Buy Smart Platinum Plus Plan for Long-Term Savings

Name: PNB MetLife Smart Platinum Plus
Brand: PNB MetLife
Rating: 4.1 (2378 reviews)

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Presenting PNB MetLife Smart Platinum Plus — a whole life protection and savings plan which offers a life insurance cover to protect your family in case of your unfortunate demise while also providing you with tailor-made solutions to achieve your goals. With this plan, wealth creation doesn’t have to take a back seat even during critical illness⁷.

New Fund Option

At PNB MetLife we are delighted to offer a new fund, the “Bharat Consumption Fund”(ULIF03015/11/24CONSUMFUND117). This fund invests in companies engaged in consumption theme. India is world’s fastest growing major consumption market and it’s at an inflection point driven by confluence of factors such as favourable demographics, urbanization, premiumisation and digitisation. This provides a strong multi-decade investment opportunity across various consumption categories. The fund’s investment objective is to provide long-term capital appreciation by identifying companies poised to benefit from India’s consumption boom. As a result, experts believe that schemes which are investing in consumption/ funds are best suited for individuals with a high-risk tolerance and long-term investment goals.

PNB MetLife Smart Platinum Plus in a nutshell

Whole Life Cover
Return of Fund Management Charge at the end of the 6^th year¹
Fund Booster at the end of the 10^th year¹
²Waiver of Premium under Care Benefit

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With PNB MetLife Smart Platinum Plus:

Choose from 2 Plan Options -
Wealth Option: Whole Life Cover
Wealth + Care Option: Additional health protection through Waiver of premium² on diagnosis of any one of the 5 Listed Critical Illness⁷.
Total FMC charges deducted till the end of the 5^th policy year¹ will be added back to the fund value at the end of the 6^th policy year.
Get a Fund Booster to enhance your Fund Value at the end of the 10^th policy year¹.
Get a choice of 14 Unit Linked Funds.
Choose between a Whole Life Cover till the age of 80 years OR 99 years.
Choose to pay premiums once under Single Pay Option or throughout the policy term or for a limited period up to age 80.
You may be eligible to avail tax³ benefits on premiums paid and benefits received, as per prevailing tax³ laws

Fund Performance

Fund Name

Select Period

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What you don’t get

Suicide Exclusions

In case of death of the Life Assured, due to suicide within 12 months from the Date of Commencement of Risk, or from the date of Revival of the Policy, as applicable, Our liability to make payment under the Policy shall be limited to refunding the Fund Value as on date of intimation of Life Assured’s death. Any charges other than the Fund Management Charges (FMC) recovered subsequent to the date of death shall be added back to the Fund value as available on the date of intimation of death.

Waiting period for Wealth + Care option

For ‘Wealth + Care’ option there will be a waiting period of 90 days from Date of Commencement of Risk or the date of the last Revival of the Policy, whichever is later – for the Care Benefit to be applicable. If a claim occurs for the Care Benefit under ‘Wealth + Care’ option during waiting period, no benefit shall be payable, i.e. future due premiums shall not be waived off. the Care Benefit cover will terminate and no future Morbidity Charges would be deducted from the fund.

Exclusions of Critical Illness⁷

No waiver of premium² benefit will be payable if the Critical Illness⁷ is caused or aggravated directly or indirectly by any of the mentioned acts in Term & Conditions of the life insured unless those are beyond his / her control. Please refer complete Sales Brochure.

Other Exclusions

Any diseases occurring within 90 days of the start of coverage or date of revival (i.e. during the waiting period). In case of diagnosis of a Critical Illness⁷ condition contracted during the waiting period, then this inbuilt waiver of premium² benefit will be terminated without any value or refund of premium paid.
Failure to follow medical advice.
Any condition that is pre-existing at the time of inception of the policy
- Pre-existing Disease means any condition, ailment, injury or disease: That is/are diagnosed by a physician within 36 months prior to the effective date of the policy issued by the insurer or its reinstatement.
- For which medical advice or treatment was recommended by, or received from, a physician within 36 months prior to the effective date of the policy or its reinstatement.
Intentional self-inflicted injury, attempted suicide.
Insured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.
Participation by the insured person in a criminal or unlawful act with illegal or criminal intent.
Engaging in or taking part in professional or adventure sport(s) which are hazardous in nature including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping.
Nuclear Contamination: the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.

