Met Smart Platinum Plans
Met Smart Platinum Plans is a whole life Unit Linked Insurance Plan. In this, the policyholder has the option to pay the premiums throughout the policy term or for a short duration of five or ten years while they enjoy coverage until the age of ninety-nine. The policy ensures that the families of the policyholders are protected in the tragic event of the policyholders death as they will receive the entire Sum Assured of the Fund Value as the Death Benefit.
The policyholder has a choice of six different funds in which to allocate their investments.
Liquidity of funds is available in the form of partial withdrawals.
The policyholder may top- up his or her premium with a lump sum amount.
The policyholder has a choice of premium payment term. He or she may choose to pay premiums for only five years or ten years or even throughout the policy term, while they receive coverage until the age of 99.
Details About 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 will be transferred to the Discontinued Policy Fund. 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. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit.
Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.
A Top-up premium is permitted any time during the policy term on the condition that all premiums have been paid. The minimum Top-up premium amount is Rs. 5000.
The policyholder may switch between the six unit-linked funds at any point of time during the policy term.
If the policyholder does not wish to manage his or her investments directly, he or she may opt for the Auto Rebalancing option. With this option, the funds are located in the Flexi Cap Fund and Protector II Fund of the policyholders choice. In case of market volatility, the funds are automatically rebalanced to ratio chosen by the policyholder at the time of inception.
The policyholder may increase or decrease the Base Sum Assured as per their changing life coverage.
The premium payment term may be changed from five to ten years without changing the premium amount.
Policyholders may opt to change the allocation of future premiums with the Premium Redirection facility.
Additional Features or Riders
The revival of a lapsed or discontinued policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium and pays all due premiums.
Various charges apply to this policy. They are as follows:
Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder
Policy Administration Charge is deducted at the start of each month.
Fund Management Charges are deducted daily while calculating the NAV of the funds.
At the beginning of each month, Mortality Charges are deducted by cancellation of units from the fund value.
Switching Charge – There is a limit of four free switches allowed in a single policy year. Subsequently each switch is charged at Rs. 250 per switch.
Partial Withdrawal Charge – There is one free partial withdrawal in a policy year, after which subsequent partial withdrawals are charged at Rs. 250.
Rider Premium Charges are deducted from the Fund Value by adjusting the number of units in the unit account.
There are Miscellaneous Charges in the form of service tax and education cess, which is applied on the notification from the government from time to time.
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund the Fund Value as on the date of death.