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iSelect Smart360 Term Plan vs Mera Term Plan Plus

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Specifications side by side

Spec
iSelect Smart360 Term Plan
Mera Term Plan Plus
Eligibility
Minimum entry age
18 years
18 years
Maximum entry age
65 years
60 years
Maximum maturity age
99 years
99 years
Policy term
Life Secure: 5 years (5-9 years only for entry age 35+) to 81 years (99 minus age at entry) for Regular/Limited Pay, 62 years (80 minus age at entry) for Single Pay; Life Secure with Income: 65 minus age at entry to 99 minus age at entry; Life Secure with Return of Premium: 10 years to 99 minus age at entry
Minimum 10 years; maximum 99 - age at entry (Life, Life Plus), 75 - age at entry (Life plus Health), 40 years with Return of Premiums; Limited pay minimum policy term = PPT + 5 years
Minimum sum assured
₹25,00,000
₹25,00,000
Maximum sum assured
No Limit (Subject to Board Approved Underwriting Policy); Non-working Spouse: Rs 50 Lakhs
No limit, subject to Underwriting
Plan
Plan options
Life Secure, Life Secure with Income, Life Secure with Return of Premium
Life, Life Plus, Life plus Health
Premium payment
Life Secure: Single Pay, Regular Pay, Limited Pay 5/10/15/20/25/Up to age 60; Life Secure with Income / with Return of Premium: Regular Pay, Limited Pay 10/15/20/25/Up to age 60; Yearly/Half Yearly/Quarterly/Monthly/Single
Single pay, Limited pay (5, 10, 15, 20, Pay till Age 60), Regular Pay; Yearly / Half Yearly / Quarterly / Monthly
Return of premium option
Yes
Yes
Death benefit payout
Lump Sum; Monthly Income (level or increasing @ 5/10% p.a. simple, over 60 months); Part Lump Sum Part Monthly Income (25%/75%, 50%/50%, 75%/25%)
Lump sum; Monthly Income (level monthly income for 10 years at 1.1022% of Sum Assured on Death); Lump sum plus Monthly Income
Riders
—
PNB MetLife Accidental Death Benefit Plus Rider Plus (117B020V04), PNB MetLife Serious Illness Rider (117B021V04), PNB MetLife Accidental Disability Benefit Rider (UIN: 117B022V03), PNB MetLife Critical Illness Rider (UIN: 117B023V03)
Terminal illness benefit
Yes
Yes
Waiver of premium
Optional in-built cover 'ATPD Premium Protection' / 'ATPD Premium Protection Plus': all future premiums of the impacted life waived on Accidental Total & Permanent Disability
Life Plus and Life plus Health: all future premiums waived on Accidental Total Permanent Disability or diagnosis of any one of 50 listed Critical Illnesses (not applicable to Single Premium)
Premium
Sample annual premium
₹13,296
₹10,400
Sample premium is for
Male non-smoker, age 30, Life Secure plan option, Level coverage option, Sum Assured Rs 1 crore, policy term 40 years (not 30), Regular Pay, annual mode, no Optional In-Built Covers; basis Physical Medical; exclusive of taxes. Brochure gives no 30-year-term figure.
Healthy male life, age 30, basic sum assured Rs 1 crore, policy term 30 years, regular pay (premiums paid regularly for the policy term), annual mode, 'Life' benefit option without Return of Premiums, lump sum payout option. GST and/or applicable cesses charged extra (excluded). Smoker status not stated.
Insurer
Death claims settled (insurer)
99.43%
99.57%
Claims figures for
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
IRDAI UIN
136N080V02
117N126V04

A tick marks the better value where the category rules say higher (or lower) is better. Text values are shown without a winner. Ties have no winner.

Pros and cons

iSelect Smart360 Term Plan

  • Pro: Insurer paid 99.43% of individual death claims, higher than 77% of the 27 term life insurance plans on Comparezi that state it
  • Pro: Return-of-premium option available

Mera Term Plan Plus

  • Pro: Insurer paid 99.57% of individual death claims, higher than 81% of the 27 term life insurance plans on Comparezi that state it
  • Pro: Return-of-premium option available
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