PNB Metlife Mera Term Plan

• Life cover at an affordable cost
• Coverage available up to 75 years
• Option to increase life cover
• Customize your plan
• Life stage protection and Joint life benefit
• Discounted premium rates for a non-smoker
• Hassle-free procedure to buy plan online

Death Benefit

Following are the death benefit options available under this plan.

1. Death Benefit -OPTION 1 – Lumpsum Payment

Under this plan option, in the event of death of the life insured the death sum assured is paid as a Lump Sum.

2. Death Benefit -OPTION 2 – Lumpsum Payment+ Monthly Income

Under this plan option, 50% of the death sum assured is paid as a Lump Sum in case of death of the life insured. The balance amount is paid in equal monthly installments (0.58% of the base sum assured) for a period of 120 months.

3. Death Benefit -OPTION 3 – Lumpsum Payment+ Increasing Monthly Income

Under this plan option, 50% of the death sum assured is paid as a Lump Sum in case of death of the life insured and the balance is paid in increasing monthly installments over a period of 120 months The first year monthly income is 0.39% of the base sum assured and this monthly income is paid as increasing @ 12% annually (simple interest).

4. Death Benefit -OPTION 4 – Lumpsum Payment+ Monthly Income (Child Education Support)

This plan option is available to policyholders who with child age less than or equal to 15 years. Under this plan option, 50% of the death sum assured is paid as a Lump Sum in case of death of the life insured.

The balance amount is paid in equal monthly installments till the nominated child attains 21 years of age. The monthly income under this plan option is paid in proportion to the base sum assured and may vary depending on the attained age of child.

In case nominated child attains 21 years, the policy provides full death benefit as a Lump Sum. In case, the child meets with the premature death, the policyholder has the following two options.

Nominate other child (age less than 21 years), or

Continue the policy with death sum assured with death benefit payable as lump sum.

In case, the nominated child dies during the payout-period, the pay-outs will then be paid to the legal heirs of the policyholder.

Note: The Death Sum Assured under all plan options (described above) is higher of 105% of all the premiums paid (as on the date of death), 10 times the annualized premiums, or the guaranteed sum assured on maturity or any other death amount to be paid on death.

Additional Protection Benefit

1. Life Stage Benefit

This option provides you the flexibility to increase the life cover depending on various ‘Life Stages’ as described below.

• Policyholder’s Marriage: Equal to 50% of the original cover (maximum of Rs. 50 lacs)
• Birth of first child: Equal to 50% of the original cover (maximum of Rs. 25 lacs)
• Birth of second child: Equal to 50% of the original cover (maximum of Rs. 25 lacs)

The enhancement of life cover requires you to pay additional premiums as prescribed under the plan.

2. Joint Life Cover

This option provides cover for both the policyholder (first life) and his/her spouse (second life). The life cover to the spouse is equal to 50% of the sum assured (maximum of Rs. 50 lacs). The joint life cover option is available, when the sum assured for the first life is equal to or greater than Rs. 50 lacs.

• In case of death of the first life, the death sum assured is paid and the policy continues with the future premiums are waived. On the death of the second life, the death sum assured is then paid and policy gets terminated.
• In case of death of the second life prior to the first life, the death sum assured is paid for the first life. The policy tends to continue with the base premium.
• In case of demise of both the live simultaneously, the death sum assured for both the first and second life is paid and the policy then gets terminated.

You may opt for the following riders(s):

MetLife Accidental Death Benefit Rider Plus: This rider enhances your life cover. In case of death of the policyholder due to an accident occurring during the policy term, 100% of the rider sum assured is payable.

MetLife Accidental Disability Benefit Rider: In case the life insured is met with an accident that causes him/her one of the following impairments (with-in 180 days from the date of the accident).

 Total and irrecoverable loss of sight of both eyes.

• Amputation or loss of use, of both hands at or above the wrists or
• Amputation or loss of use, of both feet at or above the ankles or
• Amputation or loss of use, of one hand at or above the wrist and one foot at or above the ankle.

 MetLife Critical Illness Rider: The sum assured under the Critical Illness rider is payable in case of diagnosis of one of the following Critical Illnesses

• First Heart Attack – of Specified Severity
• Cancer of Specified Severity

Following are the conditions to avail the benefits under this rider.

•  The life insured needs to survive at least 30 days from the date of first diagnosis.
• The critical illness is diagnosed after completion of the waiting Period, as applicable.

MetLife Serious Illness Rider: This rider provides 100% of the rider sum assured on survival of the policyholder 30 days after the date of confirmed diagnosis from one of the following critical illnesses.

• First Heart Attack – of Specified Severity
• Stroke resulting in permanent symptoms
• Cancer of specified severity
• Open chest CABG
• Kidney failure requiring regular dialysis
• Bone marrow/ major organ transplant
• Aorta surgery
• Total blindness
• Open heart replacement or repair of heart valves
• Permanent paralysis of limbs

(Riders are optional and are available at an extra cost.)

PNB MetLife Mera Term Plan is eligible for Tax benefits as stated:

• Premiums paid, qualify for tax benefits as per Section 80C of the Income Tax Act, 1961.
• Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provision stated therein.)