Skip Navigation
0 of 0 Displaying
 |   Displaying

No Results

    How Beneficial are Income Protection Plans?

    Last Updated On 20-09-2021

    Income protection plans are a type of life insurance plans that protect your loved ones in your absence and at the same time let you save your money for a future goal. Also known as a guaranteed income plan, these plans offer a guaranteed payout on maturity and in the event of an unfortunate death, ensure that the aggrieved family members always have a financial cushion to fall back on. Read on to know the benefits of an income protection plan.

    Get a Callback

    OTP sent successfully

    Thank you for getting in touch with us. We will contact you shortly.


    Income protection plans can offer the following advantages:

    1. They offer life insurance protection: Income protection plans offer financial protection to your loved ones in your absence. In case of an unfortunate incident, your family members receive the sum assured in a lump sum payment. They can use this money to cover their daily expenses or plan for bigger financial goals like higher education, starting a business, marriage, etc. Income protection plans ensure that your dependents get to lead a comfortable life even when you are not around to take care of them yourself.

    2. They offer guaranteed income: A guaranteed income plan is a non-linked, non-participating plan that offers you a guaranteed payout on maturity. The maturity benefit can amount to 100% to 150% of the total premiums paid. Moreover, such plans have little to no risk and can be used to save up for several kinds of needs and goals like retirement, travel, home purchase, and more.

    3. They are highly flexible: Income protection plans offer many flexible features that allow you to select the policy tenure and premium payment term according to your preferences. You can pay the premiums monthly, yearly, or half-yearly as per your budget. You can also add health riders to these plans to protect yourself and your family against health-related expenses.

    4. They offer tax benefits: A guaranteed income plan can help you lower your tax output. The premiums paid towards such a plan can be used for tax exemption purposes. You can claim a tax exemption of up to ₹1 .5 lakh in a financial year under Section 80C of the Income Tax Act, 1961. The maturity benefits of these plans are tax-free under Section 10 (10)D of the Income Tax Act, 1961. Hence, you can save on tax in the present, and your nominee or you get a tax-free payment when the policy matures.

    5. They are simple and hassle-free: Compared to other types of investments, income protection plans offer a lot more ease. You can purchase a plan online and start investing instantly. You do not need any investment acumen or consult a professional financial advisor to begin. You also do not have to worry about market fluctuations. All you need to do is pay the premiums on time, and your savings will accumulate over the tenure.

    6. They are not heavy on the pocket: A guaranteed income plan is an affordable option that can suit most people and budgets. You can get a high sum assured at comparatively affordable premiums. In fact, these plans are ideal for people from all walks of life who want to save some money for their future.

    To sum it up

    A guaranteed income plan lets you save your money without any risk. It also offers life insurance protection so that your loved ones never have to compromise on their dreams and goals. They let you save money on tax and the claim procedures are also quick and straightforward.

    The PNB MetLife Income Protection Plan is an excellent, guaranteed savings plan that can provide you and your loved ones with financial security and peace of mind. You can check out its features and start investing to reap high returns.

    Know more about term plan and term insurance at PNB MetLife.



    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time.
    Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.


    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.



    5 Ways to Stop Accidental Losses from Snow-bowling into a Major Headache

    An accident is an unpredictable event and can happen even to careful drivers. While you may like to stay safe all the time, it is also best to be p...


    6 Important Term Insurance Riders and Their Benefits

    Term Insurance Riders are add-on to a term insurance policy that can be drawn on, if and when a certain event or instance is triggered. They allow ...


    7 reasons to buy term insurance before you turn 30

    Term insurance provides life cover for a fixed duration and offers financial aid to your spouse, parents, and children in case of an unforeseen eve...


    Basic guide to understand Term Insurance maturity benefits

    As the name suggests, term insurance is a protection plan for a specified term for your family and loved ones. This life insurance plan is a necess...


    The modern women are not merely confined to the four walls of their houses. They have been matching their male counterparts in every profession, be...

    Want to know more about how you can protect your family?

    See all our articles


    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

    Site best viewed in following browsers
    Chrome 70+ , IE 11+, Firefox 76+, Safari 11+

    Get a Callback Get a Callback

    Ask khUshi

    Hi! I’m khUshi. How can I help you?