MetLife Smart Plus
Product Info
UIN
117L030V01
Status
Withdrawn
Launch Date
27/06/2006
Withdrawn Date
01/01/2010
Product Overview
MetLife's Met Smart Plus is a unique unit-linked life insurance plan, it not only ensures protection and returns, but also covers you till the age of 100.
Product Description
- Regular premium unit linked life insurance policy that provides life cover upto age 100.
- High cover multiples can be availed
- Flexibility to Increase Sum Assured during the tenure of the plan.
- Allows access to cash anytime after three years to meet your financial requirements
COMPARE & BUY SIMILAR PLANS
Unique Features
- Very high cover multiple till 110 times available.Higher investible premium in high ticket cases as allocation charge is lower for higher premium and policy admin charge is flat irrespective of premium.
- High surrender charges in initial years, prevents the policy holders to exercise premature redemptions before 10 years. Ensures benefits of long-term investing.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 0(Age last birthday, 3 months to be completed) | ||||
| Age at Entry (Max) | 70 years(Age last birthday) | ||||
| Max age of Maturity | Till age 100 years | ||||
| Min Regular Premium | Rs. 12,000 p.a. | ||||
| Min Top-up Premium | Rs. 5000(Each top-up premium will increase base Sum Assured by 125% of the top-up premium) | ||||
| Min Sum Assured | Rs. 60,000 | ||||
| Max Sum Assured | No limit subject to medical and financial underwriting | ||||
| Sum Assured multiples as per age bands | |||||
| Age Bands | Min Multiple | Max Multiple | |||
| 0-10 | 35 | 110 | |||
| 11-20 | 30 | 100 | |||
| 21-30 | 25 | 90 | |||
| 31-40 | 20 | 80 | |||
| 41-50 | 15 | 70 | |||
| 51-60 | 10 | 60 | |||
| 61-70 | 5 | 50 | |||
| Mode Available | Monthly, Semi-annually, Quarterly, Annually or by Payroll Savings Programme. | ||||
| Policy Term | Min | Whole Life-till age 100 years of Life Assured (100-Entry Age) | |||
| Max | |||||
| Premium Paying Term | Regular | ||||
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Product Benefit
| Benefit | Description | |
| Maturity Benefit | 100% of the Fund Value on survival to maturity | |
| Death benefit | If age at death is less than 7 years | 100% of the Fund Value in the Unit Account |
| If age at death is equal to or more than 7 years | Higher of Sum Assured* and 100% of the Fund Value in the Unit Account | |
| Note:*Sum Assured used for computing the Death Benefit will be reduced by the amount of the aggregate (partial) withdrawals made during the preceding two years from the date of death. | ||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Increase of Sum Assured | After completion of the first three policy years, you can increase the Sum Assured of the policy by making a written request to the Company prior to the Policy Anniversary date, subject to the underwriting guidelines.This is allowed only once in a policy year.The revised Sum Assured should be within the multiple range of minimum and maximum, based on the age at the time of revision. | |||||
| Top-up Premiums | The Sum Assured would be increased by 125% of the Top-up premium on each such payment | |||||
| Any Top-up premiums paid would be non-withdrawable for three years from the date of such payment | ||||||
| Switching | can be done at any time during the coverage term by submitting a written request to the company | |||||
| the proportion of premium redirection would remain the same as earlier. | ||||||
| Partial Withdrawals | The minimum amount of partial withdrawal is Rs. 5000/- | |||||
| Three policy years have elapsed | ||||||
| Insured completing 18 years of age | ||||||
| The amount requested is less than the surrender value of the withdrawable part | ||||||
| Surrender Value | No surrender value is payable during the first three years of the policy | |||||
| For surrenders after the first three policy years, a surrender charge is payable. |
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| The surrender value in such cases will be the fund value minus the surrender charges |
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| Termination | If the policy is lapses during the first three policy years and not reinstated within two years from the date of such lapse, the policy would be terminated by paying the surrender value as on the date of expiry of two years to you. | |||||
Add-ons
Accident Death Benefit Rider( ADBR ):- Subject to this Rider Policy being is in full force and effect, upon the Death of the Insured due to an Accident happening within the Policy Term, We will pay the Rider Sum Assured as specified in the Rider Schedule to the Nominee.Where, “Accident” means sudden, unforeseen and voluntary event caused by external, visible and violent means. The death should happen within 180 days from the date of accident
