MetLife Group Savings Plan is aimed at offering group insurance scheme to individuals who are part of a corporate group. This insurance scheme aims at growth of capital of the insured person and offers protection against unforeseen unfortunate events like death. This is a good group insurance plan for corporates that wish to offer insurance scheme as an added perk to their employees. The plan offers good returns in terms of accrued bonuses and is a great insurance plan since despite being a group plan it offers both death and maturity benefits.
Eligibility Criteria for MetLife Group Savings Plan:
| Entry Age |
Minimum Entry Age is 18 years
Maximum Entry Age is 60 years |
| Age at which cover ceases | 70 years |
Key Features of MetLife Group Savings Plan
| Plan Type | Non-Participating, non-linked group insurance scheme |
| Plan Basis | Group |
| Policy Term | 5 years, 10 years, 15 years and 20 years |
| Premium Paying Option | Regular |
| Grace Period | 30 days from the date of premium payment |
| Nomination | Available |
| Base Sum Assured | Ranges between Rs.5000 and Rs.50 lakhs |
| Policy Coverage | Death Benefit and Maturity benefit |
| Premium Payment Modes | Annual, Semi-annual, quarterly, and monthly |
| Minimum Group Size | 50 members |
| Premium per member | Depends upon base sum assured opted |
Benefits/Advantages of MetLife Group Savings Plan
Listed below are some of the most prominent benefits and advantages of MetLife Group Savings Plan.
Benefits to Be Availed as a Group:
- Avail benefits for members at a nominal cost
- This group plan can be used as an incentive to retain employees in the company
- Tax benefits can be availed by the employer when the company furnishes this group insurance scheme to its employees
Benefits to Be Availed as a Member:
- Protection as well as savings plan at a nominal cost
- Medical test is not required in order to avail this insurance plan
- As long as the premiums are paid, enjoy policy coverage even if the group policy is not with PNB MetLife
- 24X7 coverage, anywhere in India as well as abroad
How does the MetLife Group Savings Plan Work?
MetLife Group Savings Plan is a group insurance scheme that functions on the principle of making available insurance scheme for a group of employees or people. This Metlife insurance scheme is meant for employers who wish to provide their employees with insurance as a perk in return for the services rendered by them. Suppose a corporate house has around 600 employees and wishes to offer insurance cum savings scheme to its employees then the MetLife Group Savings scheme is an ideal group insurance scheme that will enable the employer to provide for its employees family in the event of unforeseen demise and will also help the employer to earn tax benefits.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
