Review of Met Smart Platinum Plan

Met Smart Platinum Plan

Met Smart Platinum is a Unit Linked Plan plan which can be customized to match your ever changing financial needs. This whole life plan offers you the flexibility of short premium payment commitments along with a multitude of other benefits including the unique Auto Rebalancing Portfolio Strategy.

Key Benefits of Met Smart Platinum Plan

Below given are the key benefits of Met Smart Platinum

• Flexibility of various premium payment options: You may choose to pay premium for 5 or 10 years or for the entire term of the Policy and get covered till 99 years of age. This option allows you to pay for a limited period while enjoying the benefits for the Policy till the age of 99

• Flexibility to increase or decrease your Sum Assured basis your changing life stage needs

• Auto Rebalancing Option that triggers at chosen Fund Value movements to capitalise on opportunities arising out of market movements

• Liquidity with Partial Withdrawal to help you in case of any financial needs during the term

• Choice of 6 Unit Linked funds for various risk appetites

• Enhanced protection with Accident Death Benefit (ADB) Rider & Critical Illness Rider (CI)

• Flexibility to add Top-ups : In case of sudden windfalls you may choose to infuse more money into your fund which in turn will accelerate wealth creation

• Tax Benefit under section 80C, 80D and 10(10D) as per Income Tax Act 1961

See Also: Types of Unit Linked Insurance Plans

Met Smart Platinum Plan Detail Analysis

Minimum Age at Entry	7 years
Maximum Age at Entry	70 years
Policy Term (years)	Whole Life Policy (99 Years)
Premium Payment Term (years)	5 pay/ 10pay/ entire term of the policy
Minimum Annualized Premium (in Rupees)	30,000 for annual mode 60,000 for other modes
Minimum and Maximum Multiple for Base Sum Assured	Minimum and maximum Sum Assured multiple is depend on your age. Please refer Company’s Sum Assured Multiple Table to get the information.
Minimum and Maximum multiple for Top-up Sum Assured	1.25 times of Top-up Premium Amount
Premium Payment Modes	Annual, Semi annual, Monthly, Quarterly

Met Smart Platinum Plan Funds

Following are the fund options available under this plan.

• Protector II
• Preserver II
• Balancer II
• Flexi Cap
• Virtue II
• Multiplier II

Met Smart Platinum Plan Charges

Premium Allocation Charges

This is a premium based charge. After deducting this charge from your premiums, the remaining premium is used to buy units in the funds chosen by you at the prevailing Net Asset Value (NAV) per Unit.

Policy Year	Premium Payment Option
	5 Pay	10 Pay	Whole Life
1 to 5	6% for Annualized Premium < 50,000 5.5% for Annualized Premium >= 50,000
6 to 10	Nil	2.5%	2.5%
11 onwards	Nil	Nil	Nil
Top Up Premium Allocation Charges		2%

Fund Management Charges

Fund Management Charges are adjusted while calculating the Net Asset Value of the Unit-Linked Funds each day. The following Fund Management Charges will be levied;

Funds	Charges
Preserver II	1.00%
Protector II	1.00%
Balancer II	1.15%
Virtue II	1.25%
Multiplier II	1.25%
Flexi Cap	1.25%

Policy Administration Charges

The following Policy Administration Charge would be deducted by cancellation of units on a monthly basis at the beginning of each month of the Policy.

Premium Payment Mode	Charge (per month)
Annual	Rs 35
All other modes	Rs 40

The Policy Administration Charge would be deducted from the Unit-Linked Funds in proportion to the respective Fund Values available in each of the subscribed Unit-Linked Funds as on the due date of deduction.

Premium Discontinuance Charge

The premium discontinuance charges are as shown below, are based on the First Year Annualized Premiums or Fund Value, subject to maximum limit prescribed by the IRDA.

Number of years elapsed since Policy Inception	Discontinuance Charge
1	Lower of 6% of Annualized premium or Fund Value, subject to Max of Rs 6,000
2	Lower of 4% of Annualized premium or Fund Value, subject to Max of Rs 5,000
3	Lower of 3% of Annualized premium or Fund Value, subject to a maximum of Rs 4,000
4	Lower of 2% of Annualized premium or Fund Value, subject to Max of Rs 2,000
5+	NIL

Discontinuance Charge will not be applicable on the Top-up Premiums paid under the Policy. The Discontinuance Charge would be deducted from the Fund Value. If you discontinue the payment of premium, the Fund will be paid to you only;

• On completion of 5 Policy Years or,

• Immediately to the nominee in case of unfortunate demise of the Person Insured.

See Also: Invest in ULIP Premium Plan

In case the Premium Discontinuance happens after completion of 5 Policy Years from Date of Policy inception, the Fund Value will be paid to you immediately.