Summary : PNB MetLife Mera Term Plan Plus is an individual, non-linked, non-participating pure-risk life insurance product with UIN 117N126V04. The insurer continues to list it as an active plan. The contract offers three basic benefit options, optional return of premium, spouse coverage, cover-enhancement choices and different death-benefit payout formats. Those features are not interchangeable: each has separate eligibility, premium, waiting-period and claim consequences. This guide reads the current policy document as a contract, explains where benefits reduce the remaining cover rather than add to it, and sets out the Indian tax and GST position without recommending purchase.
- Current Product Identity and Contract Structure
- Three Benefit Options Have Different Insured Events
- Life option focuses on death cover
- Life Plus adds terminal illness and premium waiver
- Life Plus Health accelerates part of the existing cover
- Payout Choices and Optional Benefits Need Separate Decisions
- Return of premium changes maturity and surrender rights
- Spouse coverage is joint administration, not identical protection
- Waiting Periods Exclusions and Disclosure Duties
- Suicide and misstatement rules
- Premium Default Paid Up Status and Revival
- Claims Documents and Grievance Escalation
- Income Tax and GST Position for 2026
- Frequently Asked Questions
- Is Mera Term Plan Plus currently an active PNB MetLife product?
- Does Life Plus Health pay critical illness in addition to full death cover?
- Is there a maturity benefit under the ordinary Life option?
- Can the payout option be changed after issue?
- What is the critical-illness waiting period?
- What happens after suicide within the first 12 months?
- Is the premium eligible for a tax deduction?
- Is GST currently charged on this individual term policy?
- Key Takeaways
Current Product Identity and Contract Structure
The legal insurer is PNB MetLife India Insurance Company Limited, IRDAI registration number 117. The current active-plan list and policy wording identify the product as PNB MetLife Mera Term Plan Plus, UIN 117N126V04. It is not a unit-linked plan and does not participate in insurer profits. The policy schedule records the benefit option, basic sum assured, premium payment term, policy term, frequency and any additional choices. A buyer should treat the schedule and issued wording as controlling documents; a web illustration or intermediary explanation cannot expand the contractual benefit.
| Feature | Current policy position |
|---|---|
| Product type | Individual, non-linked, non-participating, pure-risk life insurance |
| Entry age | 18 to 60 years; maximum 55 where Pay till Age 60 is chosen |
| Minimum basic sum assured | ₹10 lakh; higher cover remains subject to underwriting |
| Policy term | Minimum 10 years; maximum depends on option, entry age and return-of-premium choice |
| Premium payment | Single, regular or limited terms of 5, 10, 15, 20 years or Pay till Age 60 |
| Free-look period | 30 days from receipt of the policy document |
| Grace period | 15 days for monthly mode and 30 days for other frequencies |
| Policy loan | Not available |
Three Benefit Options Have Different Insured Events
Life option focuses on death cover
The Life option pays the contractual Sum Assured on Death when the life assured dies while the policy is in force, subject to the policy terms and exclusions. It does not add terminal-illness, waiver-of-premium or accelerated critical-illness benefits merely because the product brochure describes them elsewhere. The amount and payout format stated in the schedule therefore need to be checked separately from the basic sum assured shown in an illustration.
Life Plus adds terminal illness and premium waiver
Life Plus includes death benefit, terminal-illness benefit and waiver of future premiums following accidental total permanent disability or diagnosis of one of the 50 listed critical illnesses. The terminal-illness payment is an early payment of the Sum Assured on Death, not a second amount on top of death cover. Once it has been paid, the death benefit is not payable again. The waiver can trigger only once and does not apply to a single-premium policy. Under the policy wording, Life Plus premium and benefits reduce to the Life option from the policy anniversary on which the life assured has attained age 75.
Life Plus Health accelerates part of the existing cover
Life Plus Health adds an accelerated critical-illness benefit. On diagnosis of a covered illness while the policy is in force, 25% of the basic sum assured, capped at ₹50 lakh, is paid immediately. The remaining Sum Assured on Death continues for a subsequent covered death or terminal-illness claim. Because this is accelerated rather than additional cover, the payment reduces the amount left for the later claim. Definitions, severity thresholds, survival conditions and exclusions in the critical-illness annexure control entitlement.
