A Term Insurance Plan offers life cover to the insured person for a fixed period of time. If the insured person passes away during this time period, the total sum assured is payable to the nominee. Hence, a Term Life Insurance Plan secures the safety and well-being of your family in your absence.
With that said, let’s chalk out the features and benefits of PNB MetLife Mera Term Plan.
PNB MetLife Mera Term Plan is a cost-effective way to secure the future of your family. If you opt for this plan, you can choose from four different payout options. That’s just cool and convenient! Let’s begin by looking at the basic eligibility criteria to get this Insurance Plan.
|Maturity Age||75 years|
|Minimum Sum Assured||Rs. 10,00,000|
|Maximum Sum Assured||No maximum limit|
|Tenure||10 – 40 years|
|Premium Payment Term||Tenure time|
Are you thinking, “The eligibility criteria is not that tough. I can crack it”? Well, we think so too. Hence, you should give this plan a shot. To help you with your decision, here are the benefits of the PNB MetLife Mera Term Plan.
- You can choose from four payout options (we’ll elaborate on this in the following sections). Anticipate the need of your family and plan accordingly.
- Boost your premium by 50 percent by adding your spouse to the plan. No more hassle of looking for a different one for your spouse.
- Guess what? You are covered till the age of 75 years.
- Making an online payment will be no trouble either. They are friends with almost every payment gateway and payment app.
Here are some of the riders you can add to your policy to customise it to your needs:
Accidental Death Cover: Minimum rider sum assured is Rs. 1.5 lakh (Rs. 5 lakh online). Maximum sum assured is Rs. 1 Cr (Rs. 2 Cr online).
Accidental Disability cover: You can claim this benefit if you meet with an accident during the policy tenure and suffer any of the disabilities covered by the rider within 180 days of the accident. This benefit is applicable even when the accident happens during the policy term and the disability sets in after the policy tenure (provided it fits the 180-days clause).
Cancer and Heart Attack Cover: Healthcare costs are skyrocketing. God forbid you should find yourself battling cancer or a heart attack; this rider is there to support you. The minimum sum assured is Rs. 5 lakh and the maximum is Rs. 50 lakh. The sum assured will be payable upon the first diagnosis of either of the illnesses (of specified severity), subject to certain conditions.
10 Serious Illness Cover: This rider is like an additional shield to protect your health. The minimum sum assured under this option is Rs. 50,000 (Rs. 5 lakh online), and maximum sum assured is Rs. 50 lakh.
No matter which option you choose, you can make single, yearly, half-yearly, quarterly or monthly payments. It’s up to you.
Joint-Life Benefit: Secure the future of your better half even in your absence. Under this option, life cover for your partner will continue even in your absence. Additionally, all future premiums for your partner’s cover will be waived. However, this option is available only if the sum assured is more than Rs. 50 lakh. The sum assured for your parents will be 50 percent of the total with a cap of Rs. 50 lakh, and Rs. 25 lakh if your spouse is a homemaker.
Life Stage Protection Feature: This is a nifty feature which allows you to up your Insurance Cover alongside events in your life like marriage, birth of your child etc. This gives you the flexibility to start small and build as and when needs arise.
What Are The Payout Options?
A payout option is how you would like the insurance company to pay the sum assured to your nominee(s) in your absence – in bulk or in chunks? Let’s look at the four options available for PNB MetLife Mera Term Plan. It just keeps getting better.
Option 1: The sum assured will be handed over to your nominee(s) in bulk. All the assured amount given in one shot. Simple as that!
Option 2: 50 percent of the sum assured will be given in bulk and the remaining 50 percent will be broken into equal monthly amounts over a span of 10 years. The bulk portion will ensure that your family has enough to meet big expenditures, while the monthly sums will place a cap on any reckless spending.
Option 3: This is very similar to the second option. Your nominee is given 50 percent of the assured sum in bulk, and the remaining 50 percent is given monthly in increasing amounts over the next 10 years. Now this is a smart way to keep up with inflation and the rising costs of everything under the sun. The monthly payouts will increase at the rate of 12 percent at simple rates of interest.
Option 4: This option is designed keeping in the mind the minor status of the nominee in case of the death of the person insured. If the nominee is under the age of 15, he or she will be given 50 percent of the sum assured in a lump sum, and the balance will be broken into equal monthly payouts to cover the child till he or she is 21 years old.
What is the claim time period?
According to the company website, all claims will be settled within 30 days after the submission of the last document, provided there is no investigation in order. If an investigation is to be conducted, it will take six months from the date of intimation.
Yes, there are tax benefits. You are eligible for tax benefits under Section 80C & 10(10D) of the Income Tax Act.
Additional Reading: Top 5 Online Term Plans In India
Indeed, a very well laid out Term Life Insurance Plan with benefits galore!