• PNB MetLife Unit Linked Employee Benefits Plan

     0.0 / 5.0   by 0 users
    Used this product? Write a review >>

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    PNB MetLife Unit Linked Employee Benefits Plan (ULEBP) provides the a comprehensive solution for employers of a company or organization to outsource leave encashment & gratuity management in an efficient and integrated system. This plan is a linked non–participating plan under which means that the total contribution received would be distributed in the proportion of selected Funds. The Scheme features an in-built ‘Life Cover Benefit’.

    Eligibility Conditions of PNB MetLife Unit Linked Employee Benefits Plan

    Minimum Age at Entry 18 Years, age last birthday
    Maximum Age at Entry 74 years, age last birthday
    Maximum Maturity Age Subject to Individual employer’s scheme
    Minimum / Maximum Initial Contribution Rs 1 lakh minimum and Rs 500 crore maximum
    Inbuilt Life CoverBenefit Upon Death Rs 1,000
    Policy Term One year renewable

    Key Features of PNB MetLife Unit Linked Employee Benefits Plan

    There are some special features of this particular ULEBP . Read on to know more:

    Plan Type Unit-linked non-participating plan    
    Basis Group policy    
    Policy Term Indefinite    
    Policy Validity Annually renewed automatically until surrendered    
    Sum Assured Being a group plan, the sum assured per member depends on the salary paid, annuity rates and the initial contribution made    
    Coverage Maturity/Vesting Benefit Gratuity amount as per employees’ last drawn salary  
      Death of a member Gratuity paid to the nominee  
      Surrender Benefit Existing fund value less the surrender charges (as decided by the insurer)  
    Fund Choice Selection There are 5 options for investment of funds    
    Free Look Provision Upto 15 days    

    Benefits and Advantages of PNB MetLife Unit Linked Employee Benefits Plan

    • Death Benefit under Leave encashment: Benefits are calculated on the basis of the Scheme Rules as on the death date of the individual and when confirmed by the Employer/Trustees on the discretion to the extent of benefit funded by the scheme. The risk cover amount of Rs. 1,000 will be paid by the Company.
    • Retirement, resignation/termination, disablement etc. of Member: Benefits payable will again be calculated based on the Scheme Rules as on the date of the exit from service and as confirmed by the Employer / Trustees subject to the extent of Fund Value.
    • In case of death of Member under gratuity Scheme: The death benefit will be calculated on the basis of the Scheme Rules as on the date of exit from service and as confirmed by the Employer/Trustees subject to the extent of the Fund Value. The risk cover amount of Rs. 1,000 will be paid by the Company.
    • You have 5 types of funds to choose from that includes Debt Fund and Balanced Fund.
    • PNB MetLife India has a provision to give you a statement of account once a year.
    • Switching facility is also available between the 5 funds.
    • There is a provision to make payments as gratuity contribution (both past service liability and current service cost) in the form of installments.
    • Annual actuarial valuation (AS 15) can be done for the Group Policyholder to investigate the contribution under the Scheme
    • Tax Benefit: The premium amount paid by an organization gets tax benefits under the Income Tax Act of 1961.

    Investment of Funds

    Fund Name Objectives Asset Category Risk
    Debt Fund To earn regular income by investing in high quality fixed income securities Government and other debt securities Low Risk
        Money market and other liquid assets  
    Balanced Fund To generate capital appreciation and current income, through a judicious mix of investments in equities and fixed income securities Government and other debt securities Medium Risk
        Money market and other liquid assets  
        Equities  
    Group Short Term Debt Fund To earn regular income by investing in high quality fixed income securities with lower duration Government and other debt securities Low Risk
        Money market and other liquid assets  
    Group Met Secure Fund To generate regular income by investing in high investment grade Fixed Income Securities and to generate capital appreciation by investing a limited portion in equities Government and other debt securities Medium Risk
        Money market and other liquid assets  
        Equities  
    Group Met Growth Fund To generate capital appreciation and current income, through a judicious mix of investments in equities and fixed income securities Government and other debt securities High Risk
        Money market and other liquid assets  
        Equities  

    Charges

    The following charges are applicable for this unit-link group plan:

    Contribution Allocation Charge: This is chargeable at 0.25% of the initial / annual contribution, if the sum of initial/annual Contribution equal to or less than Rs.5,000,000 under the Scheme in any year.

