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Term insurance means protection against risks in Life. While the main reason to buy term insurance is if you are the breadwinner of your family. In such cases, your loved ones depend on you for their survival and would require funds if you were no longer around to take care of their needs. Though women may not be considered the sole earner, despite managing housework to contribute to financial responsibilities, they do a lot. So why not buy a term plan for her to further increase the safety net?
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Regardless of whether your partner is a homemaker or has a professional life, she needs term insurance as much as you. PNB MetLife Term Insurance offers a joint term plan for couples i.e., PNB MetLife Mera Term Plan Plus. The policy provides life cover to you and your spouse. It is a useful term plan as it covers non-working partners also, who cannot buy a term plan easily on their own. Let’s look at various benefits and features of PNB Spouse term plan that helps you make the right decision:
Note: Know more about what is term insurance first before reading this article.
A PNB Term Insurance for spouse, also called joint term insurance, offers the protection of life coverage to husband and wife. A Joint/ Spouse term insurance policy has a number of benefits including discounts on premium amount payments, tax benefits, long-time policy term, and regular payout i.e., monthly income to the spouse (surviving).
Under this, you can also buy an additional safety through permanent disability, critical illness, and accidental death riders.
Term Plans
A term insurance plan comes with the below term insurance benefits:
Affordable premium rates: You can buy a term plan online at low premium rates. Term insurance plans are cost-effective. The early you buy a term plan, the lower would be its premium rate as the premium process increases with an increase in age.
High amounts of Life cover: You can buy a high life cover at low premiums because a term policy is a pure protection plan having no component of investment. The total premium paid is invested towards the sum assured amount that is paid to the nominee in case of death during the policy term.
Riders for enhanced safety: Term insurance offers various additional advantages apart from life protection. You can attach or add a term rider such as a permanent disability, critical illness rider, or accidental death rider, to the current base term plan.
Waiver of Premium: In this, if one of the spouses passes away, the other partner will receive a waiver of premium. This simply means that they no longer have to pay premiums to keep the term insurance plan in force.
Tax Benefits: The tax benefits of a term insurance plan results in a lot of savings. You can claim exemptions on tax u/s 80C, 80D, and 10(10D) of the ITA, 1961. The premium paid for a term plan is tax-deductible up to 1.5 lacs pa u/s 80C. And, the death benefit is free of taxes u/s 10(10D).
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It is always suggested to buy a joint term plan for wife and husband because such a policy helps you to have a life cover for both spouses without buying 2 separate plans and paying 2 separate premiums. Following are the main reasons why you should buy joint term insurance:
By purchasing a joint term insurance plan for both partners, you can receive a high life cover at a comparatively low premium rate than that for 2 individual term plans.
As both spouses are covered under a single plan, there is no need to buy two separate plans.
If one of the partners dies, then the death benefit of the joint term insurance plan is paid to the surviving partner.
PNB MetLife Mera Term Plan Plus is a specially designed protection policy that provides a sum assured till 99 years even if you select to pay a premium for a limited time. In this, you can also opt to protect your partner under the same plan, and choose premium return on survival till the end of the policy tenure, making it a good protection solution.
| Criteria | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Maturity Age | 28 years | Life, Life plus: 99 Life plus health :75 |
| Sum Assured (without ROP) | 28 years | 75 years |
| Sum Assured (with ROP) | 28 years | 75 years |
| Sum Assured | 25 Lakh | No Limit |
| Premium Paying Term | Single pay Limited pay Regular pay | |
| Premium payment mode | Yearly/half-yearly/Quarterly/Monthly | |
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Following are the key features of PNB MetLife Mera Term Plan Plus:
Option to choose to pay for a limited time or throughout the policy tenure as per your needs.
Choose to stay secured for either whole life i.e., 99 years, or select coverage tenure as per your requirement.
Option to select protection against disability, disease, and death
Life Plus: Death benefit + Waiver of premium on the diagnosis of critical illness and accidental total permanent disability + Terminal illness benefit
Life plus Health: Death Benefit + Accelerated critical illness + Terminal illness + Waiver of premium on the detection of critical illness and accidental total permanent disability
Life: Death Benefit
Customize the plan with a choice of extra available options such as the return of premium and spouse coverage
Increase your protection with the ‘Cover Enhancement Option’ to make sure your cover is sufficient.
Choose your payout option to suit your requirements such as lump sum, monthly income, and lump sum plus monthly income.
Availability of riders to enhance the coverage
Tax benefits as per the prevailing income tax laws
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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