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PNB Metlife Mera Term Plan Plus

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PNB Metlife Mera Term Plan Plus Summary

PNB Metlife Mera Term Plan Plus is an Individual, Non-Linked, Non-Par, Pure Risk Life Insurance Product. It is a specially designed protection plan that provides life cover until the age of 99, even if you choose to pay premiums for a limited period. You can opt to protect your spouse in the same plan, choose the return of premiums on survival till the end of the policy term or customize your plan with one of the coverage enhancement options, making this a truly comprehensive protection solution.
 
Plan Name Mera Term Plan Plus
Product Type Term Life Insurance
UIN 117N126V01
 
 
 
 
 

Key features of PNB Metlife Mera Term Plan Plus

  • Return of Premium - Retrieve all premiums before maturity
  • Joint Life - Covers your better half and you under one umbrella
  • Child Education Benefit - Secure your child’s future with an additional layer of protection
  • Whole Life Protection - Life cover up to 99 years of age
 
COMPARE THIS PLAN WITH OTHER TERM PLANS
    Yes
    No

     

    Eligibility Criteria for buying PNB Metlife Mera Term Plan Plus

      Minimum Maximum
    Sum Assured ₹25,00,000 No limit
    Age at entry 18 years - 60
    - 55 if Pay till Age 60 is chosen as PPT
    Maturity age Without RoP 28 years Life, Life Plus: 99
    Life plus Health: 75
    With RoP 28 years 75
    Policy Term (years) 10 Without RoP:
    Life, Life Plus: 99 minus Age at entry
    Life Plus Health: 75 minus Age at entry
    With RoP: 40
    Premium Payment Modes Single, Yearly, Half-Yearly, Quarterly and Monthly
    Premium Payment Term - Single Pay
    - Limited Pay (5, 10, 15, 20, Pay till 60)
    - Regular Pay
    Benefit Options - Life
    - Life Plus
    - Life Plus Health
     
     
     
     
     
     
     
     
     
     
     

     







     

    Let us understand the above-mentioned Benefit Option better with the help of this table:

    Benefit Option Benefit Summary
    Life
    • Death Benefit
    Life Plus
    • Death Benefit
    • Terminal Illness Benefit
    • Waiver of premiums on Accidental Total Permanent Disability or diagnosis of Critical Illness
    Life Plus Health
    • Death Benefit
    • Terminal Illness Benefit
    • Waiver of premiums on Accidental Total Permanent Disability or diagnosis of Critical Illness
    • Accelerated Critical Illness Benefit
















     
     

    How does PNB Metlife Mera Term Plan Plus work?

    Step 1: Choose your Coverage Amount & Policy Term & Premium Payment Term based on your requirement
     
    Step 2: Select any one of the 3 Plan Options:
    • Life
    • Life Plus
    • Life Plus Health
    Step 3: Select from 3 Payout Options:
    • Lump sum
    • Monthly Income
    • Lump sum plus Monthly Income
    Step 4: Choose - 
    • Premium Paying Mode as per your requirement
    • Add any enhancement option to increase coverage for future life stage events
    Step 5 (Optional): Choose Additional Cover through 4 Riders:
    • Accidental Disability Benefit Rider
    • Critical Illness Rider 
    • Serious Illness Rider
    • Accidental Death Benefit Rider Plus

    What are the Benefit Payout Options available in Mera Term Plan Plus?

    You may select any one of the 3 Payout Options available under this plan at inception based on your requirements.
    • Lump sum: Under this option, Sum Assured on Death shall be payable as a lump sum.
    • Monthly Income: Under this option, the Sum Assured on Death is payable for 10 years in equal monthly installments at the rate of 1.1022% of the Sum Assured on Death.
    • Lump sum plus monthly income: Under this option, a percentage of the Sum Assured on Death (as chosen by the Policyholder at the inception of the policy) will be immediately payable as a lump sum and the balance shall be paid in equal monthly installments over 10 years at the rate of 1.1022% of the balance Sum Assured on Death.
    Let us understand the above Payout Options better with the help of an example.
     
    Mr. Sharma, a Mechanical Engineer, bought PNB Metlife’s Mera Term Plan Plus. 
    Age - 30 years
    Term - 30 years
    Sum Assured - ₹1 crore
     
    Payout Option - Lump sum Pay Out
    Mr. Sharma dies during the policy tenure. His nominee will get the entire sum assured which is ₹1 crore as a death benefit and the policy terminates.
     
    Lump sum - ₹1,00,00,000
     
    Payout Option - Monthly Income Pay Out
    After Mr. Sharma dies, his nomine will get Sum Assured on death in equal monthly installments for next 10 years. So his nominee gets:
     
    Monthly Income - ₹1,00,00,000 x 1.1022 = ₹1,10,22,000/120 = ₹91,850 per month
     
    Payout Option - Lump sum plus monthly income Pay Out
    Mr. Sharma had chosen 50% as a lump sum death benefit at the time of inception which would be paid to his nominee after his death. So his nominee gets:
     
    Lump sum - ₹50,00,000
    Monthly Income - ₹50,00,000 x 1.1022 = ₹55,11,000/120 = ₹45,925 per month

    What are the Additional Options available in Mera Term Plan Plus?

    This Policy offers 2 additional options -
     
    1. Return of premiums
    The Policyholder may opt for this Benet at Inception of the Policy. For Policies where ‘Return of Premiums’ option is chosen, the Maturity Benefit equal to the Sum Assured on Maturity is payable, provided that the Life Assured survives till the Maturity Date of the Policy. This option is available with a maximum policy term of 40 years or maturity age of 75 years last birthday, whichever is earlier.
     
