PNB MetLife pushes guaranteed income plan with fixed payouts

Optional riders for accidental death and serious illness come at additional cost.

PNB MetLife India Insurance Company Limited (PNB MetLife) has launched a new savings and protection product.

The PNB MetLife RISE Plan is an individual, non-linked and non-participating life insurance product that offers guaranteed income together with life protection over the policy term.

Customers can choose between two options, Smart Income and Smart Income Pro, which differ in the timing and structure of payouts.

Both options provide a lump-sum maturity benefit in the form of a return of premiums, provided the policy remains in force and all premiums are paid.

The product includes life cover for the entire policy duration, with optional riders such as accidental death and serious illness cover available at an additional cost. 

Customers can choose premium payment terms ranging from five to 12 years and opt to receive income either in advance or in arrears.

The plan also allows policyholders to accumulate survival benefits at 3% per annum, compounded monthly. Premiums paid and benefits received may qualify for tax treatment under prevailing laws.