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Overview
A term plan that provides a regular monthly income after your demise.
If you financially support your family, their comfort, happiness, and protection undoubtedly depend on your income. But what if a mishap occurs to you? Such a scenario can strip your family of financial aid.
To ensure your family's income continues even after your demise, PNB MetLife Term Insurance has introduced the 'Family Income Protector Plus' plan. This unique non-linked term insurance plan protects your family from future uncertainties by providing a regular monthly income for up to 20 years. Additionally, if you outlive the policy term, the premiums paid will be returned to you.
Key Benefits of PNB MetLife Family Income Protector Plus Plan
- Guaranteed Monthly Income
- Choice of Plan Options
- Return of Premium
- Tax benefits as per prevailing laws
- Add-on Riders
- Affordable Premiums
Plan Options
You must choose between "Term Cover" or "Term with Return of Premiums (TROP)" at the time of purchase. This choice cannot be changed later.
Flexible Premium Payment Options
Premiums can be paid yearly, half-yearly, monthly (via ECS), or through a Payroll Savings Program.
Grace Period
A grace period of 30 days is allowed for yearly/half-yearly premium payment modes, and 15 days for monthly modes, to pay overdue premiums and keep the policy active.
Surrender Benefit
This benefit is available only under the TROP option after paying premiums for at least two years. The surrender value paid will be the higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Reduced Paid-Up Value
If premiums stop after paying for at least two years under the TROP option, the policy continues with lower death cover and reduced monthly income benefits.
Exclusions
- Death due to a pandemic is not covered.
- Death due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at the policy's inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to the nominee.
Documents Required
Please refer to the official brochure or contact PolicyX for the list of required documents.
