PNB MetLife Income Protection Plan

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. 

Table

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. 

Benefits of PNB MetLife Income Protection 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:

• On survival of the policyholder, till the maturity period and policy is in force, and all the instalment of premiums have been paid, the Sum Assured on maturity will be paid to the policyholder. The total amount receivable will be equal to all the premiums paid during the policy term. This shall exclude any taxes or extra premiums paid by the policyholder. 
• If the policyholder dies during the policy period and the term plan is in force, and all the premiums have been paid in full as on the date of death, the nominee will receive Sum assured on death. Where Sum assured on death will be the highest of:
  1. 10 times of the Annualised Premium 
  2. Basic Sum Assured, which is the absolute amount assured to be paid on death
• There is a special provision for additional Sum Assured for the employees of PNB MetLife India Insurance, Punjab National Bank, J&K Bank, and MetLife International.
• The insurer will pay the death benefit as a lump sum or monthly income on the policyholder's demise. This is based on the option chosen by the policyholder at the time of inception of the policy. If the policyholder had chosen the lump sum option, the death benefit would be paid immediately, and the policy will terminate.
• If the policyholder has gone with the monthly income option, the insurer will pay the nominee monthly instalments over ten years. The monthly income will be paid every month immediately after the policyholder's demise. The monthly income option has one additional advantage: the total benefit paid will be 30.8% higher than the lump sum amount. 
• Policyholders can choose to pay premiums by annual, semi-annual, and monthly mode but are subject to the minimum annualised premium under each mode.

Premium Illustration 

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.

• Sum assured for the 1st policy year =10 x 8,000 = 80,000 and,  
• Sum assured from the 2nd policy year onwards = 24 x 8000 = 1,92,000 

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. 

• The lump-sum amount, in this case, will be rupees 1,92,000
• On the other hand, monthly income will be Sum assured x 130.8%/120 = 2,51,136 

Additional Riders

There are no additional available under this plan. 

Eligibility Criteria 

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:

What are the documents required to buy?

Individuals looking to buy PNB MetLifeIncome Protection Plan need to present some documents to the insurer. Here are the various documents required:

1. Proof of Identity: 

   • AADHAAR Card 
   • Passport 
   • Voter Id 
   • Driving License 

2. Proof of Address

   • Voter Id
   • Passport
   • Ration card
   • Official bank statement
   • Telephone, Electricity, or any other government utility bill

3. Proof of Age: 

   • Driving License 
   • AADHAAR Card 
   • Passport 
   • Voter Id 
   • Birth Certificate or High School Mark sheet 

4. Proof of Income

   • 3 previous months’ salary slips from the employer
   • 6 previous months’ bank statements
   • Form 16 or last 2 years’ ITRs

How to buy Income Protection Plan Online?

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.

• Individuals can ask the insurer on the website to allow a policy advisor to help them with the purchase. 
• They can also use the in-built feature of the branch locater on the official insurer website. 
• They can also directly contact the PNB MetLife office by call, fax, or email. The concerned officials will provide them with the necessary details about the policy.

Key Exclusion

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.

FAQ's