PNB Mera Jeevan Suraksha Plan
  • Return of Premium Benefit
  • Waiver of Premium
  • Terminal Illness Cover
PNB Metlife Insurance
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PNB Metlife Mera Jeevan Suraksha Plan

PNB Metlife Mera Jeevan Suraksha Plan is designed to provide quality coverage in unforeseen circumstances. The plan not only provides death coverage but also encourages and rewards you for staying fit by providing discounts for non-smokers. Mera Jeevan Suraksha Plan offers a plethora of health benefits and features to insured individuals such as:

  • 100 % Return of Premiums on Survival
  • Inbuilt Terminal Illness Cover
  • Flexible payout options – lump sum or income
  • The choice between level or increasing income benefit
  • Coverage till age 80
  • Cover your spouse in the same plan (Joint Cover)
  • Waiver of Premium on first life’s death
  • Special premium rates for female lives
  • Special premium rates for higher sum assured
  • No limits on the higher sum assured
  • Tax benefits under section 80(C) of the Income Tax Act.

The policy term is a maximum of 40 years and is available as an individual and family floater plan. The minimum entry age for this plan is 18 years, whereas, the maximum entry age is 65 years. The plan offers a 105% terminal illness benefit. Jeevan Suraksha Plan is available in 4 plan variants along with a family protection option to choose the nominee. To understand more about the details of this plan, read the article in detail.

Eligibility Table of Mera Jeevan Suraksha Plan

To buy this plan the policyholder has to fulfil the following eligibility criteria:

Specifications

Minimum

Maximum
Age at entry (Years) 18 65
Age at maturity (Years) 28 80
Policy Term (Years) 10 40 (30, if the ‘Return of Premiums’ option is chosen)
Premium Paying Term (PPT) (Years) Regular pay
Premium Payment modes Yearly / Half-yearly / Monthly*
Annualized Premium (Rs.) 3,885 No limit, subject to the maximum Sum Assured
Basic Sum Assured (Rs.) 25,00,000 No limit, subject to underwriting

Nomination and Assignment: You can nominate a beneficiary or assign the policy as per the provisions of Section 39 and Section 38 of the Insurance Act 1938.

For More Information, download the brochure from:

Plan Option At A Glance

Mera Jeevan Suraksha Plan offers 4 plan options, here are the plan options:

Plan Option

Option Coverage
Option 1  Lump Sum
Option 2 Life Partner
Option 3 Fixed Income
Option 4 Increasing Income

Plan Benefits of PNB Metlife Mera Jeevan Suraksha

The following are some of the perks that Mera Jeevan Suraksha offers that set it apart from other plans:

  • Protection Against Death
    PNB Metlife Mera Jeevan Suraksha the plan provides a lump-sum payout equal to the Sum Assured in case of unfortunate death of the insured.
  • Terminal Illness Benefit
    The plan offers a 105% accelerated death benefit if a person is diagnosed with any terminal illness. This benefit is available for all the plan options.
  • Comprehensive Protection
    The plan offers coverage against two incense challenges of death and terminal illness. This makes the plan robust and all-inclusive plan.
  • Flexibility to Choose: Policy Term
    The policyholder can select from various payment options, including lump-sum payout, life partner coverage, fixed income, or increasing income. Through this, the insured can align their financial situations and the policy payment.
  • Family Protection
    PNB MetLife Mera Jeevan Suraksha Plan offers the option to the policyholder to choose single/multiple nominees and select percentage entitlement to each nominee.
  • Maturity Benefit and Survival Benefit
    When the policyholder outlives the policy term they are eligible for the maturity benefit, in the form of the return premium. The return depends on the option chosen. PNB Jeevan Suraksha Bima offers the payout in the following ways.

    Policy Option

    Scenario

    Maturity Benefit(ROP)
    Option 1 - Lump Sum Survival till maturity 100% of total premiums paid
    Option 2 - Life Partner Survival of both lives till maturity 100% of total premiums paid for both lives
    Death or terminal illness of the First Life, with the survival of the Second Life till maturity 100% of additional premiums paid for the Second Life
    Death or terminal illness of the Second Life, with the survival of the First Life till maturity 100% of total premiums paid for the First Life
    Option 3 - Fixed Income Survival till maturity 100% of total premiums paid
    Option 4 - Increasing Income Survival till maturity 100% of total premiums paid
  • Tax Benefits
    An individual buying this plan is eligible for tax benefits under Section 80(C) of the Income Tax Act.
  • Surrender Value
    If the policyholder has chosen the 'With Return of Premiums' option, at the time of police commencement after a certain number of policy years, he/she is eligible for surrender value. The only condition for obtaining surrender value is that the premiums are paid in full for the first 2 policy years. The plan offers both Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
  • Grace Period
    PNB Metlife Jeevan Suraksha provides a grace period of 30 days (15 days for the monthly mode) for premium payments, ensuring that your policy remains in force even if you miss a payment.

Terms And Conditions for Buying PNB Metlife Jeevan Suraksha

Although the policy norms are very simple, still there are a few points you must consider before buying this plan and they are:

  • Suicide Clause
    The policy offers suicide cover after 12 months from policy issuance or revival.
  • Paid-Up Benefit
    If a policyholder stops paying the premium, the policy will continue but with a reduced sum assured and reduced benefits as a paid-up benefit
  • Policy Loan
    The PNB MetLife Mera Jeevan Suraksha Plan does not provide loans against the policy.

Let's Sum Up

In conclusion, the PNB MetLife Mera Jeevan Suraksha Plan stands as a peer in an unpredictable journey of life. With 4 plan options, ROP and death benefit, it empowers the policyholder to safeguard their family's financial future. This plan not only provides maturity benefits but also offers the flexibility to cater to the various needs of the policyholder. The plan offers coverage for terminal illness and rebate on the higher sum assured. Overall the plan covers all the important areas in which an individual may need an insurance policy to safeguard their loved ones financially in case of their absence.

PNB Metlife Jeevan Suraksha Plan: FAQs

1. What is the freelook period of PNB Metlife Mera Jeevan Suraksha Plan?

The plan offers 15 days of free look period.

2. Does the Mera Jeevan Suraksha Plan have any rider benefits?

No, the plan doesn't have any additional riders.

3. What is the maturity age of the plan?

PNB Metlife Mera Jeevan Suraksha Plan maturity age is 80 years.

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Simran Kaur Vij

Written By: Simran Kaur Vij

Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.

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