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    Everything you need to Know About Family Income Protection for Family Future | PNB Metlife

    Everything to Know About Family Income Protection for Family Future

    Last Updated On 24-04-2023

    If you’re the primary breadwinner in your family, you may be stressed about what would happen to your family if there was a sudden loss of income. The good news is that you can invest in a family income plan to create financial security for your family. Doing this will also provide you with peace of mind knowing that your dependents will be financially provided for.

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    If you’re the primary breadwinner in your family, you may be stressed about what would happen to your family if there was a sudden loss of income. The good news is that you can invest in a family income plan to create financial security for your family. Doing this will also provide you with peace of mind knowing that your dependents will be financially provided for.
    If you’re the primary breadwinner in your family, you may be stressed about what would happen to your family if there was a sudden loss of income. The good news is that you can invest in a family income plan to create financial security for your family. Doing this will also provide you with peace of mind knowing that your dependents will be financially provided for.

    Definition of Income Protection Insurance

    An income protection plan pays a portion of any lost income when the policyholder is unable to work as a result of an injury, accident or illness. Monies can be used for your family’s daily expenses or to pay necessary bills.

    Importance of Family Income Protection

    A family income coverage provides the policyholder with peace of mind knowing that the family will be taken care of in the event of death.
    Furthermore, a family income protection insurance plan works like disability insurance in that it will pay out in the case of temporary or permanent disability.

    How Does Income Protection Insurance Work?

    Income Protection Insurance works in the following ways:

    • Provides regular payments that replace part of your income if you are unable to work due to an accident or listed illness
    • Pays out until you can start working again—or until you retire, pass away or the policy reaches its maturity
    • Typically pays out between 50% and 65% of your income if you’re unable to work—money can be used for daily living expenses for your family
    • Covers most illnesses that leave you unable to work such as diabetes, cancer and heart disease
    • Policyholder can claim as many times as circumstances dictate during the lifetime of the policy

    When Does Your Family Need Regular Income?

    Your family will always require regular income to remain financially stable. However, this need increases when the primary (or only) breadwinner suddenly experiences a loss of income.

    Benefits of Family Income Protection Insurance For Family

    Quality of Mind

    One of the top benefits of income protection is that it offers you quality of mind. That means that you are improving your life as you grow because you are securing for your future financially.

    Peace of Mind

    Adding an income protection insurance cover provides the policyholder with peace of mind in the knowledge that their loved ones are provided for.

    Keep Up With Bills

    Income protection allows the policyholder to keep up with bills if their income is suspended or stopped for any of the covered reasons.

    Added Life Protection

    Opting for an income protection plan with added life insurance ensures that the policyholder’s beneficiaries will be protected for any eventuality.

    Focus on Medical Recovery

    If you have been injured in an accident or have been diagnosed with a listed illness, an income protection plan enables you to focus on recovery.

    Be Prepared

    Having a family income plan means that you have total permanent disability insurance. You may even be able to opt for early retirement.

    How to Choose Income Protection Policy

    1. Policy Type

    Indemnity Value Policy

    An indemnity value policy indicates that the benefit value of your policy will be determined by the policyholder’s income at the time of the claim.


    Agreed value policy

    An agreed value policy allows the policyholder and the insurer to agree on the specified payout amount. This is based on the insured’s income at the time of buying the policy.


    2. Waiting Period

    Benefit Period

    A benefit period refers to the maximum period that a monthly benefit can be paid out to the beneficiary if they’re unable to return to work as a result of temporary or permanent disability.

    3. Stepped or Level Premiums

    Stepped Premiums

    With a stepped premium, your payment premium increases as you age.

    Level Premiums

    Level premiums on the other hand, spread the cost of your policy evenly over the life of your policy.

    Types of Income Protection Insurance for Family

    1. Insurance

    The MetLife Family Income Protector Plus enables a policyholder to take care of their family’s financial stability in their absence. In addition to returns on premiums, this policy offers the freedom to choose benefits.

    2. Long-term Disability Insurance

    Metlife Accidental Disability Benefit Rider can feature as long-term disability insurance if the insured becomes disabled within 180 days of an accident. Choosing the sum assured is flexible and offers tax benefits on payment premiums.

    3. Disability Overhead Insurance

    Disability overhead insurance pays a benefit to a business owner’s company if the owner becomes disabled. The business uses the funds to pay salaries and utility bills.

    4. Toral Permanent Disability Insurance

    The MetLife Group Accidental Permanent & Total Disability Plus is a lump sum rider that provides the sum assured in the case of total permanent disability.

    5. Workers Compensation

    Workman’s compensation in India applies to the permanent disability or death of a worker. For death, 50% of the current salary is based on the age of the worker.

    Things to Consider When Buying Income Protection Insurance

    Be Honest About Your Medical History

    Being honest about your medical history ensures that you can choose the right income protection insurance. It eliminates potential hiccups during the claim process.

    Choose a Suitable Level of Insurance Cover

    It’s essential to buy income protection that ensures your family will be adequately covered. The policy should include death as well as long-term disability insurance.

    Read the Small Print

    Always read the small print on any family income protection plan. This will ensure that you know about any potential exclusions.

    You Can Change Your Mind

    Opt for a plan that allows you to change your mind about the cover and number of family members you want to add.

    Keep Your Cove Up-to-Date

    Ensure that your premiums are paid promptly as agreed upon in the original contract. Assess the difference between stepped premiums and level premiums.


    A family income insurance plan is essential if you want to provide your family in case of any unforeseen eventuality. Speak to your financial adviser to assist you with choosing the right option.

    Frequently Asked Questions (FAQ)

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    When do you need income protection insurance?

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    Income protection plan insurance is essential when you’re temporarily or permanently unable to work due to an accident or illness.

    Who doesn’t need income protection insurance?

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    The only time you won’t need income protection insurance is when you are past retirement age and have a financially stable retirement plan in place.

    How to buy income protection insurance?

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    Simply speak to your broker agent about the various types of income protection insurance options available to suit your family’s needs.

    How to Make a Claim on Income Protection Insurance?

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    A claim against your family income insurance can be made by submitting the relevant claim forms and required documents to your insurance company.

    Is income protection tax deductible?

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    Different tax benefits such as deductions and rebates may apply to your policy. Always check which current laws apply.


    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883

    Terms & conditions apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.

    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.




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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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