PNB Met Smart Child Insurance Plan

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.

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Investing in your child's future:A wise decision & a loving choice
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
Wealth Boosters
Get rewarded with Wealth Booster and Loyalty Bonus for staying invested with us
Zero Commission
We charge no commission when you buy from us. Also buy online & get extra
Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • 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.

Benefits

  • 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.

Product Specification:

  Minimum Maximum
Entry Age (Last Birthday) for Life Insured 18 years 55 years
Entry Age (Last Birthday) for beneficiary 90 days 17 years
Maturity Age (Last Birthday)   75 years
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
Yearly Premium Rs. 18000 2 lakhs
Sum Assured  10 times the chosen Annual Premium

Details About Premium

Annual premium in Rupees

Age of the policyholder Sum Assured (Rs.) Annual Premium (Rs.) Policy Term (yrs)
18 180000 18000 10
18 180000 18000 15
30 1200000 120000 10
30 1400000 140000 20
55 500000 50000 20
Sum Assured is 10 X Annualized Premium

Policy Details

  • 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.

Inclusions

  • 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.

Additional features or riders

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.

Exclusions

  • 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.

Documents Required

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

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++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.

Child Plan

Investment

Child Plan

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Secure your Child’s
Career Goal
Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Insurers Offering Child Plans

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Future Generali

PNB MetLife

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan 2
Average Rating
(Based on 266 Reviews)

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Met Smart Child Reviews & Ratings

4.5 / 5 (Based on 266 Reviews)
(Showing Newest 10 reviews)
Pariniti
Srinagar, January 16, 2025
Good
Recently i bought a child insurance for my child from pnb metlife life insurance. The policy having great plans with low premiums. The policy coverage are really good ~91% and the services are good and on time. The claims are the best among all. Good future investment and it save taxes too. Really happy with the policy.
Harish
Kanyakumari, January 16, 2025
Nice
I have policy for my children from pnb metlife insurance child plan. The plan has low premiums and high returns. The policy coverage is high ~92% and the claim is Rs.39 L. Service is also nice with good and on time availability. Nice future investment and it saves taxes too.
Karan
Mussorie, January 16, 2025
Fair plan
Finally found the policy for my child and buy it and the plan is pnb metlife child insurance policy plan. The policy coverage is high ~87% and the premiums are low. The service provided by you guys is superb and the behaviour of your staff is great with good response. Nice future investment with tax saving.
Devesh
Pilani, January 16, 2025
Satisfactory
I own child policy plan which i buy from pnb metlife insurance. Policy have various benefits but the policy coverage is the best. Approx. 91% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also. The behaviour of executives are also great. I like the policy plan.
Ishant
Firozabad, January 16, 2025
Power Plan
My child policy plan is with pnb metlife insurance. The policy premium is low and the policy coverage is high ~93%. The service is fast and the claiming is become easy without any paper work. The payback amount is around Rs.43 L after policy get mature. Nice future security and it save tax also.
Ojasvi
Calicut, January 16, 2025
Fair Policy
Superb child policy plan which provided by pnb metlife life insurance. The policy coverage is 84% and the claims are ~Rs.39 L after policy ends. The investment is ~Rs.27 K quarterly per year till policy end. Services are great and fast too. Great work guys. I like the policy plan.
Saajid
Indore, January 16, 2025
Perfect
I buy child policy plan with pnb metlife life insurance which has very good policy coverage ~ 92.1%. The service is also good, fast and on time. The claims are high ~ 44 L and claiming process is easy because the executive and staff members providing good response and quick services. Nice work great policy.
Anirudh
Jaipur, January 16, 2025
Fine Child Policy
The best child policy plan i bought from pnb metlife life insurance and the policy plan is awesome. The policy coverage is 96% and the claims are 41 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. I like my policy very much.
Lovish
Jhansi, January 16, 2025
Really Good
My child policy plan is very good and the insurer is pnb metlife life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 92% and the claims are around 47 L after policy ends. Fair Terms and Conditions. I like the policy plan.
Suraj
Ooty, January 16, 2025
Above Average
I purchase child policy plan from pnb metlife life insurance. The policy coverage is 93.3% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Nice policy plan. I like it.
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