PNB MetLife Complete Loan Protection Plan | Group Life Insurance - PNB MetLife Insurance

Key Benefits of PNB MetLife Complete Loan Protection Plan

  • 1

    Multiple coverage options

  • 2

    Level or Reducing cover option

  • 3

    Joint Life cover

Overview

PNB MetLife Complete Loan Protection Plan is a tailor made group insurance product offering comprehensive coverage against death, disability, critical illness and terminal illness to the insured member(s) and protects their families from the burden of financial liabilities.

The product is suitable for employer-employee group and non-employer-employee homogeneous groups where the group policyholder aims to provide protection to their members.

PNB MetLife Complete Loan Protection Plan provides

  • Life insured options: Purchase cover for single life or joint life
  • Choice of four plan options;
      - Option 1: Life Protection - Death benefit
      - Option 2: Life Protection Plus - Death benefit + Accelerated terminal illness cover
      - Option 3: Accidental Safeguard - Death benefit + Additional accidental death cover + accelerated accidental total permanent disability cover.
      - Option 4: Critical Illness Safeguard – Death benefit + Accelerated critical illness cover
  • Choice of cover: Level or reducing life cover
  • Flexibility to choose:
      - Premium payment term: Single premium or 5 pay
      - Cover Term (subject to maximum of actual loan tenure)
      - Cover Amount (subject to maximum of 120% of loan amount)
  • Moratorium period: 3 months (minimum) to 7 years (maximum)

Product Benefits

Life Protection:

On death of the Insured Member during the term, 100% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable. 

Reducing cover option: The amount payable on the death of the Insured Member shall be equal to the Sum Assured as per the Cover schedule specified in the Certificate of Insurance on the date of death of the Insured Member.
Level cover option: The amount payable on the death of the Insured Member shall be equal to the Sum Assured payable chosen at inception.
The insurance coverage for Insured Member will terminate with the payment of 100% of the claim amount.

If Joint Life cover is chosen, Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be paid on first occurrence of Death of any one of the Insured Member. On the simultaneous death of both the Insured Members, Sum Assured will be paid only in respect of one life and the risk cover for the surviving joint life will cease. 

Accidental Safeguard: Death benefit + Additional Accidental Death benefit + Accelerated accidental total permanent disability

In case Accidental Death: On death of the Insured Member due to accident during the cover term, 200% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable . 

Reducing cover option: The amount payable will be 200% of Sum assured as per the Cover schedule specified in the Certificate of Insurance on the date of death of the Insured Member.

Level cover option: The amount payable shall be equal to 200% of the Sum Assured payable chosen at inception. 

In case of Accidental Total and Permanent Disability: On first occurrence of Death (due to causes other than accident) or Accidental Total and Permanent Disability of the Insured Member during the term, 100% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable. 

Reducing cover option: The amount payable will be equal to the Sum assured as per the Cover schedule specified in the Certificate of Insurance on the date of death or Accidental Total and Permanent Disability of the Insured Member.

Level cover option: The amount payable shall be equal to the Sum Assured payable chosen at inception. 

The maximum Sum Assured will be limited to Rs. 1 Crore. The risk cover will cease on payment of the benefit.
The insurance coverage for Insured Member terminates with the payment of 100% of this claim amount.

Life Protection Plus:

On first occurrence of Death or diagnosis of Terminal Illness  of the Insured Member during the term, 100% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable.

Reducing cover option: The Sum Assured as per the Cover schedule specified in the Certificate of Insurance on the date of death of the Insured Member.
Level cover option: The amount payable shall be equal to the Sum Assured payable chosen at inception.
The insurance coverage for Insured Member terminates with the payment of 100% of this claim amount.

If the Joint Life cover is chosen, the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be paid on first occurrence of Death or diagnosis of Terminal Illness of any one of the Insured Member.  On simultaneous Death/Diagnosis of terminal illness both the Insured Members, the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be paid only in respect of one life and the risk cover for the surviving joint life will cease.

Critical Illness Safeguard:

On first occurrence of Death or diagnosis of Critical Illness of the Insured Member during the term, 100% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance  will be payable.

Reducing cover option: The amount payable will  be equal to the Sum Assured as per the Cover schedule specified in the Certificate of Insurance on the date of death or diagnosis of Critical Illness of the Insured Member.

Level cover option: The amount payable will  be equal to the Sum Assured payable chosen at inception. 

The maximum Sum Assured will be limited to Rs. 1 Crore. The risk cover will cease on payment of the benefit. 

Please refer to the ‘Terms & conditions of the benefits provided section’, for details and exclusions for covered Critical Illnesses, Accidental Death, and Accidental Total and Permanent Disability.
The insurance coverage for Insured Member terminates with the payment of 100% of this claim amount.

Disclaimer:
PNB MetLife Complete Loan Protection Plan (117N104V01) is a non-linked, non-participating group insurance plan. 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. 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. LD/2018-19/066 EC055

Plan parameters

Minimum

Maximum

Age^ at entry of Person Insured

14 years – Education loans
18 years – All other loans

Life Protection & Life Protection Plus: 75 years
Critical Illness Safeguard and Accidental Safeguard: 65 years

Policy Term

Single pay: 2 years
Limited pay: 5 years

Life Protection, Life Protection Plus: 40 years (subject to maximum maturity age being less than or equal to 80 years)
Accidental Safeguard: 40 years (subject to maximum maturity age being less than or equal to 75 years)
Critical Illness Safeguard: 30 years (subject to maximum maturity age being less than or equal to 75 years)

Group Size

50 lives

No limit

Sum Assured per member

Rs. 5,000

Life Protection and Life Protection Plus: No limit subject to underwriting guidelines
Critical Illness Safeguard and Accidental Safeguard: 100% of base Sum Assured with a maximum limit of Rs. 1 Cr

Premium

Premium Paying Options

Premium Paying Modes (Limited premium payment term)

Plan Option

Based on chosen Sum Assured

• Single pay
• Limited pay: 5 years

Yearly, Half-yearly & Monthly

Life Protection & Life Protection Plus: available under single life and joint life cover Life Protection, Life Protection Plus, Accidental Safeguard & Critical Illness Safeguard: available under single life & co-borrower cover

^All reference to age is as on last birthday

Terms & Conditions Download Brochure Premium Rates Form

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