PNB MetLife Income Protection Plan

Key Benefits of PNB MetLife Income Protection Plan

  • 1

    Guaranteed Payout

  • 2

    Protection for your family

  • 3

    Easy Enrolment

  • 4

    Flexibility

Overview

This is a non-linked, non-participating, life insurance plan. “PNB MetLife Income Protection Plan”, a flexible life insurance plan that meets your savings as well as protection needs. This plan not only ensures peace of mind by providing financial protection to your family by way of regular monthly income or Lumpsum, but also returns ranging from 100% to 150% of the Total premiums paid on survival till maturity.

With PNB MetLife Income Protection Plan:

  1. Ensure Financial security for your family in case of your unfortunate death
  2. Choose to provide regular income for your family to take care of their living expenses in case of your untimely demise
  3. Guaranteed Lumpsum ranging from 100% to150% of Total premiums paid on survival till Maturity

Product Benefits

Key Benefits

  • Guaranteed Payout1: Receive guaranteed payout from 100% to 150%3 of Total premiums paid2 at the end of the policy term
  • Protection for your family: Get life cover for the entire policy term
  • Easy Enrolment: Hassle free enrolment with Simplified Proposal Form
  • Flexibility:
    • Choose how long you want to pay: for 5/7/10 years
    • Option to choose Death Benefit as Lumpsum or Monthly Income
  • Tax benefits4: Avail tax benefits on premiums paid and benefits received, as per prevailing tax laws

1 Terms & Conditions apply
2 Total premiums paid is equal to all premiums payable during the premium paying term of the policy excluding extra premiums, Goods & Service Tax paid by the policyholder but includes any frequency loading.

3 Depending on the plan option chosen at the inception of the Policy
4 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

Maturity Benefit

The Sum Assured on Maturity will be paid on Maturity which will be calculated as 100% /110% / 130% /150%3 of the total premiums paid2 based on the plan option chosen.

The policy will terminate on payment of the Maturity claim amount.

2 Total premiums paid is equal to all premiums payable during the premium paying term of the policy excluding extra premiums, Goods & Service Tax paid by the policyholder but includes any frequency loading.
3 Depending on the plan option chosen at the inception of the Policy

Death Benefit

In the event of the unfortunate death of the Life Assured during the policy term provided that the policy is In-force status and all due installment premiums have been received by us in full as on the date of death, Sum Assured on Death will be payable which  is highest of:

  • 10 times of the Annualised Premium
  • Sum Assured on Maturity which is the absolute amount of benefit guaranteed to be paid on maturity
  • Basic Sum Assured which is the absolute amount assured to be paid on death 

At any point in time the minimum Death Benefit shall be 105% of Total premiums paid2 as on date of death. 

Death Benefit Payout options: 

On death of Life Assured, the Company will pay the death benefit as Lumpsum or Monthly Income for 10 years based on the option chosen by the Life Assured at the time of inception of the policy.

2 Total premiums paid is equal to all premiums payable during the premium paying term of the policy excluding extra premiums, Goods & Service Tax paid by the policyholder but includes any frequency loading.

Plan options

Option name

Maturity Benefit as % of Total premium paid

100% RoP

100%

110% RoP

110%

130% RoP

130%

150% RoP

150%

Age at entry (Years)#

Plan Option

Minimum age (Years)

Maximum age (Years)

100% RoP

18

55

110% RoP

18

55

130% RoP

18

55

150% RoP

18

50

Maximum age at maturity (Years)#

Plan option

Premium payment term (PPT)

Policy Term (PT)

Max. Maturity age

100% RoP

5

15

70

110% RoP

7

15

70

130% RoP

7

15

70

130% RoP

7

20

75

130% RoP

10

20

75

150% RoP

10

20

70

Premium Paying Term (PPT) (Years)

Limited pay: 5, 7 & 10 years

Policy Term (Years)

Plan option

Premium payment term (PPT)

Policy Term (PT)

100% RoP

5

15

110% RoP

7

15

130% RoP

7

15

130% RoP

7

20

130% RoP

10

20

150% RoP

10

20

No other policy term and premium payment term combinations are offered.

Minimum Installment Premium (Rs.)

Plan option

PPT-PT

Minimum Yearly premium (Rs.)

Minimum Half yearly premium^ (Rs.)

Minimum Monthly premium per month^ (Rs.)

100% RoP

5-15

8,000

4,105

750

110% RoP

7-15

7,000

3,592

650

130% RoP

7-15

8,000

4,105

750

130% RoP

7-20

7,000

3,592

650

130% RoP

10-20

5,500

2,822

500

150% RoP

10-20

7,000

3,592

650

^Inclusive of Modal loading

Maximum Premium (Rs.)

Based on maximum Basic Sum Assured of Rs. 10,00,000

Minimum Basic Sum Assured(Rs.)

Based on minimum premium as mentioned above

Maximum Basic Sum Assured (Rs.)

10,00,000

Premium Payment modes

Yearly / Half-yearly / Monthly

#All reference to age are as on age last birthday

Download Brochure Terms & Conditions

Form got successfully submitted.

Please fill out personal information

Enter a valid name
Enter a valid name
Enter a valid Email
+91 Enter a valid phone number.
Disclaimer

Meet An Advisor

Sorry! We are experiencing technical difficulties, please try later.
Are you an existing PNB MetLife customer?
Enter a valid Name.
Enter a valid Name.
Select a City. Enter a valid City.
Please fill out a valid email address
+91 Enter a valid Mobile Number.
Preferred Date entered is not valid
Select a Reason.
Comments: Enter a valid Reason.

You might also be interested in