PNB MetLife is one of the biggest and most established insurance providers on the planet. The company also offers employee benefit programs and annuities and currently boasts over 90 million customers in more than 60 countries across the globe. Following are ten of the benefit plans that can be availed from MetLife Insurance Company Limited.
MetLife Unit Linked Employee Benefit Plan
The Unit Linked Employee Benefit Plan provides an all-inclusive solution for employers that plan on outsourcing management and administration of Gratuity and Leave Encashment liabilities in an integrated and effective way. The scheme also provides customers with an option of two linked funds, viz. Balanced Fund and Debt Fund while also offering a facility that allows customers to switch between the two funds. No charges will apply for the first four switches in a single policy year. Tax benefits can also be availed through the MetLife Unit Linked Employee Benefit Plan and gratuity contributions can be paid in instalments.
Features and Benefits of MetLife Unit Linked Employee Benefit Plan
- In case of disablement, termination / resignation, retirement, etc. of member, the terms and conditions of the scheme as on the date on which the individual exited from service will determine the benefits that can be claimed by the policyholder. The Trustees / Employer must also confirm the date of exit before the individual can claim the benefit.
- If a member dies under Leave Encashment, the terms and conditions of the scheme as on the date on which the member died will determine the benefits. The same must be confirmed by the Trustees / Employer subject to a maximum limit of benefit funded by the policy. The Company will pay the risk cover sum of Rs.1000. If the Fund Value does not suffice for the payment of benefits as stated in the terms and conditions and the Trust Deed, the Group Policyholder will have to bear the shortfall entirely.
MetLife Traditional Employee Benefits Plan
The present business environment has become increasingly challenging so far as the retaining and attracting of talent is concerned. The Traditional Employee Benefits Plan from PNB MetLife Insurance Company Limited is the perfect plan for employers who wish to ensure that their employees are financially secure while also retaining the assets to their company. The scheme also ensures that customers receive a minimum guaranteed interest of 2% per year on every single portion of the contributions paid. Tax benefits can also be availed through this scheme.
Features and Benefits of MetLife Traditional Employee Benefits Plan
- The benefit that can be claimed by the policyholder will be mentioned in the Trust Deed and dictated by the terms and conditions of the Trustee’s / Employer’s scheme.
- The Fund Value is the maximum liability of the company.
- In case a member exits the scheme owing to death, Market Value adjustments won’t be made and a risk cover amount of Rs.1000 will be paid by the company.
Superannuation from MetLife Insurance Company provides an all-inclusive solution for employers that plan on outsourcing management and administration of Superannuation liabilities in an integrated and effective way.
Features and Benefits of MetLife Superannuation
- Customers are guaranteed interest on the contributions paid
- The capital will include the interest declared at the end of every quarter
- The interest and the capital will both earn interest on a quarterly basis
- Tax benefits can be claimed as applicable
- In case of termination / resignation / retirement, the terms and conditions of the scheme will determine that accrued benefit that will be paid out depending upon the available Fund Value.
MetLife Loan and Life Suraksha
This scheme is linked to loans and offers life insurance protection on the outstanding loan amount in order to ensure that the customers find it easier to bear the brunt of a loan should they experience any unexpected events. The Loan and Life Suraksha plan from MetLife also provides extra features like multiple options for premium payments, hassle-free issuance on group platform, and joint life option.
Features and Benefits of MetLife Loan and Life Suraksha
- Choice of two coverage options
- Option of reducing coverage, ideal for auto, educational and home loans
- Option of level coverage so that the customer can receive the same amount of protection through the course of the policy
- Enhances loyalty owing to extra protection
- Offers competitive edge to customers’ existing product portfolio
- Lowers default risk owing to the death of a customer
- Death benefit: in case of an insured individual’s death, a lump sum amount will be paid as death benefit. The amount will be mentioned in the Certificate of Issuance that each member receives when admitted into the group scheme
MetLife Complete Care Plus
The Complete Care Plus policy from MetLife Insurance Company Limited is among the most convenient group life plans that offer protection against the death of a policyholder. The policy can be customised depending upon the unique requirements of the individual so that financial security can be provided to their families and employees. Enhanced benefits can be availed through this scheme by opting riders.
