ULIP scheme from MetLife

MetLife India, a subsidiary of US-based life insurer MetLife, has launched Met Smart, a unit-linked insurance plan that comes with six investment fund options to suit the buyer's risk/return profile, Venkatesh Mysore, managing director told reporters here on Tuesday.

With Met Smart, policy holders can choose from three options on benefits to nominees on their death, and allowed a switch between options once a year after the first three policy years.

Policyholders can increase, decrease, stop or skip premium payments when their "needs and goals" changed. They had the option to withdraw anytime after the first policy year if they had at least 5 per cent of the face value in the account.