Life requires adequate financial protection and coverage. Therefore, an effective financial plan with a wide range of flexibility is needed. It is advisable to opt for simpler solutions securing the family's financial future, compared to complex policies containing hidden costs.Read more
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A financial plan with the aim of security, offering riders, provides the most suitable means to secure the family's future against unavoidable calamities. PNB MetLife Mera Term Plan Plus is a protection plan that provides essential coverage with added benefits, thus ensuring financial safety in an affordable manner. It is available in 3 plan variants: Life, Life plus & Life plus Health.
Minimum Tenure -10 years
With Return of Premium option-40 years
Without Return of Premium option:
-For Life & Life Plus: 99-Entry Age
-Life Plus Health: 75 – Entry Age
Premium Paying Term(PPT)
Limited -5/10/15/20/Pay till 60; Minimum is PPT +5 years
Premium Paying Mode
Monthly or annually
18 -60 years; 55 years for 'Pay till 60' Option
With Return of Premium option: 28-75 years
With Return of Premium:
Minimum 28 years and Maximum:
Life & Life Plus Options-99 years
Life plus Health-75 years
30 days (15 days for the monthly payment)
Minimum: Rs 25 lakhs
Maximum-No limit; as per underwriting guidelines
A loan is not available.
The following are the key benefits offered under PNB MetLife Mera Term Plan Plus:
Flexibility– The plan can be customized as per coverage needs. There are multiple premium payment terms, coverage terms and additional Spouse cover and Return of Premium options, along with pay-out options, that cover the insured and the family –
Lump-Sum with monthly income
Lump-Sum with rising income
Lump-Sum with monthly income until the child is aged 21 years (in case of Child Education Support benefit opted)
Long Tenure- The coverage provided lasts until the age of 81 years, with maturity until the maximum age of 99 years. This is an advantage over other policies that typically provide coverage over 40 years.
Death Benefit– Death sum assured will be issued to the family of the insured; this is the death benefit upon the passing of the PNB MetLife Mera Term Plan Plus policy insured. This constitutes either 10 times the annual premium, or 105% of the premium payment made until the death of the policyholder. The death benefit includes the base payment, along with the applicable riders.
Joint Life Cover– A plan taken up jointly will continue for the spouse even upon the death of the insured. The applicable Sum Assured amounts will be calculated as per the policy document. All future premiums will also be waived off, if the life assured suffers from death, permanent or total disability by accident, or suffers from any of the 50 listed Critical Illnesses.
Tax Benefit– Investments under PNB MetLife Mera Term Plan Plus are eligible to be subjected for tax exemptions under the Income Tax Act, 1961.
* Tax benefit is subject to changes in tax laws
The PNB MetLife Mera Term Plan Plus premium can be paid as a Single, Regular or a Limited Premium payment as per the chosen option).
The premium paying terms and frequency is entirely at the discretion of the policyholder.
Premium to be paid is dependent on factors, such as age, policy term and premium payment term, basic Sum assured, smoking habits, and whether Return of Premium option has been chosen or not.
*Standard T&C Apply
Interested individuals can utilize the PNB MetLife Mera Term Plan Plus calculator available on the insurer website to determine the required premium to be paid.
There are various Cover Enhancement Options available to increase the protection cover under the PNB MetLife Mera Term Plan Plus Policy:
In order to buy PNB MetLife Mera Term Plan Plus, the required documents are:
Buying PNB MetLife Mera Term Plan Plus online can be done through the official website of Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited):
Step 1: Provide date of birth, health history, the occurrence of tobacco consumption, etc.
Step 2: Select the payment and frequency for premium, policy term, Sum assured, with benefits and riders.
Step 3: Fill up personal details like occupation, family history, lifestyle, nominee, etc.
Step 4: Make an online payment; the policy will be issued after payment acceptance.
PNB MetLife Mera Term Plan Plus reviews indicate the suicide clause:
In the instance of the suicide of the insured within 12 months of the policy purchase, 80% of the premium payment is redeemed to the nominee or the family as a death benefit. Subsequently, the policy is terminated.
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