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PNB MetLife Mera Term Plan Plus

Provide financial protection for your family

Individual Non-Linked, Non-Participating, Pure Risk Premium, Life Insurance Plan | UIN: 117N126V01BUY ONLINE

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PNB MetLife Mera Term Plan Plus is a protection plan that provides you and your family with a comprehensive life coverage at a very nominal cost. The plan offers you flexibility to choose protection against Death, Critical Illness, Disability, and Terminal Illness along with various additional options like spouse coverage and whole life protection. You can also customize your coverage with various cover enhancement options available under the plan.

PNB MetLife Mera Term Plan Plus in a Nutshell

  • Whole Life Coverage till the age of 99^
  • Cover your spouse under the same plan
  • Option to get back the premiums on survival
  • Child Education Benefit

What you get

Choice of 3 Benefit Options

Get to choose among Life, Life Plus, and Life Plus Health Benefit Options depending upon the type of coverage that you want.

Payout Flexibility

Choose to receive your benefits as a lumpsum, monthly income over 10 years, or as a combination of both.

Spouse Coverage

On payment of an additional premium, you can cover your spouse under the same plan!

Return of Premiums

On payment of an additional premium, you can choose to get back all premiums paid on survival till maturity.
Enhance PNB MetLife Mera Term Plan Plus with

Life Cover Till 99^ Years

Maximum maturity age 99^ years for all options except Life Plus Health & ROP option. Maximum maturity age for Life Plus Health & ROP option is 75 years.

Step Up Benefit

The Step Up Sum Assured is added at every policy anniversary starting from first policy anniversary for the next 10 years. The Step Up Sum Assured is equal to the Step Up Rate (fixed at 10%) multiplied by the Basic Sum Assured. An additional premium will be charged for every addition of Step Up Sum Assured, based on the age attained by the policyholder and the outstanding policy term, at the time.

Life Stage Benefit

Choose to increase the Sum Assured at various life stages as mentioned below:

  • 1st Marriage: 50% of Basic Sum Assured subject to a maximum of Rs. 50 Lakhs
  • Birth of 1st child: 25% of Basic Sum Assured subject to a maximum of Rs. 25 Lakhs
  • Birth of 2nd child: 25% of Basic Sum Assured subject to a maximum of Rs. 25 Lakhs
  • Home Loan taken by the Life Assured after the Date of Commencement of Risk (only once during policy term): 50% of Basic Sum Assured subject to a maximum of Rs. 50 Lakhs

Child Education Support Benefit

You can choose to increase the Sum Assured with the specific goal of providing for the cost of education of one child of the Life Assured. Additional premiums will be charged from the Date of Inception of this benefit. Child Education Support Benefit Sum Assured at inception is equal to the estimated outstanding total cost of education, and reduces at every policy anniversary, provided that no claim for Death or Diagnosis of Terminal Illness (if Life Plus or Life Plus Health Benefit Option is chosen) of the Life Assured is admitted during the term of Child Education Support Benefit. This option can be chosen only if the nominated child has 5 to 19 years of education left for completion of graduate degree. This additional Sum Assured is subject to a minimum of Rs. 10 Lakhs and a maximum of Rs. 1 Cr.

Riders

The following riders will be offered along with this plan:

  • PNB MetLife Accidental Death Benefit Rider Plus: The chosen accidental Death Benefit Sum Assured is paid to the nominee.
  • PNB MetLife Accidental Disability Benefit Rider: The Insured is paid the pre-decided Accidental Disability Benefit in case he/she meets with an accident that results in disability.
  • PNB MetLife Serious Illness Rider: The Insured is paid the Serious Illness Benefit on the first diagnosis of the 10 covered serious illnesses.
  • PNB MetLife Critical Illness Rider: The Critical Illness Benefit is paid on the first diagnosis of the 2 critical illnesses i.e. cancer and heart attack.

PNB MetLife Mera Term Plan Plus can help you:

  • Safeguard your family’s financial independence even in your absence.
  • Secure your children’s higher education without any financial worries.
  • Stay protected for your whole life or choose a coverage term.
  • Option to protect your spouse under the same plan
  • Pay premiums as per your
    a) You can pay just once and stay protected for the entire term
    b) pay throughout the policy term by choosing Regular Pay,
    c) pay for a limited term (5, 10, 15, or 20 years), or
    d) pay till 60 years.

