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    PNB MetLife Superannuation

    Our retirement solutions ensure a better tomorrow for your employees

    Group Variable Non-Linked Insurance Scheme | UIN: 117N078V02

    PNB MetLife Superannuation scheme, a group variable insurance, offers a comprehensive solution for employers who wish to outsource administration and management of Superannuation liabilities in an effective and integrated manner. This is a group variable insurance plan, administered similar to a cash accumulation scheme.

    PNB MetLife Superannuation in a nutshell
    • Group variable insurance plan administered in a similar manner to a cash accumulation scheme.
    • Excellent means of attracting and retaining quality talent.

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    What you get

    PNB MetLife Superannuation ensures:
    • Interest Guarantee on the contributions paid.
    • Interest declared each quarter will become part of the capital. And both capital and interest will continue to earn interest every quarter.
    • Tax Benefits as applicable

    What you don’t get

    Suicide Exclusions

    If the Life Assured’s death is due to suicide within twelve months from the date of commencement of risk or from the Date of Revival of the Policy as applicable, the Nominee or beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid till the date of death under the Policy death or Surrender Value available as on the date of death, whichever is higher, provided the Policy is in Inforce status. We shall not be liable to pay any interest on this amount.

    Frequently Asked Questions

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    What are the Benefits offered by PNB MetLife Superannuation scheme?

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    Accrued Benefit payout as per Scheme Rules of Group Policyholder will be made subject to the available Fund Value. In case of bulk exit or complete surrender of the Scheme prior to the third renewal of the Scheme, Market Value Adjustment will be applicable. Bulk exit is defined as the amount paid in excess of 25% of the total Fund Value at the beginning of the respective Financial Year upon exit of the member from the Scheme as per the Scheme Rules. Each tranche of contributions will have a minimum guaranteed interest rate of 2% p.a.

    This guarantee will apply to Funds that are payable due to death of the Member/s whilst in service or Members who have completed the vesting period as defined by the Scheme Rules and are exiting the Scheme due to termination or illness/disability retirement or early/normal retirement. Upon exit of the member/s, the Benefits as per the Scheme Rule/s of the Employer will be provided subject to available account balance. For this purpose, the approved immediate annuity rates existing from time to time under the MetLife Immediate Annuity UIN: 117N029V01 will be used. One third of the accrued Benefits or the maximum allowed under Income Tax Act as amended from time to time, as allowed by the Scheme rules, may be commuted. The remaining amount can be utilized to purchase the immediate annuity product from us or any IRDAI approved insurance company in India.

    In case of bulk exit or complete surrender of the Scheme prior to the third renewal of the Scheme, the respective Surrender Charges will be applicable and the Surrender Value will be equal to the Fund Value of the Scheme minus the Surrender Charges minus the Market Value Adjustment (MVA).

    What are the Death Benefits offered under PNB MetLife Superannuation scheme?

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    Accrued Benefits are payable as per Scheme Rules of Group Policyholder. Such payments are subject to the maximum available Fund balance for that particular group Scheme. Market Value Adjustment will not be applicable if the Benefit payout arises out of the death of the member/s.

    What are the eligibility criteria for PNB MetLife Superannuation scheme?

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    Particulars

    Boundary Conditions

    Minimum Ages at Entry

    18 years age last birthday

    Maximum Ages at Entry

    As per the Scheme Rules

    Maximum Maturity Age(1)

    As per the Scheme Rules

    Minimum / Maximum Contribution

    The minimum and maximum contributions shall be in accordance with an independent actuary’s certificate as per AS15 (Revised).

    Minimum Group size

    Minimum group size is 10

    Maximum Group size

    No Limit

    Minimum Policy Term

    Yearly renewable basis

    How can I purchase PNB MetLife Superannuation scheme?

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    You can purchase this plan offline in any of the following three ways:

    Disclaimer:

    AD-F/2020-21/00338

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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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