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  • PNB MetLife Term Insurance

    PNB Metlife Term Plan

    PNB MetLife Term Plan is a pure protection plan with a range of additional coverage options to protect financial future of loved ones. The policies in this plan have been designed to address the policyholder’s protection requirements at an affordable cost.

    Types of PNB MetLife Term Plans:

    Different policies under PNB MetLife Term Plan are mentioned below:

    1. MetLife Mera Term Plan
    2. MetLife Family Income Protector Plus
    3. MetLife Grameen Ashray
    MetLife Mera Term Plan

    An online pure term plan from Max Life Insurance, this plan is available for purchase through the company’s official portal and has three variants. Its basic features are as follows –

    Parameters

    Minimum

    Maximum

    Age at entry (years)

    18

    65

    Age at maturity (years)

    -

    75

    Policy term (years)

    10

    40

    Premium payment term

    Equal to policy term

    Sum assured

    Rs 100,000

    No limit

    Premium payment mode

    Yearly or single premium

    MetLife Family Income Protector Plus

    This term plan offers policyholders the maturity benefit of getting 110% of the premiums back once the policy matures and a death benefit of a monthly income for the beneficiary. The monthly income benefits range from Rs. 10,000 to Rs. 100,000.

    Parameters

    Minimum

    Maximum

    Age at entry (years)

    25

    60

    Age at maturity (years)

    75

    Policy term (years)

    10

    20

    Premium payment term

    Equal to policy term

    Premium (Term)

    Rs 3,055 for 10 years

    Rs 2,520 for 20 years

    Rs 1,26,160 for 10 years

    Rs 83,450 for 20 years

    Premium (TRoP)

    Rs 24,137 for 10 years

    Rs 6,29,670 for 20 years

    Rs 1,26,160 for 10 years

    Rs 1.85,800 for 20 years

    Sum assured

    10 years: Rs 14.20 lakhs

    20 years: Rs 9.10 lakhs

    10 years: Rs 1.42 crores

    20 years: Rs 0.95 crores

    Premium payment mode

    Yearly, half-yearly, monthly, and PSP modes

    MetLife Grameen Ashray

    A simplified short-term protection plan that offers cover for the policyholder and his family, at a budget-friendly cost.

    Parameters

    Minimum

    Maximum

    Age at entry (years)

    18

    55

    Age at maturity (years)

    28

    75

    Policy term (years)

    5

    35

    Premium payment term

    Equal to policy term

    Premium

    Rs 314 for SP

    Rs 60 for RP

    No limit

    Sum assured

    Rs 5,000

    Rs 50,000

    Premium payment mode

    Yearly or single premium

    Key Features of PNB MetLife Term Plan:

    • Higher insurance protection at economical rates

    • Offers life cover benefit

    • Lump sum payment on death of policyholder

    • Using life stage benefit, policyholder can buy additional online term policy, as per prevailing age without any medical examination.

    • Offers joint life cover, where the policyholder and spouse are covered.

    Example of PNB MetLife Term Plan

    Mr. Gupta, aged 30 years opts for family protection cover worth Rs 2 crore for 40 years. He pays an annual premium of Rs 16,781. After 10 premiums, Mr. Gupta meets with an accident and passes away. As per the lump sum benefit option, his beneficiary will receive the entire amount of Rs 2 crore.

    PNB MetLife Term Plan FAQs:

    1. Q.What benefits will I receive with a term plan?

    A.The family’s safety and security is of utmost importance to you. We understand that. In a term plan, policy benefits are given to the nominees chosen by the life assured in case of an insured event. MetLife Mera Term Plan offers four benefit payout options to ensure that your family is secured financially as you would always like them to be.

    1. Q. When is the right time to buy insurance?

    A.While most people do realise the importance of buying life insurance, many are unsure when to buy one. With increasing age, cost of insurance increases. Hence, it is a good time to invest in one at a young age, maybe with savings your first earnings.

    1. Q. What is an ideal insurance cover?

    A.Having an ideal insurance cover is always a good idea. As a thumb rule, a pure term should be bought in the range of 10-25 times the annual income of the life insured. This helps negate unforeseen liabilities and future inflation.

    1. Q. Till when do you need to cover? What should be an ideal policy term?

    A.You should look at the maximum duration available to you and lock in a low premium by taking this policy as early as possible.

    1. Q. Will I have to undergo a medical test?

    A.Depending on the sum assured that you opt for, you may require to undergo some medical tests. The medical tests are conducted at your home as per your convenience & availability. For some tests you may need to visit a diagnostic centre nearby.

    1. Q. What medical tests will I go through before getting the policy issued?

    A.Standard medical tests include an FMR (Full medical report), an ECG and a routine blood sample test.

    1. Q. What documents do I need to submit?

    A.Standard KYC documents, proof of income & any specific documents requested by the company.

    1. Q. How much amount will my nominee get at the time of claim?

    A.Death sum assured is defined as higher of 10 times the additional premium or 105% of all additional premiums paid for as on the date of death or Sum Assured chosen at the time of buying this plan. If, you have also opted for rider benefits then that would be paid as per the policy plan. If you have opted for any of the monthly income benefit options, then pay-out will be done accordingly.

    1. Q. Can an NRI buy this plan?

    A.Yes, an NRI can apply for this plan subject to underwriting policy of the company.

    1. Q. Will my policy lapse if I miss to pay a premium or if there is a delay in payment?

    A.No, the policy will not immediately lapse if you fail/forget to pay a premium. A grace period will be extended to the policyholder in order to make a premium payment.

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