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Met Smart One Plan

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Met Smart One Plan
 
Met Smart One Plan is a Single Premium Unit Linked Insurance Plan from PNB MetLife Insurance. Thus, it is a Non-Traditional Insurance Plan without Bonus facility but with Loyalty Additions.
 
How it works – In this plan, premium needs to be paid in a lumpsum. There is Loyalty Addition facility in this plan from the end of the 6th year to the end of the 10th policy year as a percentage of the Average Single Premium Fund Value, provided the policy is inforce.
 
The premium, net of charges, is invested in the fund as selected by the policyholder and being a ULIP, the risk of investment is borne by the policyholder. There are 2 Investment Strategies in this plan, namely:
  • Auto Rebalancing option, where the funds are automatically rebalanced according to the chosen portfolio allocated in the Flexi Cap Fund and the Protector II Fund in the proportions as per the choice of the policyholder and
  • Self Managed option, where there are 7 investment funds to choose and directly manage self portfolio
 
On policy maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy tenure, the higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit. There is also 1 additional rider available in this plan-Accidental Death Benefit rider.
 
 
Key Features of Met Smart One Insurance Plan
 
  • It is a Single Premium ULIP with Loyalty Addition
  • The Loyalty Addition is paid as a percentage of the Average Single Premium Fund Value
  • In this plan, there are 2 Investment Strategies along with a choice of 7 Funds including NAV Guarantee Fund
  • The 2 Investment Strategies are Auto Rebalancing option and Self Managed option
  • On policy maturity, the Fund Value is paid as Maturity Benefit
  • However, if the Life Insured dies within the Policy tenure, the higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit
  • There is enhanced protection in this plan with Accidental Death Benefit Rider
  • To cap off downside risk, there is an option for a Stop Loss Option on the Flexi Cap Fund

COMPARE THIS PLAN WITH OTHER ULIP PLANS
 
Benefits you get from Met Smart One Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Fund Value or the Sum Assured as Death Benefit, subject to a minimum amount of 105%of the total Single Premium paid and the policy terminates
 
Maturity Benefit – On survival till the end of the policy maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
 
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 and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
 
 
Eligibility conditions & other restrictions in Met Smart One Policy                    
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
5 X SP in the First Policy Year and
1.25 X SP for the remaining term of the Policy
Policy Term (in years)
10
20
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
3 months
65
Age at Maturity (in years)
18
75
Single Premium (in Rs.)
18,000
5,00,000
Payment modes
Single
 
 
Additional Features and Benefits of Met Smart One Plan
 
Riders – There is an Additional Rider in this plan:
  • Accidental Death Benefit
 
Investment Fund Options
In this plan, there are 2 Investment Strategies in this plan:
  • Self- Managed Option- There are 7 Investment Funds in this Plan:
    • Protector II Fund
    • Preserver II Fund
    • Balancer II Fund
    • Multiplier II Fund
    • Virtue II Fund
    • Flexi Cap Fund
    • NAV Guarantee Fund
  • Auto Rebalancing Option
 
Top-up – Premium can be topped up anytime except in the last 5 policy years with a minimum of Rs 5000 and maximum upto any limit, subject to underwriting approval. With every Top-up Premium, there will be an increase in Sum Assured, which will be to the extent of 125% of the Top-up Premiums made. All Top-up Premiums paid would be locked for a period of 5 years from the date of payment.
 
Switching - There is a facility of switching the funds anytime subject to a minimum switch of Rs 5000. 4 switches are allowed free of cost every year post which there is a charge of Rs 250 per switch.
This facility is not allowed in case Auto Rebalancing option is chosen or the NAV Guarantee Fund is chosen.
 
Partial Withdrawal - In this policy, there is an option of Partial Withdrawal after 5 policy years subject to a minimum withdrawal of Rs 5000 and a maximum amount of 5% of the Fund Value. The Total Fund Value after any withdrawal should be at least equal to 30% of the Single Premium. Only 1 Partial Withdrawal is allowed free of cost every year post which there is a charge of Rs 250 per transaction. No Partial Withdrawals are allowed from the NAV Guarantee Fund.
 
Loyalty Addition – There is Loyalty Addition facility in this plan from the end of the 6th year to the end of the 10th policy year as a percentage of the Single Premium Paid, provided the policy is inforce.

 

Single Premium Band
Loyalty Addition as a % of Average Single Premium Fund Value
Less than Rs 50,000
0.0%
Rs 50,000 to Rs 99,999
0.4%
Rs 1,00,000 to Rs 1,99,999
0.6%
Rs 2,00,000 to Rs 3,99,999
0.8%
Rs 4,00,000 to Rs 5,00,000
1.0%
 
 
Charges in Met Smart One Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Premium Band
Premium Allocation Charge
< Rs 50,000
3%
>= Rs 50,000
2%
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

 

Policy Year
Policy Administration Charge
Year 1 to 5
0.10% per month
Year 6 and above
NIL
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
Protector II Fund
1.00% p.a.
Preserver II Fund
1.00% p.a.
Balancer II Fund
1.15% p.a.
Multiplier II Fund
1.25% p.a.
Virtue II Fund
1.25% p.a.
Flexi Cap Fund
1.25% p.a.
NAV Guarantee Fund
1.25% p.a.
 
 
Discontinuation Charge— There is no Discontinuation Charge in this plan.
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 
What happens if?
 
You stop paying the premium – Being a Single Premium Plan, there is no requirement of further payment of premium.
 
You want to surrender the policy – Surrender is not allowed in the first 5 policy years. If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender or Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want a loan against your policy - There is loan available under this plan but after 2 policy years of minimum amount of Rs 5000 and upto a maximum of 40-50% of the Surrender Value, depending upon the equity proportion of the Fund Value.

 
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