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  • MetLife Family Income Protector Plus Plan

    PNB Metlife Life Insurance

    Overview

    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

    EntryAge
    • Minimum – 25 years.
    • Maximum – 60 years.
    • For a policy term of 20 years - 55 years maximum.
    MaturityAge Maximum – 75 years.
    SumAssured
    • For a 10 year policy term:

      Minimum: Rs.14,20,000.

      Maximum: Rs.1,42,00,000.

    • For a 15 year policy term:

      Minimum: Rs.12,00,000.

      Maximum: Rs.1,24,00,000.

    • For a 20 year policy term:

      Minimum: Rs.9,10,000.

      Maximum: Rs.95,00,000.

    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.
    • The nominee will receive the chosen monthly income for the chosen benefit payout period.
    • The first payout is made at the end of one month after the date of death.
    • The benefit payout period depends on the policy term chosen.
      Policy Term (in years) Benefit Payout Period (in months)
      10 240
      15 180
      20 120
    • The nominee has the option to the take the death benefit amount as a lumpsum at the time of death.
    • The sum assured on death is the higher of:

    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:

    • Term cover: No amount is payable.
    • Term with return of premium: 110% of the total premiums paid at the end of the policy term is payable.

    Surrender Benefits – In the case of pure term cover, no surrender benefit is applicable.

    • In case of term with return of premium policy, surrender value is payable if at least 3 full years’ premiums have been paid since the policy has been in force.
    • The surrender value is the higher of:

    Guaranteed Surrender Value, or Special Surrender Value.

    • Guaranteed Surrender Value as % of total premiums paid is as follows in the below table:
    Surrender Year

    Policy Term

    10 year (in %) 15 year (in %) 20 year (in %)
    1 0 0 0
    2 0 0 0
    3 30 30 30
    4 50 50 50
    5 50 50 50
    6 50 50 50
    7 50 50

    50

    8 70 55.71 53.33
    9 90 61.43 56.67
    10 90 67.14 60
    11 - 72.86 63.33
    12 - 78.57 66.67
    13 - 84.29 70
    14 - 90 73.33
    15 - 90 76.67
    16 - - 80
    17 - - 83.33
    18 - - 86.67
    19 - - 90
    20 - - 90
    Basis Single
    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:
    • The payment of last monthly income at the end of the benefit payout period.
    • Payment of death benefit during the policy term.
    • Date on which the policy is surrendered.
    • Upon the expiry of two years from the date of policy lapse. When the policy is not reinstated, provided that the policy has not acquired any paid up value.
    • On the payment of the maturity benefit.
    Exclusion
    • In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, 80% of the premium received (without interest) will be payable to the nominee.
    • If the policyholder commits suicide within one year from reinstatement of the policy, insurance coverage will be void and 80% of the premiums received (without ROP) will be paid to the nominee.

    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.

      Options are:

      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.

      Options are:

      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.

    Premium Payments

    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

    Riders

    There are no additional riders available with this plan.

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