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    PNB MetLife Bima Yojana - (Group Micro-Insurance)

    Khushiyon ki Shuruaat, Suraksha Ke Saath!

    Group, Non-Linked, Non-Participating, Pure Risk Premium, Life Insurance Plan | UIN: 117N120V01

    The PNB MetLife Bima Yojana – (Group Micro-Insurance) - is a simple and hassle-free product which provides life cover to the members of your group to safeguard their loan amount. This plan not only safeguards you but also protects the family of insured members from the burden of financial liabilities, in case of an eventuality.

    PNB MetLife Bima Yojana – (Group Micro-Insurance) in a nutshell
    • Cover for various types of Micro-loans
    • Purchase Cover for Single Life or Joint Life
    • Option to choose Level or Reducing Cover
    • Flexibility to pay Single, Limited or Regular Premium

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    What is PNB MetLife Bima Yojana – (Group Micro-Insurance)?

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    Presenting PNB MetLife Bima Yojana – (Group Micro-Insurance) - is a simple and hassle-free product which provides life cover to the members of your group to safeguard their loan amount. This plan not only safeguards you but also protects the family of insured members from the burden of financial liabilities, in case of an eventuality.

    PNB MetLife Bima Yojana – (Group Micro-Insurance) is a non-linked, non-participating, single, regular or limited premium payment, Micro Group Credit Term Insurance Plan which intends to cover various types of micro loans given by financial institutions, small finance bank, micro-finance institutions etc. to their customers. 

    What are the key benefits of this plan?

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    • Cover for various types of Micro-loans
    • Purchase cover for single life or joint life
    • Option to choose Level or Reducing Cover
    • Flexibility to pay Single, Limited or Regular Premium

    What are the Product Benefits of this plan?

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    Death Benefit

    On unfortunate death of the Insured Member during the cover term, the benefit payable will be as mentioned below:

    • Level Cover Option : In case of Level Cover Option provided the member cover is in-force, the amount payable on the death of the Insured Member shall be equal to the Sum Assured chosen at inception.
    • Reducing Cover Option : In case of Reducing Cover Option provided the member cover is in-force, the amount payable on the death of an Insured Member shall be equal to the amount as per Cover Schedule subject to minimum of Rs.1000.

    The insurance coverage for Insured Member will terminate with the payment of 100% of the claim amount.

    For Joint life option

    The Death Benefit as mentioned above will be paid on first death of any one of the Insured Member. In case of simultaneous death of the both lives, claim for only one of the joint lives shall be accepted. In case of joint life the cover terminates on the payment of death claim in respect of any one of the insured members

    Survival or Maturity Benefit

    There is no survival / maturity benefit under this plan.

    What are the eligibility criteria for this plan?

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    Plan parameters Minimum Maximum

    Age* at entry

    18 years

    69 years

    Maximum Age* at maturity

    -

    70 years

    Policy Term~

    Single pay :

    • Level cover: 6 months
    • Reducing cover: 24 months

    Regular pay:

    • Level Cover - 60 months

    Limited pay:

    • Reducing Cover - 84 months

    Single pay :

    • Level cover: 60 months
    • Reducing cover: 60 months

    Regular pay:

    • Level Cover - 84 months

    Limited pay:

    • Reducing Cover - 84 months

    Premium Payment Term

    Single pay: Single premium
    Regular pay: Equal to policy term
    Limited pay: 60 months

    Single pay: Single premium
    Regular pay: Equal to policy term
    Limited pay: 60 months

    Group Size

    5 lives

    No limit

    Sum Assured per member

    Rs. 1,000

    Rs. 200,000

    Premium

    Basis the Sum Assured, age, term, premium paying option and plan option

    Single Pay: Basis the Sum Assured, age, term, premium paying option and plan option
    Regular pay and Limited Pay: Rs 750 per annum per life

    Plan Options Details

    Cover Options#

    • Level Cover
    • Reducing Cover

    Premium Paying Options

    Single pay, Regular pay, Limited pay

    Premium Paying Modes for Limited & Regular pay^

    Yearly, Half-yearly, Quarterly, Monthly

    All reference to age is as on last birthday
    # Cover Option will be chosen at inception of the coverage by the Insured member
    ~ If policy term chosen is not in complete year and is expressed in months, then only single premium or monthly mode will be available. Policy term will be in multiples of 1 month.
    ^ Premium Payment modes available for Limited Pay and Regular Pay are Yearly, Half-yearly, Quarterly & Monthly. If the policy term chosen is not in complete year and is expressed in months, then only monthly mode will be available.

    How can I buy PNB MetLife Bima Yojana – (Group Micro-Insurance)?

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    Disclaimer:

    PNB MetLife Bima Yojana (Group Micro-Insurance) (117N120V01) is a Group Non-linked Non-Participating Pure Risk Premium Life Insurance.
    Benefit option, chosen at inception, cannot be altered during the term.
    For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    Terms and Conditions apply.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.

    AD-F/2020-21/00313

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    Disclaimer

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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