Bangalore: MetLife India Insurance Company launched its new unit linked child plan "Met Smart Child". This plan offers complete solution for child's higher education, even in the absence of parents. In this plan the life insured is the parent or grandparent and the beneficiary is the child/grandchild. After Met Bhavishya this is the second Child Savings Plan added in MetLife's portfolio. What make this plan more interesting and the best is that the fund is locked in for the benefit of the child till the child turns 18 simultaneously ensuring that the fund never gets misused and is solely used for the child's benefit. The plan is available in three terms of 10, 15 and 20 years with a minimum premium of 18,000. The amount cover is equal to 10 times of the chosen premium and remains constant throughout the term of the Policy. The plan comes with 6 unit linked funds for customers. Policies with 15 and 20 year term have a loyalty additions benefit of 2 percent and 3 percent respectively. These loyalty additions will be paid even on demise of the parent. The fund will charge 7 per cent in the first year, 6 per cent in the second year and from third year onwards a charge of 5 per cent will be levied on the premiums before investing. The administration charges will be Rs 10 per month between first to fifth year and from sixth year onwards the administration charges become Rs 35 per month. The fund management charges will range from 1.10 percent - 1.25 percent and the mortality charges will be calculated on the basis of the attained age of the parent.