Life offers us choices and these choices make our life interesting. Why not have choices to design your financial plan? At PNB MetLife our constant endeavor is to offer simple solution which helps you to protect the financial future of your loved ones.
A pure protection plan with a range of additional coverage options is the ideal way for you to protect financial future of your loved ones and PNB MetLife Mera Term Plan online has been designed to address all your protection needs at an affordable cost.
The PNB MetLife Mera Term Plan is a pure protection life term insurance plan that provides comprehensive coverage to your family. The defining feature of the plan is that it can be customised considerably to suit the customer’s need. Some of the key benefits of the plan are:
The Best Term Plan comes with a plethora of additional benefits. You can choose from four different options of riders.
The needs of every customer are different. Some may require the policy to act as an income replacement system, while others may expect it to take care of liabilities. Mera Term Plan online takes cognizance of every customer’s needs and offers four different payout options.
Option 1: The sum assured is paid as a lump-sum amount
Option 2: Under this option, half of the sum assured is paid as a lump-sum, while the balance is paid as constant monthly instalments over the next 10 years
Option 3: This option pays 50% of the sum assured as lump-sum, while the remaining fund is paid as increasing monthly instalments. The payout in instalments increases by 12% per annum at a simple rate of interest.
Option 4: This is the ideal option for people with a child aged 15 years or less. Half of the sum assured is paid as lump-sum while the other half is paid in equal monthly instalments till the nominated child attains the age of 21.
The Mera Term Plan online is one of the best term plans available in the market. The plan provides substantial coverage along with the flexibility of payout options. Here’s a lowdown of the plan:
The plan can be bought online in four easy steps:
PNB MetLife was formed when leading domestic and global financial institutions decided to join hands to offer comprehensive financial solutions in India. The company is a joint venture between MetLife International Holdings LLC, Punjab National Bank Limited, Jammu & Kashmir Bank Limited, M. Pallonji and Company Private Limited, and other private investors. MetLife International Holdings LLC and Punjab National Bank Limited are the major shareholders in the company, which started operation in 2001 in India. PNB MetLife is an amalgamation of MetLife Inc’s financial know-how and Punjab National Bank’s distribution strength. MetLife Inc has served over 90 million customers in the last 140+ years, while Punjab National Bank has catered to over 80 million customers in the last 120 years.
#99 years for all options (except Joint Life cover option).
Minimum Sum Assured
81 years for all options (except Joint Life Cover option) &
Premium Payment Term
Regular pay, 10 pay
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"We had paid one year premium only and there was an unfortunate event in my family, I received the claim money without any hassle which enabled me to payoff my loans."
"My premium gets paid directly from the bank and I get a confirmation of it, making it a hassle free process."
"PNB MetLife Products are made keeping safety and utility in mind making it very helpful to my family."
Several factors ranging from accidents to pollution have led to the rise in the incidence of untimely deaths. The absence of a bread-winner of the family can have a devastating impact on the well-being of other family members. Considering the circumstances, life insurance has become a necessity. A wide variety of life insurance products are available in India, but most people get confused by the complexity of the plans. A term plan is the oldest and the simplest of the life insurance plans. It is a pure-protection insurance plan without any savings component that pays out a pre-decided amount on the death of the insured. Term plans do not provide any maturity benefits and the insurance plan simply ceases to exist if the insured outlives the policy tenure, unless the insured plans to renew it. Some term plans return the premiums paid during the policy term. Such plans would generally come with a higher premium when compared to a basic term insurance plan.
The primary purpose of a term plan is to financially secure your family in your absence. Along with financial security, a term plan offers a variety of other benefits ranging from affordability to flexibility.
Every family has a different lifestyle. Naturally, the cover of the term plan will depend on your current income, liabilities and the type of lifestyle you want to ensure for your family. As a thumb rule, you should have a life cover of at least 16 to 20 times your annual income. However, you can use the ‘protection calculator’ in the ‘tools’ section of www.pnbmetlife.com to get a clear picture.
