PNB Metlife - Met Family Income Protector Plus Plan

PNB Met Family Income Protector Plus Plan is a life insurance plan that has a unique USP. This policy has a provision that in the event of the unfortunate death of the customer, his or her family will have the financial security of a regular monthly income.

Key Features

  • The monthly income provided to the family up to 20 years.
  • The customer and his family receives tax benefit under section 80 (C) of the Income Tax Act.
  • Under TROP or Term with Return of Payments, by the end of the policy term if nothing has happened to the customer, he or she can take 110% all their premiums back.
  • The policy is flexible, allowing its members to tailor-make their plans according to their needs, from a choice of the desired monthly income to policy term length to the receipt or non-receipt of maturity benefits.


  • The policyholder receives tax benefit under section 80 (C) of the Income Tax Act.
  • Nominees also receive tax benefits for the sum of money received by them under section 10 (D) of the Income Tax Act.
  • On the event of the death of the policyholder, the nominees receive the chosen monthly income for the benefit pay-out period. At the close of 30 days from the date of passing, will the first pay-out be given. Benefit pay-out period depends on the chosen policy term that can be between 120 to 240 months.
  • The nominee can also receive the death sum assured as a lump sum at the time of death.
  • If the policyholder survives the term period has chosen TROP was chosen, then he or she receives 110% of the total premiums paid (excluding service tax, cess and extra loadings).

Product Specification:




Entry Age (Last Birthday)

25 years

60 years

Maturity Age (Last Birthday)

35 years

75 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

10, 15 and 20 years

Premium Paying Frequency

Monthly, yearly. half-yearly and Payroll Savings Program

Yearly Premium



Sum Assured

9.10 lakhs

1.42 crores

Details About Premium

Annual premium  in Rupees

Monthly income (Rs.)

Sum Insured (Rs.) / Age

 25 years

35 years

60 years

Policy Term


14.2 lakhs

24883 /  3433

30987  /  4363

112247  /  25411

10 years


12 lakhs

12218  /  3124

16354  /  4351

62478  /  25659

15 years


9 lakhs

8125  /  2831

11357  /  4218


20 years


7 lakhs

60663  /  8140

81189  /  11421

382268  /  87158

10 years


6 lakhs

29494  /  7483

44535  /  11978

226277  /  93349

15 years


4.5 lakhs

21077  /  7084

34303  /  12691


20 years



With ROP  /  Without ROP

With ROP  /  Without ROP

With ROP  /  Without ROP


Policy Details

  • Grace Period: A grace period of 30 days from the due date of unpaid premium is permitted for the payment of premium without interest. If not paid within this timeframe, the policy will lapse and will be subject to the applicable non-forfeiture benefits.
  • Policy Termination or Surrender Benefit: Policy termination occurs on the payment of death benefit or the payment of maturity benefit if it is applicable. It will also be terminated on the payment of the last monthly income at the end of the benefit pay-out period; or on the date on which the policy is surrendered. Termination may occur on the completion of two years from the date that the policy had lapsed if the policy is not reinstated.
    If the policyholder had chosen Pure term cover, then he or she receives zero surrender benefits. If, however, Term with Return of Premium cover had been selected then the surrender value is payable only if a minimum of three years worth of premiums had been paid from the start of the policy. GVS or Guaranteed Surrender Value is equal to a percentage of the total premiums paid. While SSV or Special Surrender Value is a percentage of the total premiums paid, which varies with the policy term and the year it is discontinued. The Special Surrender Value is always higher than the Guaranteed Surrender Value. However, it is subject to contemporary market conditions and is not guaranteed.
  • Free Look Period: The customer may choose to return the policy, as long as it is within a timeframe of 15 days of receiving the policy document. The premium will be returned, minus the proportionate premium for the time on the risk that the company has borne, as well as any stamp duty charges and any medical expenses for medical examination that the company has incurred.


  • Payment of premiums can be done on a yearly, half-yearly, monthly basis or through a Payroll Savings Program.
  • The policy offers five monthly income options of Rs. 10000, Rs. 25000, Rs. 50000, Rs. 75000 and Rs. 1000000.

Additional Features or Riders

  • Reinstatement of a lapsed policy is possible if the insured person is alive by submitting a written request for reinstatement within two years from the date of first unpaid premium. Satisfactory evidence of insurability also has to be provided, along with payment of all due premiums with a 9% compound interest at the time of reinstatement.


  • If the insured person commits suicide within one year from the date of the start of the insurance cover, or within one year of the last reinstatement, then the insurance cover will be void. The company will then pay 80% of the received premiums without interest.
  • In case of suicide within one year of the last reinstatement, if “Without ROP” is chosen then 80% of premiums is paid. If “With ROP” is chosen then the higher of the surrender value on the date of death or 80% of the premiums received till the date of death, will be refunded.
  • If the policyholder has committed fraud or misrepresentation, then the policy will be immediately cancelled by refunding the applicable Surrender Value.

Documents Required

The policyholder has to fill up an ‘Application form ’with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof. Some cases may also require a medical examination based on the age of the person.

Written By: PolicyBazaar
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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