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Pnb Met Life Mera Term Plan

The Mera Term Plan from PNB MetLife is a term insurance policy that offers coverage for your family’s future in case of your unfortunate demise. This plan is a non-linked, non-participating term plan that provides financial protection at affordable rates. You have the choice to increase your life cover as you wish and have protection up to the age of 75 years. This term plan extends protection to the spouse and children.

Eligibility - Who is the PNB MetLife Mera Term Plan for?

To opt for this plan, you must first meet the requirements set out by PNB MetLife. This plan is available to the age group of 18 years to 65 years. The eligibility criteria for the PNB MetLife Mera Term Plan is given below.

Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 75 years
Minimum sum assured Rs.10 lakhs
Type of plan Non-linked, non-participating term plan
Premium payment term 10-40 years
Coverage period Premium payment term

Sum Assured and Premium Range - What you Get and What it Costs?

The Mera Term Plan offered by PNB MetLife has two benefit options: Mera Family Payout and Mera Family Benefits. Customers can choose from different minimum and maximum sums assured depending on the coverage options they select.

Benefit Options Coverage Minimum sum assured Maximum sum assured
Mera Family Benefits Joint Life Cover (on second life) Rs.25 lakhs Rs.50 lakhs
Life Stage Protection Rs.25 lakhs Rs.50 lakhs
Child Education Support Rs.10 lakhs Rs.500 crore
Mera Family Payout Lumpsum Rs.10 lakhs Rs.500 crore
Monthly Income Rs.10 lakhs Rs.500 crore
Increasing Monthly Income Rs.10 lakhs Rs.500 crore

Premiums under this plan can be made on a monthly or yearly basis. Illustrated below is a sample premium estimate for a 25-year-old non-smoking male for a policy term of 40 years. The child’s age here is assumed to be 6 years.

Benefit Option Coverage Premium Payout
Full sum payout Rs. 1 crore Rs.683 per month Rs.1 crore lump sum upon death of policyholder
Lump sum payout + regular monthly income Rs. 1 crore Rs.607 per month Lump sum amount of Rs.41.8 lakhs + Rs.48,495 per month for 120 months (Rs.58.2 lakhs income)
Lump sum payout + increasing monthly income Rs. 1 crore Rs.596 per month Lump sum amount of Rs.41. lakhs + Rs.31,948 per month for 120 months increasing at 12% (Rs.59 lakhs income)
Lump sum payout + regular monthly income till the child turns 21 Rs. 1 crore Rs.567 per month Lump sum amount of Rs.39 lakhs + Rs.44,056 per month till child reaches 21 years (Rs.61 lakhs income)

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the PNB MetLife Mera Term Plan Covers?

The PNB MetLife Mera Term Plan is a customisable plan that offers protection and flexibility. Customers can choose from four different payout options and also opt for coverage on their spouse.

  • Life Benefit

Under this plan, you can choose to receive benefits in four different ways to ensure your family’s financial status is secured. The four payout options are:

  • Full Lump Sum Payout
  • Payout as Lump Sum + Regular Monthly Income
  • Payout as Lump Sum + Increasing Monthly Income
  • Payout as Lump Sum + Regular Monthly Income till child turns 21
  • Joint Life Benefit

The PNB MetLife Mera Term Plan offers a unique advantage that allows the plan to continue for your spouse even when you’re gone. Joint Life Benefit is available under plans where the sum assured exceeds Rs.50 lakhs. Under the joint life benefit, all future premiums will be waived upon your demise. The coverage for your spouse will be limited to 50% of the sum assured chosen by you. This is capped at Rs.50 lakhs. In case the partner is a homemaker, PNB MetLife will provide Rs.25 lakhs cover.

  • Life Stage Protection

As your responsibilities increase through life, this plan kicks into action to ensure you can afford important life events. Under this protection, you can buy extra cover as required according to the prevailing age then. No medical examination is required for this protection. Three life events are covered:

  • Marriage - 50% of the original cover will be paid out, subject to Rs.50 lakhs maximum.
  • First child - 50% of the original cover will be paid out, subject to Rs.25 lakhs maximum.
  • Second child - 50% of the original cover will be paid out, subject to Rs.25 lakhs maximum.

Add-On Plans –Additional Coverage under the PNB MetLife Mera Term Plan:

Under this plan, policyholders can opt to increase their coverage through the following covers:

  • Accidental Death cover
  • Accidental Disability cover
  • 10 Serious Illnesses cover
  • Cancer and Heart Attack cover

Apart from the additional cover, customers can also choose additional features that will be beneficial at certain life events. Additional features available will depend on the base sum assured and policy term.

Exclusions - What the PNB MetLife Mera Term Plan doesn’t Cover:

Under all term insurance policies, there are certain exclusions in case of which there will be no benefits payable. Under the PNB MetLife Mera Term Plan, there is only one exclusion: Suicide.

  • If the policyholder commits suicide within 1 year from the date of commencement of the policy, whether sane or insane, no benefits will be payable. PNB MetLife will refund 80% of the premiums paid up to date without interest. The policy will be deemed void and will be terminated.
  • In case of Joint Life Cover, this exclusion applies to the first and second life covered. If either one commits suicide, the policy will be void for both holders. PNB MetLife will refund the surrender value on the date of death or 80% of the premiums paid up to date without interest, whichever is higher.

