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Insurance CompaniesNovember 7, 2020

PNB MetLife

PNB MetLife Mera Term Plan “Change is the only constant in Life” – Unknown

This is a quote that we have heard time and time again. It has been driven into your head to the point that it becomes like background noise. Yet, we seem to be impervious of it. Oblivious of this existence as we continue with the humdrum of life.

Yet, this is the one thing that was lingering on the horizon that has come out in full force. The world has changed, and it has happened drastically. The Covid-19 pandemic has changed everything that we knew and has brought all that we took for granted to its knees.

There is an increased sense of fear and pessimism in the air. We are afraid of our health and those of our loved ones. The thought of simply moving from one point to another has made it a daunting challenge. This mixture has created a toxic atmosphere without any sense of relief as time goes on. The feeling of an uncertain future has created a sense of deep stress for many and the result we see is the emergence of mental health-related issues.

Despite the gloom and doom, the wise would see that there are ways to come around this and make it work for the positive. Looking after yourself – physically and mentally is a great way to begin. Eating and sleeping right, doing things that make one happier and spending time with loved ones.

There is another possibility, we can get the insurance that takes care of our loved ones even if we are not around. The worry and stress of your loved ones having no one can be removed by investing in sensible term insurance.

It is not something to be shunned or thought of as too complex. The best time to invest in insurance is now. Yes, we just used the word ‘invest’. Many looks at insurance as just a backup if we fall ill or something happens to us. In reality, insurance can be seen as an investment. It helps you earn over time if you do it right.

The younger you get insurance, the higher the benefits in the long term. Therefore, you must do it now. Gone are the days you would have to wait for someone to come and push you to do it. In the age of the internet, all information is at our fingertips. The easiest thing to do now is to check out the term insurance that is suitable for you and your family’s needs.

Bimakaro is offering a plethora of plans form top insurers in India at the most affordable rates. Let’s check out one of the offerings – PNB MetLife Mera Term Plan.

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India. PNB MetLife is a joint venture between MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, MIHL and PNB being the majority shareholders.

So, what are the key features of this plan?

It is a pure protection life term insurance plan that ensures complete coverage to the life assured’s family. A significant feature of the plan is that it can be personalised to suit the customer’s requirements. Some of the key benefits of the plan are as follows:

  • Minimum Entry Age for availing of this plan is 18 years, while the Maximum Entry Age is 65 years. The Maximum Age at Maturity will be 99 years for all options except Joint Life cover option. For the Joint Life Cover option, the maximum maturity age is 75 years.
  • You can opt for term coverage ranging from 10 years to 81 years for all options except Joint Life Cover option. For Joint Life Cover option, the coverage period is from 10-40 years which is subject to the maximum maturity age.
  • You may choose to pay for the entire coverage period of or for 10 years. You can also opt to pay premiums at Annual and monthly frequencies.
  • You can choose between the following benefit Options – Mera Family payout, Mera Family benefits and Mera additional benefits.
  • The following options are available for payout – 1) Under Mera Family pay-out, you can opt to get Sum Assured in the form of a lump sum on death or (2) you can opt to receive a lump sum plus additional Benefit option, 50% of the Death Sum Assured shall be payable as ‘Lump Sum’ on death and the balance will be paid as a level monthly instalment over 10 years. (3) Yet another option is the Lump Sum plus increasing monthly income option. Under this option, 50% of the Death Sum Assured shall be payable as ‘Lump Sum’ on death and the balance shall be payable as increasing monthly instalment over (10 years), increasing 12% per annum at a simple rate of interest.
  • Under Mera Family Benefits, you can choose to receive Sum Assured as lump sum plus monthly income till the child becomes 21, according to which 50% of the Death Sum Assured shall be payable as ‘Lump Sum’ and the balance shall be payable as level monthly instalment till the nominated child attains the age of 21 years. This option shall only be available to policyholders with child age less than or equal to 15 years. If the nominated child attains 21 years, the policy shall continue with the full Death Sum Assured and the death benefit shall be a lump sum. If you have opted for Joint Life Cover for yourself and your spouse or you have invested in the Life Stage Protection Benefit, then the payout will be under the Mera Family Benefit umbrella.
  • Mera Additional Benefit payouts include the critical illness cover, accidental death benefit, accidental disability benefit and last but not least serious illness Cover.
  • Freelook period: 30 days from the date of receipt of the policy document is available to review the terms and conditions of the policy. In case you are not satisfied with any of the terms and conditions you can opt to return the Policy stating valid reasons. You will be entitled to a refund of the premium paid minus the sum deducted for the period for which risk has been borne along with expenses incurred if any.
  • If you are a non-smoker, you may get preferential rates.
  • A lapsed policy can be revived within 5 consecutive years from the date of first unpaid premium by submitting the proof of continued insurability and also paying all due premiums along with the interest chargeable.
  • Tax benefits will be available for this policy as per applicable Income Tax laws prevailing.
  • No policy loan is allowed under this Policy.
  • In case the Life Assured commits suicide within 12 months from the date of commencement of risk or date of revival of the policy, the beneficiary will be entitled to at least 80 % of the total premiums paid under the Policy provided the Policy is still in force.