| Option | Death | Terminal illness | Premium waiver | Accelerated critical illness |
|---|---|---|---|---|
| Life | Included | Not included | Not included | Not included |
| Life Plus | Included | Early payment of death cover | ATPD or one of 50 listed illnesses | Not included |
| Life Plus Health | Included | Early payment of death cover | ATPD or one of 50 listed illnesses | 25% of basic sum assured, maximum ₹50 lakh, reducing remaining cover |
Payout Choices and Optional Benefits Need Separate Decisions
The death or terminal-illness amount can be structured as a lump sum, level monthly income for 10 years, or a chosen combination of lump sum and monthly income. The choice is made at inception and is recorded in the schedule. Income instalments do not create an investment return; they are the contractual method of paying the insured amount. The policy wording excludes monthly-income choices for certain second-life and cover-enhancement payouts, so nominees should not assume every component follows the same mode.
Return of premium changes maturity and surrender rights
Return of premium is available only when selected at inception for an additional premium. If the life assured survives to maturity, the Sum Assured on Maturity is paid and the policy terminates. The option is limited to a maximum policy term of 40 years or maturity age 75, whichever is earlier. Returned premiums do not automatically include taxes, rider premiums or every extra charge. Surrender value is available only with the return-of-premium option and is the higher of guaranteed and special surrender value under the contract. Pure protection without this option ordinarily has no maturity benefit.
Spouse coverage is joint administration, not identical protection
Spouse coverage can be selected at inception for an additional premium when the first life has a basic sum assured of at least ₹50 lakh. The second life receives death cover only, paid as a lump sum. The second-life sum assured can be up to the first-life amount, subject to underwriting; the wording limits cover for a housewife or non-earning female to up to 50% of the first-life basic sum assured and a maximum ₹50 lakh. Terminal-illness, waiver and accelerated critical-illness benefits apply to the first life, not the second. The option is unavailable with Pay till Age 60.
Waiting Periods Exclusions and Disclosure Duties
Critical-illness benefits carry a 90-day waiting period from policy inception or revival, whichever is later. The policy also lists disease definitions and exclusions for pre-existing disease, intentional self-injury, war, criminal activity, hazardous pursuits and other specified causes. A claim is tested against the exact diagnosis, evidence, timing and exclusions. A general medical description or hospital bill is not enough if the contractual severity definition is not met.
Suicide and misstatement rules
For suicide within 12 months from commencement of risk or revival, the nominee or beneficiary is entitled to 80% of total premiums paid until death or the surrender value available at death, whichever is higher, provided the policy is in force. The ordinary death sum assured is not payable under that exclusion. Fraud and misstatement are governed by section 45 of the Insurance Act. Accurate disclosure of health, occupation, smoking, income, existing insurance and medical history is therefore central to underwriting and claim assessment.
Premium Default Paid Up Status and Revival
Without return of premium, failure to pay by the end of the grace period causes lapse. With return of premium, failure before payment of the first full policy-year premium also causes lapse and cessation of cover. After one full year of premiums under the return-of-premium structure, the policy may acquire reduced paid-up benefits according to the wording. A lapsed or paid-up policy may be revived within five years from the first unpaid premium, subject to arrears, interest, evidence and underwriting. Revival also restarts the critical-illness waiting period.
Claims Documents and Grievance Escalation
The claimant should notify the insurer promptly and submit the claim form, policy details, death or medical evidence, identity, bank information and any additional documents reasonably required. For an accidental event, police, post-mortem or investigation records may be relevant. Nomination helps identify the recipient but does not remove the need to establish the insured event. Copies of the proposal, schedule, medical disclosures, premium receipts, nomination and correspondence should be retained outside the insured person’s sole control.
The insurer lists its toll-free number and service email as first-level channels. An unresolved grievance can be escalated to the designated grievance redressal officer and thereafter to Bima Bharosa and the Insurance Ombudsman where the complaint falls within jurisdiction and applicable time limits. A claimant should record dates, complaint numbers, requested relief and documents supplied rather than relying on oral assurances from a salesperson.
Income Tax and GST Position for 2026
Under the Income-tax Act, 2025, section 123 read with Schedule XV retains an aggregate deduction up to ₹1.5 lakh for specified savings payments, including qualifying life-insurance premiums, subject to conditions. The deduction is not available under the new concessional regime under section 202. The premium-to-sum-assured conditions and who is insured must be checked. A policy should not be purchased solely for a deduction because the protection need, premium affordability and disclosure obligations continue for the chosen term.
