PNB MetLife is a joint venture between MetLife International Holdings Inc., Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited, and other private investors. It is one of India’s leading life insurers. The headquarters of PNB MetLife India Insurance Co.Ltd is in Bengaluru, and the corporate office is in Gurgaon. It was established in India in the year 2001. This organization provides a wide range of protection and retirement goods.
PNB MetLife Mera Term Insurance provides a broad selection of term coverage that covers your responsibilities and gives you peace of mind by ensuring a financially secure future for your loved ones. Term insurance plans include a wide range of riders that may be used to expand your insurance policies at a low cost. This is why the PNB MetLife Mera Term Plan is the most popular option.
Firstly, What is Term Insurance?
We’re here to answer any questions you might have regarding term insurance. Simply explained, term life insurance is an agreement between the policyholder (insured) and the insurance company in which the insurance company pays a certain sum to the insured person’s family in the event of the policyholder’s untimely death. When it comes to long-term financial planning, term plans play an important role.
The policyholder might choose a large sum insured with term insurance. This coverage is the most effective strategy to safeguard your family’s financial future.
Simply said, term insurance is the most basic and straightforward type of life insurance.
Benefits of PNB MetLife Mera Term Plan
There are several benefits to term insurance that make it a smart investment for your family’s financial security.
- Reasonably priced premiums
The affordability of premiums is one of the key advantages of a term insurance plan. It is feasible to obtain an Rs. 1 crore cover without paying a large sum of money. Term insurance premiums are solely based on the risk of covering the policyholder’s life. Premiums are lower for non-smokers. Insurance firms also charge healthier clients lower rates. Premiums for female policyholders are often lower than for male policyholders. All of these characteristics allow customers to choose larger cover levels without breaking the pocketbook.
- Benefits on Death
PNB MetLife Insurance Company will pay your nominee the sum promised if the policy was in effect and valid at the time of the insured’s death. The PNB MetLife Mera Term Plan gives you the choice of four different types of death benefits:
- Family Income Option: Gives the nominee half of the base sum insured in a lump sum and the rest in equal monthly installments over ten years.
- In the event of uncertainty, the Lump Sum Option pays your nominee the basic sum insured in a lump sum as stipulated in the policy schedule.
- Kid Benefit Option: Provides a lump sum payment equivalent to 50% of the claim amount in the case of death, as well as a steady monthly income until your child reaches the age of 21.
- Increasing Family Income Option: Provides the nominee with a lump sum payment of 50% of the basic sum assured, as well as an increasing monthly income of 12% per year for the next ten years.
- Online Term Insurance Policies
One of the most appealing features of a term insurance policy is the ease with which it can be purchased online. They can be purchased directly from the insurance company’s website, through an insurance web-aggregator, or through any other insurance intermediary. The insurance company issues the policy document after the onboarding formalities are completed.
- Tax Benefit
Term plans are considered life insurance plans and premiums paid are tax-deductible under Section 80C of the Income Tax Act of 1961. This deduction is restricted to Rs. 1,50,000 and includes premiums for the self, spouse, and children under the age of 18. A deduction will not be granted if the coverage is purchased for someone else. Only if the premium paid is less than 10% of the sum assured will this deduction be allowed. Another thing to keep in mind is that under Section 10(10D) of the Income Tax Act, any benefit received under a term insurance policy is tax-free. Payment for a term insurance rider is also included.
Riders are an add-on to a term plan that offers additional coverage. These include things like unintentional death, incapacity, and serious diseases, among other things. These riders have a separate premium to pay in addition to the term insurance premium. When the mentioned requirements are satisfied, however, they bring additional advantages. For example, if a Critical Illness Rider is selected and the policyholder is diagnosed with one of the specified illnesses, the policyholder will be compensated for satisfying the rider’s requirement.
- Longer Coverage
While most typical term plans only insure you for 40-50 years, the PNB Metlife Mera Term Plan covers you for up to 99 years. Because the insured must be 18 years old to enter, the policyholder’s coverage can last up to 81 years.
PNB MetLife Mera Term Plan eligibility criteria
The following are the requirements for purchasing the PNB MetLife Mera term plan:
|Entry Age||18 years (minimum)||65 years (maximum)|
|Maturity Age||28 years (minimum)||81 years (maximum)|
40 years (only Joint Life Cover)
|Policy Term Age||10 years (minimum)||81 years|
|Sum Assured||Rs.10 lakh (minimum)||Rs. 5 crores (maximum)|
|Premium Payment Terms & Frequency||Annual and monthly||Annual and monthly|
3 simple steps to purchase a PNB MetLife Term Insurance Plan
PNB MetLife has a variety of term insurance policies to meet a wide range of requirements. The term plan may be found in three easy steps:
- Go to https://www.pnbmetlife.com/ to learn more about PNB MetLife. Select ‘Family Protection Solutions’ from the ‘Buy insurance’ menu. Our term insurance policies are available by clicking the box. You may go through them and select the one that best meets your requirements.
- Once you’ve found a term plan that you like, use the ‘Buy Online’ option to calculate the term insurance premium you’ll have to pay. Fill in the blanks with the information requested, such as:
- Your date of birth
- Your annual income
- Your residential pin code
You must also mention whether you smoke or do not smoke, as smoking has an impact on the premium pricing of a term plan. Make sure you tell the truth since any false information might prevent you from receiving benefits under the term insurance plan.
- Click ‘Get Quote’ after completing the relevant information. You’ll learn the approximate cost of the term insurance coverage you’re qualified for as well as the cost of the premiums you’ll have to pay. After that, choose any extra riders or perks you’d like to add to your term plan. After you’ve made your selection, you may choose your chosen payment method and proceed to pay.
Additional PNB Metlife Mera Term Plan benefits
- Accidental Death Benefit: If the policyholder dies due to unforeseen circumstances, his or her nominee receives an amount guaranteed, which is the death benefit option chosen, under this option of the PNB Term Plan.
- Accidental Disability Benefit: If the policyholder is disabled as a consequence of an accident, the policyholder is paid the pre-determined accidental disability benefit promised.
- Serious Illness Coverage: If the policyholder is diagnosed with one of the ten illnesses listed in the PNB Metlife Mera Term Plan, he or she is entitled to a guaranteed serious illness benefit on the initial diagnosis.
- Critical Illness Benefit: This option pays the policyholder a critical illness benefit upon the initial diagnosis of one of the two critical diseases covered by this plan: cancer or heart attack.
There are more additional benefits.
Why should you buy a term insurance plan from PNB MetLife?
PNB MetLife is one of the country’s most prestigious insurance firms. Since 2001, PNB MetLife has been in the insurance business, insuring 3.16 million individuals. MetLife, one of the world’s largest insurers, has partnered with Punjab National Bank (PNB) to safeguard and cover individuals.
PNB MetLife’s finest term insurance has a high claim settlement percentage, ensuring that your claims are honored and readily handled. Rest confident that your family’s claim will be processed quickly. Purchasing a PNB MetLife coverage is quick and straightforward.
You may also entirely design your coverage to meet your specific needs and requirements. Whether you require more riders or a sum guaranteed upgrade, your demands always come first. One of the greatest term life insurance policies in India is offered by PNB MetLife.
The PNB Metlife Mera Term Plan is a fantastic term plan that offers the policyholder a wide range of benefits and adjustable coverage options. The PNBMetlife website makes it simple to acquire this coverage. It is appropriate for individuals from all walks of life.