PNB Metlife Smart Platinum Plus Plan

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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.