Prices Increasing soon Prices Increasing Soon

PNB MetLife Income Protection Plan

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.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount# for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from /month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

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. 

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.

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.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @

Get an online discount of upto 10%#

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

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:

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 

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.

FAQs

  • Q1. Is there any provision for tax benefit under PNB MetLife Income Protection Plan?

    A1. Yes, tax benefits are applicable under this plan according to the provisions of the Indian Income Tax Act, 1961. One must consult with their tax advisor for tax benefits of the premiums paid and proceeds received under the policy.
  • Q2. How can I use the premium calculator of the insurer?

    A2. One can visit the official website of the insurer to calculate the premium in advance. They will be required to enter details like gender, date of birth, state of residence, etc.
  • Q3. What if I failed to pay a premium on time?

    A3. If the policyholder failed to pay a premium on time, a grace period of 15 days for the monthly payment mode and 30 days for another mode would be provided by the insurer. There will be no penalty, and policy will remain in force during the grace period.
  • Q4. Does the insurer provide a free look period?

    A4. If the policyholder is not happy with the provisions of the term plan, they can give the policy back to the insurer by giving written notice to the insurer within 15 days. This period is for 30 days for the distance marketing purchase mode of the policy.
  • Q5. How can I file a claim for this plan?

    A5. Policyholders can file the claim on the official PNB MetLife website, and after completion of the procedure, they can receive the benefits.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
Premium By Age

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



Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
1 Crore Term Insurance
Term Insurance
2 Crore Term Insurance
Term Insurance
4 Crore Term Insurance
Term Insurance
5 Crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 Crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 Crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Term insurance Articles

  • Recent Article
  • Popular Articles
04 Nov 2024

Term Insurance for Individuals Earning ₹18...

Term insurance is a straightforward and effective way to secure

Read more
04 Nov 2024

Term Insurance for Individuals Earning ₹17...

Term insurance is a straightforward and affordable way to ensure

Read more
04 Nov 2024

How Indian Insurers Cater to the Expat Needs?

Living abroad as an expatriate (or expat) comes with its own set

Read more
29 Oct 2024

Term Insurance for Individuals Earning Rs 16 Lacs...

Term insurance is an important financial tool that provides

Read more
29 Oct 2024

Rider Life Assured in Term Insurance

In term insurance, the term “Rider Life Assured” refers to

Read more

Term Insurance Calculator Online : Get Instant...

Term Insurance Calculator [[ What is Term Insurance Calculator? Term insurance calculator is a free online tool

Read more

1 Crore Term Insurance Plan : Buy ₹1 Cr Term...

A 1 crore term insurance plan provides financial security to your family by offering them a payout of 1 crore as

Read more

Claim Settlement Ratio of Term Insurance Plan...

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more

What Are The Medical Tests Done For Term Insurance

Term insurance offers a sum assured to the beneficiary of the policyholder upon their death that can help them

Read more

PNB MetLife Income Protection Plan Reviews & Ratings

4.1 / 5 (Based on 36 Reviews)
(Showing Newest 10 reviews)
Subhash
Uttar Pradesh, July 17, 2024
Professional Guidance
Policybazaar advisors provided professional guidance tailored to my specific insurance needs. They patiently answered all my questions and helped me understand the finer details of each plan.
Ramu
Madhya Pradesh, July 17, 2024
Educational Platform
Policybazaar platform is not just for buying insurance but also for learning about different types of policies. Their articles and guides helped me understand complex insurance terms and concepts better.
Sumit
Maharashtra, July 17, 2024
Responsive Team
The team at Policybazaar was responsive and proactive in addressing my queries about plans like PNB MetLife Mera Term Plan Plus and Aditya Birla Salaried Term Plan. Their support made the entire process hassle
Abhishek
Delhi, July 17, 2024
Detailed Comparison Tool
Policybazaar comparison tool was instrumental in comparing plans like Kotak eTerm Plan. It provided comprehensive details about coverage, premiums, and benefits, allowing me to make a well informed choice.
Samir
Chhattisgarh, July 17, 2024
PNB MetLife Mera Term Plan Plus Satisfied Customer
PNB MetLife Mera Term Plan Plus offered the right blend of coverage and affordability for me. Policybazaar customer support team was instrumental in helping me understand the plan's features, and their guidance was invaluable.
Mana
Uttar Pradesh, July 17, 2024
PNB MetLife Mera Term Plan Plus
PNB MetLife Mera Term Plan Plus met all my expectations. Policybazaar guidance made it easy for me to secure the right coverage.
Mukesh
Uttar Pradesh, July 16, 2024
Bajaj Life Insurance Plan
Policybazaar made my Bajaj Life insurance plan selection simple. The comparison tool is fantastic and the website is easy to navigate
Rajeev
Gujarat, July 16, 2024
HDFC Life Simplified
Policybazaar simplified my HDFC Life term insurance purchase. The website is easy to use and the comparison tool is fantastic
Surender
Jharkhand, July 16, 2024
SBI Life Saver
Policybazaar was my life saver. Choosing SBI Life insurance was stress free and fun. The support team was my guiding star. Grateful for this experience
Silender
Gujarat, July 16, 2024
Family Protection
Policybazaars term plan ensures my familys financial security. Transparent policies, affordable premiums. Delighted with the coverage provided.
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL