PNB MetLife Family Income Protector Plus

• Death benefit - In the unfortunate event of the demise of the life insured, the nominees / dependents will be paid a death benefit in the form of monthly payouts - the number of months depends on the policy term. The amount of monthly payouts can be chosen at the time of taking the plan - Rs.10,000, Rs.25,000, Rs.50,000, Rs.75,000, and Rs.1,00,000.
• Maturity benefit - If the life insured survives till the end of the policy term, he / she will be paid an amount equal to 110% of all premiums paid to date - only if the TROP plan option is chosen.
• Surrender benefit - With the TROP option, the policy will acquire a surrender value after three full years' premiums have been paid. The amount payable under the surrender value will be the higher of:
  • Guaranteed Surrender Value, or
  • Special Surrender Value.

Eligibility Criteria of MetLife Family Income Protector Plus

• Entry age:
  • Minimum: 25 years.
  • Maximum: 60 years for 10 years and 15 years policy term options. 50 years for 20 years policy term option.
• Maturity age:
  • 75 years.

Example

Mr. Babu has a wife and a son, and is the only earning member of the family. He decides to take the MetLife Family Income Protector Plus plan in order to secure them financially in the case of his untimely demise.

He takes a 10 year TROP policy with a monthly benefit payout of Rs.50,000.

Scenario 1: In the event that he dies somewhere in the middle of the policy term, his family will be paid Rs.50,000 for 240 months as a death benefit - securing them against any financial insecurity.

Scenario 2: In the event that Mr. Babu survives the policy term and reaches the maturity date, he will be paid back a sum equal to 110% of the premiums he's paid as a maturity benefit.

*Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.