PNB MetLife Income Protection Plan: Review [2026]

Overview

PNB MetLife Income Protection Plan (UIN: 117N103V02) was an individual, non-linked, non-participating savings and life insurance plan. The insurer has withdrawn the plan. However, existing policyholders can continue their policies as per the original policy terms.

Key Features

Life Insurance Protection: Provided a death benefit to the nominee.
Step-Up Cover: Provided an option to increase the sum assured from the second policy year, subject to the plan's terms and conditions.
Flexible Premium Payment: Offered different premium payment terms and policy durations to suit different financial needs.

Plan Options & Benefits

Return of Premium Options: Policyholders could choose from four return of premium options: 100%, 110%, 130%, or 150% of eligible premiums paid, on survival subject to the applicable policy terms.
Death Benefit Options: The plan offered policyholders the choice between a lump sum payout or regular monthly income for their dependents if they die during the policy term.

If you are looking for the PNB MetLife Income Protection Plan today, you may come across conflicting information about whether it is still available. That can be confusing, especially if you are considering buying the plan or already hold an existing policy. So, it is important to understand the plan’s current status first.

This guide walks you through a PNB MetLife Income Protection Plan review, covering its benefits, maturity payout, surrender options, and suitability for existing policyholders.

What Is the PNB MetLife Income Protection Plan?

The Income Protection Plan (UIN: 117N103V02) by PNB MetLife was an individual, non-linked, non-participating savings life insurance plan that combined life insurance protection with savings and maturity benefits. The plan now features in the insurer’s withdrawn plans list.

Note: This article covers PNB MetLife Income Protection Plan (UIN: 117N103V02), not the separate Income Protection Scheme (UIN: 117N101V01).

Should You Continue, Make It Paid-Up, Surrender It, or Revive a PNB MetLife Income Protection Plan You Own?

The right choice depends on how long you have held the policy, the benefits you would retain, and whether you still need the life cover.

Continue: If you still need the cover and can afford the remaining premiums, continuing may help you retain the policy benefits until maturity.
Make It Paid-Up: After paying premiums for at least two consecutive policy years, you can stop future premiums and retain reduced death and maturity benefits.
Surrender: Once the policy has acquired surrender value, you can exit and receive the applicable guaranteed or special surrender value. You can ask PNB MetLife for the exact surrender quote.
Revive: If the policy has lapsed or become paid-up, you may be able to revive it within five years from the first unpaid premium, subject to applicable conditions.

Ditto's Take: Do not continue simply because you have already paid premiums. Compare the future premiums with the surrender value, paid-up benefits, and life cover you would retain. If your existing cover is inadequate, consider separate pure term insurance before exiting.

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How Does the PNB MetLife Income Protection Plan Work?

Choose Your Options

Applicants had to select a Return of Premium (ROP) option of 100%, 110%, 130%, or 150% on survival. They could also choose a lump sum or monthly income death payout and select their preferred premium payment mode.

Death Benefit

If the life assured dies during the policy term, the nominee receives the applicable benefit as either a lump sum or monthly income for 10 years, based on the option selected at inception.

Maturity Benefit

If the life assured survives until maturity, 100%, 110%, 130%, or 150% of total premiums paid is payable, based on the selected RoP option and policy terms.

Step-Up Cover

The basic sum assured started at 10 times the annualized premium in the first policy year. From the second year, it increased based on the selected plan option, premium payment term, policy term, and entry age.

PNB MetLife Income Protection: Eligibility

Eligibility Criteria

Parameter	Criteria
Premium Payment Term (PPT)	5 years (for 100% RoP), 7 years (for 110% RoP), 7 years and 10 years (for 130% RoP), and 10 years (for 150% RoP)
Policy Term	15 years (for 100% RoP and 110% RoP), 15 years or 20 years (for 130% RoP based on PPT), and 20 years (for 150% RoP)
Entry Age	18 years to 55 years (50 years if 150% RoP chosen)

Features & Riders Under PNB MetLife Income Protection Plan

Flexible Premium Payments: Applicants had the option to choose yearly, half-yearly, or monthly premium payment modes based on their preference.
Maximum Basic Sum Assured: The plan offered a maximum basic sum assured of ₹10 lakh. While this may provide some financial support, it may not be sufficient for individuals looking to secure their family’s long-term financial needs. Base the required life cover on factors such as annual income, existing liabilities, dependents, and future goals. Many buyers typically consider crore-level term insurance covers to create adequate financial protection.
Death Payout Options: The plan offered a choice between a lump sum payout or monthly income for the nominee.
High Premium Benefit: Based on the premium amount you pay, you could receive an additional sum assured multiplier from the second policy year onward, subject to the applicable terms.
Maturity Benefit: If the life assured survives until the maturity date and all due premiums have been paid, the applicable sum assured on maturity is paid. The policy terminates once the maturity benefit is paid. The money returned excludes any underwriting costs.

Note: The PNB MetLife Income Protection Plan did not offer any riders. When evaluating riders in term insurance, consider options such as Waiver of Premium (WOP) and Critical Illness (CI), which can provide additional financial protection in specific situations.

PNB MetLife: Performance Metrics

Metric (Average FY 2024-26)	PNB MetLife	Industry Average
Claim Settlement Ratio	99.53%	99.00% (Mean)
Amount Settlement Ratio (Average FY 2023-25)	97.50%	94.83% (Mean)
Annual Business Volume (In Crore)	₹4,490.27	₹3,778.58 (Median)
Volume of Complaints (Per 10,000 Claims)	24.33	13.10 (Median)
Solvency Ratio	1.77x	2.00x (Median)
Annual Death Claims Paid (In Crore)	₹473.39	₹237.24 (Median)

Note: The table figures represent the insurer's performance across products. The data is sourced from PNB MetLife public disclosures and IRDAI annual reports. You can explore the Ditto Data Lab for more insurer performance data.

