PNB MetLife India Insurance
PNB MetLife Smart Platinum Plus Policy

PNB Metlife Smart Platinum Plus Plan

PNB MetLife Smart Platinum Plus is a whole life protection and savings-oriented insurance plan that offers a life insurance cover to protect your family in the terrible event of your passing while also giving you specially designed alternatives to meet your objectives. This strategy makes money creation possible even when a person is critically ill.

The plan has two alternatives: Wealth Plan and Wealth + Care Option. Additionally, the policyholder will have the choice of paying premiums only once under the Single Pay Option, continuously throughout the policy term, or only up until age 80. Read on to learn more about the PNB MetLife Smart Platinum Plus’s eligibility criteria, features & benefits, exclusions, premium calculation, and more.

Eligibility Criteria

Here is the eligibility criteria of PNB MetLife Smart Platinum Plus.

Product SpecificationWealth OptionWealth + Care Option

Minimum- 0 (30 days)

Maximum- 70 years

Minimum- 18 years

Maximum- 65 years

Maturity age Years)80 Years99 Years
Premium Paying Term (PPT) (Years)

Min: Single premium

Regular premium – 10 years

Limited pay- 5 years

Max: Single premium

Regular premium- 99 years

Limited pay – 80

For limited pay: subject to the age of life assured not exceeding 80 years last birthday at the end of the premium paying term


Limited pay – 6 years

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

Sum Assured (Rs.)


For Single Premium: 1,87,500

For Regular/Limited Premium: 3,36,000


Annualized Premium (or Single Premium) Sum Assured covers multiple given above

Premium Payment ModeAnnual, Half Yearly, and Monthly

Key Features & Benefits of PNB MetLife Smart Platinum Plus

Here is the list of the features and benefits of PNB MetLife Smart Platinum Plus.

  1. Maturity Benefit:

The company will pay the maturity benefits, which are equal to the total fund value as of the maturity date, if the Life Assured survives until the end of the policy term, provided the policy is in force and all due premiums are paid, and all rights, benefits, and interests under this Policy shall immediately and automatically terminate.

  1. Fund Boosters:

After the tenth policy year, if the policy is still in effect and all past-due installment premium payments have been made in full, Fund Boosters will be assigned to your policy. After the tenth policy year, the Fund Booster will be calculated as a percentage of the Average Daily Fund Values for each Fund for the tenth policy year. If the policyholder has selected numerous funds, the Fund Booster will be divided among them according to the Fund Value and the Fund Booster Percentage.

  1. Death Benefit:

The policy and all rights, benefits, and interests under it will terminate immediately and automatically if the life assured dies while the policy is still in effect on the date of the life assured’s death. The death benefit paid out will exceed –

  • The value of the fund on the date of death;
  • The Sum Assured less all partial withdrawals made within the two years before the Life Assured’s passing;
  • 105% of the total premiums paid, less any partial withdrawals made in the two years just before the life-assured death date.
  1. Change In Portfolio Strategy:

Every policy year, you are allowed to make one adjustment to your portfolio strategy as long as the funds are not in a Discontinued Fund. This service is offered without charge. It cannot be carried over to the following policy year if it is not used.

  1. Grace Period:

After the due date of the unpaid premium, you have 30 days (15 days for monthly mode) to settle all of your outstanding premiums. If your premiums are not paid within the grace period, your policy becomes Discontinued Policy. The grace period is not a change to the terms of your insurance.

  1. Free Look Period:

If you disagree with any of the terms and conditions of the policy, you may return the policy for cancellation by sending us a signed written notice within 15 days of the date you received the policy document, or within 30 days if the policy was sold through distance marketing, specifying the reasons for your disagreement.

  1. Revival Of The Policy:

When a policy is canceled, if the policyholder elects to have it revived, the policy will be reinstated, restoring the risk cover and any investments made in a fund of their choosing from the canceled fund, less any applicable fees, within three years of the cancellation date.

  1. Tax Advantages:

The Income Tax Act of 1961’s terms and conditions may apply to the tax benefits offered by this plan and are subject to future modifications in the tax code. For further information on the potential tax advantages for the premiums paid and proceeds received under the policy, please visit your tax advisor.

What Are Not Included Under PNB MetLife Smart Platinum Plus?

1). First Heart Attack: The first heart attack, also known as a myocardial infarction, occurs when there is insufficient blood flow to the affected area, causing a piece of the heart muscle to die.

2). CABG with Open Chest: The actual procedure of having heart surgery to treat the blockage or narrowing in one or more coronary arteries, which may involve minimally invasive keyhole coronary artery bypass surgeries or coronary artery bypass grafting performed through a sternotomy (cutting through the breast bone). Coronary angiography must support the diagnosis, and a cardiologist must approve surgery before it may be performed.

3). Cancer of Speci­fied Severity: Malignant cells develop and expand out of control while invading and destroying healthy tissues to form a malignant tumor. Histological proof of cancer is required to support this diagnosis. Leukemia, lymphoma, and sarcoma are all considered types of cancer.

Suicide Exclusion

The nominee or beneficiary of the policyholder shall be entitled to the Fund Value, as available on the date of intimation of death, in the event of death by suicide within 12 months from the date of the beginning of Risk or, as applicable, from the date of revival of the policy. Additionally, any fees other than Fund Management Charges (FMC) and guarantee fees that are recovered after the date of death must be added back to the fund value that was in effect on the date that the death was notified.

How Does PNB MetLife Smart Platinum Plus Work?

Mr. Ashutosh Rana, who is working as a software engineer, is 40 years old. He wants an insurance plan that will not only give him long-term protection but growth as well. He chooses PNB MetLife Smart Platinum Plus (Wealth Option) and opts to get covered till age 99.

AgePremium Payment TermAnnual Premium (Rs)Sum Assured (Rs)Policy YearFund Value
40 Years10Rs. 10000015 lakhsAt maturity

@4% 34,80,421

@8% 2,84,25,519

Frequently Asked Questions

After the tenth policy year, if the policy is still in effect and all past-due installment premiums have been paid in full, Fund Boosters will be assigned to your policy.

At the start of each policy month, the mortality charge will be subtracted by canceling the appropriate number of units at the associated Net Asset Value. The mortality fee will be determined by the life insured’s age at death, the appropriate Sum at Risk, and the Mortality Charge Rate.

You have the option of paying premiums yearly, half-yearly, or monthly. Standing Instruction and Direct Debit choices have a monthly mode.