Met Loan and Life Suraksha plan is a unique insurance plan that is best suited for companies that deal in credit. This insurance plan is a great financial tool for companies that want to retain customers and offer the incentive for obtaining credit and sticking with the company. This plan has been designed to offer insurance protection to groups where credit exists. This PNB Metlife insurance plan is aimed at offering a distinct edge to companies which want to differentiate themselves on the basis of services offered. The Met Loan & Life Surkasha plan offers a competitive edge to a company’s product portfolio, enhances customer loyalty of existing customers, reduces risk of default in case of customer’s sudden demise and offers the opportunity to maintain long-term customer relationships.
Eligibility Criteria for Met Loan & Life Suraksha Plan:
|Entry Age||Minimum Entry Age is 15 years
Maximum Entry Age is 65 years
|Age at which cover ceases||70 years|
Key Features of Met Loan & Life Suraksha Plan
|Plan Type||Non-Participating, non-linked group insurance scheme|
|Policy Term||2 years, 5 years, 10 years, 25 years and 30 years|
|Premium Paying Option||Single Pay, Limited Pay 5 years, limited pay 10 years|
|Grace Period||30 days from the date of premium payment|
|Base Sum Assured||Ranges between Rs.5000 and Unlimited|
|Policy Coverage||Death Benefit and Maturity benefit|
|Premium Payment Modes||Single, Annual, Semi-annual, quarterly, and monthly, payroll savings program|
|Group Size||50 members|
|Waiting Period during which insurance is not applicable||30 days from the date of enrolling with the insurance scheme|
|Free-Look Period||15 days from the date of receipt of insurance|
Benefits/Advantages of Met Loan & Life Suraksha Plan
Choice of coverage option.
Either Reducing Coverage Option or Level Coverage Option can be availed depending upon the type of loan availed by the customers. For mortgage, education and auto loans, the best coverage is Reducing Coverage while for a steady cover throughout policy, Level Coverage Option is good.
Sum Assured can be increased
Higher the amount of loan availed, higher is the sum assured. If any customer chooses to top up his/her loan, then sum assured also increases proportionally.
Option of joint life cover
For credit such as home loan, customers can choose to avail joint life cover so that both the insured people are eligible for protection.
Surrender Benefit is applicable
Surrender benefit is applicable for insurance availed under the Met Loan & Life Suraksha plan . This benefit is equal to a pre-determined percentage of unexpired premiums.
Enjoy a distinct competitive edge over your competitors
With the Met Loan & Life Suraksha Plan, companies can enjoy an enhanced customer relationship and loyalty.
How does the Met Loan & Life Suraksha Plan Work?
Met Loan & Life Suraksha Plan is a group insurance scheme that is aimed at offering group insurance to customers of a credit-based organization. In today’s world, increasing competition among businesses has made it mandatory for companies to distinguish themselves from the crowd. The Met Loan & Life Suraksha Plan is a great financial tool that offers that distinct competitive edge that is required to win and maintain customers. The plan works both ways, for companies as well as customers. Customers get the benefit of protection in case an unfortunate event like death occurs. In such a case the family of the deceased gets saved from any loan liability. On the other hand, the companies are saved the trouble of loan defaults which may result in case the insured person passes away in case of any unfortunate event.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017