Critical Illness Rider ( CIR ):- Provides payment of an additional amount on diagnosis of any of the 10 critical conditions specified.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | |||||
| Premium Related(on each premium) | Years 1-10 | Years 11+ | |||
| Rs. 12,000 to Rs. 29,999 | 6% | 2.50% | |||
| Rs. 30,000 to Rs.99,999 | 5.50% | 2.50% | |||
| Rs. 100,000 and Above | 5% | 2% | |||
| Top-up premium | 3.50% | 3.50% | |||
| Note-*The premium allocation charge will be deducted from each regular premium/top-up premium and the balance net premium will be utilised to buy units in the choosen fund. |
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| Policy Administration Charge | |||||
| Fixed | Year 1 | Rs. 200 per month | |||
| Year 2 | Rs. 75 per month | ||||
| Note: The charges will be deducted at the beginning of each month by the cancelation of an appropriate number of units using the relevant Net Asset Value of these units. The policy administration charge would be deducted from the fund with the highest Fund Value and the balance if any, from next such fund and so on. | |||||
| Mortality Charges | The calculation method will be as follows: Mortality Charge = (Sum At Risk/1000) X Cost of Insurance (CoI) |
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| Note: The Sum At Risk is defined as the Death Benefit (as defined in the Benefits section) minus the Fund Value in the Unit Account. The mortality charge would be deducted from the fund with the highest Fund Value and the balance if any from next such fund and so on. | |||||
| Rider Premium Charge | Equal to ( Sum Assured / 1000 ) x Cost of Rider ( CoR which can be CoADBR or CoCIR ) | ||||
| Sample Monthly Cost of Rider per 1000 sum insured are as below: | |||||
| Age | CoADBR | CoCIR | |||
| 20 | 0.0625 | 0.031792 | |||
| 30 | 0.0625 | 0.072792 | |||
| 40 | 0.0625 | 0.310708 | |||
| Note: Rider premium charge(s) will be deducted at the beginning of each month by the cancelation of an appropriate number of units at the relevant Net Asset Value. |
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| Fund Management Charges | |||||
| Fund Option | Current | Maximum | |||
| Multiplier | 1.75% p.a. | 2.50% p.a. | |||
| Virtue | 1.75% p.a. | 2.50% p.a. | |||
| Accelerator | 1.75% p.a. | 2.50% p.a. | |||
| Balancer | 1.50% p.a. | 2.50% p.a. | |||
| Moderator | 1.50% p.a. | 2.50% p.a. | |||
| Protector | 1.25% p.a. | 2.50% p.a. | |||
| Preserver | 1.25% p.a. | 2.50% p.a. | |||
| Note-*These charges are adjusted while calculating the Net Asset Value of the Unit Linked Funds at each valuation date. | |||||
| Surrender Charges | Policy Year | Percentage of first year regular premium | |||
| 4 | 70 | ||||
| 5 | 60 | ||||
| 6 | 50 | ||||
| 7 | 40 | ||||
| 8 | 30 | ||||
| 9 | 20 | ||||
| 10 | 10 | ||||
| 11 and thereafter | 0 | ||||
| Note- *No surrender is permitted during the first three years of the policy. After the first three policy years, the following surrender charge is applicable. |
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| Switching Charge | First 2 switches in a policy year | Free | |||
| For each additional switch in that particular policy year | Rs. 250 per switch | ||||
| Note: The minimum fund value after partial withdrawal should be 1 annualised premium.The company reserves the right to increase this charge up to a maximum of Rs.500 with prior clearance from the Insurance Regulatory and Development Authority. | |||||
| Partial Withdrawal Charge | First 2 partial withdrawals in a policy year | Free | |||
| For each subsequent partial withdrawal | Rs. 250 per withdrawal | ||||
| Notes- However, the company reserves the right to increase this charge up to a maximum of Rs.500 with prior clearance from the Insurance Regulatory and Development Authority. |
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| Miscellaneous Charge | The company may charge Rs.250 for any material alteration in the contract. charge up to a maximum of Rs.500 with prior clearance from the Insurance Regulatory and Development Authority. | ||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim process of MetLife Smart Plus Plan
Company Overview
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the fastest growing life insurance companies in the country, having as its shareholders, MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife has been present in India since 2001.
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