A best term plan is bought with the intention of financially securing your family in your absence. But many people do not take into consideration the simplicity of the claims settlement process before buying a policy. Most claims are settled within 7 days of the submission of the documents. However, in some very rare cases, the insurer may choose to investigate the claim. The claims settlement process is divided into three phases.
Buying an online term plan is extremely easy, convenient and hassle-free. Insurance companies generally ask for three sets of documents for online term plans—income proof, address proof and id proof. One has to submit salary slips of the last 3 months, Income Tax Returns, 6 months of bank statements and form 16 for income verification. Documents like Aadhar Card, passport, voter id and driving license can be used as address proof and id proof.
A term plan is a simple, pure-protection insurance product that guarantees the financial security of your family in your absence. Having a term insurance plan has become a necessity. A variety of factors make a term plan important.
There are no restrictions on investment in term plans by NRIs. Many insurance companies provide term plans designed specifically for NRIs. With online term plans not requiring any medical test, NRIs can easily buy one. Your becoming an NRI after purchasing a plan will not affect the benefits guaranteed by the best term plan online.
Use of products that contain nicotine, including cigarettes can have an impact on the premium you will have to pay for a term plan policy. Smokers have to pay a higher premium due to an increased risk factor. Even if you are an occasional smoker, the insurance company will categorize you as such. Only if you have not consumed nicotine in the past twelve months to three years, you can be categorized as a non-smoker.
Generally, the premium does not change for the entire tenure of the policy. If you choose to renew the term plan policy after the expiration of the original term, you may have to pay a higher amount.
Term insurance plans have flexible tenures. You can get a best term plan from tenures ranging from 5 years to 40 years. The PNB MetLife Mera Term Plan allows you to stay insured for 99 years. The minimum entry age is 18 years. If you opt for a term plan till 99 years at the minimum entry age, the tenure of the plan will be 81 years. As a thumb rule, you should choose the tenure according to your retirement age. If you plan to retire at 65 and you are 25 currently, you should opt for a term plan policy with a 40-year tenure.
You can opt for the joint-life cover option to cover your wife under a single Mera Term plan. The coverage of your spouse will be limited to 50% of the sum assured chosen by the policyholder. The spouse can get maximum coverage of Rs 50 lakh under the term plan.
The Mera Term Plan is a pure protection life insurance best term plan offered by PNB MetLife. The plan offers substantial coverage at affordable rates. The Mera Term Plan online comes with a variety of riders like the accidental cover, disability cover and critical illness cover. You can also cover your spouse under the same term plan. It also offers flexible payout options. Put simply, Mera Term Plan online takes care of all your financial needs in one go.
To purchase a best term plan, you should have attained a minimum age of 18 years. The maximum entry age for most plans is 65 years, but you can get coverage until 99 years of age. The minimum sum assured is different for different insurers. PNB MetLife Mera Term Plan allows a minimum sum assured of Rs 10 lakhs.
Online term plans have gained popularity due to their convenience and affordability. All major life insurance companies offer online term plans. It is safe to buy a term plan online, but before buying you should check the credibility of the insurer and the claim settlement ratio of the online term plan.
If you are a smoker, you will have to declare yourself as a tobacco user. Insurance companies consider concealment of information as a breach of contract, which could lead to rejection of the claim. It is advisable to declare your smoking habits while buying a term plan.
Smoking is injurious to health and can also cause death. For insurance companies, smokers are high-risk individuals and hence, they have to pay higher premiums than regular policyholders. Smokers may have to pay 50%-100% more than non-smokers for similar coverage.
After you intimate the insurance company and submit all the relevant documents, the insurer processes the documents and settles the claim accordingly. The claim is generally received through a cheque within 7 days from the submission of the documents.