    Mortality Charges: This amount is payable at Rs.1.35 per annum, for every Rs.1000 Sum Assured will be deducted on monthly basis by way of unit cancellation of appropriate Units using the corresponding NAV.

    Fund Management Charges (FMC): This charge is variable but the maximum Fund Management Charge is set at 1.35% per annum of Unit Linked Funds under management.

    Surrender Charge: This is equivalent to the Fund Value in the Account less the Surrender Charge as follows:

    Year of policy when the Group Policy is surrendered Surrender Charge
    1st year 0.05%*FV subject to a maximum of Rs. 5,00,000
    2nd Year 0.05%*FV subject to a maximum of Rs. 5,00,000
    3rd Year 0.05%*FV subject to a maximum of Rs. 5,00,000
    4th Year onwards Nil

    Contribution Redirection Charges: The first two Contribution allocations per year are not chargeable in tenure.

    Service Tax: This is charged as notified by the Government from time to time when cancellation of adequate number of units at the appropriate NAV.

    Miscellaneous Charges: Rs.250 for additional servicing requests are chargeable on the following:

    • Issue of Duplicate Group Policy Document
    • Cheque bounce/cancellation of cheque/cancellation or fresh request for ECS.
    • Re-dispatch of Group Policy Document or other particulars due to incorrect or outdated address details provided by You.
    • Request for ad-hoc or additional unit statement by You.
    • Change in bank details/Fund transfer requests.

    Riders

    No Riders available for this plan.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    PNB MetLife Unit Linked Employee Benefits Plan Reviews

