Having a product that takes care of your investment and tax savings needs while also providing comprehensive life insurance cover so that your family is never in a financial crunch is the need of the hour. MetLife’s Family Income Protector Plus plan is designed to fill this exact need. Read on to find out how you could benefit from taking this plan.
Eligibility Criteria of MetLife Family Income Protector Plus
|MaturityAge||Maximum – 75 years.|
Key Features of MetLife Family Income Protector Plus
|Type||Non-participating, non-linked term assurance plan.|
|Coverage||Death Benefit – In the unfortunate event of demise of policyholder, a death benefit will be provided to his/her nominee.
10 times the annualized premium, or 105% of all the premiums paid as on the date of death, or Pay Sum Assured, or Maturity Sum Assured – as required by the regulation.
Maturity Benefit – On completing the policy term, you will be entitled to the following:
Surrender Benefits – In the case of pure term cover, no surrender benefit is applicable.
Guaranteed Surrender Value, or Special Surrender Value.
|Policy term||10 years. 15 years. 20 years.|
|Premium paying Term||Yearly. Half-yearly. Monthly. PSP modes.|
|Loans||Loan facility is not available under this plan.|
|Tax benefits||Tax benefits are applicable as per applicable taxation laws.|
|Reinstatement||When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions. Reinstatement can be requested up to 2 years from the date of the first non-paid premium. All premiums due till the date of reinstatement must be paid along with compound interest at the rate of 9% per annum. This reinstatement is subject to a revival fee of Rs.200.|
|Termination||The policy stands terminated on the earliest among the following scenarios:
Advantages of MetLife Family Income Protector Plus
- Guaranteed monthly income will be paid to your nominee for 20 years after your death, taking care of your family’s finances.
- Tax efficient, at the time of purchase and while receiving regular income.
- Cost effective way of ensuring comprehensive insurance coverage and securing a monthly income.
- Policyholders can also take back all the premiums in case nothing happens to them, at the end of the policy term.
How The Plan Works
- Decide on a monthly income that your family / dependants need when you’re not around, depending on the standard of living you have provided them.
Rs.10,000 per month.
Rs.25,000 per month.
Rs.50,000 per month.
Rs.75,000 per month.
Rs.1,00,000 per month.
- Choose the duration for which you’d like to be covered by insurance.
10 years. If you die during these 10 years, 20 years of monthly income will be paid to your nominee.
15 years. If you die during these 15 years, 15 years of monthly income will be paid to your nominee.
20 years. If you die during these 20 years, 10 years of monthly income will be paid to your nominee.
- Choose the coverage option between:
Term without return of premium.
Term with return of premium.
Yearly, Half-yearly, Monthly and PSP modes of premium payment are available.
|Premiums||10 years||15 years||20 years|
|Minimum Premium for Term without return of premium option||Rs.3,055||Rs.2,780||Rs.2,520|
|Maximum Premium for Term without return of premium option||Rs.1,26,160||Rs.1,13,590||Rs.83,450|
|Minimum Premium for Term with return of premium option||Rs.24,137||Rs.11,852||Rs.7,881|
|Maximum Premium for Term with return of premium option||Rs.6,29,670||Rs.3,67,170||Rs.1,85,800|
There are no additional riders available with this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017