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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.
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)
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
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.
In the event of death, the nominee will receive the following benefits:
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 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.
On the completion of the term, the fund value plus the accrued guaranteed loyalty additions is paid to the policyholder.
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.
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.
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 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 is not entitled under this policy.
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.
|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)||-|
No rider is available under this plan.
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.
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.