What you don't get

Self-inflicted Injury

Claims made as a result of illnesses or death caused due to self-inflicted injury or attempted suicide (within one year of commencement of policy) will be rejected.

Pre-existing conditions

Claims made as a result of any pre-existing condition, will be rejected.

War and terrorism

Claims made as a result of war, terrorism, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, martial law, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, or strikes, will be excluded.

Peace Time Operations

Claims made as a result of participation in naval, military, or air force operations during peace time, will be excluded.

Illegal activities

Claims made as a result of participation by the insured person in an assault, a criminal offence, an illegal activity, or any breach of law with criminal intent, will be rejected.

Hazardous Activities

Claims made as a result of participating in professional sports or any hazardous pursuits will be excluded. E.g. diving or riding or any kind of race, underwater activities involving the use of breathing apparatus or not, martial arts, hunting, mountaineering, parachuting, and bungee jumping.

Substance Abuse

Claims made as a result of alcohol or solvent abuse or taking of drugs, narcotics, or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner, will be excluded.

Flying Activity

Claims made as a result of participating in any flying activity, except as a bonafide fare-paying passenger or pilot and cabin crew of a recognised airline on regular routes and on a scheduled timetable, will be excluded.

Nuclear Contamination

Claims made as a result of radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature, will be excluded.

Waiting Period

Any disease occurring within 90 days of the start of coverage (i.e. during the waiting period) or date of reinstatement, whichever is later, will not be covered.

Congenital Condition

Claims made as a result of an external congenital condition, will be excluded.

Exclusions for Critical Illness benefit

No waiver of premium benefit will be payable if the Critical Illness is caused or aggravated directly or indirectly by any of the mentioned acts in Term & Conditions of the life insured unless those are beyond his / her control. Please refer complete Sales Brochure.

Suicide Exclusions

If the Life Assured’s death is due to suicide within twelve months from the date of commencement of risk or from the Date of Revival of the Policy as applicable, the Nominee or beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid till the date of death under the Policy death or Surrender Value available as on the date of death, whichever is higher, provided the Policy is in Inforce status. We shall not be liable to pay any interest on this amount.

How can PNB MetLife Mera Term Plan Plus benefit you?

PNB MetLife Mera Term Plan Plus offers you the ability to customize your protection plan with additional riders and coverage enhancement options. Take a look at the many ways in which this plan can work for you.

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Frequently Asked Questions

What does PNB MetLife Mera Term Plan Plus offer?

  • Choice to pay for a limited period, one time or throughout the policy term, as per your requirement:
    • Pay for a limited term of 5, 10, 15, or 20 years or pay till age 60 OR
    • Pay just once and stay protected for the entire term OR
    • Pay regularly throughout policy term.
  • Choice to stay protected for either whole of life (coverage up to age 99 years) OR a coverage term as per your liking.
  • Options to choose protection against Death, Disability, and Disease:
    • Life: Cover against Death
    • Life Plus: Cover against Death and Terminal Illness plus all future premiums waived off on accidental permanent disability or diagnosis of listed critical illnesses
    • Life Plus Health: Cover against Death and Terminal Illness plus all future premiums waived off on accidental permanent disability or diagnosis of critical illness plus accelerated lump sum on diagnosis of listed critical illnesses.
  • Customizeyour plan with a choice of additional options:
    • With ‘Return of Premium’ option, you can get your premiums back on survival till maturity.
    • ‘Spouse Coverage’ can protect your spouse within the same plan.
  • Enhance your protection with one out of the ‘Cover Enhancement Options’ to ensure your life cover is adequate even as you progress in life.
  • Tailor your Benefit Payout option to suit your needs:
    • Lumpsum: Benefit will be payable as a lumpsum.
    • Monthly Income: Benefit will be payable as level monthly income for 10 years.
    • Lumpsum plus Monthly Income: Benefit will be payable as part lumpsum and part level monthly income for 10 years.
  • Enhance your cover through riders.
  • Tax benefits will be applicable as per prevailing tax laws.

