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Term Insurance 3112 views December 7, 2020
With PNB MetLife Mera Term Plan Plus, you can get a cover for yourself and your family at an affordable cost. One of the best features of this plan from PNB MetLife is that you get the much-needed flexibility of choosing your protection option against Death, Critical Illness, Disability and Terminal Illness. In a way, this plan provides you financial security with a life cover that can go up to the age of 99 while letting you pay a premium according to your convenience and enjoy benefits like Whole Life Protection and Spouse Life Coverage.
We are discussing some of the key advantages of PNB MetLife Mera Term Plan Plus, and information related to it. Keep reading to know the same!
Table of Contents
What are the Key Advantages of the PNB MetLife Mera Term Plan Plus
When choosing the PNB MetLife Mera Term Plan Plus, it’s important to understand its key features so that you can maximize as well as choose a suitable policy term. Such features are mentioned below. Take a look!
- One of the key advantages of the PNB MetLife Mera Term Plan Plus is that policyholders can choose to pay the premium amount according to their convenience. One can pay for a limited period of 5, 10, 15, 20 years or pay till the age of 60. On the other hand, policyholders can pay for just one time to protect themselves throughout the entire term. Other than this, you can also choose to pay via regular installments.
- With this plan, policyholders can choose coverage terms according to their convenience or enjoy protection for their whole life up to 99 years of age.
- This plan from PNB MetLife not only protects against death but also from Disability and Disease with its three different options – Life, Life Plus and Life Plus Health.
- Apart from the plan options, policyholders can also manage their insurance plan with a few additional options such as Return of Premium at maturity, Spouse Coverage, etc.
- Are you looking to match up your life cover as you progress in your life? Well, you can choose to enhance your protection with any of the ‘Cover Enhancement Options’. These options are Step Up Benefit, Life Stage Benefit, Child Education Support Benefit and Surrender Benefit.
- Apart from a lump sum payout option, PNB MetLife provides several other options – Monthly Income for 10 years, Lump Sum, and Lump Sum plus Monthly Income.
- Individuals can also choose different riders such as Accidental Death Benefit Rider Plus, Serious Illness Rider, Critical Illness Rider and Accidental Disability Benefit Rider.
- You can choose to pay premiums at any of these intervals – Yearly, Half Yearly, Quarterly or Monthly. Each option has a minimum premium amount.
- Policyholders can enjoy tax benefits up to INR 1,50,000 under different sections of the Income Tax Act, 1961.
Let’s Check Out the Benefits of PNB MetLife Mera Term Plan Plus in Detail!
As we said earlier that an individual can choose any of the three benefit options from Life, Life Plus and Life Plus Health at the start of the policy. Each of these plans has different benefits that you can check in the below table.
| Benefit Options | Death Benefit | Terminal Illness Benefit | Waiver of Premium Benefit | Accelerated Critical Illness Benefit |
|---|---|---|---|---|
| Life | YES | N/A | N/A | N/A |
| Life Plus | YES | YES | YES | N/A |
| Life Plus Health | YES | YES | YES | YES |
Death Benefit
Upon the demise of the policyholder/life assured, PNB MetLife will pay a definite ‘Sum Assured on Death’ if the policy is in force, and there are no due premiums as on the date of death of the policyholder. However, the nominee will receive the benefit according to the benefit payout options chosen by the individual at the entry time into policy.
Terminal Illness Benefit
Upon the diagnosis of Terminal Illness of the Life Assured, the policyholder will receive the sum assured on death, if the policy is in force as on the date of diagnosis. However, this benefit is only for the individuals who have chosen the Life Plus and Life plus Health Benefit option. These benefits will also be given according to the benefit payout option chosen by the policyholder. We are giving some information about these benefit payout options for PNB MetLife Mera Term Plan Plus below. Have a look!
| Benefit Payout Options | Details |
|---|---|
| Lump Sum | Sum assured on death in one full installment |
| Monthly Income | Equal Monthly installments for 10 years at 1.1022% of the Sum Assured on Death |
| Lump Sum plus Monthly Income | A percentage of Sum Assured on Death will be paid immediately as a lump sum and the rest will be paid in installments over 10 years |
Maturity Benefits
On the survival of the policyholder at maturity, the company will pay a maturity benefit if he/she has chosen the ‘Return of Premiums’ option. How can you get this benefit? Well, for this, you will need to pay additional premiums.
The maturity benefit will be equal to the sum assured on maturity, and after the payout, the policy will terminate.
What is the Eligibility Criteria for PNB MetLife Mera Term Plan Plus?
You should also know a few important conditions if you are looking to choose PNB MetLife Mera Term Plan Plus. We are showing them below. Check them out!
- The age at entry ranges from 18 years to 60 years. However, the maximum age at entry will be 55 years if the individual has chosen to pay the premium till attaining 60 years of age.
- The age at maturity ranges from 28 years to 75 years.
- The minimum sum assured amount will be INR 25,00,000, while there is no limit on the maximum limit.
- The policy term can be as low as 10 years, and it can go up to 40 years without the Return of Premium option.
- The premium amount for your policy will depend on several factors such as the Basic Sum Assured, Entry age, Policy Term, Premium Payment Term, Smoker Status, Benefit Option, Cover Option, and Return of Premium Option chosen.