One of the foremost life insurers in India, PNB MetLife is a collaboration between MetLife International Holdings Inc., Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited and other private investors. PNB MetLife has been a well-known name in the insurance industry since 2001. PNB, one of India’s oldest nationalised banks, came together with MetLife, an international life insurer, to form PNB MetLife. The company has a presence in 117 locations in India with a customer base of 206 million and has been listed among the ‘Top 10 trusted Life Insurers of India’.
"PNB MetLife Mera Term Plan is a non-linked, non-participating term insurance plan."
Life is too unpredictable. To secure your family's comfort and dreams in your absence, PNB MetLife Mera Term Plan is highly recommended. It is a tailor-made protection plan that gives you the flexibility to select from four sum assured payout options. Not only this, PNB MetLife Mera Term Plan would offer coverage to your spouse in the same existing term plan. This is an online pocket-friendly plan.
Features of PNB MetLife Mera Term Plan
The features of the PNB MetLife Mera Term Plan are mentioned below:
Complete coverage for your entire life till the age of 99 years of the life insured.
Joint life coverage is available under this plan with your spouse.
There is an option to get your premiums at the end of the policy tenure on survival.
Child Education Benefit is also available in this plan.
Offers financial security to your loved ones in your absence.
Offers 4 sum assured pay out options to select from either full lump sum payout, payout as lump sum + Regular monthly income, Payout as lump sum + Increasing Monthly. Income and Payout as Lump sum + Regular Monthly Income till your child turns 21.
Offers you the flexibility to choose your term plan between 10 to 81 years (40 years for joint life cover).
Offers tax benefits under the Section 80C and 10(10 D) under the Income Tax Act.
Offers coverage to your spouse in the same plan.
Offers riders like accidental death benefit rider, accident disability benefit rider, critical illness rider and serious illness rider, at very affordable rates to enhance your base term plan.
Eligibility Criteria of PNB MetLife Mera Term Plan
The eligibility criteria for buying the PNB MetLife Mera term plan is mentioned below:
Entry Age
Minimum - 18 years
Maximum – 65 years
Policy Term Age
Minimum - 10 years
Maximum - 81 years 40 years (only Joint Life Cover)
Maturity Age
Minimum - 28 years
Maximum - 99 years 75 years (only Joint Life Cover)
Premium Payment Frequency
Annual and monthly
Annual and monthly
Min Basic Sum Assured
Rs.10 lakh
Rs.50 Crores
Payout Options offered by PNB MetLife Mera Term Plan
PNB MetLife Mera Term Plan offers four sum assured pay out options to select from either full lump sum payout, payout as lump sum + Regular monthly income, Payout as lump sum + Increasing Monthly Income and Payout as Lump sum + Regular Monthly Income till your child turns 21. The details are mentioned below:
Full lump sum payout: Offers your nominee the basic sum assured in lump sum as specified in the policy schedule in case of an uncertainty.
Lump sum + Regular Monthly Income Plan: Offers the nominee 50% of the basic sum assured in a lump sum form and the balance amount in level monthly installments for 10 years in case if an uncertainty.
Lump sum + Increasing Monthly Income: Offers the nominee 50% of the basic sum assured in a lump sum amount and an increasing monthly income for next 10 years @12% per annum.
Lump sum + Regular Monthly Income till child turns 21: This option shall only be available to policyholders with child age less than or equal to 15 years.
Offers lump sum payout equal to 50% of sum assured in the event of a claim plus regular monthly income till your child turns 21 years.
Riders offered by PNB MetLife Mera Term Plan
MetLife Critical Illness Rider
This plan offers a lump sum amount equivalent to the sum insured, in case the life insured survives for 30 days after getting diagnosed with any of the 2 critical illnesses mentioned in the policy document First Heart Attack – Of Specified Severity or Cancer of Specified Severity.
Once the rider sum assured is paid or the completion of the rider policy term which ever happens earlier, the rider automatically would terminate.
Offers additional protection against cancer and heart attack.
Offers protection with additional cover under the base insurance policy.
Offers flexibility to choose sum assured to meet different needs.
Offers payouts of the critical illness sum assured on the first diagnosis of any critical illness.
MetLife Accidental Death Benefit
The features of this plan are mentioned below:
The minimum entry age is 18 years and maximum entry age is 65 years.
The maturity age is 70 years.
The policy term is 5 – 30 years.
In case of death due to an accident an additional amount is paid to the nominee.
Offers affordable premium at a very nominal rate.
Offers additional protection to coverage under the base policy.
Offers flexibility to choose the term of the rider and sum assured to meet different needs.
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
MetLife Accidental Disability Benefit Rider
The features of this plan are mentioned below:
The minimum entry age is 18 years and maximum entry age is 65 years.
The maturity age is 75 years.
The policy term is 10 – 40 years.
Offers affordable premium at a very nominal rate.
Offers flexibility to choose sum assured to meet different needs in life.
Offers flexibility to opt for this rider during the policy issuance or the policy anniversary under the base plan.
Offers the chosen accidental disability benefit, if the life insured meets with an accident resulting into impairments arising within 180 days from the date of the accident.
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
MetLife Serious Illness Rider
The features of this plan are mentioned below:
The minimum entry age is 18 years and maximum entry age is 65 years.
The maturity age is 70 years.
The policy term is 5 – 30 years.
Offers affordable premium at a very nominal rate.
Offers flexibility to choose the term of the rider and sum assured to meet different needs.
Offers protection by providing additional health cover under the base policy.
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
Other Details of PNB MetLife Mera Term Plan
Surrender Value
This plan doesn't offer any surrender value
Grace Period
15 or 30 days in case of premium payment frequency is monthly or yearly, respectively.
Tax Benefits
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
PNB MetLife Mera Term Plan Exclusions
A term plan doesn't cover anything and everything. The exclusion list under the PNB MetLife Mera Term Plan is mentioned below. The claims would not be admitted under the below exclusions:
Suicide- If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.
PNB MetLife Mera Term Plan Review
PNB MetLife Mera Term Insurance offers a wide-ranging term coverage that takes care of your overheads associated with liabilities and offers you peace of mind by making arrangements for a financially secured life for your loved ones. The variety of riders offered by the term insurance plans would enhance your insurance policies at a very minimal rate. This is the reason PNB MetLife Mera Term Plan is the most recommended product.
