Buy Best Term Plan Policy Online | Term Plans Online in India 2020 | PNB MetLife

Key Benefits of PNB MetLife Mera Term Plan

  • 1

    Cover your family’s future

  • 2

    Cover your partner, hassle-free

  • 3

    Option to pay premiums for limited term

  • 4

    Coverage till the age of 99#

PNB MetLife Mera Term Plan - Video

Overview of Mera Term Plan

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.

PNB MetLife Mera Term Plan is a simple and easy to buy solution that helps you

  1. Safeguard your family’s financial independence even in your absence
  2. Joint life benefit to cover your spouse in the same policy
  3. Freedom for your children to pursue their dream career and goals without any financial worries
  4. Coverage of up to 99 years
  5. Choose to either pay premiums for the chosen coverage period or to pay premiums for 10 years

Product Benefits Of Mera Term Plan

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:

  • Flexible: PNB MetLife Mera Term Plan online is a customizable protection plan which gives you the flexibility to choose from four payout options and also offers coverage for your spouse in the same policy.
    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
  • Affordable: Life insurance is not a discretionary investment anymore, it has become a necessity. However, not everyone has the capacity to pay hefty premiums to get an insurance cover. Mera Term Plan solved the affordability conundrum as you can get significant coverage at relatively low rates.
  • Long tenure: Most best term plans provide a cover for a maximum of 40 years. The Mera Term Plan online provides cover up to 99 years of age. With the minimum entry age of 18 years, the coverage tenure extends up to 81 years.
  • Lower rates for non-smokers: If you are a non-smoker, the Mera Term Plan online is the ideal plan for you. The policy offers lower rates to non-smoking individuals, which can bring the overall costs significantly down for the policyholder.
  • Riders: The basic Mera Term Plan offers significant coverage for death and ensures that your loved ones are cared for even in your absence. However, for people seeking comprehensive coverage, the plan offers four different riders that provide benefits in the case of accidental death, accidental disability, critical illness and serious illness.
  • Spouse cover: Your husband or wife is an important part of your life and the family. His/her life is as precious as yours. With the Mera Term Plan online, you can choose to cover your spouse under the same policy. The spousal cover is capped at 50% of the sum assured.
  • Increasing coverage option: Your overall expenditure would, of course, increase with marriage or if you have children. With Mera Term Plan online you can opt for an increasing cover option, which would increase your cover at different life milestones like marriage and bringing children into this world.
  • Tax benefits: The Mera Term plan online provides a host of tax benefits. You can claim a deduction for the premiums paid under Section 80C of the Income Tax Act, 1961. The payout of the sum assured is also tax-exempt under Section 10(10D) of the income tax laws.

Additional Protection Benefits available as mentioned below

The Best Term Plan comes with a plethora of additional benefits. You can choose from four different options of riders.

  • Accidental death benefit: Under the option, the chosen accidental death benefit sum assured is paid to the nominee
  • Accidental disability benefit: The insured is paid the pre-decided accidental disability benefit in case he/she meets with an accident that results in disability
  • Serious illness cover: under the option, the insured is paid the serious illness benefit on the first diagnosis of the 10 covered serious illnesses
  • Critical illness benefit: The critical illness benefit is paid on the first diagnosis of two critical illnesses, which are cancer and heart attack
  • Joint Life Benefit: This unique benefit ensures that life cover for your better half continues even if you are not there. All future premiums for your partner’s cover will be waived off. This option is available if your sum assured is more than 50 lacs. Coverage for partner is limited to 50% of your sum assured (max limit – 50 lacs). If your partner is a homemaker a 25 lac cover is provided
  • Life stage protection: Your required life cover increases with increasing responsibilities. Life stage protection option gives you the opportunity to buy an additional cover as per the then prevailing age and premium without any medical examination on the following circumstances.
    • On marriage: Equal to 50% of the original cover subject to maximum of Rs. 5,000,000.
    • On first child: Equal to 25% of the original cover subject to maximum of Rs. 2,500,000.
    • On second child: Equal to 25% of the original cover subject to maximum of Rs. 2,500,000.

