PNB MetLife Group Superannuation is a great plan for policyholders who are looking for a comprehensive scheme for employers of an organization wishing to allow outsourcing management and administration of Superannuation liabilities which is run in a n efficient and integrated form. PNB MetLife Group Superannuation is a group variable insurance plan, that has a similar administration to a scheme that works on cash accumulation.
The plan can be a taken by a group of 10 people minimum and there is no restriction on maximum number of people in the plan so SMEs to large corporations can provide life insurance to their employees through this scheme. The age of entry and maturity are subject to the scheme’s rules and regulations which are variable.
Eligibility Conditions of PNB MetLife Group Superannuation Plan
|Minimum Age at Entry||18 Years age last birthday|
|Maximum Age at Entry||Subject to the Scheme Rules|
|Maximum Maturity Age(1)||Subject to the Scheme Rules|
|Minimum / Maximum Contribution||The minimum and maximum contributions shall be in accordance with an independent actuary’s certificate as per AS15 (Revised).|
|Maximum Group size||Minimum group size is 10|
|Minimum Group size||No Restrictions|
|Minimum Policy Term||Annually renewable|
Key Features of PNB MetLife Group Superannuation Plan
|Type||Group Variable Insurance Plan|
Death Benefit: The accrued benefits in the case of the policyholder's demise is payable based on the Scheme Rules of Group Policyholder. The amount is based on the maximum available Fund balance for the specific group Scheme. There will be no Market Value Adjustment if the benefit payout is made as benefit to a member/s death.
Resignation, Retirement, Termination benefits will be provided based on the scheme rules of the group policyholder and the amounts are based on the fund available in the scheme at the time.
|Premium Paying Term||1 Year|
|Premium paying modes||Monthly, quarterly, half-yearly or annual|
|Surrender||No partial surrender allowed. Full surrender value is equal to the Fund value of the scheme subtracted by charges for surrender, further subtracted by the Market Value Adjustment.|
|Free Look Period||15 days from the day of receipt.|
Other Benefits of PNB MetLife Group Superannuation Plan
There are some other advantages of the product for the organization and the policy holder’s alike, as follows:
- The premium amount paid by an organization gets tax benefits under the Income Tax Act of 1961.
- There is guarantee of interest on the contributions that have been paid.
- There is a provision for a yearly statement of the account.
- The contributions and premiums can be paid through cheques, demand drafts, pay orders, Banker’s Cheque and NEFT.
- There is also a provision to pay the contribution in instalments.
- In Case an employer does not have Superannuation funds but intends to set up one or all such funds for the employers, this plan is apt.
- An employer or trustee who already has a an -n-house fund managament system on play for superannuation funds but intends to transfer the fund to a life insurance company to help them manage the funds, would also find this fund very useful.
How The Plan Works
PNB MetLife Group Superannuation has been designed for companies and organizations intending to protect their employees families from through a group life insurance providing aid at to the nominated i.e. the families or loved ones in the case of an unprecedented event. Administrators of said organization can cover as many employees as they have with a minimum of 10 and for 1 year simply by making premium payments or contributions.
PNB MetLife Group Superannuation is valid for a period of one year and the company or organization whose employees are the members of the scheme, can opt for a monthly, quarterly, half-yearly or annual mode of payment.
No Riders available
GST of 18% is applicable on life insurance effective from the 1st of July, 2017