In today’s world, it is extremely important for businesses to retain their existing employees and attract new talent. The present economic situation may make it very difficult for various organisations to offer increment continuously for motivating their employees. In such a situation, providing employees with financial security can definitely prove to be motivational factor. It becomes even more motivating for an employee when the company offers financial security to the employee’s loved ones too. MetLife Complete Care Plus Plan is a non-participating one-year renewable group protection plan that offers financial security to the employees of your organisation. It also takes care of the families of your employees.
In order to be eligible for the MetLife Complete Care Plus Plan, some criteria set out by PNB MetLife must be met. The eligibility criteria for MetLife Complete Care Plus Plan are given below:
|Type of Plan||Non-participating one-year renewable group protection plan|
|Minimum entry age||18 years|
|Maximum entry age||80 years|
|Maximum expiry age||81 years|
|Maximum scheme or group size||9,00,00,000|
|Minimum scheme or group size||10|
|Maximum assured sum for each member||Rs.100 crore per life|
|Minimum assured sum for each member||Rs.5,000|
|Maximum Premium||Rs.1,000 crore per scheme and Rs.7,97,56,000 per life|
|Minimum Premium||Rs.2915 per life|
|Premium payment modes||Yearly, half yearly, quarterly and monthly|
MetLife Complete Care offers free coverage based on group size and risk class. Up to the free cover limit all the employees are accepted without insurability evidence. Beyond this limit all the employees are subject to underwriting.
If an employee is diagnosed and declared terminally ill then the entire sum assured will be paid out and inclusion of such a policyholder at next renewal date will be considered on the basis of the Board’s decision.
In the event of the policyholder’s demise during the policy term, the organisation will pay the entire sum assured.
No maturity benefit is available under the MetLife Complete Care plan.
As this plan is a pure protection product, no surrender benefits are available under this plan.
If the Life Insured kills himself/herself within a year from the policy start date or from the date the insurance cover was effective, then his/her insurance cover will be cancelled and he/she will not receive the sum assured. The company will only refund 80% of the premium that it had received when the policy was active.
|Nomination||An individual (nominee) can be nominated by you before the policy term ends. You can also change an existing nominee before the end of the term. This must be done as per the provisions of Section 39 of the Insurance Act, 1938. The Act has undergone several amendments from time to time.|
|Grace period||All premiums must be paid on the due date. The grace period that is allowed is a span of 30 days. It is applicable for yearly, half-yearly and quarterly frequencies. For monthly frequencies, the grace period is of 15 days. During this period, The Insurance Certificate will continue to be in force.|
|Waiting period||A waiting period of thirty days is imposed by the company effective from the coverage date. This is applicable on all the Non-Employer-Employee group schemes. No benefit shall be paid by the company for death caused by anything other than an accident.|
|Free look provision||You can enjoy a period of 15 days from the date you get the policy document for reviewing the terms and conditions of the MetLife Complete Care Plan. In case you do not like the things mentioned under the terms and conditions section, you can choose to return the policy. You must provide reasons why you are not taking the policy. The mortality charges and contributions will be refunded to you. However, proportionate risk premium and stamp duty will be deducted. All rights of the policyholder will stand extinguished after the cancellation of the policy.|
|Reinstatement provisions||The policy can be reinstated within a period of 60 days from the date of lapse or next renewal date, whichever comes before. If a scheme is lapsed it will be reinstated depending on the approval from the Board.|
|Non-forfeiture||No surrender value is applicable upon surrender of scheme or termination of scheme. For all the members quitting the scheme, the entire premium that has not expired will be refunded. If the scheme has been terminated by the Group Policyholder, the entire unexpired premium will be given back to the Group policyholder.|
PNB MetLife is one of the top insurance companies that exhibits great financial strength. The organisation has over 800 corporate clients in India who utilise the employee benefits plans designed by them. PNB MetLife has been meeting the insurance needs of the people in India since 2001. This particular product can prove to be of great help when it comes to offering financial security to the employees and their loves ones. Motivating the employees is of utmost importance in today’s world. This plan is extremely lucrative and not only can it retain the existing workforce but also attract new talent.
A. The multiplicative factor for monthly, quarterly and half-yearly payment modes are as follows:
A. The different premium paying modes for the MetLife Complete Care plan are monthly, quarterly, half-yearly and yearly.
A. No, maturity benefits cannot be availed under the MetLife Complete Care plan.
A. The minimum age at entry for the MetLife Complete Care plan must be at least 18 years.
A. The maximum age at entry for the MetLife Complete Care plan must be at least 80 years.
A. No. Medical underwriting is not required up to the Free Cover Limit.
A. Terminal illness an incurable disease that progresses rapidly and the person diagnosed with it has very less life expectancy. However, AIDS is an exclusion and it is not covered under the definition.
A. The maximum premium for this plan is Rs.1, 000 crore for each scheme and Rs.7, 97, 56,000 for each life. The minimum premium for this scheme is Rs.2, 915 for every life.
A. The minimum sum assured with the MetLife Complete Care plan is Rs.5, 000 and the maximum sum assured is Rs.100 crore for each life.
A. The minimum group size for this plan is 10 and the maximum group size is 9, 00,00,000.