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PNB MetLife Mera Jeevan Suraksha Plan

PNB MetLife Mera Jeevan Suraksha Plan is an individual, non-linked, non-participating, pure risk premium, life insurance plan offered by PNB MetLife India Insurance Company Limited (PNB MetLife). This plan offers two payout solutions - regular income or a lump sum payout to secure your family in case of your unfortunate demise. In addition, you have the option to choose return of premiums on survival till the end of the policy term. PNB MetLife is one of the leading life insurance companies in India. The company has been present in India since 2001.

PNB MetLife is present in 107 locations across the country with access to over 100 million customers in more than 11,000 locations through its strong bank partnerships with PNB, JKB, KBL and other bank partners.

Note: All information has been sourced from the official website of PNB MetLife.

Features of Mera Jeevan Suraksha Plan

The key features of this plan are:

  • Comprehensive protection with inbuilt terminal illness cover
  • Option to select either lump sum or income payout
  • Option to protect your spouse in the same plan
  • Return of Premium on maturity
  • Option to select single/multiple nominees

Benefits of Mera Jeevan Suraksha Plan

The key benefits of this plan are:

Death or Terminal Illness Benefit - This is payable according to the benefit option chosen by policyholder at inception.

  1. Option 1 - Lump Sum: The lump sum is payable immediately on the first occurrence of Death or diagnosis of Terminal Illness of the life assured during the policy term. This lump sum amount is equal to Sum Assured on Death.

  2. Option 2 - Life Partner: Both the Policyholder (the first life) and his/her spouse (the second life) are covered. The lump sum is payable immediately on the first occurrence of Death or diagnosis of Terminal Illness of the first life during the policy term. The cover to the Second life shall be equal to 50% of the lump sum amount chosen for the first life, subject to a maximum of Rs. 1 Crore.

On first occurrence of death or diagnosis of terminal illness for the first life
  • Sum Assured on Death in respect of first life is payable as a lump sum
  • The policy continues with future premium being waived
  • On subsequent occurrence of death or diagnosis of terminal illness of the Second life, the Sum Assured on Death in respect of Second Life is paid
  • On first occurrence of death or diagnosis of terminal illness for the second life preceding the first life
  • Sum Assured on Death in respect of second life is payable as a lump sum
  • The policy shall continue with reduced premiums with respect to First life
  • On subsequent occurrence of death or diagnosis of terminal illness of the first life, the Sum Assured on Death in respect of first Life is paid
  • On first occurrence of death or diagnosis of terminal illness of both the lives simultaneously● Sum Assured on Death in respect of both the first life and the second life will be paid as lump sum
    1. Option 3 - Fixed Income: On first occurrence of Death or diagnosis of Terminal Illness, Sum Assured on Death is payable. The Sum Assured on Death is equal to lump sum amount (equal to 100 times of Monthly Income chosen at the time of inception) payable immediately plus Fixed Monthly Income payable over 10 years (120 months) in installments, where the first installment of monthly income will be payable one month from the date of death of the life assured.

    2. Option 4 - Increasing Income: On first occurrence of Death or diagnosis of Terminal Illness, Sum Assured on Death shall be payable. Sum Assured on Death is equal to lump sum amount (equal to 100 times of Monthly Income chosen at the time of inception) payable immediately plus increasing Monthly Income payable over 10 years (120 months) in installments increasing at 10% simple per annum, where the first installment of monthly income will be payable one month from the date of death of the life assured.

    Maturity Benefit

    On survival of both lives till maturity
  • In case of death or diagnosis of terminal illness of the Second Life, and survival of First Life till maturity
  • In case of death or diagnosis of terminal illness of the First Life, and survival of Second Life till maturity
  • In case of death or diagnosis of terminal illness of the Second Life, and survival of First Life till maturity
  • In case of death or diagnosis of terminal illness of the Second Life, and survival of First Life till maturity
  • The sum assured on maturity in respect of the first life is the absolute amount of benefit guaranteed to be paid on maturity, and is equal to 100% of total premiums paid for First Life cover
  • Eligibility Criteria

    CriteriaMinimumMaximum
    Age at entry (Years)1865
    Age at maturity (Years)28 80
    Policy Term (Years)1040 (30, if ‘with return of premiums’ option is chosen)
    Premium Paying Term (PPT) (Years) Regular pay
    Premium Payment modes Yearly / Half-yearly / Monthly
    Annualized Premium (Rs.) Rs. 3,885 No limit, subject to maximum Sum Assured
    Basic Sum Assured (Rs.)Rs. 25,00,000No limit, subject to underwriting
    Only for Option 3 – Fixed Income & Option 4 – Increasing Income
    Income payout term (years)10

    Additional Features and Benefits

    • Return of Premium - Under this option, you will receive maturity benefit which is equal to the sum assured on maturity (on survival till maturity of the policy). This option is available on payment of additional premiums.
    • Special Benefits for Women - Special premium rates are offered for a female life assured.
    • Flexible Premium Payment Modes & Modal Factors - You can select to pay premiums by Yearly, Half Yearly, or Monthly mode.
    • Benefits for Higher Sum Assured - Special premium rates are offered on higher sum assured, depending on sum assured slabs. The available sum assured slabs are Rs. 25 lakhs – Rs. 49.99 lakhs, Rs. 50 lakhs – Rs. 99.99 lakhs, Rs. 1 crore – Rs. 1.99 crore, Rs. 2 crore and above.
    • Grace Period - 30 days (15 days for monthly mode) from the due date of unpaid premium will be allowed for payment of premium without interest.

    Documents Required to Buy PNB MetLife Mera Jeevan Suraksha Plan

    The following documents are required to purchase ICICI Pru Plan:

    • Application Form
    • KYC Details - Proof of ID and Address
    • Income Statement
    • SIP/Auto Debit/SI Bank Mandate Form
    • Medical Check-up/report, if required

    Why you should Buy PNB MetLife Mera Jeevan Suraksha Plan?

    You should purchase PNB MetLife Mera Jeevan Suraksha Plan if you are looking for a comprehensive pure risk premium life insurance plan. Under this plan, you have the option to cover your spouse and return of premium. With return of premium, you will receive maturity benefit which is equal to the sum assured on maturity (on survival till maturity of the policy).

    Exclusions under PNB MetLife Mera Jeevan Suraksha Plan

    Suicide: If the Life Assured’s death is due to suicide within 12 months from the Date of commencement of risk or from date of revival of the policy, the Nominee or beneficiary of the policy will be entitled to at least 80% of the total Premiums paid under the Policy till the date of death or the Surrender Value available as on the date of death, whichever is higher.

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