Insurance Plans 608 views March 3, 2020

PNB Metlife Mera Term Plan

PNB Metlife Mera Term Plan is an individual, non-linked, non-participating pure protection plan. It comes with a choice of additional cover options to provide complete financial protection for the policyholder’s family. This pure term plan is designed to meet the insurance needs of an individual at an affordable cost.

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Benefits of the PNB Metlife Mera Term Plan

  1. Flexible: PNB Metlife Mera Term Plan is customizable to suit an individual’s needs and it provides the individual with four payout options
    • Full payout in a Lump sum
    • Lump-sum payout + regular monthly income
    • Lump-sum payout + Increasing monthly income
    • Lump-sum payout + regular monthly income till child turns 21 years of age
  2. Affordable: People looking for life insurance do not have to pay hefty premiums for the same with this plan. This Plan is designed keeping in mind the financial constraints of people and offers coverage at lower rates.
  3. Longer coverage: Most traditional term plans provide life cover for a maximum of 40-50 years but PNB Metlife Mera Term Plan covers up to 99 years of age. Since the minimum age of entry is 18 years, the policyholder’s coverage tenure can extend up to 81 years.
  4. Additional riders: This plan provides additional riders like coverage for death and disability to secure the finances of the policyholder’s family in the event of death or permanent injury.
  5. Spouse cover: This plan enables an individual to cover his/her spouse under the same policy. The spousal cover can round off to around 50% of the sum assured.
  6. Tax benefits: The policyholder is eligible to get tax deductions for the premiums paid under Section C of the Income Tax Act, 1961.
  7. Lower policy rates for non-smokers: The benefits of the Plan are best enjoyed by non-smokers. If you are a non-smoker you get coverage at lower rates comparatively bringing down the cost of your insurance.
  8. Increasing cover option: An individual’s overall expenditure increases with the addition of new members to the family like a spouse and children. With the increasing cover option, the policyholder can increase his/her cover at different stages of life.

Eligibility of PNB Metlife Mera Term Plan

  1. Entry age: The minimum entry age under the PNB Metlife Term Plan is 18 years and the maximum is 65 years.
  2. Maturity age: The maximum age at maturity under this plan is 99 years.
  3. Policy tenure: 10-81 years
  4. Sum assured: The minimum sum assured is Rs 10 lakhs and the maximum sum assured is Rs 5 crores.
  5. Premium payment terms and frequency: The premiums can be paid yearly or monthly for the policy term or a minimum of 10 years.

Additional benefits of the PNB Metlife Mera Term Plan

  1. Accidental death benefit: Under this option of the PNB Term Plan, if the policyholder dies due to unforeseen circumstances, his/her nominee gets a sum assured which is the death benefit option chosen.
  2. Accidental disability benefit: Under this option, if the policyholder meets with an accident that results in disability, he/she is paid the pre-decided accidental disability benefit assured.
  3. Serious illness cover: If the policyholder is diagnosed with any of the 10 illnesses mentioned under the PNB Metlife Mera Term Plan, he/she gets an assured serious illness benefit assured on the first diagnosis.
  4. Critical illness benefit: Under this option, the policyholder is paid the critical illness benefit on the first diagnosis of two critical illnesses mentioned under this plan- cancer, and heart attack.
  5. Joint life benefit: Under the joint-life benefit option, the policyholder’s spouse gets a life cover even after the death of the policyholder. However, the joint-life benefit is only available if the sum assured is more than 50 lakhs. The spouse gets 50% of the sum assured. If the spouse is a home-maker, she gets a cover of 25 lakhs.
  6. Benefit at all stages of life: Life cover needs increase with increasing responsibilities at different stages of life like marriage and kids. The life stage protection option of the PNB Metlife Mera Term Plan provides an additional cover to the policyholder. The additional cover protection can be bought on the following occasions
    • On marriage: Equal to 50% of the original cover not more than Rs 50 lakhs
    • On first-child: Equal to 25% of the original cover not more than Rs 25 lakhs
    • On second child: Equal to 25% of the original cover, not more than Rs 25 lakhs

Conclusion

PNB Metlife Mera Term Plan is an excellent term plan which provides comprehensive policy benefits to the policyholder and customizable cover options. This policy can be easily purchased online from the PNBMetlife website. It is ideal for people from all walks of life.

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