What Are The Various Options available for Me Under This Term Plan?

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.

Mera Term Plan in Detail

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:

  • Eligibility:
     - Minimum Entry Age: 18 years
     - Maximum Entry Age: 65 years
     - Maximum Maturity Age: 99 years
  • Policy Tenure: 10-81 years
  • Minimum Coverage:   Rs 10 lakhs
  • Maximum Coverage: Rs 5 crores
  • Premium payment options:
     - The premiums can be paid for the policy term or can be paid for 10 years
     - The premium payment frequency can be chosen between yearly and monthly

How To Buy Mera Term Plan Online?

The plan can be bought online in four easy steps:

  • Customise the plan by choosing the required riders. Along with riders, choose other benefits such as joint cover and life stage benefits.
  • Enter your age, gender and smoking status to generate a premium quote.
  • Fill in your personal details like age, occupation, family medical history, etc.
  • Pay the premium and the policy is all yours.

About PNB MetLife

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.


Boundary Conditions

Minimum Age

18 years

Maximum Age

65 years

Maturity Age

#99 years for all options (except Joint Life cover option).
Joint Life Cover option: 75 years (applicable for both Primary & Secondary life)

Minimum Sum Assured


Coverage Period

81 years for all options (except Joint Life Cover option) &
10 years to 40 years for Joint life Cover option (applicable for both Primary & Secondary life), subject to maximum maturity age.

Premium Payment Term

Regular pay, 10 pay

You can buy

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Radha Rani

"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."

Kiran Ahluwalia

"My premium gets paid directly from the bank and I get a confirmation of it, making it a hassle free process."

Roohi Kaushal

"PNB MetLife Products are made keeping safety and utility in mind making it very helpful to my family."

What is a Term Plan?

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.

  • Stress-free life: The well-being of family members is of utmost importance for everyone. While one is hale and hearty, the question of not being there doesn’t come to mind. But the absence of a bread-winner can lead to severe financial setbacks for the family. With a term plan, you can live a stress-free life knowing that your family will be taken care of even in your absence.
  • Affordability: The needs of every family are different. Some may need a relatively small amount of coverage, while others may require a substantial cover.  But everyone cannot afford hefty premiums to secure their family's financial future. A term plan provides adequate coverage at affordable rates. You can get a term plan guaranteeing considerable death benefits at a fraction of the cost.
  • Flexible tenure: Since a term plan does not have a savings component, there is no compulsion to stay invested for the long-term. You can map out the tenure of a term plan according to your life needs. If you are in your fifties and expect your child to take most of the responsibilities in 10 years, you can take a term plan just for 10 years. Unlike investment-focused life insurance policies, you can reap the benefits of a term plan even with short tenures.
  • Riders: A basic term plan covers the life of the insured and provides a death benefit in the event of the policyholder’s demise. But a term plan is a flexible product and can be customised as per the policyholder’s need. You can add features such as disability cover, accidental death cover and terminal illness cover. The terminal illness rider of term plans generally covers a wide variety of critical illnesses like cancer, heart issues, along with kidney and liver failures.
  • Spouse cover: The importance of your spouse cannot be quantified. Both spouses play an equally important role in the other’s life. With the Mera Term Plan, you do not have to take a separate policy just to insure your spouse’s life. Such term plans provide coverage for the spouse under a single policy at an additional premium.
  • Takes care of liabilities: We live in a credit-fueled world. Most of the essential items of modern life like electronics and vehicles are bought on credit. Even a house is bought through home loans. The thought of not being able to pay off the liabilities during your lifetime doesn’t cross most people’s minds. But an unfortunate accident can leave your family saddled with liabilities difficult to pay off. A term insurance plan can help your family pay off the liabilities in your absence without changing their lifestyle. 

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 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.

