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PNB MetLife Term Plans

People nowadays like to secure the family’s future and buying a term plan is the best solution that provides them the complete protection against the uncertainties and hardships of life. PNB MetLife offers flexible protection plans that provide comprehensive cover for your family.

PNB MetLife has 92.86% as Claim Settlement Ratio (as per IRDAI Annual Report 2014-15).

Following are the term plans being offered by PNB MetLife.

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1. MetLife Mera Term Plan

You always work hard to provide the family with a comfortable and financially independent life, even in your absence. MetLife Mera Term Plan is a pure protection plan offering additional coverage options that ensure financial protection of your loved ones.

Key Features

• Life cover at an affordable cost

• Coverage available up to 75 years of age

• Avail life stage benefit & joint life cover

• Customization of plan by choosing flexible death benefit options

• Premium discount for healthy lifestyle

Benefits

  • Death Benefit
  • Multiple death benefit options to choose from:

    o   Death Benefit Lump Sum Option: In case of death of the life insured, this plan pays the death sum assured as a lump sum.

    o   Death Benefit LumpSum+ Monthly Income Option: In case of death of the life insured, this plan pays 50% of the death sum assured as a lump sum and the balance amount is then paid as level monthly installments for a period of 10 years. The monthly income under this plan is 0.58% of the basic sum assured.

    o   Death Benefit LumpSum+ Increasing Monthly Income Option: In case of death of the life insured, this plan pays 50% of the death sum assured as a lump sum and the balance amount is then paid as increasing monthly installments (@12% per annum at the simple rate of interest) for a period of 10 years. The first year monthly income is 0.39% of the basic sum assured.

    o   Death Benefit LumpSum+ Increasing Monthly Income (Child Education Support) Option: This option is available to policyholders who have a child aged less than or equal to 15 years. In case of death of the life insured, this plan pays 50% of the death sum assured as a lump sum and the balance amount is then paid as equal monthly installments for a period till the nominated child attains 21 years.

    The payouts under this option may vary depend on the base sum assured and the attained age of the child.

  • Additional Protection
  • o   Life Stage Benefit: Under this option, you can get the flexibility to increase the life cover for different life stages such as your marriage, birth of first child, & birth of second child.

    o   Joint Life Cover: Under this option, you have the flexibility to choose for you & your spouse. The cover to your spouse is 50% of the sum assured, subject to a maximum of Rs. 50 lacs.

  • Rider Benefit
  • This plan offers MetLife Accidental Death Benefit Rider Plus, MetLife Accidental Disability Benefit Rider, MetLife Critical Illness Rider and MetLife Serious Illness Rider.

  • Tax Benefit
  • Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 65 years
Age at Maturity - 75 years
Policy Tenure 10 years 40 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly & Annually -
Sum Assured 10 Lacs 10 crores (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -

2. MetLife Family Income Protector Plus

You always make all efforts to provide comfort and happiness to your family. Ensuring protection of your loved ones is always on top priority. PNB MetLife Family Income Protector Plus is a non-linked & non-participating term assurance plan that protects your family against financial uncertainties, in the event of your unfortunate death. Plus, this protection plan also assures you to return the premiums you paid during the policy term if you survive the policy term.

Key Features

• Guaranteed monthly income to your family

• Life cover at a reasonable cost

• 3 simple steps to get a life cover

• Return of premium at the end of the policy term

Benefits

  • Death Benefit
  • In case of demise of the life insured during the policy term, the nominee is entitled to receive the chosen monthly income during the payout period. For the policy term of 10 years, 15 years, & 20 years, the benefit payout period is 240 months, 180 months, & 120 months respectively.

    Here, the death sum assured is higher of 105% of all the premiums paid, 10 times the annualized premium, maturity sum assured, or base sum assured.

  • Maturity Benefit
  • 110% of the total premiums paid is returned back, in case of survival of the insured till the end of the policy term.

  • Surrender Benefit
  • Surrender value is available for a term with return of premium option. You need to pay at least 3 full years’ premiums from commencement of the policy. Surrender value is higher of Guaranteed Surrender Value or Special Surrender Value.

  • Tax Benefit
  • Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 25 years 60 years
Age at Maturity - 75 years
Policy Tenure 10 years 20 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Semi Annually & Annually -
Sum Assured 9.10 Lacs 1.42 crores (subject to underwriting)
Monthly Income Rs 10,000 Rs 1 Lakh
Rider Benefit Not Available -