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PNB MetLife Mera Wealth Plan is a Unit Linked Plan which provides dual benefits of life insurance coverage as well as wealth creation. The plan has flexible premium paying modes, provides Loyalty Additions and also allows automated investments. Liquidity is also allowed through partial withdrawals.
Step 1 – the policyholder chooses the premium amount, plan term and the premium paying term. The minimum and maximum Sum Assured is then calculated and the policyholder can choose any Sum Assured from the minimum and maximum range.
Step 2 – the policyholder also chooses the investment strategy. There are 2 strategies which are as follows:
Step 3 – the policyholder can make partial withdrawals or switch his investments from one fund to another of from one strategy to another.
Step 4 – in case of death during the plan term, the death benefit is paid.
Step 5 – if the insured survives the plan tenure, the maturity benefit is paid.
Mohan, aged 40 years, buys the plan for a term of 15 years. He pays annual premiums of Rs.50, 000 throughout the plan term. The Sum Assured is Rs.5 lakhs.
Option 1 – He chooses the Self-Managed Portfolio Strategy and allocates 100% of the premiums in Flexi Fund. In case of death during the tenure, the death benefit would be paid to the nominee which would be higher of the Sum Assured or Fund Value. On maturity, the Fund Value is paid.
Option 2 – He chooses Systematic Transfer Option. The allocated premium is invested in Protector II Fund. Then, every following month, the units are moved to Flexi Cap Fund. On death, higher of Sum Assured or Fund Value is paid. On maturity, the Fund Value is paid.
Mohan can make partial withdrawals, switch between funds and also redirect future premiums.
Provided that the death benefit is at least 105% of the total premiums paid till death
If the life insured dies before reaching 60 years of age, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death
If the life insured dies after attaining 60 years, any partial withdrawals made after crossing 58 years of age would be deducted from the Sum Assured.
|Policy year||Premiums less than Rs.5 lakhs||Premiums Rs.5 lakhs and above|
|Flexi Cap & Multiplier III Funds||Balancer II, Preserver II, Protector II & Liquid Fund||Flexi Cap & Multiplier III Funds||Balancer II, Preserver II, Protector II & Liquid Fund|
|Age at entry (in completed years)||30 days||Single premium – 60 years
Limited premium of 5 years – 54 years
Limited premium of 10 years – 60 years if term is 25 years or less or 55 years if term is more than 25 years
Regular premium – 60 years
|Age at maturity (in completed years)||18 years||Limited premium of 5 years – 74 years
Other premium paying terms – 80 years
|Term of the plan||Single premium – 10-20 years
Limited premium of 5 years – 10-20 years
Limited premium of 10 years – 11-30 years
Regular premium - 10-30 years
|Premium paying options||Single Pay, Regular pay or limited pay|
|Premium Paying term||Regular pay – equal to plan term
Limited pay – 5, 10 years
Single Pay - once
|Annual premium amount||Premium payment term 5 years or single premium– Rs.1 lakh
Premium payment term 10 years or regular pay – Rs.24,000
Premium payment term 5 years for Online plans – Rs.30,000
|Sum Assured||Limited or regular premium - higher of 10 times the annual premium or 0.5*term*annual premium
Single Premium – 1.25 times the single premium
In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.