Frequently Asked Questions

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What are the product benefits of the PNB MetLife Smart Platinum Plus?

Choice from the below Plan Options:

Option 1: Wealth Option
This option offers benefit on death or maturity.

Option 2: Wealth + Care Option
This option offers in addition to the above benefits a Care Benefit on occurrence of Critical Illness⁷. On occurrence of any one of the 5 listed Critical Illnesses⁷, as a part of Care Benefit, all future due premiums shall be waived and an amount equivalent to premiums (chosen at inception) will be paid into the fund at each future premium due date following the date of diagnosis of Critical Illnesses⁷.

The benefits will vary based on the Option chosen by the Policyholder

Premium Payment Flexibility

Choose to pay premiums once under Single Pay Option or throughout the policy term or for a limited period up to age 80
Choose to be covered till the age of 80 years or 99 years

Choose your Sum Assured Multiple

Return of Fund Management Charges at the end of the 6th policy year
Total FMC charges deducted till the end of 5^th policy year¹will be added back to the fund value at the end of the 6th policy year.

Create your own wealth plan through a choice of portfolio strategies:

Self- managed strategy: Choose amongst 14 diverse funds.
Systematic transfer strategy: Transfer your premium to equities in regular monthly instalments.
Life-stage strategy: Personalise your portfolio to create an ideal balance between equity and debt, based on your age.

Enhance your fund value
Get rewarded with fund booster at end of year 10^th Policy Year

Enjoy Tax³ Benefits
You may be eligible to avail Tax³ benefits on premiums paid and benefits received, as per prevailing tax³ laws.

Who is eligible to buy this policy?

Refer to the below table for the detailed eligibility criteria for this policy:

Product Specification

Wealth Option

Wealth + Care Option

Age at entry (Years) ⁴

Minimum

0 (30 days)⁵

Maximum

Maturity age (Years)⁴

Two Maturity Options to choose from:
Maturity Option 1: 80
Maturity Option 2: 99

Policy Term (Years)

Maturity Option 1: 80 - age at entry
Maturity Option 2: 99 years - age at entry

Premium Paying Term (PPT) (Years)

Minimum

Single premium

Regular premium: 10

Limited premium : 5

Limited premium : 6

Maximum

Single premium
Regular premium : 99
Limited pay : 80

25 (subject to age of life assured not exceeding 75 at the end of PPT)

Both the above plan options offer all integer Premium Paying Term between minimum to maximum Premium Paying Terms mentioned in the table above (both inclusive).

Annualized Premium (Rs.)

Minimum

Premium Payment Mode	Annualized Premium
Single	48,000
Annual	48,000
Semi-annual	60,000
Monthly	1,20,000

Maximum

As per board approved underwriting policy

Sum assured cover multiple

Minimum

1.25 (Single Premium)
7 (Other than Single Premium)

Maximum

10 (Single Premium)
For Other than Single Premium Policies:

Age Band	Maximum Sum Assured⁴ cover multiple
0 to 10	40
11 to 20	35
21 to 30	30
31 to 40	25
41 to 50	20
51 to 55	15
56 to 60	10
61 to 65	7

Sum Assured (Rs.)

Minimum

For Single Premium: 60,000
For Regular/Limited Premium: 3,36,000

Maximum

Annualised Premium (or Single Premium) ⁴Sum Assured cover multiple given above

Premium Payment Mode

Annual, Half Yearly and Monthly⁶

⁴All references to age are as on age last birthday
⁵For policies issued to minor lives the risk cover starts immediately at inception. In case the life assured is a minor, the policy will vest with the life assured when the life assured attains an age of 18 years.
⁶Monthly mode is available for Standing instruction/direct debit options (including Electronic Clearing System (ECS), and Automated Clearing House (ACH))

What is the Death Benefit payable under this policy?

If the Life Assured’s death occurs while the Policy is in In-Force Status on the date of the Life Assured’s death, and the Policy and all rights, benefits and interests under this Policy shall immediately and automatically terminate.

