Traditional Employee Benefits Plan| Group Life Insurance - PNB MetLife Insurance

Key Benefits of PNB MetLife Traditional Employee Benefits Plan

  • 1

    Interest on each contribution

  • 2

    Motivate employees

  • 3

    Retain talent

  • 4

    Tax Benefits

Overview

Retaining talent and attracting new talent has become a challenge in the modern business environment. If you check your lists you will lose track of how many people have come and gone in the last few quarters of your company. In an economic environment that’s not conducive to constant increments, employee motivation becomes extremely significant. This can often be created through employee insurance. When you extend financial security to your employees and their families through employee insurance, this may turn out to become a huge motivational factor for an employee to continue with the company. This group life insurance plan fits right into the bracket of providing financial security to employees and helps retain key talent acting as an Employee benefits plan.

PNB MetLife Traditional Employee Benefits Plan ensures

  1. Offer Minimum guaranteed interest of 2% p.a. on each portion of the contributions paid.
  2. Provision to pay the gratuity contribution (both past service liability and current service cost) in instalments.
  3. Tax Benefits as applicable**

Product Benefits

On Death/Retirement/Resignation/Termination

The benefit payable from the Fund will be as specified in the Trust Deed as per the Rules of the individual Employer’s/Trustee’s Scheme. The company’s liability is limited to the extent of the Fund Value.
If the exit of the member from the Scheme is due to death, the risk cover benefit of Rs.1000 will be payable by the Company and no Market Value Adjustment will be made.
In case of complete withdrawal of the Scheme before completing third year, the Surrender Value will be equal to the Fund Value of the Scheme minus the Surrender Charges minus the Market Value Adjustment (MVA).

Particulars

Boundary Conditions

Minimum age at entry

18 years age as per last birthday

Maximum ages at entry

1 year less than the ‘Normal Retirement Age’ defined in the individual Employer’s Scheme Rules.

Maximum Maturity Age

The ‘Normal Retirement Age’ as defined in the individual Employer’s Scheme Rules.

Minimum / Maximum Contribution

Rs.100,000 / Rs.500 Crore

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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