PNB MetSmart Child Insurance policy is a Unit Linked Insurance Plan that is used to take care of future costs for a child, be it rising educational fees or extracurricular activities, etc.
Insurer pays premium in case of loss of life of parent
Create wealth for child’s aspirations
Tax Free maturity amount+
12+ plans available
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
The policy paying term can be 10, 15 or 20 years
This a ULIP that is geared towards the benefit of your child
Loyalty Additions are offered on policies that are of 15 or 20 years
On completion of policy term, Fund value with applicable loyalty additions is paid.
On the premature Death of the parent, the child’s future is secured with a three-way Death benefit.
Six funds are available for investment with this policy.
There are no medical requirements.
Systematic Transfer Option is available.
The policy can be bought without the hassles of medicals and with minimum paperwork
Based on the customer’s propensity to take risks, there are 6 Unit Linked Funds for investment.
Systematic Transfer Option allows the customer to take advantage of market volatility.
Tax benefit is available as per the Income Tax Act under section 80 (C).
On maturation of the policy, the fund value plus the Loyalty Additions is paid as Maturity Benefit.
In case of the death of the policyholder, the beneficiary receives the following: (1) Higher of either Sum Assured or 105% of the Total Annualized Regular Premium paid. (2) Future payments will be ceased. Additionally, PNB Metlife will on a monthly basis credit an amount that is equivalent to one annualized regular premium into the policyholder’s fund.
|Entry Age (Last Birthday) for Life Insured
|Entry Age (Last Birthday) for beneficiary
|Maturity Age (Last Birthday)
|Policy Term (PT) in years
|10,15 and 20 years
|Premium Paying Term (PPT) in years
|Equal to Policy Term – 10, 15 and 20 years
|Premium Paying Frequency
|Annual, Semi-Annual, Quarterly, Monthly and Payroll Savings Program
|10 times the chosen Annual Premium
Annual premium in Rupees
|Age of the policyholder
|Sum Assured (Rs.)
|Annual Premium (Rs.)
|Policy Term (yrs)
|Sum Assured is 10 X Annualized Premium
Grace Period: Thirty days is given to the policyholder to pay all due premiums. This timeframe is reduced to 15 days in case of premiums being paid via monthly mode. The policy will acquire a “Discontinued” status if payment is not made within the applicable timeframe.
Policy Termination or Surrender Benefit: If the policy is surrendered before the completion of 5 years, then the insurance cover ceases and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. This Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India. Proceeds from this will be payable only 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 After completing five policy years, if it is surrendered, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policyholder and the policy will terminate immediately.
Free Look Period: The policy may be cancelled if the customer so wishes, within 15 days of receiving the policy document. The amount refunded is equivalent to non-allocated Premiums plus charges levied through cancellation of units plus Fund Value at the cancellation date. This amount is subject to deduction of expenses towards stamp duty and proportionate risk premium.
Four switches in a policy years are allowed free of charge, after that Rs. 250 is charged per switch.
Two partial withdrawals are permitted in a single policy year, in which only the first is free of charge.
A discontinued policy may be revived within two years of discontinuance by paying all due premiums.
There are various charges that apply to this policy. They are as follows:
Premium Allocation Charge which is deducted from the Premium paid by the customer.
Policy Administration Charge, which is deducted by the cancellation of units on a monthly basis.
Fund Management Charge that is deducted by adjusting the NAV of the units daily.
Discontinuation Charge which is for discontinuing the plan before the end of the policy term.
Mortality Charge that is paid for the Life Coverage provided according to the Sum At Risk.
If suicide is committed by the person insured within a year of the commencement of policy or the date of the last reinstatement, only the Fund Value in the unit account as on the date of death would be refunded.
The policyholder has to fill up an ‘Application form ’with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.
|You May like to Read: PNB Met Life Child Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
05 Feb 2024Ensure your child's dreams come true with a Child Education
16 Jan 2024Indian Bank stands tall as a reliable partner in your academic
16 Jan 2024Pursuing international education is a dream for many aspiring
16 Jan 2024An Education Loan Without Collateral is a financial solution
15 Jan 2024Canara Bank Education Loan is a comprehensive financial solution