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PNB Metlife Mera Term Plan

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.

Key features of the plan

  • Coverage under the plan is provided till 75 years of age.
  • There are 4 options of availing the death benefit. The policyholder can choose any benefit as needed.
  • Life Stage Benefit and Joint Life Cover are additional protection benefits which can be chosen by the policyholder. In case of Life Stage Benefit, the policyholder can buy additional cover without medical examination, when he increases the Sum Assured on marriage or on childbirth. In the Joint Life Cover benefit the spouse can be added to the plan coverage as second life.
  • The plan also provides four different riders to choose from.

How does the plan work?

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:

  • Lump sum on death where the Death Sum Assured is paid in lump sum as death benefit
  • Lump sum + monthly income for 10 years – under this option, 50% of the Death Sum Assured is paid in lump sum and the rest 50% is paid in monthly instalments for 10 years.
  • Lump sum + increasing monthly income for 10 years – under this option, 50% of the Death Sum Assured is paid in lump sum and the rest 50% is paid in monthly instalments for 10 years. The income increases @12% simple interest every year.
  • Lump Sum + monthly income till the child ages 21 years – here 50% of the Death Sum Assured is paid in lump sum and the rest is paid as monthly instalments till the nominated child attains 21 years of age.

Step 3 – the second choice is the additional protection benefit which can be taken. Here, two benefits are available which are as follows:

  • Life Stage Benefit which allows the policyholder to increase the Sum Assured without any medical check-ups. The increase in Sum Assured can be bought on marriage and the birth of two children. The level of enhancing the Sum Assured is as follows:
    On marriage – 50% of the existing Sum Assured subject to a maximum of Rs.50 lakhs
    On birth of 1st child – 25% of the existing Sum Assured subject to a maximum of Rs.25 lakhs
    On birth of 2nd child - 25% of the existing Sum Assured subject to a maximum of Rs.25 lakhs
  • Joint Life Cover which allows coverage of the spouse as well under the same plan. The spouse is covered as the second life. In case of death of first life the Death Sum Assured is paid. Future premiums are waived and the plan continues till the remaining term or death of second life. When the second life dies, the death Sum Assured of the second life is paid again. The policy continues and the first life pays the base premium till death or maturity.

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.

Example

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.

Plan benefits

  • Death benefit - if the insured dies during the plan tenure, Death Sum Assured is paid as per the payout option chosen by the policyholder. The Death Sum Assured is defined as the highest of the following:
    • 10 times the annual premium
    • 105% of total premiums paid till death
    • Base Sum Assured
    • Maturity Benefit – if the chosen plan tenure comes to an end, no benefit is paid under the plan

Eligibility Criteria

  Minimum Maximum
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

What is not covered by the plan?

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.

Premium Illustration

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.

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