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  • PNB MetLife Group Deposit Administration Scheme Plan

    PNB Metlife Life Insurance

    Overview

    Management of leave encashment liabilities and management of gratuity are two business processes that can be wholly outsourced by a company to PNB MetLife through this plan. It’s an effective and wholly integrated process management solution for employers.

    Eligibility Criteria of MetLife Group Deposit Administration Scheme

    EntryAge

    • Minimum – 18 years.

    • Maximum – 69 years, or normal retirement age – whichever is lower.

    MaturityAge

    Maximum – 74 years.

    Sum Assured

    • Minimum: Rs.1,000 per member.

    • Maximum: As defined by the rules of the group insurance scheme under administration or as defined by the employer.

    Initial annual contribution

    • Minimum: Rs.1,00,000 per scheme.

    • Maximum: No limit.

    Group Size

    • Minimum: 10.

    • Maximum: No Limit.

    Key Features of MetLife Group Deposit Administration Scheme

    Type

    Traditional non-participating group savings plan.

    Coverage

    Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be paid the accrued benefits, plus the Basic Sum Assured that’s been opted for by the group policyholder.

    Benefits payable on Retirement, Resignation or Termination: accrued benefits are paid subject to the available fund value. If overall payout exceeds 50% of the available fund, then the excess will be treated as surrender and will be subject to market value adjustment. If a policy is being terminated and it has not completed 5 years, then it is subject to surrender charges and surrender value will be equal to the realizable market value of the available fund. Guaranteed Benefits – The total of contributions paid minus the payouts made under the plan (including interest) will be guaranteed. Guarantees are applicable after the completion of 5 consecutive policy years from the date on which the policy becomes active. If the group policyholder doesn’t exercise the abovementioned options, the company will keep the account value in a Suspense Account for a period not exceeding 30 days. No interest will accrue during this period, and all benefits that become payable during this period will be made out of this account.
    Date Annualized Contribution Guarantee Applicable
    10-02-2009 Rs.1,00,00,000 None.
    10-03-2010 Rs.50,00,000 None.
    10-05-2011 Rs.25,00,000 None.
    10-09-2012 Rs.30,00,000 None.
    10-12-2013 Rs.60,00,000 None
    10-02-2014 N/a Rs.1,00,00,000 – All payouts from this annualized contribution plus interest credited to its annualized contribution.
    10-03-2015 N/a Rs.50,00,000 – All payouts from this annualized contribution plus interest credited to its annualized contribution.
    10-05-2016 N/a Rs.25,00,000 – All payouts from this annualized contribution plus interest credited to its annualized contribution.
    10-09-2017 N/a Rs.30,00,000 – All payouts from this annualized contribution plus interest credited to its annualized contribution.
    10-12-2018 N/a Rs.60,00,000 – All payouts from this annualized contribution plus interest credited to its annualized contribution.

    Benefit Statements will be made available to you from the company at the end of every financial year. This statement includes particulars of contributions paid, less any payouts and withdrawals made, along with all declared interest.

    Basis Group.
    Premium paying mode
    • Annual.
    • Semi-annual.
    • Quarterly
    • Monthly
    Premium Paying Factor
    Mode of Premium Half-yearly Quarterly Monthly
    Multiplicative Factor 0.5131 0.2617 0.0895
    Surrender Partial surrender is not allowed with this particular product. In case of surrender, the surrender value is equal to the market value of the available fund.

    Surrender penalty applies to the Policy Year of Surrender, as illustrated here:

    Policy Year 1 2 3 4 5 6 onwards
    Surrender Charge (as a percentage of Fund Value) 3% 3% 2% 2% 1% N/A

    The guaranteed surrender value is the maximum of:

    • 75% of account value minus surrender charges, or
    • Realisable market value minus surrender charges
    Loans 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 2 years 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.

    Termination The policy stands terminated on the earliest among the following scenarios:
    • Date on which the policy is surrendered.
    • Upon the expiry of two years from the date of policy lapse. When the policy is not reinstated, provided that the policy has not acquired any paid up value.
    • Upon payment of death benefit.
    Exclusion
    • With respect to additional life covered insured through this plan, benefits are payable on the occurrence of the insured event as per the terms and conditions of the product under which life insurance cover is provided.

    Advantages of MetLife Group Deposit Administration Scheme

    • Death benefit is payable to the nominees of the deceased policyholder.
    • Death benefit is paid with the Basic Sum Assured opted by the group policyholder.
    • Guaranteed payouts are made after the completion of 5 consecutive policy years.
    • Interest is declared every year and this constitutes as a part of the capital, which in turn will accrue interest.
    • Contributions can be paid in instalments allowing for increased flexibility.
    • Tax Benefits as per prevailing tax laws.

    How The Plan Works

    A minimum group size of 10 is required.

    Step 1: Pay a premium amount to initiate coverage (starting from Rs.1,00,000 minimum).

    Step 2: Pick a premium payment option and mode.

    Step 3: Interest will start to accrue – interest declared will become a part of the capital and the group policy earns an interest on the whole amount.

    Step 4: In the unfortunate event that one of the group members dies, the Sum Assured and death benefit become payable.

    Riders

    There are no additional riders available with this plan.

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