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  • PNB MetLife Complete Care Plan

    PNB Metlife Life Insurance

    Overview

    This group life insurance policy protects the financial stability of every dependant of every member of the group - in the unfortunate event of the member’s demise. It can also be issued instead of the mandatory EDLI for employees who are covered under the Employee’s Provident Fund (EPF) and the Miscellaneous Provisions Act of 1976. Not only does it fulfil the EDLI obligations but also provides additional coverage. The Metlife insurance plan can also be enhanced by opting for the addition available riders.

    Eligibility Criteria of PNB MetLife Complete Care Plan

    EntryAge
    • Minimum – 18 years.
    • Maximum – 80 years.
    MaturityAge 81 years.
    Face Amount
    • Minimum: Rs.1,000 (per member).
    • Maximum: Rs.25,00,00,000 (per member, per life)
    Group Size
    • Minimum: 50 members.
    • Maximum: No limit.

    Key Features of PNB MetLife Complete Care Plan

    Type Non-participating, 1 year, renewable group protection plan.
    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 Upon 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.
    Basis Group.
    Premium paying mode
    • Annual.
    • Semi-annual.
    • Quarterly.
    • Monthly.

    Premium Paying Factor

    Mode of Premium Half-yearly Quarterly Monthly
    Multiplicative Factor 0.5096 0.2573 0.0863
    Loan No loan is provided against this policy
    Tax benefits Tax benefits are applicable as per applicable taxation laws.
    Grace Period There is a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly mode.
    Free Look Period There is a free look period of 15 days from the date of receipt of policy documents.
    Reinstatement 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.

    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.

    Advantages of PNB MetLife Complete Care Plan

    • Comprehensive life insurance cover for the group member (employee, customer, etc.).
    • Efficient way to meet and exceed the requirements of EDLI.
    • Far more cost effective than individual life insurance policies for every group member.
    • Hassle free and easy implementation because of the availability of free cover limit.
    • Strong retention tool, and prized perk for employees.
    • Payment modes are flexible.
    • Options available to convert the policy into individual coverage when the employee leaves the organization / group member leaves homogenous group.
    • Additional cover available on a participatory basis – for self and family.
    • Tax Benefits as per prevailing tax laws.

    How The Plan Works

    A minimum group size of 50 is required.

    Step 1: Pay a premium amount to initiate coverage.

    Step 2: Pick a premium payment option and mode.

    Step 3: In the unfortunate event that one of the group members dies, the Sum Assured and death benefit become payable.

    Riders

    1. ADB Plus.
    2. ATPD Plus.
    3. APPD Plus.
    4. Serious Illness Rider.
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