Investment Plans 431 views December 26, 2020

PNB MetLife Smart Platinum and SBI Life Wealth Assure are two of the best Unit Linked Insurance Plans (ULIPs) that give you the insurance coverage along with a return on your investment. The premium payable on these two plans will go towards a life insurance cover as well as in stocks and bonds to multiply your money. These ULIP plans can help you achieve your goals such as retirement, children’s education, etc. To help you choose the better of the two, we have shown here the comparison of PNB MetLife Smart Platinum vs SBI Life Wealth Assure. Read this page and know more about PNB MetLife Smart Platinum vs SBI Life Wealth Assure.

Investment

To know the right investment, please fill the details below and our policy experts will get in touch with you

+91

Compare PNB MetLife Smart Platinum vs SBI Life Wealth Assure Plan Features

It’s the features that give impressions to the customer about the life insurance products. That’s why our first point of comparison is directed towards this only. Let’s take a look.

PNB MetLife Smart PlatinumSBI Life Wealth Assure
Option of seven fundsChoice of 6 Unit linked funds
Market Linked ReturnsCoverage till 99 years of age
Single Pay PremiumPay a premium for 5 years, 10 years or for the entire term of the policy.
Liquidity via Partial WithdrawalsLiquidity with partial withdrawal
Customize with Accidental Death Benefit OptionAuto Rebalancing option
-Increase or Decrease your Sum Assured

Compare PNB MetLife Smart Platinum vs SBI Life Wealth Assure Death Benefits

In the unfortunate event of the death of the life assured, provided the policy is in force, your nominee will get the following death benefit as per your chosen ULIP plan.

For PNB MetLife Smart Platinum – The death benefit payable is the highest of the following:

  1. The Base Fund Value
  2. The Base Sum Assured less all partial withdrawals made during the 2 years before the date of death.
  3. 105% of the total Regular/Limited Paid Premiums excluding partial withdrawals

Note – If the life assured dies during the grace period or the subsequent notice period of the policy discontinuance, the overdue charges, mortality charges and policy administration charges will be deducted from your death benefit.

For SBI Life Wealth Assure – The death benefit will be payable either as a lump sum or as a settlement option.

Lump sum option: The higher of the following will be payable:-

  1. Fund Value as on the date of death intimation
  2. Basic Sum Assured less the applicable partial withdrawals if any

Note – The applicable partial withdrawals may not apply in case the life assured is minor at the time of death.

Settlement option: The death benefit is payable over the chosen term. And during this period, the investment risk in the investment portfolio will be borne by the beneficiary.

Accidental Death Benefit option: The accidental death benefit sum assured is payable to the beneficiary on the death of the life assured due to a sudden, unforeseen and involuntary event caused by external, visible and violent means.

Compare the PNB MetLife Smart Platinum vs SBI Life Wealth Assure Maturity Benefits

PNB MetLife Smart Platinum policy matures at the start of the policy year when the life assured attains 99 years of age. This ULIP plan maturity benefit is equal to the Total Fund Value in the Unit Account (as per the NAV) on the maturity date.

If the life assured survives up to the maturity date during the SBI Life Wealth Assure policy term, the policy fund value will be payable in a lump sum.

Compare the PNB MetLife Smart Platinum vs SBI Life Wealth Assure Fund Options

You can invest in any one or any combination of the funds in multiples of 1% if you buy the SBI Life Wealth Assure plan. Whereas for PNB MetLife Smart Platinum, you may choose to invest your premium in the Unit-Linked Funds in any proportion equal to a total of 100%, subject to a minimum allocation of 20% in any fund.

The following are the funds where the life assured can invest his/her premiums.

PNB MetLife Smart PlatinumSBI Life Wealth Assure
Protector II FundBond Fund
Preserver II FundEquity Fund
Balancer II FundBalanced Fund
Flexi Cap FundBalanced Optimiser Fund
Virtue II FundCorporate Bond Fund
Multiplier II FundMoney Market Fund
-Pure Fund

On the PNB MetLife Smart Platinum plan, you can use an Auto Rebalancing option that manages your investment portfolio regularly. In this option, funds are allocated in the Flexi Cap Fund and Protector II Fund in the proportion you choose.

Auto Rebalancing benefit, in case of any market movement, the mix of Flexi Cap Fund and Protector II Fund is automatically rebalanced as per the ratio chosen by you at inception. With this investment strategy, you can choose the premium allocation between the two Unit-Linked Fund options – Flexi Cap Fund and Protector II Fund. The minimum allocation needs to be 20% in either of the funds and the total of both the funds should always be 100%.

Compare PNB MetLife Smart Platinum vs SBI Life Wealth Assure Eligibility

ParticularsPNB MetLife Smart PlatinumSBI Life Wealth Assure
Age at Entry7-70 years8-60 years
Age at Maturity99 years70 years
Minimum Premium30,00050,000
Policy Termtill the life assured reaches 99 years of age10-30 years
Premium Payment Term5 years, 10 years, or the entire policy termsame as the policy term
Premium ModeAnnual , Semi Annual, Quarterly and MonthlySingle Premium

Free Look Period for PNB MetLife Smart Platinum vs SBI Life Wealth Assure

During a free look period, you can review the terms and conditions of your ULIP policy, starting from the date of policy document receipt until 15 days. And if the policy is sourced via Distance Marketing, this free look will be for 30 days. The benefit of having a free look period is that you can cancel the policy stating the reason for your objection. In case of cancellation during the free look, these two companies will refund an amount as follows.

For SBI Life Wealth Assure Plan – Fund Value will be refunded after the following deduction:

  1. Premium Allocation Charges
  2. Policy Administration Charge
  3. Mortality Charges
  4. Accidental Death Benefit Charges
  5. Medical Expenses
  6. Cost of Stamp Duty

For PNB MetLife Smart Platinum Plan –  The company will refund an amount equal to the non-allocated premiums plus cancellation fee of units plus fund value. This refund is subject to a deduction of expenses towards the medical examination, stamp duty and proportionate risk premium.

People Also Read