PNB MetLife launches Met Family Income Protector Plus
PNB MetLife India Insurance Company Limited (PNB MetLife) announced the launch of its latest plan, Met Family Income Protector Plus (MFIPP).
Guaranteed monthly income for the family for up to 20 years
110% of premiums returned in case of survival at the end of policy term; optional (TROP)
New Delhi, May 29, 2014: PNB MetLife India Insurance Company Limited (PNB MetLife) announced the launch of its latest plan, Met Family Income Protector Plus (MFIPP). This product is a unique term insurance plan designed to ensure a guaranteed monthly income for up to 20 years to the family in case of death of the customer. The flexibility in this product allows one to choose between lump sum payout or monthly income incase of an unfortunate death of the customer. Moreover, the customer can also opt for the return of premiums at the end of the policy term. This option ensures that the customer gets covered during the policy term and gets back 110% of the premiums paid.
Speaking about this new protection solution from PNB MetLife, Tarun Chugh, Managing Director and Chief Executive Officer, PNB MetLife said “At PNB MetLife, we work towards engaging our customers for life through financial protection solutions that are need based as well as cost efficient. Our product mix addresses the four key financial needs of our customers, namely Family Protection, Wealth Management, Child Education and Retirement. Through MFIPP, we are protecting the future of our customers with an ‘income replacement’ plan, giving them the comfort that their loved ones will always be financially secure.”
MFIPP comes with easy monthly income options that one can choose for the family. PNB MetLife’s MFIPP is also tax efficient; both at the time of purchase and at the time of benefit pay-out as under the prevailing tax laws. With a range of choices of premium, policy term and type of cover; this insurance solution is flexible allowing the policyholder to customise the premium and benefit terms basis the long term needs of his/her loved ones.
Met Family Income Protector Plus at a glance
• Guaranteed monthly income provided to the customer’s family when he/she is not around; with a choice of pay-out period of 10, 15 or 20 years
• Flexibility of choice which allows customers to tailor their plan according to their needs – choose their desired monthly income, length of policy term and whether they receive maturity benefits or not.
• 5 monthly income options of Rs. 10,000, Rs. 25,000, Rs. 50,000, Rs. 75,000 and Rs. 10,00,000
• An option to get 110% of premiums paid back at the end of the policy term (by choosing TROP)
• In addition to providing a tax advantage under Section 80 (C) at the time of purchase, benefits paid out to nominees are also eligible for exemption under Section 10 (10) D of the Income Tax Act, 1961, as prevailing currently, regardless of whether the lump sum pay-out or regular monthly income option is chosen.