PNB MetLife Mera Term Plan
guarantees financial independence for our loved ones and constant lifestyle for them even in our absence.
- Flexibility - this plan is customizable. You have the freedom to choose on the terms of payment. It comes with four main options. Lump sum payment on death, lump sum+ 10 years of monthly income, lump sum+ increasing income per month for a 10 years’ period and lump sum + monthly income till the child is 21 years. You can also have preferred rates if you are a nonsmoker.
- Cover period - you have the option to choose between 10 years to 40 years of maximum maturity age.
- Death benefits - incase of the death of the policyholder before maturity, the sum assured is paid in accordance "mera family payout" option chosen by the policyholder. It will be higher of, ten times of the annualized premium as compared to 105% of all premium settled as at the date of passing on or guaranteed sum assured on maturity or on the demise of the policyholder.
- Premium payments - this is for the chosen coverage period. It can be in either monthly or yearly frequencies.
- Grace period – the grace period without any impact on the benefits of the policy is thirty days past the due date and fifteen days applies to the monthly plan.
- Free look period - it is a period of 30 days from the day one receives the policy documents. In case of any objections, the policyholder is to return the documents with a valid reason and a refund of premium can be made subject to the company's policies.
Riders Available
Accidental death benefit rider plus - meant to supplement your basic policy, comes with the following benefits:
- The premiums are affordable and come at a nominal rate.
- Comes with flexible policy terms of 5 to 30 years.
- There is also flexibility in premium payments. You can either choose , single, yearly, half yearly, quarterly, monthly and payroll savings program.
- Tax advantage - you get to enjoy the tax advantage. However, this is in accordance to the income tax act provisions.
Accidental Disability benefit rider- it’s an additional health cover, has the following benefits:
- Comes with added protection against impairments. This must happen within 180 days from the date of the accident. Impairment can be loss of use, or an amputation.
- Entry age is 18 years to 65 years with the cover ending at 75 years.
- Policy term runs from 10 years to 40 years.
- You get flexibility in premium payment modes. It is either, yearly, half yearly, quarterly, and monthly.
Critical Illness Rider - it’s an additional cover against cancer and heart attack.
- The sum assured is payable after first diagnosis of the chosen illness.
- You have the option of choosing how your sum assured will be used.
- The term of the policy can run from 10 years to 40 years.
- Entry age is between 18 years to 65 years.
METLIFE FAMILY INCOME PROTECTOR PLUS
a product designed to enable you to decide on your premium and the income you get per month. There is also an option of getting back your premiums on maturity.
- Monthly income - the plan has various options. It can either be, Rs. 10,000, 25,000, 50,000, 75,000 and 100,000. The income is guaranteed up to 20 years.
- Flexibility - the plan comes with an option. One is free to choose either, term cover or term with return of premium option. One also has a chance of choosing the number of years covered. These are either, 10, 15 or 20 years.
- In the event of death of the policyholder, his/her family is entitled to receive the monthly income.
- Maturity benefit - you are entitled to get the plan premiums. In the case where term with return of premium was initially chosen, then one gets 110% of the premium
- Entry age - the entry age starts from 25 years to 60 years. The insured maximum age at the maturity should be 75 years.
- Tax benefit - enjoy the tax saving when purchasing the plan. Enjoy it again when you are receiving your premiums back. However, the tax benefits are subject to the income tax act.
The plan does not have any riders.
PNB METLIFE MERA HEART AND CANCER CARE
This is a tailor made cover, meant to provide you with a cover against all stages of cancer and heart diseases. It’s a health cover with also a life cover.
- Flexibility - you have the option of choosing between, return of balance premium option and without return premium option plans.
- Customization - you can choose to cover yourself against cancer, heart or both diseases. Also, you can plan your cover period to be either 10,15 or 20 years. There are also Gold and Platinum plans to choose from.
- Benefits - there is lump sum payout of 25% for mild, 50% for moderate, and 100% for severe stages of illness. You can opt for additional monthly income in case of severe stage claim in the platinum plan. However, the benefits payable for each stage will be less any claims paid n earlier stages.
- Death benefit - this is payable on earlier of either death or diagnosis of terminal illness. death benefits will be sum insured on death less any critical illness claims paid. There is no waiting period in case of death.
- Surrender benefits - this is only payable when with the return of balance premium option is chosen. This is applicable after at least 3 full years of paying regular premiums.
- Special benefits for women- the policy has a special rate for female life insured. Moreover, cancers for female-specific organs such as breasts, are covered with this cover.
- Premium payments - they are payable in different modes i.e. yearly, half yearly, or monthly modes, subject to annualized premium under each mode.
- Grace period - a 30 days’ period (15 days for monthly mode) past the due date is allowed to be interest-free. During this period the policy continues to be in force. After which there will be a policy lapse.
- Free look period - this will be 30 days from the date one receives the policy documents. In case of any objections, the policyholder is to return the documents with a valid reason and a refund of premium can be made subject to the company's policies
Rider available:
- Critical Illness rider - guarantees the sum assured upon the first diagnosis of the covered critical illnesses.
- Waiver of Premium Rider - A policyholder will not have to pay any more premiums if he/she is not in the condition to earn enough money to pay premiums.
METLIFE MONEYBACK PLAN
This product guarantees money back at regular intervals. It also comes with protection cover from unforeseen events. It has a minimum entry age of 13 years and a late entry of 55 to 65. The policy runs for 10 years only.
- Death benefits - in the case of the demise of the insured, the payment made will be higher of; chosen assured sum, or 10 times amount of annualized premiums or 105% of all premium submitted, or maturity benefits. These are paid to the nominees irrespective of the survival benefits already paid.
- Survival benefits - this is usually 10% of the chosen sum assured. usually from the 5th year to 9th year of the policy.
- Maturity benefit - in the event the insured survives to the maturity of the policy. They are entitled to get 60% of the sum assured upon maturity.
- Tax benefits - they are paid out in accordance with the provisions featured in the income tax act therefore liable to changes made in the tax law.
- Free look period- this is given within 15 days. However, 30 days are given in case the policy was bought through Distance Marketing. You are to provide valid reasons warranting your cancellation. There is an option of canceling the premium, and premium paid back in accordance with the company's policies.
- Surrender value - the policyholder is entitled to it only when the policy has been in force for at least 3 years. The amount payable will be the maximum between guaranteed surrender value and special surrender value.
- Grace period - this will be 30 days from the last day of the due date given (15 days for monthly and PSP model). Any premium paid within the grace period is not liable to any interest. Failure to pay within the stipulated time leads to the lapse of the policy.
The plan does not have any riders.