    2. Spouse Coverage
    Policyholder at the inception of this Policy may choose to cover his/her spouse under the same policy by paying an additional premium, as applicable. The spouse is being referred to as the “Second Life” and the Policyholder is being referred to as the “First Life” for the purpose of this Benefit. Only Death Benet is offered to Second Life and Sum Assured on Death of Second Life shall be payable in lump sum only.

    Cover enhancement options in PNB Metlife Mera Term Plan Plus

    The Policyholder can choose any one from the following 3 Cover Enhancement Options at the inception of the policy. The total sum assured for Cover Enhancement Benefits cannot exceed 100% of the Basic Sum Assured at any time during the term of the policy. 
     
    - Step-up benefit
    This Benefit must be chosen at the time of application prior to the Date of Inception of
    the Policy and cannot be exercised at a later date. Once this Benefit is chosen, the Step-up sum assured is added at every Policy Anniversary starting from the first Policy
    Anniversary for the next 10 years. 
     
    Step-up Sum Assured = 1.10 x Basic Sum Assured
     
    - Life stage benefit
    Under this Benefit, the Policyholder 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 (maximum of ₹50 Lakhs)
    • Birth of 1st child: 25% of Basic Sum Assured (maximum of ₹25 Lakhs)
    • Birth of 2nd child: 25% of Basic Sum Assured (maximum of ₹25 Lakhs)
    • Home loan: 50% of Basic Sum Assured (maximum of ₹50 Lakh)
    The maximum additional sum assured put together under all these events will be ₹50 Lakhs.
     
    - Child Education Support benefit
    Under this Benet, the Policyholder 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. This Benefit can only be opted on or before the Date of Inception of the Policy.
    This option can be chosen only if the nominated child has 5 to 19 years of education left for the completion of the graduate degree. This additional sum assured is subject to a minimum of ₹10 lakh and a maximum of ₹1 cr.
     
    Term of Child Education Support Benefit
     
    Current school grade For Regular pay For Limited pay
    Nursery 19 19
    Junior KG 18 18
    Senior KG 17 17
    I 16 16
    II 15 15
    III 14 14
    IV 13 13
    V 12 12
    VI 11 11
    VII 10 10
    VIII 9 0
    IX 8 0
    X 7 0
    XI 6 0
    XII 5 0
    Graduation 1 0 0
    Graduation 2 0 0
    Graduation 3 0 0
    Graduation 4 0 0

























     
    Premium paying term of Child Education Support Benefit
     
    For Regular pay For Limited pay
    Equal to the term of Child Education Support Benefit Fixed at 5 years


     

    What is Sum Assured on Death in PNB Metlife Mera Term Plan Plus?

    The Sum Assured on Death shall be higher of - 
    • 10 times the Annualized Premium for Limited Pay/Regular Pay and 125% of Premium for Single Pay
    • Basic Sum Assured, which is the absolute amount assured to be paid on death or diagnosis of Terminal Illness (if applicable)
    • 105% of all premiums paid till the date of death or diagnosis of Terminal Illness (if applicable)

    What is Sum Assured on Maturity in PNB Metlife Mera Term Plan Plus?

    Sum assured at maturity is the Benefit which is guaranteed to be paid on the Maturity Date if the insured has opted for the Return of Premiums Option under the Policy, and is equal to Total Premiums paid.
    The total premiums paid are the Total of all installment premiums/single premium received.
     
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    Tax Rebates in PNB Metlife Mera Term Plan Plus

    • Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act. 
    • Maturity Claim – Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act  
    • Death Claim – Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act

    Sample Premium Illustration for PNB Metlife Mera Term Plan Plus

    Given below are annual premiums for sample combination of entry age and Benefit Options for a Basic Sum Assured of ₹1 crore with a Term of 30 years.

    Without Return of premiums:
     
      Benefit Option
    Entry age Life Life Plus Life plus health
    30 years ₹9,600 ₹10,200 ₹16,500
    35 years ₹13,300 ₹14,400 ₹23,900
    40 years ₹19,300 ₹21,500 ₹35,700
    45 years ₹28,000 ₹33,700 ₹54,000
    50 years ₹39,800 ₹54,000 NA
    55 years ₹59,200 ₹88,700 NA










     
    With Return of premiums:
     
    Entry age Benefit Option
      Life Life Plus Life plus health
    30 years ₹23,200 ₹26,600 ₹42,400
    35 years ₹31,700 ₹38,100 ₹60,300
    40 years ₹42,200 ₹52,800 ₹83,900
    45 years ₹57,700 ₹77,700 ₹1,21,700








     

    Exclusions in PNB Metlife Mera Term Plan Plus

    In case of death due to suicide within 12 months from Date of Commencement of Risk of the Policy or from date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to, 80% of the Total Premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

    FAQs on PNB Metlife Mera Term Plan Plus

    1. What is Free-look Period? 
    If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned. To know more about the Free-Look Period, click here.

    2. What is Grace Period?
     In the case of Yearly, Half-yearly, and Quarterly premium payment modes you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is 15 days. 

    3. What is the Revival Period?
    A lapsed or a Reduced Paid-Up policy can be reinstated (with or without Riders) for full benefits on revival within 5 years from the date of the first unpaid premium.
     
    4. Are any Riders available?  
    You have the choice of taking the following rider by paying an extra premium amount:
    • PNB Metlife Accidental Death Benefit Rider Plus - UIN: 117B020V03
    • PNB Metlife Serious Illness Rider - UIN: 117B021V03
    • PNB Metlife Accidental Disability Benefit Rider - UIN: 117B022V02
    • PNB Metlife Critical Illness Rider - UIN: 117B023V02
    If you have any queries, our IRDA-trained advisor at MyInsuranceClub can help you get them solved. You can Compare Term plans of various companies on MyInsuranceClub. 
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