There are numerous unknowns in life. The financial security of your family could be impacted by a major accident or sickness. However, it becomes much simpler to protect your family’s financial future if you start investing in life insurance.
The importance of term insurance is understood precisely for this reason. But the market is flooded with many options, this post took two well-known plans from two separate companies: the Bajaj Allianz Life Smart Protect Goal Plan and the PNB Metlife Mera Term Plan Plus.
Let’s discuss them in detail!
What is PNB Metlife Mera Term Plan Plus?
The PNB MetLife Mera Term Plan Plus is a specially created protection plan that offers life insurance coverage till age 99 even if you decide to pay payments for a short time. This is a fully comprehensive protection solution because you can choose to insure your spouse under the same plan, select a refund of premiums upon survival through the policy term, or alter your plan with one of the coverage upgrade choices. Along with many other options, the plan gives you the freedom to select protection against Death, Critical Illness, Accidental Disability, and Terminal Illness.
Key Features & Benefits of PNB Metlife Mera Term Plan Plus
The following are the key features and benefits of PNB Metlife Mera Term Plan Plus.
- Death Benefit: The death benefit under the PNB MetLife Mera Term Plan Plus policy insured will be paid to the insured’s family in the form of a death sum assured. This equals either 10 times the yearly premium or 105% of the premium payments paid up until the policyholder’s death. The base payout and any applicable riders are part of the death benefit.
- Maturity Benefit: Another major benefit of considering the PNB Metlife Mera Term Plan Plus plan it comes with a “Maturity Benefit” which is only available if the policy’s “Return of Premiums” option is selected. The purchase of additional premiums is required to access this benefit. If the Life Assured lives until the Policy’s Maturity Date, the Maturity Benefit payable under the Policy will be equal to the Sum Assured on Maturity. Upon receipt of this Maturity Benefit, the Policy expires.
- Step-up Benefit: The policyholder can select the Step-up sum assured under this provision, which will be added at each Policy Anniversary beginning with the First Policy Anniversary for the next Ten Years. Step-up Rate times Basic Sum Assured gives you Step-up Sum Assured. A fixed 10% step-up rate is used. The increased premium and Step-up sum assured will be applied prospectively for the remaining Premium Paying Term.
- 99 years of coverage: Mera Term Plan Plus is a specially created protection plan that offers life insurance coverage up to the age of 99 years old even if you opt to pay payments for a short time. The option to remain covered for the rest of their lives (up to age 99) is available to policyholders.
- Life Stage Benefit: The Policyholder may choose to enhance the sum assured under this benefit at several life events, including marriage, the birth or adoption of a child, the birth or adoption of a second child, and the taking out of a home loan by the Life Assured after the Date of Commencement of Risk (but only once during the policy term). However, the total additional amount guaranteed under all of these events will not exceed Rs. 50 lakhs.
What is Bajaj Allianz Life Smart Protect Goal Plan?
The Bajaj Allianz Life Smart Protection Goal is a comprehensive term plan that is cost-effective while still offering you comprehensive life protection. It not only gives you the choice to receive a full premium refund at maturity but also guards against financial loss due to some serious illnesses. This strategy is intended to provide a tailored response to meet your particular requirements. Bajaj Allianz Life Smart Protection Goal is an all-inclusive term plan with modern features that keep up with your changing needs.
Key Features & Benefits of Bajaj Allianz Life Smart Protect Goal Plan
Listed below are the features and benefits of the Bajaj Allianz Life Smart Protect Goal Plan.
- Multiple Coverage Options: Numerous coverage options are available with the Bajaj Allianz Life Smart Goal Protect Term Plan, including life insurance, child education extra cover, life cover with joint life, and increasing life cover.
- Whole life insurance: With Bajaj Allianz Smart Goal Protect, you may purchase coverage that lasts till age 99 by making a one-time payment.
- Multiple Add-ons: A policyholder receives several benefits with the Bajaj Allianz Life Smart Goal Protect Term plan, including Accidental Death Benefit, Accidental Total Permanent Disability Benefit, Critical Illness Cover, and Premium Waiver Benefit.
- Automatic Increase of Life Cover: With the Bajaj Allianz Smart Goal Protect Plan, the life insurance coverage automatically grows on the anniversary of the policy.
- Tax Savings: Term insurance goes beyond simple insurance coverage. Tax savings are one of its advantages. According to section 80C, the premiums you paid are not subject to tax. Additionally, if the Critical Illness Cover is selected, you receive tax benefits through a deduction under section 80D. The tax advantages of term insurance allow you to save more of your hard-earned money in this way.
- High Coverage at Affordable Premiums: The Bajaj Allianz Smart Protect Goal Term Plan is reasonable and easy on the wallet because it offers a variety of premium payment alternatives. It is a perfect plan because it offers increased death coverage at affordable costs.
Differences Between Bajaj Allianz Life Smart Protect Goal & PNB Metlife Mera Term Plan Plus Plan
The following list highlights some of the key differences between them:
|PNB Metlife Mera Term Plan Plus
|Bajaj Allianz Life Smart Protect Goal Plan
Minimum: 18 Years
Maximum: 60 (55 if Pay till 60 is chosen as PPT)
The minimum age is 18 years
The maximum age is 65 years
ROP: Pay-till-60 Option – Minimum: 25 years, Maximum: 55 years
Minimum: 28 Years
Life, Life Plus: 99
Minimum: 28 Years
Maximum: 75 Years
Maximum age at maturity
With an ROP – of 85 years
Without ROP – 85 years
Whole Life – 99 years
Minimum: Rs. 25, 00,000
Maximum: No Limit, Subject to Underwriting
Minimum Sum Assured
Maximum Sum Assured
As per Board Approved Underwriting Guidelines
Child Education Support benefit
Under this Benefit, the Policyholder may opt to increase the sum assured with a specific focus to provide for the cost of education of one child of the Life Assured. This Bene‑t can only be opted on or before the Date of Inception of the Policy.
Critical Illness Cover
Bajaj Allianz Smart Goal Protect offers you coverage against 55 major and minor critical illnesses.
Which is Better: PNB Metlife or Bajaj Allianz LifeInsurance?
Based on a variety of factors, including customer service, cost, benefits, coverage, eligibility criteria, and other factors, the comparison between PNB Metlife Mera Term Plan Plus and Bajaj Allianz Life Smart Protect Goal Plan is made. Ensure you determine your needs and then choose the plan accordingly.