PNB Metlife Mera Term Plan Plus
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
Retrieve all premiums before maturity
Covers your better half and you under one umbrella
Secure your child’s future with an additional layer of protection
Life cover up to 99 years of age
Benefits
- 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.
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
- 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)
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 |
For Regular pay | For Limited pay |
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Equal to the term of Child Education Support Benefit | Fixed at 5 years |
- 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)
- 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
How it works
- Life
- Life Plus
- Life Plus Health
- Lump sum
- Monthly Income
- Lump sum plus Monthly Income
- Premium Paying Mode as per your requirement
- Add any enhancement option to increase coverage for future life stage events
- Accidental Disability Benefit Rider
- Critical Illness Rider
- Serious Illness Rider
- Accidental Death Benefit Rider Plus
Let us understand the above-mentioned Benefit Option better with the help of this table:
Benefit Option | Benefit Summary |
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Life |
|
Life Plus |
|
Life Plus Health |
|
Eligibility
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 |
Exclusions
FAQs
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.
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.
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.
- 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