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Key Benefits of PNB MetLife Mera Term Plan Plus

  • 1

    Whole Life Coverage, till the age of 99^

  • 2

    Cover your Spouse, under the one same plan

  • 3

    Option to get back premiums, on survival

  • 4

    Child Education Benefit

PNB MetLife Mera Term Plan Plus - Video

Overview of Mera Term Plan

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 & whole life protection. You can also customize your coverage with various cover enhancement options available under the plan.

PNB Mera Term Plan Plus is an ‘ultimate flexible plan’ and ‘easy to buy solution’ that helps you:

  1. Safeguard your family’s financial independence even in your absence.
  2. Freedom for your children to pursue their further education without any financial worries.
  3. Choose to stay protected for whole life or choose coverage term as per your choice.
  4. Option to add your Spouse Under one Same Plan
  5. Choose to pay premiums as per your requirement.
  6. Pay just once and stay protected for the entire term.
  7. Pay throughout the policy term by choosing Regular Pay
  8. Pay for a limited term of (5,10,15,20) years or Pay till 60 years

Choice from 3 Options

1   Benefit Option

Death Benefit

Terminal Illness Benefit

2   Waiver of Premium Benefit (ATPD/CI)

Accelerated Critical Illness Benefit





Life Plus


Life plus Health

1 All 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.

Additional Options3  

  • Spouse Coverage’- to protect your spouse within the same plan
  • 4   Return of Premiums- get back all premiums on survival till maturity

Cover Enhancement Options

  • Step Up Benefit –Increase your coverage by 10% every year of the next 10 years
  • Life Stage Benefit - Flexibility to Increase your Life Coverage at Key Life Milestones
  • 5   Child Education Support Benefit – Additional Layer of Protection exclusively towards your children's education expenses.

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

Why Choose Cover Enhancement Options?

  • Step-Up Benefit: The Step up Sum Assured is added at every policy anniversary starting from first Policy anniversary for the next 10 years. Step Up Sum Assured is equal to Step up Rate multiplied by the Basic Sum Assured. 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 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 Lakh

    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, outstanding Policy Term at the time of addition of the Life stage sum assured and the Benefit option chosen at 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 estimated outstanding total cost of education, and reduces at every Policy Anniversary, provided no claim for death or Diagnosis of Terminal Illness (if Benefit option chosen is Life Plus and Life plus Health) 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 lakh 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’ 

Benefit Payout Options

  • Lumpsum- Benefit payable as lumpsum.
  • Monthly Income-Benefit payable as level monthly income for 10 years.
  • Lumpsum Plus Monthly Income-Benefit payable as part lumpsum and part level monthly income for 10 years.


  • Accidental Death Benefit- 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-The insured is paid the serious illness benefit on the first diagnosis of the 10 covered serious illnesses.
  • Critical Illness Cover-The critical illness benefit is paid on the first diagnosis of two critical illnesses, which are cancer and heart attack.


  • Intentional self-inflicted injury, attempted suicide.
  • Any pre-existing condition.
  • 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, strikes.
  • Taking part in any naval, military or air force operation during peace time.
  • Participation by the insured person in an assault, a criminal offence, an illegal activity or any breach of law with criminal intent.
  • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee jumping.
  • 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.
  • Participation by the insured person 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.
  • Nuclear contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
  • Any disease occurring within 90 days of the start of coverage (i.e. during the waiting period) or date of reinstatement whichever is later.
  • Any external congenital condition.

About PNB MetLife 
PNB MetLife 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.  

^Maximum maturity age 99 years for all options (except Joint Life cover option/Life Plus Health Option). Life Plus Health Option/Joint Life Cover Option: 75 years (applicable for both Primary and Secondary life).
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/2020-21/00284




6Age at Entry (yrs)


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

Age at Maturity

Without RoP


Life, Life Plus : 99
Life plus Health : 75

With RoP



Sum Assured (Rs.)


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)


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

6 All Age as of last birthday

You can buy

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