Dubbed as Met Family Income Protector Plus (MFIPP), the plan will enable one to choose between a lump sum payout or monthly income upon the death of the customer.
Additionally, the customer can also choose for the return of premiums at the end of the policy term.
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Moreover, the plan will ensures that the customer gets covered during the policy term and gets back 110% of the premiums paid.
Offered as five-monthly income options, the new plan is designed to be tax efficient, both at the time of purchase and at the time of benefit pay-out as under the prevailing tax laws.
It also enables the policyholder to customize the premium and benefit terms based on the long term needs of the customers.
PNB MetLife managing director and chief executive officer Tarun Chugh said: "Through MFIPP, we are protecting the future of our customers with an ‘income replacement’ plan, giving them the comfort that their loved ones will always be financially secure."
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