Investment Plans 402 views October 1, 2021

PNB MetLife Smart Platinum is an individual unit-linked insurance plan (ULIP) that provides you the benefit of investment and life cover. Check out the key features of the PNB MetLife Smart Platinum Plan below –

  • Flexible premium payment options
  • Option to increase or decrease the sum assured
  • Auto rebalancing option to increase capitalization taking advantage of market movements
  • Six fund options
  • Partial withdrawal facility after five continuous years

Investment

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Read this page further and know about the PNB MetLife Smart Platinum coverage, terms and conditions in detail.

PNB MetLife Smart Platinum Base Cover

The insurer provides you the following benefits under the policy –

Death Benefit

In case of your death during the policy term, the insurer will pay higher of the following to the nominee –

  • Base Fund Value
  • Base Sum Assured – Partial Withdrawals (made two years before the date of death)
  • 105% of the total paid premiums excluding partial withdrawals made two years before the date of death

Maturity Benefit

If you survive during the policy term, the insurer provides you the total fund value of your unit account based on the Net Asset Value (NAV). PNB MetLife Smart Platinum Plan matures when you turn 99 years old.
Choice of Fund Available Under the PNB MetLife Smart Platinum Plan
You can choose to invest in any of the following funds of your choice –

  • Protector II
  • Preserver II
  • Balancer II
  • Flexi Cap
  • Virtue II
  • Multiplier II

Note – Invest your premiums in any proportion aggregating to a total of 100%, subject to a minimum allocation of 20%.

Other Benefits of PNB MetLife Smart Platinum Plan

Besides the death and maturity benefit, you’ll get the following options under the PNB MetLife Smart Platinum Plan by which you can manage your policy and meet your financial needs.

Auto Rebalancing Option

You don’t need to manage your investment portfolio regularly if you opt for this option. Here, the funds are allocated in the Flexi Cap Fund and the Protector II Fund in proportions as per your choice. In case of any fluctuation in the market, the premium allocation across funds will apply as specified by you at inception. This way, you can ensure that your investment portfolio stays the way you want. If you choose this investment strategy, you need to choose premium allocation only between two funds –

  • Flexi Cap Fund
  • Protector II Fund

The minimum allocation should be 20% in either of the funds, subject to 100%. There are four rebalancing options available to you-

  • 10% of Total Fund Value
  • 15% of Total Fund Value
  • 20% of Total Fund Value
  • 25% of Total Fund Value
  • Partial Withdrawal Option

You can withdraw funds from your account after the completion of 5 policy years. The minimum amount you can withdraw is INR 5,000. When you do a partial withdrawal, the remaining Fund Value should be at least equal to 120% of the Annualised Base Premium plus applicable Premium Discontinuance Charges. You can make one partial withdrawal in a policy year free of charge and for each additional withdrawal, a charge of INR 250 will be levied.

Increased & Decreased Sum Assured

The insurance company allows you to increase or decrease your Base Sum Assured as per your need, subject to the minimum and maximum base sum assured as specified in the policy. You can increase or decrease your Base Sum Assured at the prevailing underwriting and other requirements at your own cost. The revised Base Sum Assured will be applicable from the next policy anniversary.

Note: If you request for an increase or decrease in the sum assured, miscellaneous charges will be levied.

PNB MetLife Smart Platinum Plan Premium Payment Options

You can pay your premium for a limited period of 5 or 10 years or choose to pay for the entire term of the policy. The premium can be paid yearly, semi-annually, quarterly and monthly. The minimum annualized premium is INR 30,000 for yearly mode and INR 60,000 for other modes. After deducting the premium allocation charge, the remaining amount shall be used to buy units in the funds chosen by you at the prevailing NAV per Unit. Check out the table below and know it better –

Policy Year5 Pay10 PayRegular Pay
1st to 5th6% for Annualized Premium < INR 50,000 and 5.50% for >= 50,000
6th to 10thNIL2.50% of the annualized premium
11th year onwardsNILNILNIL

You can change your Premium Payment Term if you choose a limited pay option of 5 years. The insurer allows you to change the premium payment term from 5 to 10 years without changing the premium amount. For this, you need to make a request 3 months in advance before the completion of the 5th policy anniversary.

Note: The premium cannot be altered throughout the policy term.

Eligibility Criteria for PNB MetLife Smart Platinum Plan

You can buy this policy if you meet the following age criteria –

  • Minimum age at entry – 7 years (as on the last birthday)
  • Maximum age at entry – 70 years (as on the last birthday)

Free Look Period

You’ll get a free look period of 15 days and 30 days in case the policy is purchased through distance marketing mode. The period starts from the date of receipt of the policy document. So, if you have any objections to any of the terms and conditions, return the policy stating the reason for it. On such cancellation, an amount equal to non-allocated premiums plus charges levied through the cancellation of units plus fund value shall be refunded after a deduction of medical examination, stamp duty and proportionate risk premium.

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