PNB Met Life Complete Care Plus

The first thing that one should know about this plan is the fact that it must not be confused with a withdrawn plan, offered by PNB Met Life earlier, with the same name but without the, ‘Plus’. This is a simple plan which provides sufficient life cover to employees as well as their family members, which is why the word ‘complete’ is a part of the plan name. The other essential and noticeable attributes of this plan is the fact that it has a very high entry age. This is a perfect group plan with sufficient coverage for everyone insured. Note that for non-employees some of the features are not applicable and there are differences. Please refer to the non-employee section for the same.

Eligibility Conditions for PNB MetLife Complete Care Plus:

Minimum Entry Age 18 years (based on the last birthday)
Maximum Entry Age 80 years (based on the last birthday)
Maximum Maturity Age 81 years (based on the last birthday)
Minimum Group or Scheme Size At least 10 employees
Maximum Group or Scheme Size Rs.9 crores
Minimum Policy Term Annually renewable policy
Minimum Per Member Face Amount Rs.5,000 for every life
Maximum Per Member Face Amount Rs.100 crore for every life per life

Premium Payments Offered by PNB MetLife Complete Care Plus:

Minimum Premium Rs.2915 per insured person
Maximum Premium Rs.7,97,56,000 per life Rs.1,000 Crore per Scheme
Premium Payment Mode Premiums can be paid in any mode as decided and agreed by both parties.
Premium paying Intervals Yearly, semi-yearly, monthly or quarterly

Premium Paying Factor for PNB MetLife Complete Care Plus:

Mode of Premium Half-yearly Quarterly Monthly
Multiplicative Factor 0.5096 0.2573 0.0863

Key Features of PNB MetLife Traditional Employee Benefit Plan:

Type of Plan Non-participating, 1 year, renewable group protection plan.
Premium Payment options Yearly, semi-yearly, monthly or quarterly
Coverage Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be paid 100% of the Sum Assured on Death. Maturity Benefit – There are no surrender of maturity benefits available with this plan.
Accelerated Benefit Option (ABO) When a diagnosis of an employee as “terminally ill”, 100% of the Sum Assured will immediately be paid and the inclusion at this member at the next annual renewal date should be decided upon by the Board.
Renewability Annually renewable
Free Look Period Within 15 days
Grace Period It has a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly mode.
  • When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions.
  • Reinstatement can be requested up to 60 days from the date of the first unpaid premium with a letter requesting the same.
  • Reinstatement is subject to receipt of a letter showing proof of insurability along with a formal request for reinstatement, and all the unpaid premiums, along with interest.
  • All premiums due till the date of reinstatement must be paid along with compound interest at the rate prescribed by the company.
  • Reinstatement will be dependent upon the company Board’s approved underwriting policy.
Revival No revival applicable after surrender or termination.
Partial Surrender Not allowed
Loan Against Policy Not available for group plans
Benefit Statement Receivable at every financial year stating the benefits claimed and the funds available.
Waiting Period For employees wishing to apply for this policy voluntarily, have a waiting period of 30 days.
Exclusion In the event that the policyholder commits suicide within 1 year from the commencement of coverage, the insurance cover will be rendered null and void and the company will not be liable to pay the face amount of coverage, but the company will refund premiums paid without interest. The suicide clause is applicable only on members joining the group plan for the first time.

Benefits of PNB MetLife Complete Care Plan:

  • Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be paid 100% of the Sum Assured on Death.
  • Maturity Benefit – There are no surrender of maturity benefits available with this plan.
  • Flexibility: Options available to convert the policy into individual coverage when the employee leaves the organization / group member leaves homogenous group.
  • Coverage: Covers both the individual and the family members of the insured member of the group.
  • Tax Benefits: Tax benefits are applicable under the Income Tax Act, 1961, but may be subject to changes based on amendments made in the section of the Act dictating the tax benefits from life insurance.

Free Look Period:

The employer as the group policy administrator gets a free look period of 15 days which starts from the receipt date mentioned on the Group Policy making sure that the terms and conditions of this Group Policy are being met. If the employer has any problems or has objections on the stated terms and conditions the policy can be cancelled by providing a written notice to PNB MetLife stating the problems and the entitled refunds will be given except stamp duty charges will be deducted.

Partial Surrender:

No partial withdrawal provision is allowed for this MetLife plan.

Loan Against Policy:

Loans cannot be taken against this policy since this is a group plan.

PNB MetLife Complete Care Plus Riders:

The following riders are applicable on PNB MetLife Complete Care Plus for added coverage and benefits for both the employees and the family members.

  • ADB Plus.
  • ATPD Plus.
  • APPD Plus.
  • Serious Illness Rider.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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