PNB MetLife Child Plans-pnb-metlife-child-insurance-plans

PNB MetLife Life Insurance Company offers child plans in two varieties. While one of the plans is a traditional plan which offers guaranteed benefits, one plan is a unit linked plan which has an option of utilizing the plan as a child plan. Let us discuss the plans offered by the company and the features they have in details. MetLife Smart Child Plan It is a unit linked plan which provides for the welfare of the child in the event of the insureds death. The notable aspects of the plan are mentioned underneath: Premiums under the plan have to be paid for the entire tenure of the plan Loyalty Additions are added at the maturity of the plan @2% or 3% of the average fund value depending on the plan tenure chosen The premiums paid after the deduction of charges are invested in a choice of 6 funds namely Protector II, Preserver II, Balancer II, Flexi Cap, Virtue II, and Multiplier II. On death of the insured within the plan tenure, the payable value will be higher of the chosen Sum Assured or 105% of the total premiums which were paid till death. All subsequent premiums are waived off and paid by the company under the inbuilt Premium Waiver Benefit. The amount lying in equity oriented funds gets transferred to the Balancer II Fund to protect against market volatility. When the term of the plan expires, the fund value is paid to the nominee At maturity, the value payable is the Fund Value which can either be taken in lump sum or in instalments post maturity under the feature of Settlement Option. The benefit can also be availed in a combination of lump sum and instalment option. If 5 years of the plan are completed, the policyholder can also avail the facility of partial withdrawals which should be a minimum of Rs.5000 4 free annual switches are available