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PNB Mera Term Plan Brochure

PNB Metlife has been in the insurance sector for two decades now. They’ve helped over 80 million people secure their family’s financial umbrellas in the event of dismay. With a choice of over 45 policies, PNB Metlife has an excellent bouquet of insurances on offer. As one cannot foresee the oncoming disaster, it's advisable to purchase life insurance at the earliest stage in life.

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Note: Know more about what is term insurance first before reading this article.

With an effective Claim Settlement Ratio of 97.18%, it is amongst the very few companies to provide a high rate of settlements to the customers. The PNB Mera Term Plan Brochure lays down the various plans, their payment options, features, and the process of obtaining a policy for oneself or a family member.

one crore term plan

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

@ Starting from ₹ 8/day+


Life Cover

@ Starting from ₹ 12/day+

Eligibility Criteria of PNB Mera Term Plan

Apart from graduates, students just above 18 years have begun working part-time at various stores around the country. One cannot be sure of the events that may arise in the future. Assuming that the student’s family is dependent on his wages, he must plan his future accordingly. To provide monetary relief to the family in the event of his demise, he could opt for life insurance. PNB Mera Term Plan is one such policy that he could benefit from.

PNB Mera Term Plan Brochure describes:

  • The minimum entry age for a person is 18 years. 
  • The maximum entry age is 65 years. 
  • The tenure of the policy will be 99 years, provided the customer has not opted for the Joint Life Cover rider. 
  • In case the Joint Life Cover rider is sought by the customer, the plan will mature as and when both the Primary and Secondary Life turn 75 years old. 
  • The term of the policy could be anywhere between 10 years to 81 years based on the options a customer chooses. 
  • Along with the base plan, a person can add rider benefits by purchasing any of the four or all four riders.

The following table encapsulates all the options and relevant information from the PNB Mera Term Plan Brochure:

Policy Features

Plans and Payout Options


Lump-sum + Monthly Income for 10 years

Lump-sum + Increasing Monthly Income for 10 years

Lump-sum + Monthly Income Till a Child Ages 21

Minimum Entry Age

18 years

18 years

18 years

18 years

Maximum Entry Age

65 years

65 years

65 years

65 years

Maximum Term of Policy

99 years*

99 years*

99 years*

99 years*

Premium Payment Mode

Monthly and Yearly

Term of Premium Payment

10 Pay and Regular Pay

Minimum Sum Assured (Rs)

10 Lakh

Maximum Sum Assured (Rs)

50 Crore

*Under Joint Life Cover rider, the policy shall mature as and when the policyholder and the secondary life turn 75 years

Salient Features of PNB Mera Term Plan

Features of all the payout options remain the same, with only a slight difference when compared to one another. All the rider benefits promise varying degrees of benefits over the base policy. All the details of each payout and the benefits are very well outlined in the PNB Mera Term Plan Brochure. All the prominent features in the PNB Mera Term Plan Brochure and listed below:

  • A long policy term of up to 99 years for all the eligible customers
  • With Joint Life Cover rider, the policyholder and the spouse can both benefit from the policy until they turn 75 years 
  • Four payout options; Option 1: Lump sum, Option 2: Lump sum + Monthly Income for 10 years, Option 3: Lump sum + Increasing Monthly Income for 10 Years, Option 4: Lump sum + Monthly Income until the child ages 21 years 
  • With the lump-sum payout option, the Sum Assured is paid out to the nominee as a one-time payment 
  • With lump-sum + monthly income for 10 years, 50% of the Sum Assured is paid out as a one-time payment and 0.58% of base Sum Assured for the next 10 years 
  • With lump-sum + increasing monthly income for 10 years, 50% of the Sum Assured is paid out as a one-time payment, and for the upcoming years, an increment of 12% per annum is provided. For the first year, the monthly income will be 0.39% of the Base Sum Assured. 
  • The fourth option, lump-sum + monthly income, till the time a child ages 21, the child must be 15 years old or younger. The death benefit is paid as 50% of the Sum Assured as a one-time payment, the outstanding benefit will be calculated as per the child's age, and a monthly income is then paid out accordingly.
  • Before the inception of the policy, a customer can apply for a Life Stage Event rider, which provides benefits on three different stages in life.
  • Under the Life Stage Event clause, if the policyholder marries, the Sum Assured increases by 50% of the Base Sum Assured.
  • An increment of 25% base Sum Assured is applicable on the birth of the first child of the policyholder, and a maximum Sum Assured being 25 lakh
  • In the event of childbirth of the second child, an increment of 25% base Sum Assured is applicable, with a maximum of Sum Assured being 25 lakh
  • Minimum Sum Assured upon the death of the policyholder for the base plan is Rs 10 Lakh
  • Maximum Sum Assured upon the death of the life insured for the base plan is Rs 50 Crore
  • Minimum Sum Assured for the rider protection such as Joint Life Cover and Life Stage Protection is Rs 25 Lakh
  • Maximum Sum Assured for the rider protection for Joint Life Cover and Life Stage Protection is Rs 50 Lakh
  • Claim settlement within 3 hours of making settlement claim
  • Lower premium rates for people with a tobacco-free lifestyle

