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MetLife Smart Platinum

What is the Plan all About?

MetLife Smart Platinum is a unit linked insurance cum investment plan which can be customized to meet the dynamic financial needs at different stages of life. The plan offers the flexibility to pay premiums in shorter duration and avail the plan benefits for a longer duration. The plan offers unique auto balancing portfolio strategy for keeping your investments safe.

What are the Key Features?

Comprehensive Insurance cum Investment Plan

Flexibility of various premium payment options

Offers unique Auto Balancing Portfolio Strategy

Choice of 6 fund options as per risk appetite

Liquidity in funds through partial withdrawal

Option to change Sum Assured

Tax Benefits under section 80C

What are the Fund Investment Options?

Metlife Smart Platinum offers 2 investment strategies to manage funds:

1. Self Managed Option:

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

  • Protector ll Fund
  • Preserver ll Fund
  • Balancer ll Fund
  • Flexi Cap Fund
  • Virtuel Fund
  • Multiplier ll Fund

You 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.

2. Auto Rebalancing Option:

This option is appropriate for the customers who don’t want to manage their investment portfolio directly or regularly. Under this option, the customer may choose between the 2 funds which are Flexi Cap Fund and Protector ll Fund. In case of extreme market movements,the mix of both the funds is automatically rebalanced as per the ratio chosen between the funds at the time of taking the policy.

What are the Plan Benefits?

Maturity Benefit

The maturity benefit is paid out when the life insured reaches the age of 99 years. The amount paid is equal to the Total Fund Value in the account on maturity of the policy.

Death Benefit

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

1. If death of life insured occurs before the age of 60:

  • Base Fund Value that is equal to the value of units in the Base Premium Account, or
  • Base Sum Assured less all Partial Withdrawals, made in the last 24 months before death, or
  • 105% of the total Premiums paid, regular or limited

2. If death occurs on or after the age* of 60:

  • Base Fund Value that is equal to the value of units in the Base Premium Account, or
  • Base Sum Assured less all Partial Withdrawals made in the last 24 months before death or all Partial Withdrawals made after age 60, whichever is higher, or
  • 105% of the total premiums paid, regular or limited

*(As on the date of receipt of written intimation of Claim with appropriate proof of death at our designated office) shall also be payable.

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 remaining fund value after each partial withdrawal should be atleast equal to the sum of 120% of the annualized base premium.

Change in Sum Assured

The policyholder may increase or decrease the sum assured during the policy term, as per the changing needs subject to minimum and maximum base sum assured limits as specified in the plan. Miscellaneous charges are levied for any change in sum assured.

Change in Premium Payment Term

Change in premium payment term is allowed from 5 years to 10 years with an advance request before the policy completes 5th policy year.

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 Rider?

Factor Minimum Maximum
Age (as on last birthday) 7 Years 70 Years
Premium Paying Term Limited Pay (5 or 10 Years) or Same as policy term -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually, One time payment (Single Pay) -
Sum Assured As per Sum Assured multiples -
Annualized Premium Rs 30,000 (annual Mode), Rs 60,000 (for non annual modes) No Limit (subject to underwriting)
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 6% for annualized premium less than Rs 50,000 and 5.50% for the annualized premium greater than equal to s 50,000 for 1st to 5th policy year.2.50 % for 6th to 10th policy year for 10 pay and regular pay premium payment term.

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 35 per month for annual mode and Rs 40 for all other modes.

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,increase or decrease in sum assured, 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.

(Subject to the provisions stated therein.)

How Does the Plan Work?

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

Raman bought MetLife Sart Platinum for Sum assured of Rs 10 Lacs for a premium payment term of 10 years.

Scenario 1: Raman Survives the Policy Term

Fund Value is given as the maturity benefit under this plan.

Scenario 2: Raman dies during the Policy Term

Nominees will receive higher of the fund value or sum assured.

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