MetLife Mera Term Plan

About MetLife Mera Term plan

MetLife Mera Term Plan is a non-linked, non-participating term plan that guarantees your loved ones the future they dream of, even in your absence. Moreover, this plan covers the life insured till age 99. This is an online term plan.

Here’s a bird’s eye view of the plan:

How Does This Plan Work?

The MetLife Mera Term Planoffers 4 options for customers to choose from:

• Lump Sum Payment on Death – Under this option, the death sum assured shall be payable aslump sum on death.
• Lump Sum + Monthly Income for 10 Years – Under this option, 50% of the death sum assured shall bepayable as lump sum on death and the balance will bepaid inlevel monthly instalments over 120 months (10 years).The first year’s level monthly income shall be 0.58% of the base sumassured.
• Lump Sum + Increasing Monthly Income for 10 Years – Under this option, 50% of the death sum assured shall bepayable as lump sum on death and the balance shall bepayable as increasing monthly instalment over 120 months(10 years), increasing at the rate of 12% per annum at simple rate ofinterest. The first year’smonthly income shall be 0.39% of thebase sum assured.
• Lump Sum + Monthly Income till Child Turns 21 – This option shall only be available to policyholders whose children’sage is less than or equal to 15 years. 50% of the death sumassured shall be payable as lump sum and the balance shallbe payable as level monthly instalments till the nominatedchild attains the age of 21 years. The level monthly income shallbe in proportion to the base sum assured and shall vary basisthe attained age of the child at the time of the death of the personinsured.

Besides this, the plan offers the Joint Life Cover option. Under this option, both the policyholder and his/her spouse (second life) are covered up to age 75. Thisoption needs to be chosen at the inception of the policy. Thecoverage to the second life shall be equal to 50% of the sum assuredchosen by the policyholder, subject to a maximum of Rs 50 lakhs.

Why Should You Buy This Plan?

The MetLife Mera Term Planoffers you the choice of sum assured from Rs 10 lakhs to Rs 50 cr. Depending on your liabilities and outstanding loans, you can choose the right amount to guarantee your dependants do not lack for finances in order to make their aspirations and dreams come true in case you meet an untimely end. Moreover, you have the choice of term from 10 to 81 years for all options except Joint Life Cover option. For the Joint Life Cover option, you have the choice of term from 10 to 40 years.

With this plan, you can pay premiums monthly or annually. What’s more, policyholders can also look forward to tax benefits, as applicable, on the premiums they pay.

Who Should Buy This Plan?

This is a good option for those wo have liabilities and dependants. This plan’s pay-outs will ensure your dependants do not have to worry about outstanding loans or education costs in your absence. Since this plan offers coverage up to 99 years (except Joint Life Cover option), one can consider this as a legacy planning instrument too.