Death proceeds remain specially protected under the life-insurance exclusion rules, while non-death receipts are subject to premium-ratio and aggregate-premium conditions. For non-ULIP policies issued on or after 1 April 2023, the ₹5 lakh aggregate-premium condition can affect exemption of non-death receipts; death receipts are treated differently. The return-of-premium feature therefore needs tax review at maturity rather than a blanket assumption of exemption. The current GST framework exempts individual life-insurance policies, including term policies, from GST. A fresh quote should nevertheless be checked for any non-policy service or future law change.
| Tax point | Practical reading |
|---|---|
| Section 123 deduction | Aggregate ceiling ₹1.5 lakh under eligible regime and conditions; not available in the section 202 new regime |
| Death benefit | Generally protected under life-insurance exclusion rules, subject to statutory exceptions such as Keyman policies |
| Non-death receipt | Check premium-to-sum-assured and aggregate-premium conditions at receipt |
| GST | Individual life-insurance policy service is currently exempt; verify current invoice and law |
| Record keeping | Keep policy schedule, premium certificate, bank proof, claim or maturity statement and tax-regime selection |
Frequently Asked Questions
Is Mera Term Plan Plus currently an active PNB MetLife product?
Yes. The insurer’s active-plan list identifies Mera Term Plan Plus with UIN 117N126V04, and the current product page offers online purchase subject to underwriting.
Does Life Plus Health pay critical illness in addition to full death cover?
Not in full. The critical-illness amount is accelerated from the basic cover, so the remaining Sum Assured on Death is reduced after payment.
Is there a maturity benefit under the ordinary Life option?
No maturity benefit arises unless the return-of-premium option was selected at inception and its conditions are satisfied.
Can the payout option be changed after issue?
The policy wording requires the payout choice at inception. The issued schedule should be treated as controlling.
What is the critical-illness waiting period?
It is 90 days from inception or revival, whichever is later, along with disease definitions and exclusions.
What happens after suicide within the first 12 months?
The exclusion provides 80% of total premiums paid or available surrender value, whichever is higher, provided the policy is in force, rather than the ordinary death sum assured.
Is the premium eligible for a tax deduction?
A qualifying premium may enter the section 123 aggregate deduction up to ₹1.5 lakh under the eligible regime and conditions, but the deduction is unavailable under the section 202 new regime.
Is GST currently charged on this individual term policy?
Individual life-insurance policies are currently exempt from GST. The issued premium quote should still be checked for current treatment and other separately charged services.
Key Takeaways
- UIN 117N126V04 is the current identity to match across the proposal, brochure and schedule.
- Life, Life Plus and Life Plus Health cover different insured events and should not be treated as equivalent.
- Terminal-illness and accelerated critical-illness payments reduce or replace later death cover as stated in the contract.
- Return of premium, spouse cover and enhancements require extra premium and carry separate restrictions.
- Disclosure, waiting periods, revival and disease definitions materially affect claim entitlement.
- Tax deduction, receipt exemption and GST must be checked independently under current law and personal facts.
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Disclaimer: This article is an educational explanation of PNB MetLife Mera Term Plan Plus, UIN 117N126V04, based on the insurer’s active-plan page, brochure and policy wording, together with Indian tax and GST materials reviewed for publication on 6 November 2026. It is not insurance, investment, medical, tax, legal or financial advice and does not recommend purchasing, renewing, surrendering, reviving or altering this policy, any option or any rider. The policy schedule issued to the customer, accepted proposal, underwriting decision, medical evidence, exclusions, definitions, waiting periods, benefit limits, nomination and claim facts determine the actual rights of the parties. Illustrations and summaries cannot replace the full contract. Term insurance can lapse if premiums are not paid, return-of-premium choices can cost materially more than pure protection, accelerated benefits can reduce the remaining death cover, and spouse or rider benefits may differ from the first-life cover. Medical conditions, occupation, tobacco use, income, existing insurance and other proposal answers must be disclosed accurately. Tax deductions depend on the selected tax regime, insured person, premium limits and continuing statutory conditions; maturity or surrender taxation depends on the issue date, premium ratios, aggregate premiums and nature of receipt. GST law and insurer administration may change. Readers should obtain a current personalised benefit illustration and policy schedule, compare protection needs and affordability, and consult appropriately qualified insurance, medical, tax and legal professionals before acting. TaxGuru accepts no responsibility for any purchase decision, rejected or reduced claim, lapse, tax position, premium cost, missed disclosure, grievance outcome or other consequence arising from reliance on this article or the cited materials.