  • Notification: To initiate the claims process, the nominee has to intimate the insurance company through a written medium. The claims form can be downloaded from the website of the insurance company. The intimation form contains basic details like policy number, date of death, cause of death and the place of death.
  • Submission of documents: After notifying the insurance company, the claimant has to provide the insurer with all the documents related to the claim. In case of death claims, you have to provide.
    • Copy of Death Certificate (issued by the local authority)
    • Original Policy Document or Indemnity Bond in case the Original Policy Bond is lost
    • Claimant’s Statement
    • Doctor’s certificate (in the specified format)
    • Photo ID Proof and Address Proof of the nominee as per AML Requirements (Refer Annexure for the list of accepted documents)
    • Cancelled cheque leaf or bank passbook of the beneficiary under the policies 
The required documents vary in case of rider claims.
  • Settlement: If the insurer accepts all the documents then the claim amount is paid through a cheque within 7 days after the submission of the documents. According to the regulatory rules, claims have to be settled within 30 days from the intimation. In case the insurance company investigates the claim, the examination has to be completed within 90 days and the claim settled within 30 days after that. 

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.

  • Family’s financial security: The primary reason for buying a term plan is the financial security of your family. A term plan ensures that all your liabilities are taken care of while your family is able to continue with the planned expenditures like children’s education or marriage.
  • Tax advantages: You can receive a host of tax advantages by investing in a term plan. The premiums paid for a term plan (of up to Rs 1.5 lakh per year) are eligible for deduction under Section 80C of the Income Tax Act. The death benefit is also exempt from taxes under Section 10(10D) of the income tax law.
  • Simplicity: With a term plan, you have a clear idea of the final benefits of the plan. There is no investment component in term plans and the final benefits are not dependent on market performance. Term plans have a simple structure that makes them perfect for people even with basic financial knowledge.
  • Flexible payout options: Term plans online offer the policyholder the choice to modify the payout according to the family’s needs. The payout can be received in equal monthly instalments as regular income or taken as lump-sum. You can also choose to receive a part of the sum assured as lump-sum and the balance in instalments.  

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.

  • The Mera Term Plan online is a pure protection plan, while traditional insurance plans are investment-cum-protection plans.
  • Mera Term plan online offers a substantial cover at affordable rates, while traditional plans have higher premiums for a similar level of coverage.
  • Surrendering a Mera Term Plan is very simple, but a traditional policy cannot be surrendered without losing the savings benefits.
  • The Mera Term Plan online comes with a whole host of customizable features including but not limited to, flexible payout options, a variety of riders (accidental death benefit, disability death benefit, critical illness benefit) and even joint life benefit (spousal cover) and life stage protection (additional cover for specific milestones in your life).

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:

  • Wrong information provided while purchasing the term plan
  • Concealment of critical information like smoking and drinking habits and details of existing policies.
  • Not updating nominee details.
  • Policy lapse due to non-payment of premiums.
  • Non-disclosure of medical history

Age limits

The qualifying age at which a life insurance policy is issued

Annuity Plans
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

Claim Amount

It is the amount payable on the maturity of a policy or upon the death of the insured

Death Benefit

It's an amount paid out to the specified beneficiary or nominee of a policy when the insured person dies

Deferment Period
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

Endowment Policy

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

Group Insurance

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
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
Insurable interest implies the financial hardship experienced by a person in the eventuality of death

Keyman Insurance

This is a policy where the proposer and premium payer is the company, but the insured is an employee

Lapsed Policy

The discontinuation of insurance policy because of the non-payment of premiums before the due date or within the grace period

Life Assured
This refers to the individual whose life is covered under the insurance contract

Loyalty Additions
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

Maturity Claim
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

Policy Period
This is the time between the date of issuing of policy and the date of policy expiration

Premium Notice
A reminder issued from an insurance company to a policyholder about the premium due date

Paid-up Value
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

Solvency margin is the excess of assets that all insurance companies should keep over the number of liabilities

Suicide Clause
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

Sum Assured
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

Surrender Value
This is the amount offered by an insurance company to the policyholder if he/she decides to surrender the policy before its maturity date

Survival Benefit
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

Uninsurable Risk
Risks that insurance companies are not ready to insure because they do not meet the requirements of an uninsurable risk

Void Contract

A policy or insurance contract that is not legally enforceable and is thereby illegitimate and does not exist at all

Waiting Period

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

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