Business & Finance

PNB MetLife Term Insurance: plans, benefits & more

PNB MetLife is a significant Indian life insurance business that provides a variety of financial products, notably term insurance plans. A term insurance policy is a form of life insurance that offers protection for a set period. In the case of the policyholder’s death as during the policy term, the insurance hands out a lump sum to the nominee.

PNB MetLife Term Insurance

PNB MetLife Mera Term Plan, PNB MetLife Mera Term Plan Plus, and PNB MetLife Mera Term Plan Plus – Waiver of Premium are the three types of term insurance policies available. Let’s take a look at each of these plans.

PNB MetLife Mera Term Insurance:

This plan provides a lump sum payment to the policyholder’s nominee in the event of the policyholder’s unexpected death during the policy term. Its main features are:

  • High coverage at a low cost: The plan provides a high degree of coverage at a low cost. Policyholders can select the quantity of coverage that best suits their requirements and budget.
  • Multiple payout options: The plan provides premium payment flexibility. Policyholders can pay the premiums monthly, quarterly, semi-annually, or annually.
  • Additional benefits: Riders are additional coverage options that can be attached to the base plan to increase coverage. Accidental Death Benefits, Critical Illness Benefits, and Terminal Illness Advantages are the potential riders.
  • Tax advantages: The premium paid for the insurance is tax deductible under Section 80C of the Income Tax Act of 1961. The nominee’s compensation is also tax-free under Section 10(10D) of the Income Tax Act of 1961.

PNB MetLife Mera Term Plan Plus

PNB MetLife Mera Term Plan Plus has several features and benefits that make it an appealing alternative for people looking to protect the financial future of their dear ones. Let’s take a closer look at the advantages of the PNB MetLife Mera Term Plan Plus:

  • Flexibility in coverage amount: The plan provides coverage amount flexibility, letting policyholders select the coverage level that best meets their needs and budget. Policyholders can also enhance their coverage amount at significant life events such as marriage, childbirth, or purchasing a home.
  • Additional coverage options: Riders are additional coverage options that can be added to the base plan to enhance coverage. Accidental Death Benefits, Critical Illness Benefits, Terminal Illness Benefits, & Income benefits on Accidental Disability are indeed the possible riders.
  • Accidental Death Benefit: This rider provides an extra payout to the policyholder’s beneficiary in the event of the policyholder’s death as an outcome of an accident.
  • Critical Illness Benefit: This rider pays out a lump amount to the policyholder if they are diagnosed with one of the critical illnesses stated in the policy contract.
  • Terminal Illness Benefit: This rider pays out a lump amount to the policyholder if they are diagnosed with one of the terminal illnesses listed in the policy contract.
  • Income Benefit on Accidental Disability: This rider pays the insured a monthly income if they are disabled as a result of an accident.
  • Premium waiver option: The plan provides the option to waive future payments in the event of permanent disability caused by an accident or disease. This means that the policy will remain even if the policyholder becomes disabled and is not able to cover the premiums.
  • Inflation-adjusted coverage: Inflation-adjusted coverage: The policy also has the possibility of increasing the coverage amount annually to account for inflation. This aids in ensuring that the policyholder’s family is sufficiently covered even if living costs rise.
  • Long-term policy objectives: The plan provides long-term financial security to the policyholder’s family by giving a term of the policy of up to 40 years.

Buy PNB MetLife term insurance in simple steps

PNB MetLife term insurance is simple to obtain by following the procedures below:

  1. Explore the options: The first step is to examine and compare the various term insurance policies offered by PNB MetLife. You can go to their website and learn about the various plans before comparing them depending on coverage, premium, features, and benefits.
  2. Select a plan: After comparing the various options, select the one that best meets your demands and budget. You can calculate the premium amount using the link to the online premium calculator.
  3. Fill out the application form: After you’ve decided on a plan, you may fill out the online application form. Personal and contact information, facts about coverage amount, monthly payment frequency, and other pertinent information will be requested on the application form.
  4. Send documents: After completing the application form, you must submit the necessary documents. The documentation needed will vary depending on the plan and the amount assured. Identity proof, residence proof, and income evidence are all common documents.
  5. Medical examination: Based on your age and the quantity of coverage, you may be required to get a medical examination. This is done to evaluate your health and establish the premium you must pay.
  6. Pay the premium: After the documents have been confirmed, you must pay the fee. You can pay for the premium online with a debit card, a credit card, net banking, or an NEFT/RTGS transfer.
  7. Paperwork: Once you pay the monthly premium, you will receive the policy paperwork, which will include all of the plan’s specifics, such as the policy term, premium payment pattern, features, and benefits.

Read More: Unit Linked Insurance Plans: details & benefits

Follow Toppiks to get all the latest updates, recent news and trending blogs
No Comments
Most Viewed Posts