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PNB MetLife’s Mera Term Plan is a term insurance plan where a high coverage is provided at low costs. The plan comes with four different types of options and the policyholder can choose any option as per requirement. The benefit payable under the plan depends on the option selected. Moreover, the plan also has optional covers for increasing the Sum Assured and also for adding the spouse under the same policy. Thus, Mera Term Plan provides a comprehensive coverage with customizable options.
Step 1 – the policyholder chooses the Sum Assured and then chooses the type of coverage required.
Step 2 – the first choice is the type of payout required. There are 4 options available which are as follows:
Step 3 – the second choice is the additional protection benefit which can be taken. Here, two benefits are available which are as follows:
Step 4 – the term of the plan and the premium payment frequency is then decided by the policyholder.
Step 5 – on death of the life insured, the Death Sum Assured is paid according to the payout option chosen.
Step 6 – on maturity, however, no benefit is payable.
Arun, a non-smoking male aged 40 years, opts for Mera Term Plan for 30 years for a Sum Assured of Rs.30 lakhs.
Option 1 – Arun chooses the first payout option of lump sum payment on death. The premium would be Rs.8726 and Rs.30 lakhs would be paid if Arun dies during the plan term.
Option 2 – Arun chooses the second payout option of lump sum + monthly payouts. The premium is Rs.7410. Rs.12, 54, 181 would be paid in lump sum on death and Rs.14, 548 would be paid as monthly instalments for 10 years.
Option 3 – Arun chooses the third payout option of lump sum + increasing monthly income. The premium is Rs.9772. The lump sum death benefit is Rs.12, 28, 783 and Rs.9585 would be paid as monthly incomes which would increase annually by 12%.
Option 4 – the fourth payout option is chosen by Arun of lump sum + monthly payout till child attains 21 years. He has a 5 year old boy. The premium is Rs.9085. Rs.11, 48, 194 is paid on death and Rs.9645 is paid every month for 16 years till the child attains 21 years of age.
Option 5 – on maturity, no benefit is paid.
Option 6 – if Arun chooses the Life Stage benefit, he can increase the Sum Assured by Rs.15 lakhs in case of marriage and by Rs.7.5 lakhs on the birth of two children each.
|Age at entry (in completed years)||18 years||65 years|
|Age at maturity (in completed years)||NA||75 years|
|Term of the plan||10 years||40 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||For any payout option – Rs.10 lakhs
For Joint Life Cover and Life Stage Protection – Rs.25 lakhs
|For any payout option – Rs.500 crores
For Joint Life Cover and Life Stage Protection – Rs.50 lakhs
If the life insured or the spouse (second life) dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded. If, on the other hand, suicide is committed within a year of policy revival, higher of the surrender value or 80% of the premiums paid are refunded.
Below are the sample rates of premium (inclusive of taxes) payable by a non-tobacco user male at different ages for different levels of Sum Assured for all four plan options. The plan tenure is taken to be 30 years and the premium is paid annually. For the fourth payout option, the age of the child is assumed to be 7 years.