LIC Premium and Maturity Calculator

PNB MetLife Family Income Protector Plus Plan, Policy, Premium and Maturity Calculator

PNB MetLife Family Income Protector Plus Plan, Policy, Premium and Maturity Calculator - 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 - PNB MetLife Family Income Protector Plus Plan and Policy

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 - PNB MetLife Family Income Protector Plus Plan and Policy

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 - PNB MetLife Family Income Protector Plus Plan and Policy

  • 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.

PNB MetLife Protection Life Insurance Plans and Policy

 

PNB MetLife Child Insurance Plans
PNB MetLife Money Back Plan
PNB MetLife Smart Child Plan
PNB MetLife College Plan
PNB MetLife Smart Platinum Plan
PNB MetLife Easy Super Plan
PNB MetLife Bhavishya Plus Plan
PNB MetLife Savings Plans
PNB MetLife Guarateed Savings Plan
PNB MetLife Money Back Plan
PNB MetLife Bachat Yojana
PNB MetLife Guaranteed Income Plan
PNB MetLife Endowment Savings Plan
PNB MetLife Endowment Savings Plan Plus
PNB MetLife Bhavishya Plus
PNB MetLife Wealth Insurance Plans
PNB MetLife Mera Wealth Plan
PNB MetLife Endowment Savings Plan
PNB MetLife Smart Platinum
PNB MetLife Smart One
PNB MetLife Easy Super

PNB MetLife Retiremet Plans
PNB MetLife Money Back Plan
PNB MetLife Bachat Yojana
PNB MetLife Wealth Plan
PNB MetLife Immediate Annuity Plan
PNB MetLife Retirement Savings Plan
PNB MetLife Monthly Income Plan-10 Pay
PNB MetLife Dhan Samriddhi Plan
PNB MetLife Smart Platinum
PNB MetLife Easy Super
PNB MetLife Group Insurance
PNB MetLife Endowment Savings Plan
PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana
PNB MetLife Unit Linked Employee Benefit Plan
PNB MetLife Traditional Employee Benefits Plan
PNB MetLife Superannuation
PNB MetLife Loan and Life Suraksha
PNB MetLife Group Term Life Plus
PNB MetLife Complete Care Plus
PNB MetLife Retiremet Plans
PNB MetLife Rural Plans
PNB MetLife Bachat Yojana
PNB MetLife Bhavishya Plus
PNB MetLife Grameen Ashray