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.

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:-

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

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

Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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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.

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Eligibility conditions and other restrictions in MetLife Mera Term plan

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

 

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.