  • Page 1 of 4 1 2 3 4
    • PNB Metlife Life Insurance
      "Worst"
      0.5 1.0/5 "Really Bad"
      The worst experience that i had with this bank, because the policy that i have taken from this bank is only to have benefit but instead i could not claim the money when i am in need of that. So, I am currently not using this policy and i feel that I had taken this policy which is unwanted.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 02, 2018
    • PNB Metlife Life Insurance
      "Decent product... Cheaper premium"
      0.5 4.0/5 "Great!"
      Decent product... Cheaper premium.... Value for money..... Go for online option for buying new insurance.... Better product then other competitors.... Would strongly recommend to go for this insurance.... Always for term insurance than other products
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 09, 2018
    • PNB Metlife Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      All the queries will be fulfilled by the PNB customer support service. The customer support service is good with the PNB METLIFE INDIA INSURANCE company. I have got the life insurance policy from the PNB METLIFE INDIA INSURANCE company around 2 years ago and this policy has the tenure of 10years. I pay the premium of Rs,6000 per month and it is very good returns.
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • PNB Metlife Life Insurance
      "Good Protection for Family"
      0.5 5.0/5 "Blown Away!"
      PNB Met life is good, the premium is okay and they gave me good coverage . But I haven't check about the claim settle ratio. I have chosen the sum assured value of Rs. 1.5 crore it has max maturity age upto 99 age. My total premium amount around Rs. 30,000 per annum. Which includes Rs. 7000 for critical illness for heart attack and cancer and Rs. 3000 for the accidental cover with Rs. 15 lakhs of coverage.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 06, 2018
    • PNB Metlife Life Insurance
      "Trusted Policy"
      0.5 4.0/5 "Great!"
      PNB metlife term insurance benefits are good, they gave me accidental, critical illness cover with rider cover upto age of 75 years. I am making the monthly premium of Rs. 2000 it has the term of 40 years. My nominees will get the sum assured of Rs.2.25 crores from the insurance company.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 24, 2018
    • PNB Metlife Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have my life insurance policy with PNB METLIFE INDIA INSURANCE and it is a term insurance. The tenure of this life insurance policy is 16 years. I pay my premium on monthly basis through ECS and the payment options are convenient for me. I have a coverage amount of Rs 26 lakhs which is satisfactory and i am also happy with the benefits of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • PNB Metlife Life Insurance
      "Average"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the PNB metlife and the services are bit slow but the plans are really good one with them on that time. Response and other things are also too good one with the PNB metlife insurance company. I am happy with them till now.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 17, 2018
    • PNB Metlife Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have taken a MET LIFE with PNB in the year of 2009. It was recommended by one of my friend since I am happy with the policy benefits. It is a tenure of 15 years. The total coverage with the bonus and it will be accumulated around 10L. I was paying 12,000 yearly through net banking.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2018
    • PNB Metlife Life Insurance
      "Right place to shop"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the PNB metlife and I got it before a week of time. I would like to say that the coverage value is good one with them and I got the better offer with this with all riders and medical coverage too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 04, 2018
    • PNB Metlife Life Insurance
      "Satisfying"
      0.5 5.0/5 "Blown Away!"
      I am so much satisfied with my Life Insurance with them. They have promised me a good return and I am pretty happy that my future is protected even after me. The payment options are good and you can check the status of insurance through website.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 20, 2017
    • PNB Metlife Life Insurance
      "Satisfactory & fast process"
      0.5 5.0/5 "Blown Away!"
      I have opted for a ECS deduction from PNB Met life. I have taken a money back life insurance policy. The tenure is for the ten years and I get regular updates on the on the policy. The services are good and there is a bonus which I get every three years.
      Was this review helpful? 0
      , moradabad
      Reviewed on Nov 18, 2017
    • PNB Metlife Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Metlife and the customer service was not experienced, also it was not used my myself. Coverage value was good one with the Metlife like around 10 lakh Rupees.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 14, 2017
    • PNB Metlife Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Metlife and the customer service is good , also the policy coverage and plan benefits are really good with them. I have not faced any claims with them till now.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 11, 2017
    • PNB Metlife Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      With PNB met life I got the life insurance policy for past 7 years. The customer support is good with PNB met life. I pay the premium of Rs,7000 in every 6mon this once. This policy has the tenure of 15years. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , karaikudi
      Reviewed on Nov 06, 2017
    • PNB Metlife Life Insurance
      "Good protection for my family"
      0.5 4.0/5 "Great!"
      I took the term insurance from PNB Met Life India, through online channel. I am paying the premium around Rs. 55,000 it covers for a year. If some thing happens in that year, PNB met life provides Rs. 1 crore of reimbursement to my family. Claim settler ratio is good with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 05, 2017
    • PNB Metlife Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      Service was good from PNB metlife ,one of my friend is working with PNB met life. She suggested me to invest in my life insurance ,so that was the reason for my insurance process ,till now I feel their service was good I did not find any issues with them till date.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 07, 2017
    • PNB Metlife Life Insurance
      "Life insurance"
      0.5 4.0/5 "Great!"
      Term insurance is very good. I am holding this term insurance for about 7 months no issues nor any challenges with PNB MET life. I pay a premium of annually 12k and m onthly basis it is amounting to 1k. The primary benefits are like covers me and my family the amount of coverage is 60k and 25k for my spouse
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 01, 2017
    • PNB Metlife Life Insurance
      "Excellent Policy to use"
      0.5 4.5/5 "Excellent!"
      The Life insurance policy providing me all I need, I hold a PNB met life insurance for more than 2 years. The customer service is very good with PNB. This policy has the tenure of 40 years. I pay the premium of Rs.1130 per month, I do the payment through a credit card. The plan benefits and the coverage is very good with this policy . The cash returns also high in this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 23, 2017
    • PNB Metlife Life Insurance
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the PNB metlife. Coverage value is up to the mark. Customer service aspects are also a good one . Response is also a good one with the PNB metlife. Basic life coverage value is also a good one when compared with others.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 22, 2017
    • PNB Metlife Life Insurance
      "Bad response"
      0.5 0.5/5 "Unacceptable"
      I have pnb Met Life Insurance policy, I have it since six years. I have faced that their customer service are very bad, less supporting staff even on call. They must have to train their staff how to talk with customers. If you have any personal relation in the company or staff than you can go, yet I would like to say that the plan is not that much attractive. It's just agent's jugglary....!
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 17, 2017
    Common Loader Icon
    Page 1 of 4 1 2 3 4
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.