Saturday, 19 May 2018

PNB MetLife Mera Term Plan | PNB MetLife Term Insurance Plan

PNB MetLife Mera Term Plan | PNB MetLife Term Insurance Plan
Image credit: www.pnbmetlife.com

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)?



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


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?


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.
PNB MetLife Mera Term Plan | PNB MetLife Term Insurance Plan



Loan against PNB MetLife Mera Term Plan

No policy loan is allowed under PNB MetLife Mera Term Plan.



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PNB MetLife Mera Term Plan | PNB MetLife Term Insurance Plan



1 comment:

  1. Thanks for sharing such a useful and informative post like this. Keep updating more updates like this.
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