Is It Possible To Cover Your Whole Life With A Term

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A term insurance policy is one of the most basic forms of life insurance. Term insurance policies offer a risk cover against death of the life assured for a specific tenure. If the life assured passes away during this period, a benefit or payout is provided to the nominee. Off late, term insurance policies have become extremely popular since they are more cost-effective than other types of life insurance products.

While most term insurance policies offer coverage for a policy tenure ranging between 5 years and 40 years, insurance providers nowadays are coming up with innovative term insurance offerings that offer coverage for a much longer tenure. One such term insurance offering is the PNB MetLife Mera Term Plan that offers coverage to the insured individual up to the age of 99 years.

What is the PNB MetLife Mera Term Plan?

The PNB MetLife Mera Term Plan is a non-participating, non-linked, term insurance policy that offers pure protection benefits to the life assured. This policy can be purchased on a Joint Life Cover basis, wherein the coverage will be extended to the policyholder’s spouse as well. The Mera Term Plan is a customisable policy that offers a number of death benefit payout options to meet the varied financial needs of different policy buyers. The key benefit of this policy is that policyholders can avail coverage up to 99 years of age. Under the Joint Life Cover option, coverage can be availed up to 75 years of age. This extended coverage ensures that you, the policyholder, are always able to provide financial security to your dependents. Further, prospective policy buyers can directly purchase this policy on the insurer’s official website.

Key Features of the PNB MetLife Mera Term Plan

• Entry Age: To purchase this policy, the life assured will have to be between the ages of 18 years and 65 years.
• Maturity Age: The life assured will be able to avail coverage up to the age of 99 years. If the concerned individual has opted for the Joint Life Cover option at the time of purchasing the policy, coverage will be provided to the life assured and his/her spouse up to the age of 75 years.
• Death Benefit Payout Options: The insurer offers 4 death benefit payout options to policy buyers. Thus, policy buyers can assess their needs and the financial requirements of their families and opt for a payout option accordingly. The four types of death benefit payout options are – lump-sum death benefit payout, lump-sum payout and monthly income for 10 years, lump sum payout and increasing monthly income for a period of 10 years, lump sum payout and monthly income until the child attains the age of 21 years.
• Policy Tenure: When purchasing this policy, the policy buyer can opt for any policy term ranging between 10 years and 81 years. For the Joint Life Cover option, the policy buyer can select a policy term between 10 years and 40 years.
• Sum Assured: Individuals who purchase this policy can opt for a base sum assured between Rs.10,00,000 and Rs.5,000,000,000. The same amount will be paid out as per the death benefit payout option chosen by the policyholder at the time of purchasing this policy.
• Additional Benefits: In addition to the regular benefits offered by this policy, the policy buyer can also opt for the Life Stage Protection Benefit or the Joint Life Cover option, as per his/her needs.

Why You Should Purchase the PNB MetLife Mera Term Plan

• Extended Protection: Individuals who purchase this policy can avail life cover up to 99 years. Thus, there is a good chance that this policy will provide you with coverage for your entire lifetime. Policy buyers can, therefore, be assured that their dependents will be provided financial security if something unfortunate were to happen at any point in their lives.
• Customised Payouts: Given that this policy offers 4 death benefit payout options, policy buyers can choose a payout that is well-matched to the financial needs of their nominee. Thus, for example, if a policy buyer has a young child, he/she can opt for the Child Education Support payout option to ensure that his/her child is able to pay for educational expenses without having to go through any hassles.
• Option to Increase Coverage: Policyholders can also increase the coverage offered by this policy during key financial milestones in their lives such as their wedding, birth of the first child, and birth of the second child.
• Affordable Pricing: Since the Mera Term Plan is a term insurance policy, it is more affordable and cost-effective than certain other types of life insurance products.
• Tax Benefits: Individuals who purchase this policy can also avail tax benefits under Section 80C of the Income Tax Act. Tax benefits can also be claimed for any payout received through this policy under Section 10(10D) of the Income Tax Act.
• Riders: Policy buyers can also opt for riders or additional covers that are offered by PNB MetLife for a nominal increase in premium to receive enhanced coverage.

Purchasing a life insurance policy is a must if you want to provide financial security to your dependents. Opting for a term insurance plan like the PNB MetLife Mera Term Plan that offers coverage for up to 99 years of age is a smart way to offer security to your dependents in a cost-efficient manner.