PNB MetLife Mera Term Plan Plus

Choosing term insurance is not just about finding the lowest premium. The right plan should offer adequate protection while giving you flexibility without adding unnecessary complexity. Mera Term Plan Plus by PNB MetLife stands out with multiple cover options and spouse coverage. The question, however, is whether these added features genuinely justify the additional cost for your needs.

This guide covers the features, riders, cover enhancement options, insurer track record, and whether the term plan meets your family needs.

What Is PNB MetLife Mera Term Plan Plus?

PNB MetLife Mera Term Plan Plus (UIN: 117N126V04) is an individual, non-linked, non-participating pure-term insurance plan designed to provide financial protection. It offers three plan variants.

Key Features and Coverage of PNB MetLife Mera Term Plan Plus

• Life Variant: Provides a death benefit to your nominee if demise happens during the policy term, subject to the policy conditions.
• Life Plus Variant: Covers death and terminal illness, with future premiums waived if you suffer accidental permanent disability or are diagnosed with a listed critical illness.
• Life Plus Health Variant: Adds critical illness protection, including an accelerated lump sum payout on diagnosis of a listed critical illness, along with death, terminal illness, and premium waiver benefits.
• Waiver of Premium (WOP) Benefit: Under the Life Plus and Life Plus Health options, all future premiums are waived if the life assured suffers an Accidental Total and Permanent Disability (ATPD) or is diagnosed with any of the 50 listed critical illnesses. For Life Plus, the premium and benefits under the policy will be reduced to the Life variant when the life assured has attained age 75 years.
• Accelerated Critical Illness Benefit: Under Life Plus Health, 25% of the basic sum assured, up to ₹50 lakh, is paid as a lump sum if the life assured is diagnosed with a covered critical illness. A 90-day waiting period applies from policy inception or revival for the listed critical illnesses.

Cover Enhancement Options

Note: These benefits are available only when the basic sum assured is ₹50 lakh or more. At policy inception, the policyholder can choose any one of the three available options, subject to the applicable terms and conditions.

Riders and Add-Ons Available With PNB MetLife Mera Term Plan Plus

• Accidental Death Benefit Rider Plus: Pays the selected accidental death benefit sum assured to the nominee if the insured dies due to an accident within 180 days, subject to rider terms.
• Accidental Disability Benefit Rider: Provides a pre-decided accidental disability benefit if an accident results in a covered disability within 180 days, subject to the rider's conditions.
• Serious Illness Rider: Pays a lump sum on the first diagnosis of any of the 10 covered serious illnesses, subject to the applicable definitions and conditions. The rider comes with a 90-day waiting period and a 30-day survival period.
• Critical Illness Rider: Pays the benefit on the first diagnosis of either of the two covered conditions, cancer or first heart attack, subject to rider terms. The benefit comes with a 90-day waiting period and a 30-day survival period. This is one of the riders we recommend at Ditto, based on the customer profile.

Note: Besides the riders, the plan offers additional options for spouse cover and Return of Premium (ROP), but we do not recommend either. Separate term policies provide independent coverage and greater flexibility, while ROP returns are not inflation-adjusted, reducing their purchasing power significantly over a long policy term.

Note: The illustration assumes a salaried, non-smoking male from Delhi (110010) seeking ₹2 crore level term cover until age 65. First-year discounts have been excluded. Actual premiums vary based on underwriting, medical profile, and other individual factors. You can use the PNB MetLife calculator for rough estimates. 

Insight: Premiums are higher than those of comprehensive plans from Axis Max and ICICI Prudential. Axis Max Life Smart Term Plan Plus covers up to 64 listed illnesses if the critical illness rider is selected, while ICICI Prudential iProtect Smart Plus offers an accelerated partial payout of up to ₹3 lakh at claim intimation for qualifying policies.

PNB MetLife Mera Term Plan Plus appears attractive compared with offerings from larger insurers such as HDFC Life, based only on premiums. However, plans like HDFC Life Click 2 Protect Supreme Plus provide comprehensive health management services and the confidence of an established insurer. 

Note: The table figures represent the insurer's performance across products. The data is based on PNB MetLife public disclosures and IRDAI annual reports. You can explore the Ditto Data Lab for more insurer metrics. 

Pros & Cons of PNB MetLife Mera Term Plan Plus

Pros of PNB MetLife Mera Term Plan Plus

• Strong WOP Feature: Future premiums can be waived for qualifying ATPD or listed critical illnesses.
• Step-Up Option: Basic sum assured can potentially double, allowing cover to increase as financial responsibilities grow.
• Life Stage Option: Allows predefined cover increases without fresh underwriting, subject to applicable limits and conditions.
• Flexible Payouts: You can choose different death-benefit payout structures based on your family's needs.

Cons of PNB MetLife Mera Term Plan Plus

• Spouse Cover is Asymmetric: The second life may receive narrower protection than the primary policyholder.
• Step-Up Costs More: Higher coverage means higher premiums based on the life assured's attained age.
• Life Stage has Limits: You generally must select it upfront, and the combined increase is capped at ₹50 lakh maximum.
• ROP Costs More: Returning premiums on survival can increase costs by 60% to 100% compared with pure term insurance.

Why Choose Ditto for Term Insurance?

At Ditto, we’ve assisted over 12,00,000 customers with choosing the right insurance policy. Why customers like Aaron below love us:

• 100% Free Consultation
• No Spam. No Sales Pressure.
• Rated 4.9/5 on Google Reviews by 30,000+ Happy Customers
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• Dedicated Claim Support Team
• Compare Plans and Premiums with a Trusted Insurance Advisor

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Ditto’s Take on PNB MetLife Mera Term Plan Plus

PNB MetLife Mera Term Plan Plus is a feature-rich term plan that makes the top 10 best term insurance plans, but not the top 5. However, PNB MetLife operates at a smaller scale than established insurers such as Axis Max Life and remains below our ₹5,000 crore benchmark, with complaint volumes above the industry average.

For customers who prioritize insurer scale and an established claims experience, we suggest comparing other term insurance plans from larger insurers such as HDFC Life.