PNB Metlife - Met Family Income Protector Plus Plan

Key Features of Met Family Income Protector Plus Plan 

• The guaranteed monthly income is provided to the family for up to 20 years in case of the policyholder’s demise.
• The customer and his/her family can avail tax benefit under section 80 (C) of the Income Tax Act.
• TROP or Term with Return of Payments option is also available under the plan. In this, you have the option to get all your premiums back, by the end of the policy term if nothing has happened to you. 
• The policy is flexible, allowing its members to customize 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.

Benefits of Met Family Income Protector Plus Plan

1. Tax Benefit: 

   The policyholder receives tax benefits under section 80 (C) of the Income Tax Act.

2. Death Benefit: 

   In the untimely demise of the policyholder during the tenure of the policy, the nominee is allowed to receive the selected monthly income for the benefit pay-out period. 1^st payout is made on the 30^th day from the death date. The benefit pay-out period depends on the chosen policy term that can be between 120 to 240 months.

   Policy Tenure (in years)	Period of Benefit Payout (in months)
   10	240
   15	180
   20	120

   The nominee also has the option to receive the death sum assured as a lump sum at the time of death.

Nominees also receive tax benefits for the sum of money received by them under section 10 (D) of the Income Tax Act.

• Maturity Benefit: Following benefits are payable upon the survival to the maturity date: 
  • Term Cover: No amount shall be payable 
  • TROP: 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 Specifications:

Details About Premium

Annual premium in Rupees

Policy Details 

• Grace Period: In case of non-payment of premiums, a grace period of 30 days is allowed from the due date of unpaid premium 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 plan 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 h 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 a medical examination that the company has incurred.

Inclusions

• 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 the 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.

Exclusions

• 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 are 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.