Other Key Features:

A few features of the PNB MetLife Mera Term Plan worth noting have been mentioned below:

Particulars Details
Tax Benefit Tax benefit is applicable as per the provisions of the Income Tax Act, 1961
Free-Look Period 30 days from the receipt of the policy document
Return of Premium There is no maturity benefit on this plan
Nomination Policyholder can nominate or change the existing nominee under Section 39 of the Insurance Act, 1938
Transfer In accordance with Section 38 of the Insurance Act, 1938, policyholders can transfer, assign or partially assign the policy by giving PNB MetLife written notice in advance
Grace Period 30 days from the due date of unpaid premium For monthly and PSP mode, 15 days
Reinstatement A lapsed policy can be reinstated within 2 years from the date of first unpaid premium
Surrender Value Option to surrender the policy is available
Service Tax Applicable as per the current service tax laws
Loan Options There is no loan available under this policy
Alterations Policyholders can alter the plan’s mode of payment on the policy anniversary

Tax Benefits – How you can save with the PNB MetLife Mera Term Plan?

Tax exemptions and benefits are available as per the Income Tax Act, 1961 subject to amendments made to tax laws from time to time. All term insurance policies are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act. Policyholders are advised to consult a tax advisor to know more about benefits and exemptions available under prevailing tax laws. Benefits are applicable against the premiums paid towards this plan and for proceeds received from the policy.

Other Benefits – How you can save with the PNB MetLife Mera Term Plan?

With the PNB MetLife Mera Term Plan, customers can avail of other services offered through the website, customer care and advisors. PNB MetLife has over 10,000 advisors so that customers can get all information required and find a plan that is best suited to their lifestyle. Customers of PNB MetLife have access to the following facilities:

  • Locate a PNB MetLife branch online
  • Meet an advisor through PNB MetLife
  • Contact the customer care via phone, fax, email, or SMS
  • Calculate your premium payment using the Premium Calculator
  • Download the brochure
  • Get the Premium Rates Form
  • Compare different protection plans
  • Read the terms and conditions online

Why you should Buy the PNB MetLife Mera Term Plan?

MetLife partnered with Punjab National bank to offer the best insurance options. Together, customers can benefit from the expertise of MetLife Inc., a leader in the global life insurance market, and the reliability of Punjab National Bank, a leading nationalised bank that has built credibility in the Indian market. The company has a vast reach with a presence at over 7,000 locations. MetLife has a claim settlement ratio of 95.4% as per FY 2014-15 which places them at the top of the insurance market.

Frequently Asked Questions (FAQs):

Q. Why choose a term plan?

A. A term plan is a pure insurance plan that provides insurance coverage over your life in case of a mishap. Payouts are high while the premiums are low. Your nominee will receive the benefit in case of your unfortunate demise during the policy term.

Q. How much insurance cover should I opt for?

A. Ideally, your insurance cover with a pure term plan should be 10 to 25 times your annual income. This helps your nominee overcome any future inflation and unforeseen liabilities. You can speak to a PNB MetLife advisor for more help.

Q. What is the premium payment duration under the PNB MetLife Mera Term Plan?

A. The premium payment term is equal to the term of the policy.

Q. Can an NRI purchase the PNB MetLife Mera Term Plan?

A. Yes, this plan is available to NRIs.

Q. Is there a medical examination required?

A. Medical tests depend on the sum assured selected. Tests will be conducted at your home according to your convenience and availability. Certain tests may require a diagnostic center nearby.

Q. Once I have submitted my documents, how long will it take to receive the policy?

A. Once PNB MetLife receives your documents and the premium payment, the policy will be processed under 48 hours.

Q. How does one make a claim for insurance under this policy?

A. Submit the claim form and necessary documents to PNB MetLife at the earliest. You can find all relevant information on the PNB Metlife website or you can speak to a representative who will take you through the process. Full disclosure of information at the time of the claim will help make the process smooth and hassle-free.

Q. How will my nominee receive the payout from this policy?

A. Once you have made a claim, submitted all documents and provided the relevant information, PNB MetLife will process the claim and either hand over a cheque or make an electronic transfer to the nominee’s bank account.

Q. How do I pay the premium amount?

A. Premium payments can be made via debit card, credit card or net banking.

Q. If I renew my policy, will my premium rates go up?

A. No, your premium amount will remain the same. This is why it is ideal to take a term plan at an early age to lock in a low premium amount.

Q. Can I reduce my insurance coverage?

A. You cannot reduce your insurance coverage once the plan is in force. You can, however, add additional protection to your plan.

Q. What if I start smoking during the policy term?

A. Term plans can stretch up to 40 years and it is understandable that new habits can be picked up at any time. To avoid claim rejections, you are encouraged to disclose this information to PNB MetLife if it occurs.

Q. If I survive the term, will I receive any benefits on maturity?

A. There are no survival benefits under this term plan.

Q. How many people can I nominate under this plan?

A. You can nominate multiple people under this plan. If you have selected the child benefit option, then you can nominate only one person, your child.

Q. Does this plan provide insurance cover outside India?

A. Yes. In case of death outside India, the nominee needs to submit all relevant documents to process the claim. In case you move abroad, you can still continue to pay premiums on this plan and your insurance cover will continue.