What are the benefits available for this Policy?

  • Life Stage Benefit – as per this benefit, you can opt to buy an additional term policy and increase the Sum Assured over the various ‘Life Stages’. Upon marriage, you can opt to increase Sum Assured equal to 50% of the original coverage chosen subject to a maximum of INR 50 Lakhs. While for the birth of the first and second child, you can choose to increase the Sum Assured equal to 25% of the original cover and this will amount will be capped at INR 25 Lakhs. This benefit will be subject to an additional premium amount calculated based upon the age of the policyholder as well as the current premium rates prevailing.  Of special note is that you can opt for this benefit without undergoing a medical examination and the maximum additional Sum Assured cannot exceed INR 50 lakhs. This option needs to be chosen at the very inception of the Policy and is not available in case he opts for the Joint Life Cover.
  • Joint Life Cover – this option covers both the policy and his/her spouse. Under this Benefit, the coverage for the 2nd holder will be equal to 50% of the Sum Assured chosen by the main policyholder subject to a maximum of 50 lakhs. In case of death of the main Policyholder, the Sum Assured in respect of the First holder will be paid and the policy will continue with future premiums being waived. On the death of the second holder, the Sum Assured in respect to the aforesaid, the Sum Assured will be paid and the policy will be terminated. However, in case the second holder dies before the first then the Sum Assured concerning the Second holder will be paid and the policy will continue with the base premium.In case of simultaneous death of both the first and second holder, the Sum Assured concerning both will be paid and the policy will be terminated. Joint Life Coverage, once chosen cannot be discontinued, unless it is due to the conditions as stated above.

ADDITIONAL RIDERS

  • Critical Illness (CI) Benefit – as per this Rider, the CI cover will be payable upon diagnosis (first only) of one of the two covered critical illnesses. Further details are available in the Critical illness Rider Brochure.
  • Accidental Death (AD) Benefit – According to this benefit, AD benefit will be payable to the beneficiary upon the accidental death of the Life Assured as a Lump Sum. In-depth details are available in the Accidental Death Benefit plus Rider Brochure.
  • Accidental Disability Benefit – Under this benefit, Accidental Disability Benefit will be payable to the Life Assured on the count of him/her meeting with an accident which renders him/her disabled for life. You will need to refer to the Accidental Death Benefit plus Rider Brochure for further details.
  • Serious Illness Cover – Under this option, Critical Illness (CI) Cover shall be payable upon the first diagnosis of one of the listed 10 covered Critical Illnesses – further details are available in the PNB Metlife Serious Illnesses Rider Brochure.

PNB Metlife Mera Term plan is unique in that you make your plan. How?

The first step towards making your plan is to choose the Base Sum Assured. After this, you will need to choose the pay-out option followed by the choice of one or all of the Mera Additional Benefits, the Coverage term, premium paying term and payment frequency.

You need to now provide all relevant information regarding your age, gender, whether you are a smoker or not along with other personal and family history details along with the nominee details.

And voila – at the click of a button you have submitted your policy application and within the required period, your policy will be sent to you subject to applicable terms and conditions.

So, what are the drawbacks of this plan?

  • This Plan does not have any maturity or survival benefit.
  • There is no surrender benefit payable. A surrendered policy cannot be reinstated.
  • There are no discount benefits available on account of gender.

So, don’t give in to the notion that every change is detrimental to your existence. Think of a way to ensure that in the future any change will create a constant in your future. Be sure to invest in this plan and give yourself freedom from the fears and pessimism of the future.

Log on to https://bimakaro.in to check out all the available plans now!

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