- Flexibility for customers to design their own financial protection plan to secure the future of their loved ones
- Industry first feature of protection for child education under a term plan
- Innovative options like joint life cover with spouse, with waiver of premium, in the absence of primary life assured
- Option to increase Sum Assured depending on Life Stages, without any medical examination
- Choose from multiple payout options to support family dreams and financial commitments
- Easy to navigate and intuitive sales portal for buying the policy even on a smartphone
- Multiple payment options for customer convenience including mobile wallets
NewZNew (Chandigarh) : PNB MetLife, among the leading private life insurers, today announced the launch of its new online term plan – MetLife Mera Term Plan (MMTP) available on http://online.pnbmetlife.com/meratermplan/. MMTP is a comprehensive and flexible term plan, offering multiple options to financially protect one’s family. The product covers a customer’s need ranging from a simple term cover, monthly income for the family, child’s education expenses, joint cover for the spouse, option to increase sum assured depending on life stages, among other benefits. With flexibility in its core design, one can now create their own financial protection plan from the comfort of their home anytime, anywhere. The simple and hassle free online buying process designed by PNB MetLife will help customers with easy navigation, click to call facility for instant query support, flexibility to track and review application.
Speaking on the launch, Tarun Chugh, MD & CEO, PNB MetLife said, “In today’s age where providing everything personalized has become a norm, insurance is also getting aligned to the same. I believe that MetLife Mera Term Plan (MMTP) scores over all the existing term products combining simplicity and flexibility to cater to different customer needs. Our research highlighted that people are typically keen to get flexibility in their cover related to life stage and are concerned about their family’s financial future or their child’s education if something were to happen to them. This product addresses this need and with an option of including the spouse in the same plan, customization of payout options at an affordable cost, this takes care of about every requirement for financial protection that a person may have. In addition, the payment process redefines customer convenience with mobile wallets along with other regular online payment options.”
The plan offers protection to policyholders at a very affordable cost. Its unique features include joint life cover, increasing monthly income option growing @ 12% p.a., life stage benefit, child benefit option to cover one’s child’s education expenses till they turn 21. For customer convenience in making premium payments, PNB MetLife has tied up with Airtel Money, Paytm, Mobikwik along with regular, credit / debit card and net banking options.
| Unique Features of MetLife Mera Term Plan | |||
| Policy Holder Benefits | Payout Option 1 | Lump sum Payment on death | Death sum assured shall be payable as ‘Lump Sum’ on death that can be used towards payout of major financial commitments |
| Payout Option 2 | Lump sum + Monthly Income | 50% of the death sum assured shall be payable as ‘Lump Sum’ on demise of insured and the balance to be paid in as equal monthly income over 120 months (10 years) to the nominee | |
| Payout
Option 3 |
Lump sum + Increasing Monthly Income | This offers inflation adjusted monthly income that are paid over 120 months (10 years) increasing @12% per annum at simple rate of interest to the nominee. This is apart from 50% of the death sum assured payable as ‘Lump Sum’ on demise of insured. | |
| Life Stage Benefit | Offers an option to increase the sum assured over the various ‘Life Stages’. This can be done as per the then prevailing age and premium table without any medical examination.
· On Policyholder’s marriage: Equal to 50% of the original cover subject to maximum of Rs 5,000,000 On birth of the first and second child: Equal to 25% of the original cover subject to maximum of Rs 2,500,000 for both the children respectively |
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| Spouse Benefit | · Both the policyholder (the first life) and his/her spouse (the second life) are covered.
· Coverage to the second life shall be equal to 50% of the Sum Assured of the first life. · Benefits: On demise of the first life, the second life is supported with ‘Lump Sum’ in respect of the first life. Also, the policy continues with future premium being waived. However, the policy shall continue with the base premium in case of second life predeceasing the first life. This option is available where the sum assured of first life is greater than or equal to Rs 50 lakh. |
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| Children Benefit | Secure your Children’s education with this option. This option shall be available to policyholders with child age less than or equal to 15 years. Apart from 50% of the death sum assured that is payable as ‘Lump Sum’, the balance shall be payable as level monthly instalments till the nominated child attains age of 21 years. | ||
Illustration for a Rs 1 cr cover:
| Sum Assured: Rs. 1,00,00,000 | |||||
| Age/Policy Term | 15 | 20 | 25 | 30 | 35 |
| 30 | 6,043 | 6,360 | 6,880 | 7,420 | 8,050 |
| 35 | 7,397 | 8,230 | 9,132 | 10,022 | 10,912 |
| 40 | 10,300 | 11,535 | 12,870 | 14,205 | 15,292 |
