Superannuation | Group Life Insurance Plan - PNB MetLife Insurance

Key Benefits of PNB MetLife Superannuation

  • 1

    Group variable insurance plan, administered similar to a cash accumulation scheme.

  • 2

    Excellent means of attracting and retaining quality talent.

Overview

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 ensures

  1. Interest Guarantee on the contributions paid, subject to applicable conditions.
  2. Interest declared each quarter will become part of the capital. And both capital and interest will continue to earn interest every quarter.
  3. Tax Benefits as applicable

Product Benefits

On Retirement/ Resignation/ Termination

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).

Death Benefit

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

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

Terms & Conditions Download Brochure

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