The Death Benefit payable will be higher of -

The Fund Value on the date of death;
The Sum Assured after deducting all Partial Withdrawals made during the 2 year period immediately preceding the Life Assured’s death;
105% of the total Premiums paid

Where Sum Assured is higher of:

Basic Sum Assured
Sum Assured Cover Multiple X Single/Annualised Premium
Basic Sum Assured (BSA) is defined as:
- For Single Pay: 1.25 times Single Premium
- For Regular/ Limited Pay: 7 times Annualised Premium
Sum Assured Cover Multiple are applicable as stated in Eligibility Section on this page.

What is the Maturity Benefit under this policy?

On survival of the Life Assured till the end of the policy term, provided the policy is in force and all due premiums are paid, we will pay the maturity benefit which is equal to total fund value as on the maturity date and all rights, benefits and interests under this Policy shall immediately and automatically terminate.

Maturity Options available under this plan are:

Option 1: Cover up to age 80 years
Under this option, the life cover will be available till age 80 years, i.e. policy term will be equal to 80 minus age at entry.

Option 2: Cover up to age 99 years
Under this option, the life cover will be available till age 99 years, i.e. policy term will be equal to 99 minus age at entry.

How does the Return of Fund Management Charge benefit work?

The total of Fund Management Charges (excluding any applicable goods and service taxes) deducted during the first 5 years of the policy net of taxes will be added back to the Fund Value at the end of the 6^th policy year.

For a premium payment term of 5 years, the total of Fund Management Charges (excluding any applicable goods and service taxes) deducted during the first 3 years of the policy net of taxes will be added back to the Fund Value at the end of the 6^th policy year.

Return of Fund Management Charge will be payable provided the policy is in force and all due instalment premiums till end of the 6^th policy year have been paid in full.

This benefit will not be available in case of Single Pay premium payment option.

When will I receive a Fund Booster?

Fund Boosters will be allocated to your policy at the end of the 10^th policy year provided the policy is in force and all due instalment premiums till date have been received in full.

The Fund Booster at the end of the 10^th year will be defined as a percentage of Average Daily Fund Values for each Fund during that same policy year at the end of the 10^th policy year. If the policyholder has chosen multiple funds, a Fund Booster will be allocated to each fund based on the fund value of that particular fund and Fund Booster percentage. Fund Booster will be made by allocation of extra units based on the NAV as on the due date of the credit of fund booster.

The allocation of Fund Booster units is guaranteed and shall not be revoked by the company under any circumstances.

End of Policy year/ Fund	Protector II, Bond Opportunities Fund, Liquid Fund, Balancer II & Balanced Opportunities Fund	Multiplier III, Premier Multi-cap Fund, Mid Cap Fund, CREST (thematic fund), Flexi Cap Virtue II, Small Cap Fund, Bharat Manufacturing Fund & Consumption Fund
10	0.75% of Fund Value	1% of Fund Value

What is Care Benefit?

Under Option 2: Wealth + Care Option - on occurrence of any one of the 5 listed Critical Illnesses, all future premiums that would otherwise have been payable shall be waived for the remainder of the premium payment term and the company will continue to allocate units to your policy as if the premiums are being paid, at each future premium due date following the date of diagnosis of Critical Illnesses.

What Critical Illnesses are covered under ‘Care Benefit’ of PNB MetLife Smart Platinum Plus?

Cancer of Specified Severity
First Heart Attack – of specified severity
Open Chest CABG
Kidney Failure Requiring Regular Dialysis
Stroke resulting in Permanent Symptoms

How can I purchase PNB MetLife Smart Platinum Plus?

You can purchase this plan offline through any of the below methods:

Disclaimer:

¹Provided the policy is in-force and all due premiums have been paid, for 5 pay FMC deducted for first 3 policy years net of taxes and for all other premium payment terms FMC deducted for the first 5 years net of taxes will be added to the fund value.
²Terms and Conditions Apply. Please refer the sales brochure carefully before concluding a sale.
³Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
⁷Please refer the sales brochure for all details regarding Critical Illnesses

PNB MetLife Smart Platinum Plus is an Individual, Unit linked, Non-participating, Life Insurance plan (UIN: 117L125V04). Please consult your advisor for more details. In this policy, the investment risk in investment portfolio is borne by the policyholder. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding any sale.

Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. PNB MetLife India Insurance Company Limited is only the name of the Life Insurance Company and PNB MetLife Smart Platinum Plus is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

The linked insurance product do not offer any liquidity during first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of fifth year. Past performance is not necessarily indicative of future performance.

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