A term insurance plan is bought to protect the financial future of the family. If the claim is rejected after the demise of the insured, it would defeat the purpose of the policy. Claims can be rejected by the insurance company for a variety of reasons like:
The qualifying age at which a life insurance policy is issued
Annuity plan offers you guaranteed monthly/annual income for life that helps you plan for your retirement days
An assignee is a person who receives the ownership of a life insurance policy
Assignor is the person who legally assigns the insurance policy to another individual, known as the assignee
Applicant / Proposed
The person who fills in an insurance application form and becomes the owner of the policy once a policy is issued is called as applicant
Assured / Insured
Insured/assured is the person or individual whose life is covered under a life insurance policy
A beneficiary is a person or an entity that receives death benefits in the event of the death of the policyholder
Bonus is the additional amount of money paid out by the insurance company to the policyholder at the time of the maturity of the policy
It is the amount payable on the maturity of a policy or upon the death of the insured
It's an amount paid out to the specified beneficiary or nominee of a policy when the insured person dies
The deferment period is the time between the commencement of the policy and the time at which the first installment of the policy is received
Deposit Term Insurance
Deposit Term Insurance doesn't involve any "deposits" by the insurer. Generally, the premium paid in the first year exceeds the subsequent years
This type of life insurance policy not just offers you coverage in case of an unfortunate event, but also offers maturity benefits at the end of the policy term
This insurance offers coverage to a group of people under one single policy. These groups include members of a society or a professional organization
Guaranteed addition is an accumulated benefit that is paid along with sum assured upon policy maturity or death of the life assured
Insurability is determined by taking into account considerations like an individual's health, susceptibility to injury, and life expectancy to build a comprehensive risk profile
Insurable interest implies the financial hardship experienced by a person in the eventuality of death
This is a policy where the proposer and premium payer is the company, but the insured is an employee
The discontinuation of insurance policy because of the non-payment of premiums before the due date or within the grace period
This refers to the individual whose life is covered under the insurance contract
Loyalty addition is the extra money or reward that your insurance company offers if you continue using their services
This is the date upon which the policy comes to an end and the accumulated benefits mature
The claim made by a policyholder to the insurance company at the end of the maturity period is called a maturity claim
The process of appointing a person or persons to avail death benefits if the policyholder dies
A policy is a legal agreement between the insured and the insurer. This includes what's covered, what is not and other terms and conditions of your contract
This is the time between the date of issuing of policy and the date of policy expiration
A reminder issued from an insurance company to a policyholder about the premium due date
This is the lowered sum assured value paid by the insurance company in case of the discontinuation of the policy
This is the amount paid to the insurance company by the policyholder to avail life coverage
Reinstatement is a process through which you can renew your life insurance coverage if you fail to pay your premiums on time and your policy gets terminated
Risk is the possibility of something unexpected or unfortunate that may happen to the insured or property covered under the insurance policy
Riders are optional features that can be added to your insurance policy at an extra cost to provide additional coverage
Rebating is a practice where all or part of the commission earned by the insurance companies is offered to the policyholder as an inducement to buy a policy. Rebating is considered as an illegal practice in several areas
Reinsurance is a method through which insurance companies buy insurance from other insurers to reduce financial risks that may incur in the future
Renewable Term Insurance
Renewable term insurance is a type of term insurance that gives you the option to renew your policy without having to submit the evidence of insurability
Solvency margin is the excess of assets that all insurance companies should keep over the number of liabilities
This is a clause in the policy contract. As per this clause, the insurance policy won't pay if the policyholder commits suicide in the starting two years of the policy
This is the amount of money an insurer guarantees to pay to the policyholder at the end of the policy term or in the event of policyholder's death
This is the amount offered by an insurance company to the policyholder if he/she decides to surrender the policy before its maturity date
This is the payment made to a policyholder if he/she survives up to the end of the policy term and the policy is active
This is the time period during which a life insurance policy is active and offers insurance coverage to the policyholder
Term Life Insurance
Term life insurance is a form of life insurance that offers financial coverage to the insured for a specific period of time.
This is the process carried out by the insurance companies before approving your insurance policy. This includes evaluating and analyzing the risks that are associated with insuring the person
Risks that insurance companies are not ready to insure because they do not meet the requirements of an uninsurable risk
A policy or insurance contract that is not legally enforceable and is thereby illegitimate and does not exist at all
This is a specific time period after buying life insurance before which you cannot claim any benefit from the insurer
Yearly Renewable Term
This is a one-year term insurance policy where the premium is charged for one year. Next year, at the same time, the insurer will pay another premium