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Overview
PNB MetLife Mera Term Plan Plus is a comprehensive pure protection plan that helps you financially protect your family upon your sudden demise. Under the Life or Life Plus plan option, you can choose a whole life cover up to the age of 99 years. The plan offers three plan options that allow you to select the level of protection:
- Life
- Life Plus
- Life Plus Health
| Plan Options | Death Benefit | Terminal Illness | Waiver of Premium | Accelerated Critical Illness |
|---|---|---|---|---|
| Life | Yes | No | No | No |
| Life Plus | Yes | Yes | Yes | No |
| Life Plus Health | Yes | Yes | Yes | Yes |
Besides the plan options, you can opt for spouse coverage or the return of premium option under each variant. With the spouse coverage benefit, you can get coverage for both husband and wife under a single plan. If you want a maturity benefit, you can add a return of premium option and get back all your premiums paid once you survive till the end of the policy term.
The plan offers different cover enhancement options that allow you to increase the sum assured amount as per increasing responsibilities:
- Step-Up
- Life Stage
- Child Education Support Benefit
Key Benefits of PNB MetLife Mera Term Plan Plus
- Spouse Cover Protection
- Choice of Plan Options
- Return of Premium
- Tax Benefits as per laws
- Cover Enhancement Options
- Protection Against Terminal Illness
- Flexible Premium Payment Term: Choose to pay premiums for a limited period, one time, or throughout the policy term.
- Multiple Payout Options: Receive your payout as a lump sum, monthly income, or a combination of both.
Riders Associated with PNB MetLife Mera Term Plan Plus
You can add the following riders to your PNB MetLife Mera Term Plan Plus:
-
PNB MetLife Serious Illness Rider
Get additional health coverage on top of the base cover in case of a diagnosis of any listed critical illnesses.
-
PNB MetLife Accidental Death Benefit Rider
Get an extra payout on top of the base cover upon your unfortunate death due to an accident.
-
PNB MetLife Accidental Disability Benefit Rider
Get an extra payout on top of the base cover for total and permanent disability due to an accident.
-
PNB MetLife Critical Illness Rider
Get additional coverage if you are diagnosed with a pre-specified critical illness.
Detailed Benefits
Death Benefit
On your sudden demise during the policy term, the sum assured amount as a death benefit shall be payable to the nominee as per the benefit payout option chosen by you. Please note that the death benefit shall not be payable if the terminal illness benefit has previously been paid.
Maturity Benefit (Return of Premiums)
You can opt for the return of premium benefit at policy inception in exchange for additional premiums. Under this option, the maturity benefit equal to the premiums paid till the end of the policy term shall be payable to you. This option comes with a maximum policy term of 40 years or a maturity age of 75 years last birthday, whichever is earlier.
Spouse Coverage
With this option, you can get coverage for both husband and wife under a single plan in exchange for additional premiums. For this benefit, the spouse is known as the "Second Life," and you are referred to as the "First Life."
Step-Up Benefit
The step-up option is available at the time of policy purchase in exchange for additional premiums. It allows you to enhance your basic sum assured amount without undergoing any further medical examination. Once this benefit is chosen, the step-up sum assured is added at every policy anniversary, starting from the first policy anniversary for the next 10 years.
Life Stage Benefit
With this benefit, you can increase your sum assured amount at certain important life stages. You can opt for the life stage sum assured without having to undergo any further medical examination.
Child Education Support Benefit
With the Child Education Support Benefit, you can increase the sum assured amount to save for your child's education. It is only available at policy inception in exchange for additional premiums. The sum assured is equal to the outstanding cost of education and is reduced at each policy anniversary.
Exclusions
- Death due to a pandemic is not covered by the company.
- Death caused by any type of adventure sports.
- Death by consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned at the start of the policy.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, then no death benefits are paid to their nominee.