What are the Benefit Options available under PNB MetLife Mera Term Plan Plus?

The Policy has three benefit options — Life, Life Plus and Life Plus Health with varying policy benefits under each of the options. The benefit option must be exercised by the policyholder at inception and cannot be altered at any time during the tenure of the policy. The available policy benefits under each of the options are described hereunder:

Benefit Option1

Death Benefit

Terminal Illness Benefit

Waiver of Premium2 Benefit (ATPD/CI)

Accelerated Critical Illness Benefit

Life

✓

X

X

X

Life Plus

✓

✓

✓

X

Life plus Health

✓

✓

✓

✓

What are the Additional Options 3available?

  • Spouse Coverage: to protect your spouse within the same plan
  • Return of Premiums4:   get back all premiums on survival till maturity

How does the Spouse Coverage work?

Policyholder at inception of this policy may choose to cover his/her spouse under the same policy by paying an additional premium. The spouse is referred to as the “Second Life” and the policyholder is referred to as the “First Life” for the purpose of this benefit.

Only the Death Benefit is offered to the Second Life and the Sum Assured on Death of Second Life shall be payable in lumpsum only. To avail this benefit, the Basic Sum Assured with respect to the First Life should be equal to or greater than Rs. 50 Lakhs. The coverage to the Second Life shall be up to 100% of the Basic Sum Assured of the First Life, subject to Our Board approved underwriting guidelines. The Second Life issuance will be subject to underwriting as per underwriting guidelines. If the Second Life is a housewife or a non-earning female, the coverage for the Second Life will be restricted to up to 50% of the Basic Sum Assured chosen by the First Life, subject to maximum of Rs. 50 Lakhs. Please refer to the Sales Brochure for further details.

How does the Return of Premium4work?

The policyholder may opt for this benefit at inception of the policy. For policies where the ‘Return of Premiums’ option is chosen, the Maturity Benefit equal to the Sum Assured on Maturity is payable, provided that the Life Assured survives till the Maturity Date of the policy. This option is available with a maximum policy term of 40 years or maturity age of 75 years last birthday, whichever is earlier.

What are the various Cover Enhancement Options 5available?

The policyholder can choose any one from following 3 Cover Enhancement Options at inception of the policy. The total Sum Assured for Cover Enhancement Benefits cannot exceed 100% of the Basic Sum Assured at any time during the term of the policy.


Step Up Benefit

The Step Up Sum Assured is added at every policy anniversary starting from the first policy anniversary for the next 10 years. The Step Up Sum Assured is equal to the Step Up Rate multiplied by the Basic Sum Assured. The Step Up Rate is fixed at 10%. An additional premium will be charged for every addition of Step Up Sum Assured based on the age attained by the policyholder and the outstanding policy term at the time.


Note: This benefit is not eligible for payment under the ‘Accelerated Critical Illness Benefit’. There will be no further increase in the Step Up Sum Assured from the policy anniversary following any claim for ‘Waiver of Premium Benefit’ or ‘Accelerated Critical Illness Benefit’ with respect to the Life Assured (First Life in case Spouse Cover is chosen).


Life Stage Benefit

Under this option, you may opt to increase the Sum Assured at various life stages mentioned hereunder. Life Stage Sum Assured can be added without further underwriting on any of the below specified events in the life of the Life Assured:

  • 1st Marriage: 50% of Basic Sum Assured subject to a maximum of Rs. 50 Lakhs
  • Birth of 1st child: 25% of Basic Sum Assured subject to a maximum of Rs. 25 Lakhs
  • Birth of 2nd child: 25% of Basic Sum Assured subject to a maximum of Rs. 25 Lakhs
  • Home Loan taken by the Life Assured after the Date of Commencement of Risk (only once during policy term):50% of Basic Sum Assured subject to a maximum of Rs. 50 Lakhs

The maximum additional Sum Assured put together under all these events will be Rs. 50 Lakhs. Premium for the Life Stage Benefit will be charged separately, in addition to the base premium, for every addition of Life Stage Sum Assured. Premium for Life Stage Benefit shall be based on the attained age of the Life Assured, Life Stage Sum Assured, and outstanding policy term at the time of addition of the Life Stage Sum Assured and the benefit option chosen on date of inception of the policy.


