average Single Premium Fund Value.

Choice of 6 Funds:

Under this plan, the value of the payout depends on the performance of the funds selected by you. The MetLife Easy Super 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 Allocation Range Asset Category
Balancer II Medium risk 0%-60% Government and other debt securities
60%-100% Money market instruments
0%-60% Equities
Preserver II Very low risk 60%-100% Government and other debt securities
0%-40% Money market instruments
Protector II Low risk 60%-100% Government and other debt securities
0%-40% Money market instruments
Virtue II Very high risk 0%-40% Money market instruments
60%-100% Equities
Multiplier II Very high risk 60%-100% Money market instruments
0%-40% Equities
Flexi Cap Very high risk 60%-100% Government and other debt securities
0%-40% Money market instruments

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

Choice of Two Investment Strategies:

  • Self-managed option - Actively manage your investment portfolio on your own by choosing between the 6 fund option available. You can also switch between these funds depending on your risk appetite and market conditions. You can also opt for the Systematic transfer option if you are paying premiums under the annual mode.
  • Auto rebalance option - If you prefer not to manage the funds on your own, you can choose this option which will automatically rebalance your investments in the 6 different funds based on market movements.

Stop Loss Option:

You can opt for this benefit on the Flexi Cap Fund to help cap off the downside risk of the market. The Stop Loss Levels available are 10%, 15%, 20%, 25% and 30% of the Net Asset Value of the Flexi Cap Fund. To avail this option, the minimum fund allocation in the Flexi Cap Fund is 50%.

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

There are no add-ons available with this plan.

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

Under the MetLife Smart One Plan, there is one exclusion in the event of which all benefits and coverage will lapse.

  • If the life insured under this policy commits suicide within one year from the commencement date or date of policy issue, whether the person was sane or insane at the time of death, MetLife will not be liable to pay the sum assured. MetLife will refund the Fund Value of the policy.
  • If the life insured under this policy commits suicide within one year from the last reinstatement date of the policy, whether the person was sane or insane at the time of death, MetLife will not be liable to pay the sum assured. MetLife will refund the Fund Value of the policy.

Other Key Features:

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

Particulars Details
Free-Look Period 15 days from the receipt of the policy document.
Tax Benefit Tax benefit is applicable on premiums paid and on benefits received from this policy.
Flexible Switch Option You can switch partially or wholly between different funds available during the policy term. Four free switches are allowed in one policy year after which Rs.250 will be charged.
Auto Foreclosure After completing 5 policy years, if the Total Fund Value reaches 20% of the single premium, the insurance policy will be terminated. The Fund Value will be paid out.
Partial Withdrawal One partial withdrawal in a policy year is free for the Single Premium Fund. Subsequent withdrawals carry a fee of Rs.250.
Lock-in period First 5 years of the policy term.
Surrender After 5 years of the policy term, you can surrender the policy and get the Total Fund Value paid out. No charges are applicable.
Reinstatement A policy can be reinstated within 2 years from the date of discontinuance
Grace Period Not applicable
Nomination Before the date of maturity, you can nominate anyone or change the existing nominee.
Assignment By submitting a written notice, you can assign this policy.

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

In accordance with the prevailing tax laws in India, policyholders can avail benefits against the premiums paid towards this policy and the benefits received. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to take full advantage of the tax exemptions available under the Income Tax Act, 1961. PNB MetLife reserves the right to deduct or recover taxes and duties that are applicable as per the tax laws from the payments made towards this policy.

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

PNB MetLife offers other benefits on their website, through their customer service and through advisors. Customers who wish to purchase a plan can get sound advice from experts, find all relevant information in the brochures and on the website. PNB MetLife offers the following benefits to their customers:

  • Get advice from experts
  • Compare different protection plans online
  • Calculate your premium payment using the Premium Calculator online
  • Enjoy discounts on wellness packages
  • Get access to qualified doctors around the clock
  • Get medical second opinions
  • Avail domestic medical and emergency assistance
  • Get the Premium Rates Form on the website
  • Download the brochure for any plan online
  • Locate a PNB MetLife branch online
  • Preventive healthcare packages from leading hospitals and diagnostic centers in India
  • Read the terms and conditions online
  • Contact the customer care via phone, fax, email, or SMS

Why you should Buy the MetLife Smart One Plan?

As a leader in the global insurance market, MetLife offers a wide range of products that span across investment, insurance, protection and retirement. Customers can choose from a plethora of products that suit their needs and their budget. In partnership with Punjab National Bank, MetLife has offered top-notch services in the country since 2001. Servicing customers through over 7,000 locations across India, PNB MetLife has grown rapidly and secured a top position among other insurers. With the MetLife Smart One Plan, you have the power in your hands to take advantage of the market highs and be protected against the market lows. Along with your investment, you will also receive insurance coverage that will provide financial protection for your family and loved ones.

Frequently Asked Questions (FAQs):

Q. Can I change the Stop Loss Trigger Level I selected initially under the MetLife Smart One Plan?

A. Yes, you can change the Stop Loss Level once every policy year with no charges applicable. Any subsequent changes will attract a fee of Rs.250. You can also change the base Net Asset Value or opt out of the Stop Loss Option at any time. Charges will remain the same.

Q. How does the Auto Rebalancing Option work?

A.

  • When you opt for an Auto Rebalance, from the single premium you pay, MetLife will invest in the Flexi Cap Fund and the Protector II Fund only.
  • The proportions to be invested in each fund will be selected by you. The minimum amount is 20% in any of the funds and value of both must equal 100%.
  • You can then choose a rebalance trigger of 10%, 15%, 20% or 25% increase or decrease in the Single Premium Fund Value.
  • The proportion between the two funds will automatically adjust with each other when the triggers are reached.

Q. How do I switch between different unit-linked funds?

A. Provided that the policy is in force, you can submit a written request to MetLife to switch your investments. Four switches in any policy year will be free. Any subsequent switch request will be entertained with a fee of Rs.250. The minimum amount required to switch is Rs.5, 000. Switches cannot be made if the Auto Rebalance Option is selected.

Q. How is the Net Asset Value calculated?

A. The formula for calculating the Net Asset Value is as follows:

[Fair or market value of investments +/- Incurred Expenses + Current Assets + Income Accrued - Current provisions and liabilities - Fund Management Fee) / (Number of outstanding units in the relevant Unit-linked fund)]

Q. Can I surrender the policy during the lock-in period?

A. Yes, there is an option to surrender the policy during the lock-in period under the following terms:

  • The Single Premium Fund Value will be credited to the Single Premium Unit Account after the deduction of discontinuance charges.
  • The amount will remain in the fund until the start of the 6th policy year.
  • Interest will be computed at a minimum of 4% p.a.
  • The Fund value plus interest will be payable to the policyholder.

Q. Am I eligible to receive bonuses under the Smart One Plan?

A. No, this policy is a non-participating policy and will not be entitled to any bonuses declared by MetLife.

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

A. You can buy the MetLife Smart One 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. Are there any charges applicable if I return the policy within the free-look period?

A. If you decided to return the policy during the free-look period, the premium paid will be refunded after deducting proportionate premium for the time on risk borne by PNB MetLife plus medical examination expenses and stamp duty.

This plan is not available through distance marketing.

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. What is the claims procedure for this policy?

A. In the event you need to make an insurance claim, you need to submit the following documents and information to PNB MetLife:

  • Duly-filled in MetLife claims form
  • Official death certificate issued by a competent authority
  • Original policy document
  • If the death is not by natural causes, an FIR, port-mortem report and police inquest report is needed
  • Proof of title to the policy
  • ID and address proof of the nominee or legal heir