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
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.|
|Premium paying mode||
Premium Paying Factor
|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.
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.
- ADB Plus.
- ATPD Plus.
- APPD Plus.
- Serious Illness Rider.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017