We live in a social world where our lives revolve around interacting with other people. Businesses and organisations survive on their ability to function as a group, offering environments where a team takes priority over an individual. Met Flexi Shield is a group plan offering establishments an edge over their competitors, ensuring they are able to build and maintain a lifelong relationship with their customers. This MetLife plan offers an affordable solution to establishments helping them lower default risk due to the death of a customer apart from other benefits.
Eligibility Criteria of PNB MetLife Flexi Shield Plan
|Entry Age||Minimum – 15 years
Maximum – 60 years
|Maturity Age||Maximum – 70 years|
|Group Size||Minimum – 50 people
Maximum – no upper limit
|Sum Assured (per member)||Minimum – Rs 5,000
Maximum – No upper limit
Key Features of PNB MetLife Flexi Shield Plan
|Type||Non-participating Group Savings Scheme|
|Coverage||Reducing Cover – Under this cover, a policyholder is provided a coverage amount which is the lowered outstanding loan amount he/she has taken. This is suitable for educational/auto loans and mortgages.
Level Coverage – Under this plan a same cover is provided throughout the term of a particular policy.
|Benefits||Death Benefit – A lump sum death benefit is provided in the event of death of a policyholder. If an individual has opted for the reducing cover option this benefit will be the loan amount pending at the beginning of a month. If an individual has opted for Level Cover, then the Sum assured will be paid. For joint policies, a death benefit will be paid for the death of first life insured, post which the policy would be cancelled.
Maturity Benefit – There is no maturity benefit available under this scheme.
Surrender Benefit – A surrender benefit will be paid, provided certain conditions are met.
|Policy term||Minimum – 1 year
Maximum - 25 years
|Premium paying options||This plan comes with multiple premium paying options, including single pay, regular pay and limited pay (3 and 5 years).|
|Premium paying modes||Premium can be paid either through a single payment or annual, semi-annual, monthly and quarterly modes.|
|Free Look Period||A 15 day Free Look period is provided to group members wherein they can choose to return the Certificate of Insurance if they disagree with the stipulations of this plan.|
|Renewability||Lapsed policies can be renewed within 3 years of first unpaid premium by clearing all outstanding premiums plus the interest on them.
This option is available only to policyholders who have opted for limited and regular pay.
|Grace Period||A grace period of 30 days is provided for payment of premium for annual, semi-annual and quarterly frequencies. A 15 day grace period is provided for monthly frequencies.|
|Surrender||Policyholders are entitled to surrender benefits which are determined through a formula. The formula differs for single pay and regular/limited pay and depends on the number of years left in a policy and the total coverage.|
Advantages of PNB MetLife Flexi Shield Plan
|Multiple coverage options||Individuals can choose from two coverage options, choosing one which best suits their requirement.|
|Surrender value||Policyholders get surrender benefits on surrendering their policies.|
|Simple||The entire process is simple and hassle free.|
|Increased Sum assured||Individuals can opt to increase their sum assured.|
|Joint borrowers||Plan offers cover for joint borrowers according to the ratio of loan taken by each individual.|
How The Plan Works
MetLife Flexi Shield Plan is designed for Affinity and employer-employee groups which provide loans or investments to people. Under this plan, either a member of the group or the financial institution can pay the premiums on behalf of individual members. If a lending financial institution is paying the premiums then it would do so after accumulating the loan amount. Post payment by a group or nominee, the insurance provider will process applications and provide a policy contract to the group. A policyholder will be chosen within the group who will be responsible for future premium payments and correspondence between group members and this individual will have the master contract of the group policy.
An individual certificate of insurance will be provided to individual policyholders, entitling them to all the features and benefits associated with the product. In the event of new members joining a group, they can also be added to the policy on payment of premium on their behalf.
Policyholders can choose from different options like single pay, regular pay and limited pay (3 and 5 years). Premiums can be paid either annually, semi-annually, quarterly or monthly, as per the requirements of an individual.
This plan does not provide an option for additional riders.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017