Metlife launches new single pay ULIP plans

New Delhi, Mar 13 (UNI) MetLife India Insurance Co Pvt Ltd today strengthened its Unit Linked portfolio by launching two new plans -- Met Smart Plus and Met Smart Premier single pay.

Both the products can be bought by customers through a one time payment. The minimum single premium for both policies is Rs 50,000.

The policies can be bought by individuals up to age of 55 years.

The minimum sum assured is 1.25 times the premium while the maximum sum assured is five times the premium.

''These plans offer flexibility and best in class investment returns for customers,'' said Metlife India Insurance Managing Director Rajesh Relan.

The plans offer six fund options ranging from Preserver (80-100 percent in debt instruments) to Multiplier (100 per cent in equities) for varying risk appetites.

The Multiplier ranks amongst the top five equity funds in the market in terms of returns over the past year.

The investor can switch between any of the six funds after a period of six months. Both policies offer options of partial withdrawals after three policy years have elapsed. Policies can be customized through riders -- Accident Death Benefit Rider (ADBR) and Critical Illness Rider (CIR).

Investors can invest incremental funds at their disposal in the policies through top-up premiums. The base policy sum assured would be increased by 125 per cent of the top-up premium on each such payment. The top-up amounts can be withdrawn after three years.

Premiums under both Met Smart Plus and Met Smart Premier are eligible for tax deduction as per the provisions of the Income Tax Act 1961.

UNI