The point is, given a choice we’d always want only the best for our families. Similarly, when it comes to term insurance cover, we must not settle for less.

Term Plans with Maximum Happiness Quotient

Term insurance plans are the simplest and most cost-effective insurance products. These plans are designed to ensure that in the event of the policyholder's death, the family gets the sum assured (the cover amount). Generally, the premium paid in a term plan is counted as money spent if the policyholder survives the tenure.

This is true with the term insurance plans that cover the policyholder up to the age of 60 years, or even up to the maximum age of 75. What we are looking for, is a term plan that best suits our analogy of 100% happiness. Meaning, a term plan that not just covers your family while they are financially dependent on you, but also helps you leave a legacy behind.

PNB MetLife’s ‘Mera Term Plan’ is one such plan, that gives you coverage up to 99 years, basically covering your whole life. Here’s how:

• Upon your demise before the end of the policy term (99 years), the sum assured will be paid to your nominee as the death benefit
• You can increase your current term insurance cover after your marriage and birth of child without undergoing medical examination
  
  So, how does this plan fulfils the objective

1. You get to choose the payout option to support your family’s future
   The payout option that you choose will determine the financial security of your family in your absence. Based on your family’s needs you can decide whether you want to go for a lump sum payout option, or lump sum + monthly income option, or lump sum + increasing monthly income, or lump sum + monthly income till your child is 21 years. The payout option that you choose will determine the financial security of your family in your absence. Based on your family’s needs you can decide whether you want to go for a lump sum payout option, or lump sum + monthly income option, or lump sum + increasing monthly income, or lump sum + monthly income till your child is 21 years.
2. Make your bond stronger by increasing coverage at important milestones
   If you have term insurance of Rs 1 crore, you can increase your cover at various life stages, like when you get married or have your first and second child. For instance, an additional cover of Rs 50 lakhs (50% increase) can be added to your policy after you are married and similarly an extra cover of 25 lakhs (25% increase) can be added when your first child is born.
3. Get coverage at affordable cost
   The biggest benefit of this term insurance plan is the affordability of the premium value. The premium cost for this plan is very close to a term plan premium for the same tenure. Also, the flexibility to increase the cover value for important life stages does not come at a steep cost.
   There is no additional underwriting process to increase your sum assured at these life stages. Meaning, you simply need to submit the proof of your marriage or childbirth, and the insurer increases your sum assured, without additional paperwork and medical check.
4. You can easily avail optional health cover with this plan
   This plan also comes with optional health cover benefit that can be of much help if you are diagnosed with cancer or heart diseases. With the cost of treating disease like cancer, running into several lakhs of rupees, it is essential to be prepared to handle such a situation, and insurance can build your confidence to face the challenge. With optional health covers along with this plan, you can get a tax-free lump sum amount if diagnosed with serious illnesses.
5. Leave a Legacy
   This plan has a very high chance of covering your entire life. Meaning, even if God’s call occurs at the age of 95, your family members or nominees will receive the sum assured, which becomes a legacy in their hands.
   With these features, PNB MetLife’s Mera term plan makes it an ideal choice. Apart from the above benefits, joint life cover  option ( available for coverage till the age of 75 years) ensures the continuity of life cover for your better half even if you are not there. Simply put, this plan will make your family stay financially strong during difficult times. Affordability and better returns are the characteristics that make it the best fit. So, with small payments every month or year, get insurance that lasts for your whole life.