PNB MetLife extends life cover upto 99 years
Extended features of the policy:
Mumbai, November 20, 2017: According to a report by the United Nations in 2015, life expectancy in India has increased by more than 10 years over the past two decades. In 1990, Indians were expected to live to an average of 58 years while in 2015, it moved to 68.5 years. With increasing life expectancy in India, it is important that protection benefits provide adequate coverage throughout the expected lifetime of individuals. PNB MetLife, a leading private life insurer, announced the extension of the coverage limit of its product PNB MetLife Mera Term Plan . The life coverage is now extended from the current available age limit of 75 years to 99 years. The product offers a comprehensive and flexible cover with multiple options to financially protect the insured and his family.
PNB MetLife Mera Term Plan provides an opportunity to customers to avail protection benefits beyond just the earning years, along with comprehensive benefits at each life stage. In the post retirement period, customers may continue to have dependents and existing assets may not be sufficient or liquid to take care of the needs of the family. Also, customers may want to provide a legacy for their family.
The rationale for extending the coverage from the age of 75 years to 99 years can be attributed to the fact that PNB MetLife realizes that customers would like to be supported at a later stage of life. The new policy with extended age for coverage is aimed to bridge this gap and offer protection to our new customers for life especially when their source of living comes only from pensions.
Commenting on this, Khalid Ahmad – Head Products, PNB MetLife said, “We, at PNB MetLife, have always ensured that our products cater to the evolving needs of our customers. With increasing life expectancy in India, consumers may want coverage at later years to ensure their dependents are taken care of or to leave a legacy for their family. So, extending the life cover in this product ensures that one can remain protected up to the age of 99 years.”
About PNB MetLife Mera Term Plan:
PNB MetLife Mera Term Plan covers a customer’s needs ranging from a simple term cover, monthly income for the family, child’s education expenses, joint cover for the spouse, option to increase sum assured depending on life stages, among other benefits. With flexibility in its core design, one can now create their own financial protection plan from the comfort of their home anytime, anywhere.
Features of PNB MetLife Mera Term Plan
Policy Holder Benefits
|Payout Option 1||Payout Option 2||Payout Option 3||Life Stage Benefit|
|Lump sum Payment on death||Lump sum + Monthly Income for 10 years||Lump sum + Increasing Monthly Income for 10 years||
Offers an option to increase the sum assured over the various 'Life Stages'. This can be done as per the then prevailing age and premium table without any medical examination.
On Policyholder’s marriage: Equal to 50% of the original cover subject to maximum of Rs 5,000,000. On birth of the first and second child: Equal to 25% of the original cover subject to maximum of Rs 2,500,000 for both the children respectively
|Under this option, the Death Sum Assured shall be payable as 'Lump Sum'' on death.||Under this option, 50% of the Death Sum Assured shall be payable as 'Lump Sum' on death and the balance will be paid as level monthly instalment over 120 months (10 years). The level Monthly Income shall be 0.58% of the Base Sum Assured.||Under this option, 50% of the Death Sum Assured shall be payable as ‘Lump Sum’ on death and the balance shall be payable as increasing monthly instalment over 120 months (10 years), increasing @ 12% per annum at simple rate of interest. The first year Monthly Income shall be 0.39% of the Base Sum Assured.|
If the nominated child attains 21 years, the policy shall continue with the full Death Sum Assured and the death benefit shall be as lump sum.
In case the nominated child predeceases, the policyholder shall have the following options:
However, in case the nominated child dies during the pay-out period of death benefit, then the pay-outs shall continue to be paid to the legal heirs of the insured.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.
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