MetLife Mera Term Plan
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.
Key Features
Benefits
- 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.
Since this is a pure term plan, there is no maturity benefit under this plan.
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.
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
Policyholder can cover his/her spouse under this option, the joint life cover will be 50% of the existing cover, maximum 5,000,000.
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.
How it works
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:-
| Coverage options | Benefits | Sum Assured (in Rs.) | |
| Minimum | Maximum | ||
| Mera Family Pay-out | Lump sum | 10,00,000 | 5,000,000,000 |
| Monthly Income | 10,00,000 | 5,000,000,000 | |
| Increasing Monthly Income | 10,00,000 | 5,000,000,000 | |
| Mera Family Benefits | Child Education Support | 10,00,000 | 5,000,000,000 |
| Joint Life Cover (for spouse) | 25,00,000 | 5000,000 | |
| Life Stage Protection | 25,00,000 | 5000,000 | |
Eligibility
| Particulars | Minimum | Maximum |
| Entry Age (in years) | 18 | 65 |
| Sum Assured | 10,00,000 | |
| Policy Term (in years) | 10-40 | |
| Premium Payment Term (in years) | Equal to policy term | |
| Premium Payment Frequency | Annual and monthly | |
FAQs
You stop paying the premiumIf 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 policyBeing a pure protection product, there are no surrender benefits under this product.
You want a loan against your policyLoan facility is not available under this policy.
