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Family is the essential aspect of any individual, and supporting them in case of one's absence is the prime concern. As we can witness that in present days the uncertainty about life is quite exponential. The first task of any individual to secure the financial future of his loved ones in case they left unexpectedly. The insurer has come up with PNB MetLife Income Protection Plan to assist the individuals in fulfilling this mighty task.
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It is a non-linked, non-participating life insurance plan that is formulated to cover your savings in addition to your protection needs. This would be a three-in-one plan: it provides lifetime cover, maturity benefits in the survival of the policyholders, and a monthly income option to the family if the policyholder passed away. PNB MetLife Income Protection Plan is designed so that if the policyholder is not around anymore, the family will keep receiving the benefits in the form of a lump sum or monthly income.
Term Plans
This table consists of some significant features related to PNB MetLife Income Protection Plan. Therefore, one must go through the table and understand all the critical factors involved in the particular term plan.
|
Parameters |
Particulars |
|
|
Plan Options |
Plan Name
100% RoP 110% RoP 130% RoP 150% RoP |
Maturity Benet as % of Total Premium Paid 100% 110% 130% 150% |
|
Premium Paying Term |
Limited pay: 5, 7 & 10 years |
|
Policy Term |
Plan Option
100% RoP 110% RoP 130% RoP 150% RoP |
Premium Paying Term 5 7 7/7/10 10 |
Policy Term
15 15 15/20/20 20 |
|
Premium Payment Modes |
Monthly/ Yearly / Half-yearly / |
|
Sum Assured |
Minimum – Based on minimum premium Maximum – 10,00,000 |
|
Loan Facility |
Yes, a loan facility is available under this plan. |
This policy offers attractive benefits if one decides to purchase the plan. Advantages under this plan make it one of a kind plan out there. Here is the list of all the appealing benefits:
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PNB MetLifeIncome Protection Planprovides financial assistance in the form of a lump sum or monthly income to the family of the policyholders. This happens in case of the demise of the policyholder and on the survival till maturity. Let's see the case of Mohit:
Mohit, age 35 years, selects for 130% return of the premium plan
Premium payment term 7 years and policy term 15 years
Decides to pay an annual premium of rupees 8000 excluding taxes, and let's assume that he is a healthy individual.
In the above case, the Sum assured will be calculated on the basis of annualised premium and sum assured multiplier. Here, the multiplier for the Sum assured for the 1st year is ten, and from 2nd year it is 24. It is based upon plan option and policy term opted at the time of policy purchase, premium payment term, and the policyholder’s entry age.
The annual premium will be equal to the premium payable in a given year decided by the policyholder, excluding the extra premiums and other charges, if any.
Case 1: Mohit survived till the maturity period, then he will receive the Sum assured on maturity, which is equal to 130% of total premiums paid during the policy term will be equal to 130% x 56,000 = 72,800
Case 2: In the case of the death of Mohit in the 8th policy year, the nominee will receive the death benefit as a lump sum or monthly income. This is based on the payout option opted by Mohit at the time of policy purchase.
There are no additional available under this plan.
Policyholders must be aware of certain eligibility criteria of the PNB MetLife Income Protection Plan. Here is the simplified tabular form of all the necessary criteria:
|
Parameters |
Conditions |
|||
|
Entry Age |
Plan Option 100% RoP 110% RoP 130% RoP 150% RoP |
Minimum Entry age
18 years |
Maximum Entry Age 55 years 55 years 55 years 50 years |
|
|
Maturity Age |
Plan Option
100% RoP 110% RoP 130% RoP 150% RoP |
Premium Paying Term 5 7 7/7/10 10 |
Policy Term
15 15 15/20/20 20 |
Maximum Maturity Age 70 years 70 years 70/75 years 70 years |
Individuals looking to buy PNB MetLifeIncome Protection Plan need to present some documents to the insurer. Here are the various documents required:
Currently, PNB MetLife Income Protection Plan can only be bought offline. The interested candidates can visit the nearest PNB MetLife Insurance office to purchase the plan.
If the policyholder dies by suicide within a year from the date of policy purchase or the date of policy renewal as applicable, the beneficiary will be eligible to receive 80% of the total premium paid till the death date under the policy or the Policy Surrender Value as on the death, whichever is greater, provided the policy is active. No interest on the amount will be paid.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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