Features and Benefits of MetLife Complete Care Plus
- Financial security for the employee’s family
- Hassle-free procedure to avail the policy due to availability of free cover limit
- Flexible payment options
- Effective employee retention tool
- Extra protection for the policyholder as well as his / her family on participatory basis
- Choice of conversion to individual coverage in case an employee quits the company
- Accelerated Benefit Option: The whole of the Sum Assured will be paid out by the company in case the employee is declared “Terminally Ill”
MetLife Group Term Life Plus
The Group Term Life Plus policy from MetLife Insurance Company Limited offers financial protection to the family of the policyholder in case of his / her death. In addition, this plan is ideal for individuals who are looking for an efficient means to meet the statutory EDLI (Employee Deposit Linked Insurance Scheme) requirement.
Features and Benefits of MetLife Group Term Life Plus
- Hassle-free implementation owing to availability of free cover limit
- Flexible payment options
- Effective employee retention tool
- No surrender benefits are provided under this scheme
- No maturity or survival benefits are offered under this policy
MetLife Group Deposit Administration Scheme
The Group Deposit Administration Scheme is a traditional non-participating group savings plan that provides comprehensive protection for employers that want to undertake outsourcing of management and administration of Leave Encashment and Gratuity liabilities in an integrated and effective way.
Features and Benefits of MetLife Group Deposit Administration Scheme
- Death Benefit: In case of the death of a member, accrued benefits will be paid based on the scheme’s terms and conditions
- Option to make contribution payments in instalments
- Tax benefits as applicable
- No riders are available under this plan
MetLife Group Gratuity
The Group Gratuity Scheme from MetLife Insurance Company Limited is a unit linked insurance policy that provides comprehensive protection for employers who wish to outsource gratuity management. The non-participating plan ensures that the outsourced work is carried out in an integrated and effective way. This scheme is ideal for employers that do not possess a gratuity fund but would like to set up the same. Even trustees / employers who have in-house gratuity fund management can make the most of this scheme, as can trustees / employers who would like to switch the management of gratuity fund by another life insurance company.
Features and Benefits of MetLife Group Gratuity
- In case of death, a Rs.1000 Life Cover Benefit will also be paid.
- Customers will have two options with regards to linked funds – balanced fund and debt fund.
- Gratuity contributions can be made in instalments.
- The company will provide assistance with accounting, tax and legal services if required.
MetLife Loan Assure
The Loan Assure scheme from MetLife Insurance Company Limited is a group life insurance plan that is linked to loan which offer life insurance protection on the outstanding loan amount. This scheme ensures that family of the policyholder does not have to go through any hassles with regards to the repayment of the loan in case of the unfortunate demise of the borrower / earning member.
Features and benefits of MetLife Loan Assure
- The outstanding loan amount of the borrower / policyholder will be paid to the family of the individual in case of his / her unfortunate death so that the family can continue enjoying the benefits of the purchased assets without having to worry about repayment of the amount.
- A single premium is all that has to be paid to avail cover throughout the tenure of the loan.
- Joint applicants of the loan can avail insurance coverage but only if the secondary applicant is also an earning member.
- Easy application process.
- Tax benefits as applicable.
MetLife Flexi Shield
The Flexi Shield Plan from MetLife Insurance Company Limited is an ideal solution for Employer – Employee groups that would like to avail financial protection with a comforting reassurance from the company. The plan is affordable and convenient, and adds a competitive edge to the existing portfolio in order to attract more customers. The additional protection offered by the plan enhances customer loyalty and lowers the default risk borne by a company in case of an employee’s death.
Features and Benefits of MetLife Flexi Shield
- This plan is ideal for Employer – Employee groups which has members who have taken out loans from employers or financial institutions.
- The policy can be taken out to cover all kinds of loans whether or not they have a moratorium period.
- The policy can be taken out individually as well as jointly depending upon the preferences of the customer.
- Choice of two coverage options – level coverage and reducing coverage.
- Increment of sum assured.
- Flexible premium payment options.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017