PNB MetLife Income Protection vs. Personal Term Insurance

Feature	PNB MetLife Income Protection Plan	Personal Pure Term Insurance
Product Type	A savings-oriented life insurance plan that combined protection with a maturity benefit.	A pure-risk life insurance plan designed mainly to protect your family financially.
Main Objective	Combined modest life cover with a savings component and a return of eligible premiums.	Focuses on providing high life cover at a relatively lower premium for family protection.
Maximum Cover	The basic sum assured was capped at ₹10 lakh under the plan structure.	Crore-level coverage is commonly available, subject to income and insurer underwriting.
Death Payout	Offered a lump sum or fixed 10-year income to the nominee, based on the selected option.	Most plans offer lump sum, regular income, or a combination, depending on the policy option.
Maturity Benefit	The applicants could receive 100% to 150% of eligible premiums paid, based on the selected RoP option.	Pure term plans do not offer a maturity benefit if you survive the policy term.
Premium Efficiency	Premiums provide relatively lower life cover because the bulk of the plan supports its savings benefits.	Premiums are mainly used for life protection, allowing significantly higher cover for the cost.
Savings Component	Yes, the plan included a savings element through its return of premium options.	No, pure term insurance does not include a savings or investment component.
Current Availability	The plan has been withdrawn, so new customers cannot purchase it.	Personal pure term insurance remains widely available from multiple life insurers in India.

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Conclusion

The PNB MetLife Income Protection Plan is currently not available for fresh purchase, but existing policyholders can continue their policies. For someone exploring PNB MetLife term insurance, plans like PNB MetLife DigiProtect and Mera Term Plan Plus offer dedicated life protection.

Despite its name, PNB MetLife Income Protection Plan was not an income-replacement policy for illness, disability, or unemployment. It was a savings life insurance plan. The “income” feature referred to the option for nominees to receive the death benefit as monthly payments over 10 years after the life assured’s death.

If you are interested in term plans from established insurers, we recommend the best term insurance plans.

Frequently Asked Questions

What is the difference between income protection and term insurance?

“Income protection plan” is not a standardized category of Indian life insurance and may refer to disability or income replacement insurance in other markets. In this article, the term specifically refers to the PNB MetLife Income Protection Plan, a savings-oriented life insurance product. Term plans generally do not provide maturity benefits, while income protection plans may return eligible premiums if you survive.

Is PNB MetLife Income Protection Plan worth buying?

The PNB MetLife Income Protection Plan combined life cover with return of premium options. However, the plan is currently not available for fresh purchase and can be inadequate for family income protection. Existing policyholders can continue their policies under the applicable terms. New buyers can separate their insurance and investment needs. Choose a term insurance plan for life cover, and use options such as FDs, PPF, NPS, or mutual funds for your investment goals.

How much monthly income benefit do I get?

If the monthly income death payout option was selected at policy inception, the nominee receives equal monthly payments for 120 months, or 10 years. The monthly payout is calculated as sum assured on death × 130.8% ÷ 120. In total, the nominee receives 130.8% of the applicable sum assured on death through these monthly payments. Therefore, the exact monthly amount depends on the death benefit applicable to your income benefit plan.

What happens if I stop paying premiums on income protection?

The outcome depends on how long you have paid premiums. If you don't pay the first two consecutive policy years in full, the policy lapses after the grace period and risk cover ceases. If at least two consecutive years of premiums are paid and the policy has acquired surrender value, it may continue as a paid-up policy with reduced benefits or be surrendered. A lapsed or paid-up policy can generally be revived within five years from the first unpaid premium, subject to policy conditions.

Should I buy income protection or pure term insurance?

The choice depends on your primary financial goal. Income protection plans combine life cover with savings or maturity benefits, while pure term insurance focuses on larger life cover at a lower premium. For substantial family protection, pure term insurance can provide higher coverage. Compare the required sum assured, premium, features, and policy duration before deciding.

What riders are available with income protection?

The PNB MetLife Income Protection Plan did not offer any riders and is primarily structured around life insurance, savings, and return of premium benefits. Before considering any rider, check the policy brochure and terms for available options, eligibility requirements, additional premiums, exclusions, and the protection each rider provides.

How much was the premium for PNB MetLife Income Protection?

PNB MetLife's historical illustration showed that a 35-year-old can pay ₹7,000 annually for 7 years under the 110% RoP option with a 15-year policy term. If the policyholder survives, the policy returns 110% of eligible premiums paid. The “110% return of premium” should not be mistaken for a 10% investment return. In PNB MetLife’s historical illustration, ₹7,000 paid annually for seven years totals ₹49,000, while the maturity benefit after 15 years is ₹53,900. The policy also provided life cover during this period, but the maturity component offered only a modest annualized return.

What term insurance plans are currently available from PNB MetLife?

For new customers, PNB MetLife offers term insurance options, including PNB MetLife DigiProtect and Mera Term Plan Plus. DigiProtect offers options like a special exit value, while Mera Term Plan Plus offers three different variants and comprehensive riders. Check the latest product details with the insurer before buying, as availability and features can change.

Last updated on: 24 Sep, 2026

PNB MetLife Income Protection Plan: Full Review