Note: This Benefit is not eligible for payment under the ‘Accelerated Critical Illness Benefit’. There will be no further increase in the Life Stage Sum Assured post any claims in respect of ‘Waiver of Premium Benefit’ or ‘Accelerated Critical Illness Benefit’.


Child Education Support Benefit

Under this option, you may opt to increase the Sum Assured with a specific focus to provide for the cost of education of one child of the Life Assured. Additional premiums will be charged from the date of inception of this benefit. Child Education Support Benefit Sum Assured at inception is equal to the estimated outstanding total cost of education and reduces at every policy Anniversary, provided that no claim for Death or Diagnosis of Terminal Illness (if Life Plus or Life Plus Health Benefit Options are chosen) of the Life Assured is admitted during the term of Child Education Support Benefit. This option can be chosen only if the nominated child has 5 to 19 years of education left for completion of graduate degree. This additional Sum Assured is subject to a minimum of Rs. 10 Lakhs and a maximum of Rs. 1 Cr.


Note: This benefit terminates upon payout of the Child Education Support Sum Assured on Death/Diagnosis of Terminal Illness (if applicable as per chosen benefit option) or upon expiry of the term of Child Education Support Benefit. This benefit is not eligible for payment under the ‘Accelerated Critical Illness Benefit’.

Who is eligible to buy PNB MetLife Mera Term Plan Plus?

Refer to the below table for the eligibility criteria to purchase this plan:

Parameter

Minimum

Maximum

6Age at Entry (yrs)

18

60 (55 if 'Pay till Age 60' is chosen as PPT)

Age at Maturity

Without RoP

28

Life, Life Plus : 99
Life plus Health : 75

With RoP

28

75

Sum Assured (Rs.)

 25,00,000

No limit, subject to Underwriting

Premium (Rs.)

Based on the Basic Sum Assured, Entry Age, Policy Term, Premium payment term, Smoker Status, Benefit Option, Cover Option and Return of Premium Option chosen

Premium Paying Term (yrs)
  • Single pay,
  • Limited pay (5, 10, 15, 20, Pay till Age 60),
  • Regular Pay

(Minimum allowed Policy Term for Limited pay option: Premium Payment Term plus 5 years)

Policy Term (yrs)

10

Without RoP:
Life, Life Plus: 99-Age at entry
Life Plus Health: 75 – Age at entry
With RoP : 40

6All Age as of last birthday

Disclaimer:

  • ^Maximum maturity age 99 years for all options except Life Plus Health & ROP Option. Maximum maturity age for Life Plus Health & ROP Option is 75 years.
  • 1All the three basic Benefit options are available with and without the Maturity Benefit.
  • 2 All future premiums are waived off if the Life Assured suffers an Accidental Total permanent disability (ATPD) OR is diagnosed with any one of the 50 listed Critical Illnesses (CI) – whichever occurs first, subject to the maximum maturity age of Waiver of Premium benefit.
  • 3 The additional options “Spouse Coverage”, “Return of Premiums”, and “Cover enhancement options” will be available on payment of extra premiums.
  • 4 Return of Premiums’ option needs to be selected at the inception of the policy and this option is not available if Child education support benefit is chosen.
  • 5 The policyholder may choose only one out of the Cover Enhancement Options and is only available at inception

PNB MetLife Mera Term Plan Plus is an Individual, Non-linked, Non-par, Pure Risk Premium, Life Insurance Product (UIN: 117N126V01). Benefit option, chosen at inception, cannot be altered during the term. Please read the Sales brochure carefully before concluding any sale. This product brochure is only indicative of terms, conditions, warranties and exceptions contained in the insurance policy. The detailed Terms and Conditions are contained in the Policy Document. 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.

AD-F/2020-21/00324

Disclaimer

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 claimshelpdesk@pnbmetlife.com or  indiaservice@pnbmetlife.co.in. 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 Plans, Term Plan,  Protection Plans,  Long Term Savings Plans ,  Retirement Plans,  Child Education Plan .