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PNB MetLife Mera Term Plan | PNB MetLife Term Insurance Plan
PNB MetLife India Insurance
Company Limited (PNB MetLife) is one of the leading life insurance companies in
India. PNB MetLife Mera Term
Plan is a non-linked, non-participating online term plan. PNB MetLife Mera Term Plan has been designed to address all your protection needs at an
affordable cost. PNB MetLife is a joint venture between MetLife International
Holdings LLC and Punjab National Bank Limited (PNB). PNB MetLife has been
present in India since 2001. In this post, let’s take a look at the features, eligibility,
and benefits of PNB MetLife Mera Term Plan.
Key Features of PNB MetLife Mera Term Plan
1. PNB MetLife Mera Term Plan is an online term plan.
2. Cover your family’s future.
3. Coverage at an affordable cost.
4. Customizable plan with
various options.
5. You can add your partner
(spouse) under this term plan.
6. Life stage protection for
your changing protection needs.
7. Coverage till the age of
99 years.
8. Preferred rates if you
are a non- smoker.
9. Tax benefits as per
prevailing tax rules.
10. Freedom for your children
to pursue their dream career and goals without any financial worries.
Also read: What is SIP (Systematic Investment Plan)?
Also read: What is SIP (Systematic Investment Plan)?
Eligibility conditions for PNB
MetLife Mera Term Plan
1. Minimum age at entry: 18
years
2. Maximum age at entry: 65 years
3. Maximum maturity age: 99 years for
all options (except Joint Life cover option) and 75 years for Joint Life Cover
option.
4. Minimum sum assured:
10,00,000.
5. Coverage period: 81 years
for all options (except Joint Life Cover option) & 10 years to 40
years for Joint life Cover option, subject to maximum maturity age.
6. Premium payment term: Coverage period.
What are the payout options available under PNB MetLife Mera Term Plan?
PNB MetLife Mera Term Plan
is a customizable protection plan which gives you the flexibility to choose
from four payout options.
1. Option 1: Full lump sum payout.
2. Option 2: Payout as lump sum + Regular monthly income
for 10 years after claim.
3. Option 3: Payout as lump sum + Increasing monthly income
for 10 years after claim.
4. Option 4: Payout as lump sum + Regular monthly income
till child turns 21 years of age.
Also read: Different types of savings account in HDFC Bank
Also read: Different types of savings account in HDFC Bank
What are the additional benefits of PNB MetLife Mera Term Plan?
With the choice of base sum assured and policy term under
PNB
MetLife Mera Term Plan you can also choose additional features. These will give you additional
benefits.
1. Joint Life Benefit
This benefit under PNB MetLife Mera Term Plan ensures that life cover
for your partner (spouse) continues even if you are not there. All future
premiums for your partner’s cover will be waived off. However, this option is
available if your sum assured is more than 50 lakhs. Coverage for partner will
be 50% of your sum assured (maximum – 50 lakhs). If your spouse is a homemaker then
coverage will be only 25 lakhs.
2. Life Stage Protection
Life stage protection option under PNB MetLife Mera Term Plan gives you opportunity to buy an additional cover as per the then
prevailing age and premium on the below stages of life.
a) On your marriage: Equal to 50% of the original
cover, maximum of Rs. 50 lakhs.
b) On the birth of first child: Equal to 25% of the
original cover, maximum of Rs. 25 lakhs.
c) On the birth of second child: Equal to 25% of the
original cover, maximum of Rs. 25 lakhs.
How to buy PNB MetLife Mera Term Plan?
You just need to follow four
simple steps process to customize and purchase PNB MetLife Mera Term Plan.
1. Make your own plan
a) Choose your base sum assured.
b) Choose one option from
Mera Family Payout options.
c) Choose one from Mera
Family Coverage options.
d) Choose one or all from
Mera Additional Benefits, sum assured, coverage term, and premium payment
frequency.
2. Generate your premium
quote
Enter your age, gender,
answer to the questions, if you consume tobacco or not for generating premium
quote.
3. Fill in relevant
information
Fill your personal details, occupation
details, lifestyle details, family medical history and nominee details.
4. Pay premiums
Once premium paid, your
policy will be sent to you subject to acceptance of the application.
Also read: Term Insurance? How to choose term insurance?
Also read: Term Insurance? How to choose term insurance?
What are the coverage options under PNB MetLife Mera Term Plan?
You can choose the minimum and maximum sum assured from various
benefit options as per below table.
Loan against PNB MetLife Mera Term Plan
No policy loan is allowed under PNB MetLife Mera Term Plan.
Also read: Why do you need life insurance?
Also read: LIC E-Term Plan | Features & Benefits
Also read: SBI Life Sampoorn Cancer Suraksha Plan
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PNB MetLife Mera Term Plan | PNB MetLife Term Insurance Plan
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