Bima Yojana - Micro Group Credit Term Insurance Plan - PNB MetLife

Key Benefits of PNB MetLife Bima Yojana - (Group Micro-Insurance)

  • 1

    Cover for various types of Micro-loans

  • 2

    Purchase cover for single life or joint life

  • 3

    Option to choose Level or Reducing Cover

  • 4

    Flexibility to pay Single, Limited or Regular Premium

Overview

Presenting PNB MetLife Bima Yojana – (Group Micro-Insurance) - is a simple and hassle-free product which provides life cover to the members of your group to safeguard their loan amount. This plan not only safeguards you but also protects the family of insured members from the burden of financial liabilities, in case of an eventuality.

This is a non-linked, non-participating, single, regular or limited premium payment, Micro Group Credit Term Insurance Plan which intends to cover various types of micro loans given by financial institutions, small finance bank, micro-finance institutions etc. to their customers.

Product Benefits

Death Benefit

On unfortunate death of the Insured Member during the cover term, the benefit payable will be as mentioned below: 

  1. Level Cover Option 
    o     In case of Level cover option provided the member cover is in-force, the amount payable on the death of the Insured Member shall be equal to the Sum Assured chosen at inception.
  2. Reducing Cover Option
    o     In case of Reducing cover option provided the member cover is in-force, the amount payable on the death of an Insured Member shall be equal to the amount as per Cover Schedule subject to minimum of Rs.1000. 

The insurance coverage for Insured Member will terminate with the payment of 100% of the claim amount. 


For Joint life option: The Death Benefit as mentioned above will be paid on first death of any one of the Insured Member. In case of simultaneous death of the both lives, claim for only one of the joint lives shall be accepted. In case of joint life the cover terminates on the payment of death claim in respect of any one of the insured members

Survival or Maturity Benefit

There is no survival / maturity benefit under this plan.

Disclaimers

PNB MetLife Bima Yojana (Group Micro-Insurance) (117N120V01) is a Group Non-linked Non-Participating Pure Risk Premium Life Insurance.
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.
Terms and Conditions apply.
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/2018-19/282 EC249

Plan parameters

Minimum

Maximum

Age* at entry

18 years

69 years

Maximum Age* at maturity

-

70 years

Policy Term~

Single pay :
• Level cover: 6 months
• Reducing cover: 24 months

Regular pay:
• Level Cover - 60 months

Limited pay:
• Reducing Cover - 84 months

Single pay:
• Level cover: 60 months
• Reducing cover: 60 months

Regular pay:
• Level Cover - 84 months

Limited pay:
Reducing Cover - 84 months

Premium Payment Term

Single pay: Single premium
Regular pay: Equal to policy term
Limited pay: 60 months

Single pay: Single premium
Regular pay: Equal to policy term
Limited pay: 60 months

Group Size

5 lives

No limit

Sum Assured per member

Rs. 1,000

Rs. 200,000

Premium

Basis the Sum Assured, age, term, premium paying option and plan option

Single Pay: Basis the Sum Assured, age, term, premium paying option and plan option
Regular pay and Limited Pay: Rs 750 per annum per life

Plan Options

Details

Cover Options#

• Level Cover
• Reducing Cover

Premium Paying Options

Single pay, Regular pay, Limited pay

Premium Paying Modes for Limited & Regular pay^

Yearly, Half-yearly, Quarterly, Monthly

*  All reference to age is as on last birthday     
# Cover Option will be chosen at inception of the coverage by the Insured member 
~ If policy term chosen is not in complete year and is expressed in months, then only single premium or monthly mode will be available. Policy term will be in multiples of 1 month. 
^ Premium Payment modes available for Limited Pay and Regular Pay are Yearly, Half-yearly, Quarterly & Monthly. If the policy term chosen is not in complete year and is expressed in months, then only monthly mode will be available.

Download Brochure Terms & Conditions

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