LIC Premium and Maturity Calculator

PNB MetLife Smart Child Plan, Policy, Premium and Maturity Calculator

PNB MetLife Smart Child Plan, Policy, Premium and Maturity Calculator - The Smart Child life insurance policy is a unit linked policy where the policyholder is given a choice of 6 different funds to invest in. It also offers a 5 different modes to pay the premiums, one of which is the PSP (Payroll Savings Program). Investments in this PNB MetLife policy can be as little as Rs. 18,000 per annum and it offers a sum assured that is 10 times the annual premium paid. It also offers policyholders liquidity through partial withdrawals when they need funds.

Eligibility - PNB MetLife Smart Child Plan and Policy

Entry age
Min age Max age
Life insured 18 years 55 years
Beneficiary 90 days 17 years

Key Features - PNB MetLife Smart Child Plan and Policy

Unit linked insurance plan
Sum assured
The sum assured can be 10 times the annual premium paid.
Death benefits: In case the life insured passes away, the death benefits paid to the beneficiary are:
  • 100% of the sum assured is paid on death.
  • Instead of ending, the policy stays in force and future premiums are paid by PNB MetLife every month.

Maturity benefits: The maturity benefits paid under this policy are:

  • 100% of the fund value can be withdrawn along with any loyalty additions as applicable.
  • The fund value can also be withdrawn in instalments as chosen by the policyholder.
  • They can also be withdrawn in a manner where a part of the maturity benefits are taken as a lump sum and the remainder in instalments.
Basis `
  • Minimum premium payable towards this policy is Rs. 18,000 per annum.
  • The maximum premium payable in a year will depend on the age of the policyholder:
Age group Maximum annual premium
Up to the age of 35 years Rs. 2 lakhs
36 years to 45 years Rs. 1.25 lakhs
Above 45 years Rs. 1 lakh
Premium paying term
This is a regular pay policy therefore the premium paying term will be equal to the policy term.
Premium paying modes
There are 5 mode available for the payment of the premiums:
  • Annual
  • Semi-annual
  • Quarterly
  • Monthly
  • PSP (Payroll Savings Program)
Policy term
There are three options when it comes to the policy term:
  • 10 years
  • 15 years
  • 20 years
Policy validity
The validity is the same as the policy term
Not applicable
This policy offers a loyalty addition for the longer policy terms.
  • 2% of the average fund value is added to the fund for policies with a 15 year term.
  • 3% of the average fund value will be added to the policy in case of policies with a term of 20 years.
Other features
  • Freelook period: The freelook period for this policy is 15 days.
  • Grace period: The grace period is 30 days from the date on which the premium is due.
  • Lock in period: This policy has a lock-in period of 5 years.
  • If a policy is surrendered before the lock-in period is completed, the benefits will be paid only once the period is over.
Add-on covers / Riders NA

Benefits/Advantages - PNB MetLife Smart Child Plan and Policy

  • Investments made into this policy will be eligible for tax benefits under section 80C of the IT Act of 1961.
  • This policy offers the payroll saving program as one of the modes to pay the premiums. Under this program, the premium amounts will be deducted directly from the policyholders salary.
  • In case the life insured passes away when the policy is still in effect, the company will waive off all future premiums and pay them every month themselves.
  • If the policyholder requires cash in a hurry he/she can make up to 2 partial withdrawals from this policy in one year.