India's 1st IRDAI Approved Insurance Web Aggregator
MetLife Mera Term Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
MetLife Mera Term plan Review
MetLife Mera Term Plan along with protection offers increasing monthly income option 12% per annum and also provides individual cover to the spouse in the same policy. So, in case of demise of policyholder the beneficiary gets the lump sum amount all future premiums for partner’s cover will be waived off.
How does the plan work?
Steps to customize the plan: - Policyholder needs to follow below steps to opt for a plan:-
Choose base sum assured
Choose options from Mera Family Pay-out options
Choose one from Mera Family Coverage option
Choose one or all from Mera Additional Benefits, Sum Assured, Coverage Term, Premium Payment Frequency
Coverage options: - Policyholder can choose minimum and maximum sum assured from the options below:-
Sum Assured (in Rs.)
Mera Family Pay-out
Increasing Monthly Income
Mera Family Benefits
Child Education Support
Joint Life Cover (for spouse)
Life Stage Protection
Key Features of MetLife Mera Term plan
Hassle-free online purchase
Individual cover to spouse in same the policy
Maximum coverage till 75 years
Preferred rates for non-smokers
Flexibility to enhance life cover
COMPARE THIS PLAN WITH OTHER TERM PLANS
Benefits you get from MetLife Mera Term plan
Death Benefit – Below are the various options available:-
Lump sum Payment on Death: - Under this option, the sum assured shall be paid to beneficiary upon policyholder’s death.
Lump sum + monthly income for 10 years: - 50% upfront sum assured will be paid as lump sum and remaining will be paid as monthly income for 10 years.
Lump sum + increasing monthly income for 10 years:- 50% upfront sum assured will be paid as lump sum and remaining will be paid as increasing monthly income for 10 years @12% per annum.
Lump sum + monthly income (child education support):- Policyholder’s child has to be less than or equal to 15 years. 50% upfront sum assured will be paid as lump sum and remaining will be paid as monthly income till child turns 21 years
- Once the child turns 21, the policy shall continue with full Death Sum Assured and Death Benefit shall be lump sum.
- Unfortunately, if child dies before s/he turns 21, then the policyholder has below options:-
a. Nominate any other child, less than 21 years
b. Or continue with Death Sum Assured as lump sum death benefit
- If the child dies during the pay-out period of death benefit, then the proceeds will go to the class one legal heir of the insured.
Maturity Benefit – Since this is a pure term plan, there is no maturity benefit under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.
Eligibility conditions and other restrictions in MetLife Mera Term plan
Entry Age (in years)
Policy Term (in years)
Premium Payment Term (in years)
Equal to policy term
Premium Payment Frequency
Annual and monthly
Additional Benefits and features of MetLife Mera Term plan
Life Stage Benefit: - Policyholder gets an option to buy an additional cover and s/he will be allowed to enhance the sum assured as per the below stages of life:-
- On Policyholder’s marriage: - equal to 50% of the existing cover, maximum 5,000,000
- On the birth of the 1st and 2nd child: - equal to 25% of the existing cover, maximum 2,500,000
Joint Life Cover: - Policyholder can cover his/her spouse under this option, the joint life cover will be 50% of the existing cover, maximum 5,000,000.
Free look Period: - If the policyholder is not convinced with the terms and conditions of the policy, s/he has an option to cancel the policy within 15 days from the date of receipt of the policy document.
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium.
You want to surrender the policy – Being a pure protection product, there are no surrender benefits under this product.
You want a loan against your policy – Loan facility is not available under this policy.