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PNB MetLife Unit Linked Employee Benefits Plan

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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

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