PNB MetLife Term Insurance Plans

PNB Metlife Term Plans

PNB Metlife Life Insurance Company offers two types of term plans which have attractive features and benefits.

MetlifeMera Term Plan

An online term insurance plan which provides coverage at affordable costs. The features and benefits of the plan are as follows:

• Premiums under the plan are payable for the entire duration of the plan under the Regular Pay option of premium payment
• The plan is available online thus reducing the unnecessary hassles of buying
• The death benefit can be availed in four options. Under the first option a lump sum benefit equal to the Sum Assured is paid. Under the second option, 50% of the Sum Assured is paid as lump sum immediately on death and the rest is paid in equal monthly instalments @0.58% of the Sum Assured for 10 years.
• Under the third option, 50% of the Sum Assured is paid as lump sum immediately on death and the rest is paid in increasing monthly instalments increasing at a simple rate of 12% per annum for 10 years. The fourth option is available for policyholder’s with a minor child aged less than 15 years. Under the option, 50% of the Sum Assured is paid as lump sum immediately on death and the rest is paid in equal monthly instalments for a period till which the policyholder’s child attains 21 years of age. The rate of payment depends on the age of the child at the time of the insured’s death.
• The plan promises a Life Stage Benefit feature through which the policyholder can purchase another online term plan at important milestones in his life. in case of marriage, an amount up to 50% of the original Sum Assured can be bought subject to a maximum of Rs.50 lakhs and in case of birth of a child, 25% of the base Sum Assured can be bought subject to maximum of Rs.25 lakhs and for a maximum of 2 children. The plans can be bought without undergoing any additional medical examinations
• Another feature is the Joint Life Cover where the policyholder and his spouse can be covered under the same plan with the spouse having 50% of the coverage granted to the policyholder.
• Preferential rates of premiums for non-smokers
• The policyholder can enjoy tax savings in the form of exemptions on premiums paid as per Section 80C and claims received as per Section 10(10D)

Eligibility Details

Metlife Family Income Protector Plus Plan

A term insurance plan which promises monthly payouts after death. The features and benefits of the plan are as follows:

• Premiums under the plan are payable for the entire duration of the plan under the Regular Pay option of premium payment
• In case of death of the insured during the tenure of the plan, the death benefit payable will be higher of 10 times the annual premium or 105% of all premiums paid till death or the Maturity Sum Assured.
• The death benefit is paid as monthly instalments over a period which depends on the plan tenure chosen. For a 10 year plan, the payouts are payable for 240 months, for a 15 year plan the payout is for 180 months and for a 20 year plan, payouts are made for 120 months.
• There are two coverage options under the plan. One is Term Cover where no maturity benefit is payable and the other is Term with Return of Premium cover where in case of maturity, 110% of the total premiums paid are returned back to the policyholder if he survives till maturity.
• The Income Tax Act makes the premiums non-taxable and also the claims non-taxable in the hands of the policyholder.

Eligibility Details

Applying for a Term Plan from the company:

• Online

  The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

• Intermediaries

  Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Term Insurance through PolicyBazaar

• On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
• Click New Quotes to compare
• Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
• Fill in your name, email address, city, country code, and mobile number. Click Continue.
• You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
• You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
• This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

What is the earliest age at which a term plan can be bought?

Most term plans can be bought as soon as the person reaches 18 years of age. So as soon as a person becomes financially independent, which sometimes happens as early as age 21, the person should buy a term plan.

PNB MetLife Term Insurance Plans - FAQ