Met Smart Platinum

Met Smart Platinum is a whole life unit linked insurance plan (ULIP) where the policyholder needs to pay premium for a period of 5 or 10 years and be covered for whole life (that is till 99 years of age). If the Life Insured dies during the policy tenure then the entire Sum Assured or the Fund Value, whichever is higher, will be paid as Death Benefit.

·         A whole life Unit linked insurance plan

·         Pay premium for 5 or 10 years and get covered till 99 years of age

·         Flexibility to increase or decrease your Sum Assured during the policy tenure

·         Auto rebalancing option to take care of volatile market conditions

Death Benefit – In the unfortunate event of death, while the Policy is in force & before the maturity date, the nominee will get the following death benefit.

i)  If the death of the Person Insured occurs before the attainment of age 60: The death benefit payable will be higher of

- The Base Fund Value (the value of units pertaining to Base Premium Account),

or

- The Base Sum Assured less all Partial Withdrawals (excluding any withdrawals made from Top-up Premium Account), made in accordance with the Partial Withdrawal provisions in the last 24 months preceding the date of death of the Person Insured

or

- 105% of the total Regular / Limited Premiums paid

ii) If the death of the Person Insured occurs on or after the attainment of age 60: The death benefit payable will be higher of

- The Base Fund Value (the value of units pertaining to Base Premium Account

or

- Base Sum Assured less all Partial Withdrawals (excluding any withdrawals made from Top-up Premium Account) made in accordance with the Partial Withdrawal provisions, during the last 24 months immediately preceding the date of death or all Partial Withdrawals made in accordance with the Partial Withdrawal provisions post attainment of age 60, whichever is higher

or

- 105% of the total Regular / Limited Premiums paid

In addition to any of i) or ii) above, and provided Top-up Premiums are paid the higher of

- The Top-up Fund Value (the value of units pertaining to Top-up Premiums

   Or

- Top-up Sum Assured (less any Partial Withdrawals from Top-up Fund Value, as per Partial Withdrawal provisions before and after age 60, as stated above)

- 105% of the total Top-up Premiums paid (as on the date of receipt of written intimation of Claim with appropriate proof of death at the designated office) shall also be payable

Maturity Benefit – If the policy holder survives the policy term, then he gets the Fund Value. The Policy matures at the start of the Policy Year when the Person Insured attains the age of 99 years–last birthday.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

Riders – There are 2 riders available in this policy

1.       Accidental Death Benefit rider

2.       Critical Illness rider

Investment Fund Options

Under this plan the policy holder gets 2 investment strategy options:

A. Self Managed Option - There are 6 fund options under this strategy

1. Protector II

2. Preserver II

3. Balancer II

4. Flexi Cap

5. Virtue II

6. Multiplier II

B. Auto Rebalancing Option

Top-up - Minimum Top-Up is Rs 5,000. Any Top-up Premiums paid will increase the Sum Assured by higher of 1.25 times of the Top-up Premiums paid.

Switching - Minimum switch amount is Rs 5,000. There are 4 free switches in a policy year. However, switches made through internet are free. The switching option is not available in case you opt for Auto Rebalancing Option.

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount is Rs 5,000 subject to the fund value immediately after partial withdrawal being at least equal to 120%of the annual premium. A maximum of 1 partial withdrawal allowed in a policy year and all are free of charge

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - Minimum Limit: Rs 5,000

Maximum Limit:

• 40% of the Surrender Value (i.e. Total Fund Value less applicable Discontinuance Charges), if equity proportion is more than 60% of the Total Fund Value at Policy level
• 50% of the Surrender Value (i.e. Total Fund Value less applicable Discontinuance Charges), if proportion of debt instruments is more than 60% of the Total Fund Value at Policy level

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