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  • MetLife Mera Term Plan

    PNB Metlife Term Plan

    When life throws curve balls at us we need to make difficult choices, and those difficult choices makes life interesting and worth living. Would you like a financial plan that helps you deal with all of life’s difficult choices? With the MetLife Mera Term Plan get a simple solution to provide your loved ones with financial security and protection. At an affordable cost you can protect your financial needs of your loved ones when you’re no longer around. In order to get the MetLife Mera Term Plan you need to be between the age of 18 - 65 years, with the maturity age is 75 years. The minimum sum assured of your policy should be Rs. 10, 00, 000 and doesn’t have a maximum limit set. You should also have the plan set for a tenure of 10 - 40 years. When you buy this plan, you can choose from 4 different options to choose from based on your financial needs.

    The options available for you to choose from are:

    1. Option 1 - Under this option the sum assured will be payable to the nominee as a lump sum amount.
    2. Option 2 - With this option the sum assured will be split between lump sum and monthly income. The lump sum amount will amount to 50% of the sum assured and the remaining 50% will be divided into level monthly amount for the next 10 years.
    3. Option 3 - Under this option the sum assured will be split between lump sum and monthly income. The lump sum amount will amount to 50% of the sum assured and the remaining 50% will be divided into increasing monthly amount for the next 10 years. The increase will be at a rate of 12 % at simple rate of interest.
    4. Option 4 - This option in the plan is best suited for those with kids under the age of 15 years. The sum assured will be split between lump sum and level monthly income. The lump sum amount will amount to 50% of the sum assured and the remaining 50% will be divided into level monthly amount until the child reached 21 years.

    The benefits of choosing the MetLife Mera Term Plan:

    1. You can choose the sum assured payouts with 4 different options, that’ll help your family in your absence.
    2. Your spouse can be added to the plan, so there’s no need to take up a separate plan for your spouse. The premium would increase by about 50% on an average for addition of a spouse to the plan
    3. The plan gives you coverage until the age of 75 years
    4. You can have the lowest premiums for the online term plans
    5. You make your premium payments through all the latest payment gateways and apps apart from the regular payment option such as mobikwik, Paytm, Airtel money etc.

    Let’s take some examples of the plan options and how they work:

    Option 1: Mr. Hayath aged 30 years opts for a plan of 30 years, and a sum assured of Rs. 2 crore. He takes this plan by choosing option 1 as the payment of sum assured. Mr Hayath pays an annual premium towards this plan of Rs. 16, 781. After paying 15 annual premiums Mr. Hayath passes away. As per the options chosen by him, his nominee will get the sum assured of Rs. 2 crore.

    Option 2: Mr. Hayath aged 35 years opts for a plan of 40 years, and a sum assured of Rs. 2 crore. He takes this plan by choosing option 2 as the payment of sum assured in lump sum and monthly income. Mr Hayath pays an annual premium towards this plan of Rs. 15, 750. After paying 20 annual premiums, due to unforeseen circumstances Mr. Hayath passes away. As per the options chosen by him, his nominee will get the sum assured of Rs. 83.6 lakhs as a lump sum, and the remaining will be distributed into monthly income amounting to Rs. 96,600 every month for 10 years (120 months) making the total amount Rs. 1.16 crores.

    Option 3: Mr. Hayath aged 30 years opts for a plan of 40 years, and a sum assured of Rs. 2 crore. He takes this plan by choosing option 3 as the payment of sum assured in lump sum and increasing monthly income. Mr Hayath pays an annual premium towards this plan of Rs. 15, 463. After paying 10 annual premiums, due to unforeseen circumstances Mr. Hayath passes away. As per the options chosen by him, his nominee will get the sum assured of Rs. 81.9 lakhs as a lump sum, and the remaining will be distributed into monthly income amounting to Rs. 63,897 increasing at a 12% simple interest rate for 10 years (120 months) making the total amount Rs. 1.18 crores.

    Option 4: Mr. Hayath aged 30 years opts for a plan of 40 years, and a sum assured of Rs. 2 crore. He takes this plan by choosing option 4 as the payment of sum assured in lump sum and level monthly income until his child is 21 years old. Mr Hayath pays an annual premium towards this plan of Rs. 15, 554. After paying 10 annual premiums, due to unforeseen circumstances Mr. Hayath passes away. As per the options chosen by him, his nominee will get the sum assured of Rs. 80 lakhs as a lump sum, and the remaining will be distributed into monthly income amounting to Rs. 76,874 for 13 years as he’s child will be 21 years of age after the 13th year making it a total 156 installment. The total amount Rs. 1.20 crores.

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