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PNB MetLife Mera Term Plan Plus is an individual, non-linked, non-participating, pure-risk term plan built around choice. You pick one of three benefit options at the start: Life (death cover), Life Plus (death cover plus terminal illness benefit and a premium waiver on accidental total permanent disability or any of 50 listed critical illnesses) or Life Plus Health (everything in Life Plus plus an accelerated lump sum on critical illness). The option cannot be changed later. Cover can run up to age 99, so the plan can work as whole-life protection while you pay premiums only for 5, 10, 15 or 20 years, until age 60, or even once. The nominee can receive the benefit as a lump sum, as monthly income over 10 years, or as a mix. The minimum sum assured is ₹25 lakh with no stated upper limit, subject to underwriting. On top of the base plan you can add a Return of Premium option, cover your spouse under the same policy, or choose one cover enhancement option (Step-up, Life Stage or Child Education Support). Four riders are also available: accidental death, serious illness, accidental disability and critical illness. All of these cost extra premium. Premiums depend on age, health, smoking status, cover, term and the options you choose, so get a personalised quote before buying.
Choose Life, Life Plus or Life Plus Health; customize payouts, add spouse cover, opt for return of premium or enhance cover at key life stages.
Mera Term Plan Plus is one of the most customisable term plans from a mainstream insurer. The stand-out feature is the Life Plus option, which waives all future premiums if you suffer an accidental total permanent disability or are diagnosed with any of 50 listed critical illnesses, and the Life Plus Health option, which also pays 25% of the base sum assured (up to ₹50 lakh) as soon as a critical illness is diagnosed while the policy continues. Joint-life cover with premium waiver for the spouse, Life Stage cover that rises without fresh underwriting, and cover up to age 99 add to a feature list that few competitors match. The trade-offs are the usual ones for a feature-rich plan. Almost everything beyond the base death benefit costs extra premium, you can choose only one cover enhancement option, and Return of Premium cannot be combined with Child Education Support. Critical illness benefits have a 90-day waiting period and exclude pre-existing conditions diagnosed in the previous 36 months. Life Plus drops back to the Life option at age 75, and Life Plus Health and Return of Premium cap maturity age at 75. There is no policy loan, and the terminal illness and accelerated critical illness benefits only bring forward the death benefit. It suits buyers who want to build one policy around their family situation, such as a couple wanting joint cover or parents planning for a child's education. If you only want the cheapest pure cover, the plain Life option is the one to compare. Read the policy wording and compare personalised quotes before buying.
PNB MetLife
Key Insights
Founded
2001
PNB MetLife was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.81% CSR, calculated as a 3-year average
PNB MetLife settles 99.81% of all claims it receives, demonstrating strong credibility.
Contact Details
1800-425-6969
Headquarters: 1st Floor, Techniplex - 1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra
Choose Life (death cover), Life Plus (adds terminal illness benefit and a premium waiver on accidental total permanent disability or any of 50 listed critical illnesses) or Life Plus Health (adds an accelerated lump sum on critical illness). The option is fixed at the start and cannot be changed.
Premium rises with each step up in options. Life Plus drops to the Life option from age 75.
Under the Life and Life Plus options, the policy term can run up to 99 minus your entry age, so you can keep life cover for most of your life while paying premiums for a limited period.
Life Plus Health and Return of Premium cap maturity age at 75.
The nominee receives the highest of 10 times the annualised premium, the basic sum assured, or 105% of premiums paid. It can be paid as a lump sum, as level monthly income for 10 years (1.1022% of the sum assured a month), or as part lump sum and part monthly income.
The payout option is chosen at the start and cannot be changed later.
Under Life Plus and Life Plus Health, the death benefit is paid early if the life assured is diagnosed with a terminal illness. Two independent doctors must confirm a life expectancy of no more than 12 months.
It only accelerates the death benefit and is not additional cover. The policy ends once it is paid.
Under Life Plus and Life Plus Health, all future premiums (including those for optional extras) are waived if the life assured suffers an accidental total permanent disability or is diagnosed with any of 50 listed critical illnesses, and the cover continues.
Triggers only once. A 90-day waiting period applies to the critical illnesses, and it is not available with single pay.
If you survive the policy term, you get back 100% of the total premiums paid (excluding extra premiums and taxes) as the maturity benefit. It must be chosen at the start and costs extra premium.
Maximum term 40 years (maturity age 75), not available with Child Education Support, and the policy can acquire a surrender value.
Cover your spouse under the same policy: up to 100% of the base sum assured (up to 50% and ₹50 lakh for a non-earning spouse), subject to underwriting. If the first life dies or is diagnosed with a terminal illness, the spouse's cover continues and future premiums are waived.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
PNB MetLife plans and claim process
It is an individual, non-linked, non-participating, pure-risk term plan from PNB MetLife that lets you choose between Life, Life Plus and Life Plus Health benefit options and customise it with optional add-ons, riders and cover enhancement options.
Life pays a death benefit. Life Plus adds an early payout on terminal illness and waives future premiums on accidental total permanent disability or any of 50 listed critical illnesses. Life Plus Health adds a lump sum of 25% of the base sum assured (up to ₹50 lakh) on critical illness diagnosis. The option is chosen at the start and cannot be changed.
Yes, under the Life and Life Plus options the policy term can run up to 99 minus your entry age. Life Plus Health and the Return of Premium option have a maximum maturity age of 75.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official PNB MetLife website before purchasing.
Official Website
pnbmetlife.com
Visit the official PNB MetLife website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Needs a base sum assured of at least ₹50 lakh and is not available with pay till 60. Extra premium applies.
The sum assured rises by 10% of the base sum assured at each policy anniversary for the first 10 years, so cover grows as your income and responsibilities do.
Needs regular pay, a minimum 20-year term and a base sum assured of at least ₹50 lakh. Extra premium is charged for every increase. Only one cover enhancement option can be chosen.
Increase your cover without fresh underwriting on key life events: 50% of the base sum assured on first marriage (up to ₹50 lakh), 25% on the birth of each of the first two children (up to ₹25 lakh each), and 50% on a home loan (up to ₹50 lakh, once). The total extra cover is capped at ₹50 lakh.
Must be exercised within six months of the event, up to age 45. Needs regular pay and a base sum assured of at least ₹50 lakh.
An extra sum assured, equal to the outstanding cost of one child's education (₹10 lakh to ₹1 crore), is paid on death or terminal illness during the benefit term, which reduces each year.
Needs a child with 5 to 19 years of education left. Not available with single pay or Return of Premium.
The nominee receives the highest of 10 times the annualised premium, the base sum assured, or 105% of premiums paid. You choose at the start whether it is paid as a lump sum, as level monthly income over 10 years, or as a combination.
Yes, with the Spouse Coverage option, if the base sum assured is at least ₹50 lakh. The spouse's cover can be up to 100% of the base sum assured (50% up to ₹50 lakh for a non-earning spouse), subject to underwriting. If the first life dies, the spouse's cover continues with future premiums waived.