PNB MetLife Mera Term Plan Plus Insurance Benefits

PNB MetLife Mera Term Plan Plus has a vast range of benefits to offer. You get the flexibility to choose the premium payment term as per your convenience. Moreover, you get the choice of selecting protection against death, disability and disease. While you can customize your policy with additional options, you can enhance your cover through the riders. Tax benefits as per prevailing tax laws is yet another benefit that you get on buying PNB MetLife Mera Term Plan Plus.

Detailed explanation of the benefits offered under PNB MetLife Mera Term Plan Plus are as follows:

1. Death Benefit: The death benefit under the plan is applicable for all the three options, namely Life, Life Plus and Life plus Health. ‘Sum Assured on Death’ amount is payable upon death of the life assured, provided the policy is in-force on the date of death as per the benefit payout option chosen. The death benefit is not paid if the terminal illness benefit has previously been paid.
   
   
2. Terminal Illness Benefit: This benefit is applicable for Life Plus and Life plus Health Option. ‘Sum Assured on Death’ amount is payable if the life assured is diagnosed with a terminal illness, provided the policy is in-force on the diagnosis date, as per the benefit payout option chosen.
   
   
3. Waiver of Premium Benefit: This benefit is applicable for Life, Life Plus and Life plus Health Option. Under this benefit, all future premiums payable under the policy are waived-off, if the life assured suffers either an accidental total & permanent disability or is diagnosed with any one of the 50 covered critical illnesses, provided the policy is in-force. This benefit does not apply to single premium policies.
   
   
4. Accelerated Critical Illness Benefit: This benefit is applicable for Life plus Health Option. Under this benefit, 25% of the basic sum assured (maximum amount of Rs. 50 Lakh) is accelerated and paid immediately as a lump sum if the life assured is diagnosed with any of the covered critical illnesses, provided the policy is in-force.
   
   
5. Maturity Benefit: This benefit is applicable only when ‘Return of Premiums’ option is chosen under the policy. Note that this benefit is available on payment of additional premiums. Once the maturity benefit is paid, the policy gets terminated.
   
   
6. Return of Premiums: This is an additional benefit that one may choose at the time of policy inception. Policies where this benefit is chosen, maturity benefit equal to the sum assured in maturity is paid, if life assured survives till maturity date. This option is available with 40 years of maximum policy term or 75 years of maturity age as of last birthday, whichever is earlier.
   
   
7. Spouse Coverage: This is an additional benefit that one may choose at the time of policy inception. Policyholders can choose to cover their spouse under the same policy by paying additional premium, as applicable. Under this benefit, the policyholder is referred to as “First Life”\' and the spouse as “Second Life”. This benefit is not available if the premium paying term “Pay Till Age 60” is chosen.
   
   
8. Step-up Benefit: This is a cover enhancement option. This Benefit must be chosen at the time of application before the date of policy inception. On choosing this benefit, the step-up sum assured is added at every policy anniversary starting from first for the next 10 years. Note that this benefit does not provide payment under the ‘Accelerated Critical Illness Benefit’.
   
   
9. Life Stage Benefit: By choosing this cover enhancement option, policyholders can increase their sum assured at different life stages such as 1st marriage, birth of 1st child, birth of 2nd child, and home loan taken by the life assured after the date of commencement of risk. It must be noted that the maximum additional sum assured under all these events will be Rs. 50 Lakhs.
   
   
10. Child Education Support Benefit: Under this cover enhancement benefit, the policyholder can increase their sum assured with a specific focus to provide for the cost of education of one child of the life assured. This benefit can only be opted on or before the date of policy inception. Additional premiums are charged for this benefit.