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 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:
● Flexible: PNB MetLife Mera Term Plan 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 term plans provide a cover for a maximum of 40 years. The Mera Term Plan 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 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, 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 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 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.
The Mera 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 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 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:
- 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.
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.
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 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 term plan.
Use of products that contain nicotine, including cigarettes can have an impact on the premium you will have to pay for a term plan. Smokers have to pay a higher premium due to an increased risk factor. Even if you are an occasional smoker, the insurance company will categorise you as such. Only if you have not consumed nicotine in the past twelve months to three years, you can be categorised as a non-smoker.
Generally, the premium does not change for the entire tenure of the policy. If you choose to renew the 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 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 plan 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 plan.
The Mera Term Plan is a pure protection life insurance term plan offered by PNB MetLife. The plan offers substantial coverage at affordable rates. The Mera Term Plan 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 plan. It also offers flexible payout options. Put simply, Mera Term Plan takes care of all your financial needs in one go.
To purchase a 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: