The first thing that one should know about this plan is the fact that it must not be confused with a withdrawn plan, offered by PNB Met Life earlier, with the same name but without the, ‘Plus’.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|
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.|
|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.|
|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.
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