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MetLife Smart Child Plan

What is the Plan all About?

MetLife Smart Child plan is a unit linked, non participating child plan which helps you as a parent to plan in advance the future needs of your child.This plan helps you to build a corpus which will help in managing educational costs of your child, for extracurricular needs or for using the funds for the purpose of the wedding.

What are the Key Features?

Helps in corpus creation for child’s future

Shield your savings from market fluctuations

Offers various flexible options to exercise

Waiver of premium benefit to continue the policy

Tax Benefit under section 80C & 10 (10D)

What are the Fund Investment Options?

The insured has an option to invest in one of the following 6 investment funds:

Protector ll Fund

Preserver ll Fund

Balancer ll Fund

Flexi Cap Fund

Virtuel Fund

Multiplier ll Fund

The policyholder can also choose Systematic Transfer Option under self managed option which will allow you take the benefit of the market volatility by taking advantage of the rises and fall in the market with the benefit of rupee cost averaging.

What are the Plan benefits?

Death Benefit

In the event of death, the nominee will receive the following benefits:

  • Sum Assured or 105% of the Total Regular Premium paid, whichever is higher, will be paid immediately to your beneficiary, subject to acceptance of claim by the company.
  • Future premiums payment are waived off. In addition, PNB MetLife will credit on a regular basis an amount equivalent to one annualized regular premium as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.

Also, the Policy shall continue to be in-force with deduction of all Policy Charges other than Mortality Charges till the date of maturity. To protect the life insured’s savings from getting affected by market volatility in your absence, the Fund Values lying in Flexi Cap, Virtue II & Multiplier II Funds (refer to brochure for more details), at the time of insured’s death will be transferred to Balancer II.

Balancer II is a moderate risk fund and will protect your loved ones’ financial interests along with a potential of steady increase in the savings. The entire future payments equivalent to annualized regular premiums will be credited to Balancer II Fund on a monthly basis following the date of notification. First such payment will happen on the monthly anniversary (i.e the same day of each month as the date of commencement of the Policy) followed by the date of notification of death and on a monthly basis thereafter.

No servicing requests like premium redirection, partial withdrawals, fund switches, etc. will be allowed in the event of the death of the insured.

Loyalty Additions

Loyalty Additions are paid as a percentage of average fund value where average fund value is the average of the fund values at the end of the last 36 months as on date of maturity.The loyalty additions are paid if the customer opts for a longer policy tenure like 15 or 20 years.For 15 year policy term, loyalty additions are paid as 2% of the fund value and for 10 year policy term, loyalty additions are paid as 3% of the fund value.

Maturity Benefit

On the completion of the term, the fund value plus the accrued guaranteed loyalty additions is paid to the policyholder.

Settlement Option

With the help of Settlement Option, you can choose to receive the maturity benefit in installments over a period of 5 years following the date of maturity of the policy. During this payout period, your fund value will continue to invest with unit linked funds as opted by you.

Switching

You have the flexibility to switch between available funds at any time during the Policy Term. The policyholder has the flexibility to do 4 free switches in a year with a minimum value per switch equal to Rs 5,000.Switching option is not available with Auto Rebalancing Option.

Premium Redirection

You may redirect your future premiums between available funds cost free once in a policy year. Redirection of premium is not available with Auto Rebalancing Option.

Partial Withdrawal

Partial withdrawals are allowed after five policy years and single partial withdrawal is allowed during a policy year. Any additional partial withdrawal during the same year will attract charges.The minimum amount of partial withdrawal of Rs 5000 is allowed for each transaction.The maximum limit of the partial withdrawal is 10% of the fund value.

Loan Benefit

Loan is not entitled under this policy.

Revival Benefit

In case of discontinuance of payment of premium during the first five policy years, you have the option to revive the policy within 2 years from the date of discontinuance of the policy. In case of discontinuance of payment of premium after the first five policy years, you have the option to revive the policy within 2 years or convert the policy into a paid up policy.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) for Life Insured 18 Years 55 Years
Age (as on last birthday) for Nominee 90 Days 17 Years
Policy Term 10/15 Year 20 Years
Premium Paying Term Same as policy term -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 10 times the chosen annualized premum -
Annualized Premium Rs 18,000 p.a Rs 2 Lacs (till age 32), Rs 1.25 Lacs (fpr age band 35 to 45 years), Rs 1 Lac (for age 46 and above)
Freelook Period 15 days from the receipt of the policy document -
Grace Period 30 days & 15 days (for monthly mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available under this plan.

What are the Plan Charges?

  • Premium Allocation Charge: Premium allocation charges is 7% in year 1, 6% in year 2 and 5% from year 3 onwards.
  • Fund Management Charge: The Fund Management Charge is adjusted at the time of declaring the daily NAV.The fund management charge is 1.35% p.a as specified by the govt. or the actual charges if it is higher than 1.35% p.a. Different charges as per the fund opted are Protector ll Fund and Preserver ll Fund attracts charge of 1% charge p.a.Balancer ll Fund attracts a charge of 1.15% p.a. Flexi Cap Fund, Virtuel Fund and Multiplier ll Fund attracts premium of 1.25% p.a.Discontinued fund charge is 0.50 % p.a.
  • Policy Administration Charge: This charge is deducted by cancelling units on a monthly basis at the beginning of each month of the policy. The charge is Rs 10 per month for 1st to 5th policy years and Rs 35 from 6th policy year onwards.
  • Mortality Charge: It is based on the age of the insured, cost of insurance and applicable sum assured.
  • Miscellaneous Charges: Rs 250 is applicable for any other additional request over an above the free limits for premium redirection, switching and partial withdrawal.

Is the Plan, eligible for Tax Benefit?

Premiums paid under this policy, qualify for the tax benefits as per Section 80C and the policy proceeds qualify for tax benefits under section 10 (10D) of the Income Tax Act.

How the Plan Works?

Let us understand the plan with the help of Raman’s example.

Raman bought MetLife Smart child with Sum assured of Rs 2 Lacs (Rs 20,000 annualized premium x 10) for a policy term of 15 years.

Scenario 1: Raman Survives the Policy Term

On the completion of the term, the fund value plus the accrued guaranteed loyalty additions is paid to Raman by the company.

Scenario 2: Raman dies during the policy term

In the event of death, the nominee will receive the Sum Assured of Rs 2,00,000 will be paid immediately to the nominee, subject to acceptance of claim by the company plus Future premiums payment are waived off.

In addition, PNB MetLife will credit on a regular basis an amount equivalent to one annualized regular premium as a part of Premium Waiver Benefit (PWB) on a monthly basis into Policyholder’s Fund.