Benefits of PNB Mera Term Insurance Policy 

One of the defining features is that the PNB Mera Term Plan can be tailored to an individual's needs, as described in the PNB Mera Term Plan Brochure. Other key benefits are flexibility, affordability, and long tenure, lower rates for non-smokers, riders, spouse cover, increasing coverage option, and tax benefits.

Here are the benefits of this plan:

  • Death benefit: In case of the death of the policyholder, the nominee will get the Sum assured, provided the policy is active. The Term Plan offers four types of death benefits:
    • Lump-Sum option
    •  Family Income option 
    •  Increasing Family Income option
    • Child benefits option.
  • Joint Life Coverage: Under the plan, the policyholder’s spouse also gets covered up to 50% of the Sum Assured opted by the policyholder. This is limited to a maximum of Rs. 50 lakhs.
  • Life Stage benefit: The policyholder can increase the Sum assured under specific  situations as the plan offers a life stage benefit when: 
    • Marriage: An increase in payout equal to 50% of the Sum assured. This is capped to a maximum of Rs.50 lakh.
    • Birth of First Child: An increase in payout equal to 25% of the Sum assured. This is capped to a maximum of Rs.25 lakh.
    • Birth of Second child: An increase in payout equal to 25% of the original Sum Assured. This is capped to a maximum of Rs.25 lakh.

This option is not applicable for a joint cover.

Tax benefits: The plan also provides tax benefits under Section 10(10D) and 80C under the Income Tax Act. The tax benefit is subject to changes in tax laws."

The Process to Purchase the Plan

The policy can be purchased in a few easy steps as suggested by the PNB Mera Term Plan Brochure. The policy could be bought in a conventional way by visiting a branch closest to the customer or visiting the company’s website and performing the following steps. In 5 steps, one can easily purchase the policy.

Follow the below-mentioned steps to purchase the policy:

Step 1: Visit the insurer’s website and browse through the plans, select PNB Mera Term Plan.

Step 2: Customize the plan as per your needs by selecting the term of the plan, payout options, etc.

Step 3: Fill in your age, smoking status, gender, etc. and generate a premium for your selected term.

Step 4: Add further details such as your medical history, nominee details, your lifestyle, etc.

Step 5: Submit the form, pay your payment, and upon acceptance of your form, the policy will be sent to the registered email address and could be viewed on the web portal.

Documents Required to buy PNB Mera Term Plan

Listed below are a few documents as described in the PNB Mera Term Plan Brochure.

  • Income Tax Returns slip
  • Bank Statements from the past six months
  • Proof of residence
  • Identity proof
  • Income proof
  • Form 16 for the purpose of verification of customer’s income

Additional Features

The benefits of the rider protections over the base plan are comprehensively described in the PNB Mera Term Plan Brochure amongst other benefits and are as follows: 

➢   The Sum Assured with the Accidental Death Benefit rider is Rs 5 Lakh to Rs 2 Crore.

