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  • Pnb Met Life Family Income Protector Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Family Income Protector Plus Plan from PNB MetLife is a term assurance policy with flexible options of premium and payouts. This plan is designed to provide a stable guaranteed monthly income to the family and loved ones in case of the policyholder’s demise during the policy term. With this non-linked, non-participating term assurance plan, there is also an option of return of premiums at the end of the policy.

    Eligibility - Who is the PNB MetLife Family Income Protector Plus Plan for?

    Those who wish to purchase the PNB MetLife Family Income Protector Plus Plan must satisfy the eligibility criteria set out by PNB MetLife. Based on your age, location and other factors, you might be eligible for this plan. The eligibility criteria for the PNB MetLife Family Income Protector Plus Plan is given below:

    Minimum age at entry 25 years
    Maximum age at entry 60 years (55 years in case the policy term is 20 year)
    Maximum age at maturity 75 years
    Type of plan Non-linked, non-participating term assurance plan
    Plan options
    Premium payment options PSP, Monthly, Bi-annually, Annually
    Monthly income options Rs.10,000, Rs.25,000, Rs.50,000, Rs.75,000 and Rs.1 lakh

    Sum Assured and Premium Range - What you Get and What it Costs?

    Given below is an indicative table of the premium payments required for the two plans offered by PNB MetLife under the Family Income Protector Plus Plan. Based on the term of the plan and the premium amount selected, the payout will vary.

    Policy Terms 10 years 15 years 20 years
    Benefit Payout Period 240 months 180 months 120 months
    Term insurance Minimum premium Rs.3,055 Rs.2,780 Rs.2,520
    Maximum premium Rs.1,26,160 Rs.1,33,590 Rs.83,450
    Minimum sum assured Rs.14.20 lakhs Rs.12 lakhs Rs.9.10 lakhs
    Maximum sum assured Rs.1.42 crores Rs.1.24 crores Rs.95 lakhs
    Term insurance with return of premium option (TROP) Minimum premium Rs.24,137 Rs.11,852 Rs.7,881
    Maximum premium Rs.6,29,670 Rs.3,67,170 Rs.1,85,800
    Minimum sum assured Rs.14.20 lakhs Rs.12 lakhs Rs.9.10 lakhs
    Maximum sum assured Rs.1.42 crores Rs.1.24 crores Rs.95 lakhs

    *Premiums vary based on age, location, plan term and other factors

    Plan coverage - What the PNB MetLife Family Income Protector Plus Plan Covers?

    With the PNB MetLife Family Income Protector Plus Plan, you can have peace of mind knowing that your family is financially protected in case something were to happen to you. The Family Income Protector Plus Plan is a non-linked, non-participating term assurance plan. This policy is an ideal way of securing your family’s standard of living and status. Under this plan, policyholders can receive two benefits:

    • Death benefit - Pay premiums for 10 years under this plan. In case of your unfortunate demise during the tenure of this plan, your family will receive a monthly income chosen by you for up to 20 years. Alternatively, they can also receive the benefit as an assured lumpsum. The first payment will be made at the end of month from the date of death of the policyholder.
    • Maturity benefit - This benefit is payable only under the Term insurance with return of premium option (TROP). At the end of the term, if the policyholder is still alive, this plan will pay out 110% of all premiums paid.

    Under all policies, tax exemptions and benefits are available as per the Income Tax Act, 1961.

    Add-On Plans – Additional Coverage under the PNB MetLife Family Income Protector Plus Plan:

    There are no add-ons available with this plan.

    Exclusions - What the PNB MetLife Family Income Protector Plus Plan doesn’t Cover?

    Under all term insurance policies, there are certain exclusions in case of which there will be no benefits payable. Under the PNB MetLife Family Income Protector Plus Plan, there is only one exclusion: Suicide.

    • Whether sane or insane, if the policyholder commits suicide within 1 year from the date of commencement of the policy, no benefits will be payable. The policy will be deemed void and will be terminated.
    • In case of a regular term plan, PNB MetLife will refund 80% of the premiums paid up to date without interest.
    • In case of a TROP, the amount refundable will be 80% of the premiums paid till date or the surrender value of the policy, whichever is higher.

    Other Key Features:

    A few features of the PNB MetLife Family Income Protector Plus Plan worth noting have been mentioned below:

    Particulars Details
    Guaranteed Monthly Income For up to 20 years depending on the the selection made by the policyholder
    Tax Benefit Tax benefit is applicable at the time of purchase and when the monthly income is paid out
    Return of Premium Option is available to get premiums refunded in case the policyholder is still alive at the end of the term plan
    Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
    Transfer In accordance with Section 38 of the Insurance Act, 1938, policyholders can transfer, assign or partially assign the policy by giving PNB MetLife written notice in advance
    Free-Look Period 15 days from the receipt of the policy document
    Surrender Value
    • Regular term plan - no benefits
    • TROP - If at least 3 full years’ premiums is paid from the commencement of the policy, surrender value will be payable which will be the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)
    Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium
    Grace Period 30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
    Alterations Policyholders can alter the plan’s mode of payment on the policy anniversary at a charge of Rs.100.

