Key Benefits of PNB MetLife Unit Linked Employee Benefit Plan
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1
Choice among five funds
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2
4 free switches in a year
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3
Tax Benefits
Overview
PNB MetLife Unit Linked Employee Benefit Plan is an employee insurance plan that offers comprehensive solutions for employers who wish to outsource administration and management of Leave Encashment and Gratuity liabilities in an effective and integrated manner. This group life insurance plan is administered similar to a cash accumulation scheme.
PNB MetLife Unit Linked Employee Benefit Plan ensures
- Option of choice of five linked funds.
- Provides switching facility between the two funds. The first 4 switches between funds in a policy year will be free of any charge.
- Facility to pay the gratuity contribution (both past service liability and current service cost) in instalments.
- Tax Benefits as applicable**
Product Benefits
In case of retirement, resignation/termination, disablement etc. of Member
Benefits will be as calculated based on the Scheme Rules as on the date of exit from service and as confirmed by the Employer / Trustees subject to the extent of Fund Value.
In case of death of member under Leave encashment
Benefits are calculated as per the Scheme Rules as on the date of death and as confirmed by the Employer/Trustees subject to the extent of benefit funded by the scheme. The risk cover amount of Rs. 1,000 will be paid by the Company.
In case the Fund Value is not sufficient to pay the stated benefits as per the Trust Deed and Rules, the shortfall will be borne entirely by the Group Policyholder.
In case of death of Member under gratuity Scheme
The death benefit will be as calculated based on the Scheme Rules as on the date of exit from service and as confirmed by the Employer/Trustees subject to the extent of the Fund Value. The risk cover amount of Rs. 1,000 will be paid by the Company.
Particulars |
Boundary Conditions |
Minimum age at entry |
18 years age last birthday |
Maximum age at entry |
74 years age last birthday |
Maximum Maturity Age |
As per Individual employer’s scheme |
Minimum / Maximum Contribution |
Rs 1 lakh/500 cr |
Inbuilt Life Cover Upon Death |
Rs 1,000 |
Policy Term |
One year renewable |