Met Smart Child plan is a regular premium unit-linked child plan from MetLife India Insurance Company.

POLICY FEATURES

Minimum age at entry: 18 years
Maximum age at entry: 55 years
Minimum age of beneficiary (Child): 90 days
Maximum age of beneficiary (Child): 17 years
Minimum annualised premium: Rs 18,000 p.a.
Policy Term 10/15/20 years

   Sum assured: 10 times the chosen annualised premium only The policy offers differentiated death benefit. On death of the parent, the sum assured is paid immediately to the beneficiary and all the future premiums are paid by the insurer. These future premiums are paid into the balancer fund, which invest in a combination of equity and debt. The plan comes with six unitlinked funds for customers with varying risk appetite. Customers have an option of unlimited switches between the available funds to take care of a changing risk appetite. Under the systematic transfer option you can invest your premium in Protector II Fund and your fund will be automatically transferred from Protector II Fund to Flexi Cap Fund at the end of every month.

Policies with 15 and 20 year term have a loyalty additions benefit of 2% and 3%, respectively. These loyalty additions will be paid even on demise of the parent.
The fund will charge 7% in the first year, 6% in the second year and from third year onwards a charge of 5% will be levied on the premiums before investing. The administration charges will be . 10 per month during first to fifth year and from sixth year onwards the administration charges become . 35 per month. The fund management charges will range from 1.10-1.25% and the mortality charges will be calculated on the basis of the attained age of the parent.

This makes it a very expensive plan especially if the premium amount is low. If you want to still invest in this Ulip, ensure you pay a high premium amount and stay invested for 20 years to get optimal returns.