    Tax Benefits – How you can save with the PNB MetLife Family Income Protector Plus Plan?

    Tax benefits are available under this policy at the time of purchase and at the time of monthly payouts. As per the provisions of the Income Tax Act, 1961, policyholders can avail tax benefits. This is subject to amendments made to tax laws from time to time. PNB MetLife advises policyholders to consult a tax advisor to find out benefits that are available against the premiums paid towards this plan and for proceeds received from the policy.

    Other Benefits – How you can save with the PNB MetLife Family Income Protector Plus Plan?

    PNB MetLife offers other benefits on their website, through their customer service and through advisors. Customers who wish to purchase a plan can get sound advice from experts, find all relevant information in the brochures and on the website. PNB MetLife offers the following benefits to their customers:

    • Meet an advisor through PNB MetLife
    • Calculate your premium payment using the Premium Calculator
    • Compare different protection plans
    • Download the brochure
    • Read the terms and conditions
    • Get the Premium Rates Form
    • Contact the customer care via phone, fax, email, or SMS
    • Locate a PNB MetLife branch

    Why you should Buy the PNB MetLife Family Income Protector Plus Plan?

    PNB MetLife entered the Indian market in 2001 and has grown to have an extensive presence across the country with more than 7,000 locations. MetLife partnered with Punjab National Bank, the leading nationalised bank of India, to provide a plethora of insurance products. The products on offer include life insurance, health insurance and retirement plans. PNB MetLife provides customers with access to over 10,000 financial advisors, a dedicated customer care and online services to name a few. The company has also consistently raked in profits and declared profit shares for the past few years.

    Frequently Asked Questions (FAQs):

    Q. If I am unable to continue paying premiums on this plan, what are my options?

    A. If you are unable to pay premiums, you have a 30-day grace period to make the payment, failing which the policy will lapse. You can surrender your policy under the following conditions:

    • Pure term plan - no benefits available.
    • TROP - If at least 3 full premiums are paid, you will receive the surrender value of the policy.

    Q. Does PNB MetLife hold any rights to cancel my policy?

    A. Yes, under circumstances where the policyholder has misrepresented information or committed fraud, PNB MetLife will immediately cancel the policy. Applicable surrender value will be refunded to the holder. Fraud or misrepresentation will have to be proved under the Insurance Act, 1938, Section 45.

    Q. Are there any charges applicable if I return the policy within the free-look period?

    A. If you decided to return the policy during the free-look period, the premium paid will be refunded after deducting proportionate premium for the time on risk borne by PNB MetLife plus medical examination expenses and stamp duty.

    Q. Where can I purchase the PNB MetLife Family Income Protector Plus Plan?

    A. You can buy the PNB MetLife Family Income Protector Plus Plan through the following avenues:

    • You can contact an advisor on the PNB MetLife website
    • You can visit the nearest PNB MetLife branch
    • You can contact PNB MetLife through phone, fax, email or SMS

    This plan is not available through distance marketing.

    Q. How are the monthly income payment tenures determined?

    A. Based on your selection of the premium payment term, the benefit period will be determined. There are three policy terms available: 10, 15 and 20 years. The benefit payout period is as follows:

    Policy Terms Benefit Payout Period
    10 years 240 months
    15 years 180 months
    20 years 120 months

    Q. Is there an option to reinstate a lapsed PNB MetLife Family Income Protector Plus Plan?

    A. You can reinstate a lapsed policy within 2 years from the date of the first unpaid premium. To reinstate your policy, you need to fulfill the following criteria:

    • Provide a written request to PNB MetLife
    • Provide satisfactory evidence of insurability
    • Pay all unpaid premiums at the rate of 9% p.a. compound interest
    • Pay a fee of Rs.250 for revival of the policy

    Once your policy is reinstated, all benefits will be restored including survival benefits.

    Q. Can I make changes to my policy during the term?

    A. On the anniversary date of the policy, policyholders can alter the premium payment mode on their policy. This is the only change that is allowed under the PNB MetLife Family Income Protector Plus Plan. There is a fee of Rs.100 applicable for alteration of the plan.

    Q. Is there a medical examination required to avail this policy?

    A. Depending on your choice of sum assured, a medical examination may be required. The tests will be conducted at your home according to your availability and convenience. Sometimes tests may require a diagnostic center nearby.

    Q. How long will PNB MetLife take to process my application?

    A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.

    Q. Do I need a term insurance plan?

    A. A term plan is best suited for those who have dependants. To ensure that they have a source of finance in case of your demise, a term plan provides protection. With a term plan, the rates are affordable and the payouts are high. Your nominee can benefit from a lump sum payment and monthly income in your absence.

    Q. How do I make payments towards the premium amount?

    A. Premium payments can be made via debit card, credit card or net banking.