PNB MetLife - Group Term Life Plus

Key Benefits of MetLife Group Term Life Plus

  • 1

    100% of the sum assured on death

  • 2

    Provides protection to the family of employee

  • 3

    Cost effective compared to individual life cover

  • 4

    Tax benefit to the employer**

Overview

‘MetLife Group Term Life Plus’ is a group insurance policy that’s not just convenient but also helps by providing cover against death and protects the family. This can also be offered in lieu of mandatory EDLI (Employee Deposit Linked Insurance Scheme) which offers lump sum payment to the employee’s beneficiary in case of death for employees who are covered under the Employee’s Provident Fund and Miscellaneous Provision’s Act, 1976.

MetLife Group Term Life Plus ensures

  1. Provides protection for family of the employee
  2. Offers a more efficient way to meet the statutory EDLI requirement
  3. Cheaper than an individual life cover.
  4. Offers Tax benefits** to employer, but is not treated as perquisite in the hands of the employee.
  5. Allows for hassle-free implementation because of availability of free cover limit  ,subject to T&C
  6. Acts as a strong retention tool for employers
  7. Has flexible payment modes.
  8. Offers the option to convert to individual coverage when an employee leaves the organization.
  9. Offers additional cover for self and family on participatory basis.
  10. Provides* Tax Benefits as applicable.

Product Benefits

Death Benefits

Provides 100% of the sum assured in case of the unfortunate event of death.

Surrender Benefit

There is no surrender benefit associated with this product.

Maturity Benefits

There are no survival or maturity benefits associated with this product.

Boundary Conditions

Eligibility Criteria

Entry Age (in completed years)

Min : 18 years (EE)
15 years (Non EE)

Maximum Entry Age

Employer Employee (EE) : 80 years
Non Employer Employee (Non EE) : 60 years

Maximum Maturity Age

EE : 81 years
Non EE : 61 years

Coverage Term

Year renewable Term - one year

Sum Assured (Min)

Rs 1000 per life

Sum Assured (Max)

As defined in the rules of the group insurance scheme under administration or as defined by the employer for employer- employee group and Master Policyholder for non-employer-employee group.

Premium Payment Term

Regular

Premium Payment Modes

Annual, Semi-Annual, Quarterly, Monthly

Terms & Conditions (Employee) Download Brochure (Employee) Download Brochure (Non Employee) Terms and Conditions (Non Employee)

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