➢   Accidental Disability Benefit rider offers a minimum and maximum Sum Assured of Rs 5 Lakh and 2 Crore, respectively

➢   Serious Illness Cover rider provides a minimum and maximum Sum Assured of Rs 5 Lakh and Rs 50 Lakh respectively

➢   The same are the benefits for Critical Illness Cover rider as that of Serious Illness Cover rider though both of them are independent riders

➢   Customers can pay premiums on a monthly or yearly basis

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Terms and Conditions

Before purchasing the policy, a customer must agree to the following terms and conditions as detailed in the PNB Mera Term Plan Brochure, and they are as follows:

  • Surrender Clause: A customer may surrender the policy at any point during the term of the policy, but upon surrendering the policy, the customer shall not receive the surrender benefit.
  • Free Look Period: A customer can avail of the free look period for 30 days from the date of reception of the policy documents for the purpose of reviewing them. Under any terms, if the customer does not agree with the terms and conditions, he/she can return the policy stating their reasons for the objection, and the premiums paid to the insurer will be refunded. Any charges paid for a medical examination (if any) and stamp duty charges are levied and cannot be refunded.
  • Loan Facility: No loan facility is available for this policy.
  • Revival of the Policy: From the date of the first unpaid premium to a maximum of 5 years henceforth, a customer can revive the term plan under the pretext that they provide proof of continued insurability of the policyholder. The policyholder must also comply with paying 9% per annum in late fees for the revival of the policy. The company can change the interest rate without notifying the customer with approval from the IRDAI.

Key Exclusions

  • Suicide Clause: If the life insured commits suicide within 12 months since the commencement of the policy or from the revival of the policy, the beneficiary or the nominee shall receive a refund of 80% of the total premiums paid to the insurer. The insurer is not obligated to pay any interest under this clause.
  • DUI Clause: If the life insured meets with an accident resulting in his/her death under the influence of narcotics or alcohol, the claim shall be rejected immediately. The rejection shall be as applicable under the Driving under Influence clause.
  • Self-inflicted Injury: If the policyholder dies due to any self-inflicted wounds or by actively participating in any hazardous activity, the claim shall be immediately rejected.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


  • Q1. What is the PNB Mera Term Plan?

    A1. The PNB Mera Term Plan Brochure states that it is a pure-protection insurance plan that pays out a pre-decided amount on the demise of the insured. These plans do not provide maturity benefits, and the plan ceases to exist in case the insured outlives policy tenure unless renewed.
  • Q2. When can a policy lapse?

    A2. Under any fraudulent representation and claiming of the benefits of the policy, the person found guilty will be prosecuted as per the Indian Penal Law, and the policy shall terminate. In the event of unpaid premiums even after the grace period, the policy shall lapse.
  • Q3. What happens if someone becomes an NRI after purchasing a PNB MetLife Mera Term Plan?

    A3. As per the brochure, there exist no restrictions on investment by NRIs and would not affect the guaranteed benefits. Moreover, since online term plans do not require any tests, NRIs can easily invest in the PNB MetLife Mera Term Plan.
  • Q4. Will the premium change during the tenure of the policy?

    A4. Generally, the premium does not change for the tenure of the policy, but if the term plan is renewed after the original term expiration, a higher premium may have to be paid.
  • Q5. Is it secure to buy the PNB MetLife Mera Term Plan online?

    A5. Online term plans provide convenience and affordability and are safe to buy, but one should always check the credibility and the claim settlement ratio of the insurers' online term plan.
  • Q6. Does policy cost more if a person smokes?

    A6.Smokers are high-risk individuals since smoking is injurious to health and can also cause death and hence, premiums for them are 50%-100% higher than regular policyholders with similar coverage.
  • Q7. How will I receive the claim amount for my policy?

    A7. After intimating the insurance company and submission of all documents, the insurer will process the documents and settle the claim generally within 7 days from document submission through a cheque.
  • Q8. Can my claim be rejected?

    A8. Reasons why the claim can be rejected:
    • Incorrect information was provided during the purchase of the term plan.
    • Concealing critical information like smoking and drinking habits along with details of existing policies
    • Not updating the nominee details
    • Lapsing of the policy due to non-payment of premiums
    • Not disclosing the medical history
  • Q9. How many diseases are covered under the Serious Illness Cover?

    A9. Serious Illness Cover rider provides protection against 10 selected diseases.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
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