PNB Metlife launches Mera Term Plan – Is it a good online term plan?

Metlife Mera Term Plan ReviewPNB Metlife launches Mera Term Plan

Last week, PNB Metlife has launched a new online term plan, Mera Term Plan. PNB Metlife is a joint venture between PNB and Metlife (one of the world top insurance company). This Mera Term Plan is first online term plan of PNB Metlife.  Company indicates it is flexible term plan offering multiple options to financially protect one’s family. What are the features of Mera Term Plan of PNB Metlife? Is PNB Metlife Mera Term Plan a good online term plan ? In this article, I would review PNB Metlife Mera Term Insurance Plan.

Features of PNB Metlife Mera Term Plan

  • This term plan provides 4 options of insurance. Flexible term plan to choose these 4 options based on your individual financial needs.

a) Option-1: Full lumpsum payout

b) Option-2: Lumpsum payout at claim + Regular monthly income for 10 years after claim.

c) Option-3: Lumpsum payout at claim + Increasing monthly income for 10 years after claim

d) Option-4: Lumpsum payout at claim + Regular monthly income till child attains 21 years of age

  • You can add your spouse under this Mera Term Plan.
  • Online term plan where you can buy at a click of button through online.

Eligibility to subscribe to Mera Term Plan of PNB Metlife

  • Minimum age of entry: 18 Years
  • Maximum age of entry: 65 years
  • Maximum age at maturity: 75 years
  • Minimum sum assured: Rs 10 Lakhs
  • Maximum sum assured: No limit
  • Tenure of the plan: 10 to 40 years

Sample illustrations as indicated on their website

a) Option-1: Full lumpsum payout

Metlife Mera Term Plan-Option-1-Sample-Illustration   

b) Option-2: Lumpsum payout at claim + Regular monthly income for 10 years after claim

Metlife Mera Term Plan-Option-2-Sample-Illustration

c) Option-3: Lumpsum payout at claim + Increasing monthly income for 10 years after claim

Metlife Mera Term Plan-Option-3-Sample-Illustration

d) Option-4: Lumpsum payout at claim + Regular monthly income till child attains 21 years of age

Metlife Mera Term Plan-Option-4-Sample-Illustration

What company says about this PNB Metlife Mera Term Insurance Plan?

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.”

How to buy PNB Metlife Mera Term Plan?

Here is the process to subscribe to this online term plan.

  • Login to and visit online term plan section. You can click here to directly take you to that page.
  • Fill in the personal details and click get a quote
  • It would display the insurance amount and premium. You can modify based on your need. You can choose the options. Note that option 1 would come with low premium and other options, premium would be high.
  • Click on proceed
  • Enter whether you want to cover your spouse. Your insurance premium would be increased if you select yes and enter Date of birth of your spouse.
  • Now you need to fill all personal details. Ensure you disclose all facts and pre-existing diseases so that your application is not rejected
  • Pay premium online and get the acknowledgement
  • Your application would be processed and term plan would be issued. Subsequent communication would be sent to you.

What are the Positive points in PNB Metlife Online Mera Term Plan?

  • Four unique options where one can choose based on their financial need. It includes 4th option which is very unique where child would get fixed income every year after death of the parent.
  • One can add their spouse into their online term plan. Means they need not take separate term plan for their spouse. I tried checking this option personally. Your premium would increase by almost 50% if you add your spouse. 
  • Coverage of plan till one attains 75 years of age.
  • Lowest premiums for the online term plan.
  • Company tied up with Airtel money, Paytm, mobikwk to make premium payments through mobile apart from regular payment options..

Limitation factors of PNB Metlife Tera Mera Plan

  • Low claim settlement ratio of 90% for 2013-14. Claim settlement ratio is the claims settled by insurance company over the total claims received. Higher the claim settlement ratio, it is good for insured.
  • One has to understand in detail about the product which has 4 options. They cannot switch between the options in case they made mistake in choosing the option or want to switch between the option.
  • Like any other term plan, you need to be careful in disclosing the facts. If you miss any of them, in case of unexpected demise of insured, nominee cannot would not get sum assured.

Conclusion: PNB Metlife Mera Term Insurance plan is good as it has come out with several unique features. I always say, subscribe to higher claim settlement ratio insurance company like LIC, ICICI Pru life, HDFC Life etc. who are in top in terms of high claim settlement ratios. However they come with higher premiums. If you are looking for low premium term plan and still willing to take some risk in terms of claim settlement ratio, you can consider Mera Term Insurance Plan of PNB Metlife.

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PNB Metlife launches Mera Term Plan


  • govind kumar

    Dear sir,
    suppose mr x has two term insurance from 2 different company and they have not intimated about this information to both the companies.. he has not disclosed this at the time of proposal form.
    after expiry of 3 years policyholder will it be claimed because there is two term insuarnce?
    and will insurance companies honour the claim or not?

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