In the ever evolving world of business, it’s important to stay ahead of the competition in every conceivable way – and to retain customers by offering them benefits that increase their loyalty to you.
In an effort to design a product perfectly suited for this purpose, PNB MetLife has launched the Group Term Life Plus policy, which pays a face value amount to the dependants of those in your group in case of an unfortunate incident.
When it comes to giving a group of people the security of knowing their families are taken care of in the event of their death is where this plan excels. It can be a huge relief and motivational factor for your group.
Eligibility Criteria of PNB MetLife Group Term Life Plus Plan
|Group / Scheme size||
|Face Amount (per member)||
Key Features of PNB MetLife Group Term Life Plus Plan
|Type||Non-participating, 1 year renewable group protection plan.|
Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be entitled to 100% of Sum Assured.
Survival Benefit – None.
Maturity Benefit – None.
|Policy term||Yearly renewable policy.|
Premium paying mode
|Loans||Loans are not available against this policy.|
|Tax benefits||Tax benefits are applicable as per applicable taxation laws.|
|Nomination facility||The group member must nominate a person to receive the benefits payable by the insurance company in the unfortunate event of his demise.|
|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.|
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 180 days from the date of the first unpaid premium with a letter requesting the same, subject to the company’s rules on reinstatement.
If the group wishes to reinstate after a period of 180 days, the underwriting procedure will be decided on a case to case basis.
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.
|Non forfeiture||In case the policy has been surrendered, 85% of the unexpired premiums will be refunded to the group policyholder.|
Advantages of PNB MetLife Group Term Life Plus Plan
- Cover an entire group under a single policy.
- Helps in employee retrenchment and customer loyalty.
- Non-participating product that does not require any medical underwriting.
- The premium rate depends on the characteristics of the group in terms of average age, risk, etc.
- Premium rates are reviewed every year.
- Income Tax Benefits as per prevailing tax laws.
- The total coverage of the policy applies to the named nominees and dependants of all members in the group.
How The Plan Works
Step 1: Choose either EE or Non-EE depending on the conditions prevalent at the time of taking the policy.
Step 2: Pay regular premiums.
Step 3: In case any member of the group unfortunately passes, dependants will be eligible to be paid the Death Benefit by the company.
CI Rider (EE only).
GST of 18% is applicable on life insurance effective from the 1st of July, 2017