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  • Pnb Metlife Group Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Securing the financial interests of their employees is something most employers do, providing employees an added incentive to stay with the organisation. Group Insurance Plans provide a certain level of comfort to members, knowing that their families will be taken care of in the case of any unforeseen event. In addition to peace of mind, these group insurance policies also double as a decent source of investment, with a few of them offering assured interest on the premium paid.

    With employees looking at the health/life benefits offered by a company/organisation before joining them, purchasing a PNB MetLife Group Plan can be beneficial for everyone concerned. There are a host of options employers can choose from, ensuring they find a plan which meets the requirements of their organisation.

    Benefits of PNB MetLife Group Plans

    Listed below are some of the key benefits of PNB MetLife Group Plans:

    • Customisation: An employer/organisation can customise the plan based on multiple factors. One can choose to add/remove members without any hassle.
    • Tax benefits – The organisation can avail tax benefits under current Income Tax rules.
    • Affordable – These plans can be purchased at affordable rates, ensuring that the employer/organisation doesn’t overshoot their allotted budget.
    • Relationship – Providing these plans to employees can help improve employer-employee relationship.
    • Returns – Certain plans earn an interest component on the investment.
    • Renewal – These plans can be renewed annually. An employer/organisation can choose to renew them if the plan matches their requirements.

    List of Group Plans offered by PNB MetLife

    PNB MetLife currently offers six group plans, as highlighted below:

    PNB MetLife Unit Linked Employee Benefit Plan:

    This is a non-participating unit linked plan which offers gratuity and leave encashment solutions to employers. Under this scheme, benefits are provided if a member resigns/retires, and in case a member passes away. One can choose between 5 funds, based on the group requirements.

    Plan Name Entry Age Maturity Age Premium
    PNB MetLife Unit Linked Employee Benefit Plan Minimum: 18 years Maximum: 74 years Depends on the scheme in place Minimum initial amount: Rs.1 lakh Maximum initial amount: Rs.500 crore

    PNB MetLife Traditional Employee Benefit Plan:

    This is a non-linked variable insurance plan which is fund based. It offers an assured interest of 2% per annum on the premiums. The premium is invested in a fund, with any interest earned by it automatically added to the fund value. In the event of resignation/retirement of an employee, a certain benefit will be paid to him/her. Similarly, in the event of demise of employee, a sum will be paid to his/her nominee.

    Plan Name Entry Age Maturity Age Group Size Premium
    PNB MetLife Traditional Employee Benefit Plan Minimum: 18 years Maximum: Normal retirement age minus 1 year (as per employer rules) The retirement age mentioned by a particular employer Minimum: 10 members Maximum: No upper limit Minimum: Rs.1 lakh Maximum: Rs.500 crore

    PNB MetLife Superannuation:

    This is a traditional, non-participating scheme which is designed to manage the superannuation fund of employers. The fund earns an interest, making it an ideal tool to combat inflation. The scheme provides benefits in case of retirement/resignation, termination, or death.

    Plan Name Entry Age Maturity Age Group Size Premium
    PNB MetLife Superannuation Minimum: 18 years Maximum: Based on existing rules Based on scheme rules Minimum: 10 members Maximum: No upper limit Based on actuary’s certificate

    PNB MetLife Loan and Life Suraksha:

    This is a non-participating, non-linked group insurance plan which is designed for groups which provide credit to members. It comes with two cover options: Reducing and Level cover. There is also an option to choose joint life cover. The plan offers a death benefit to the nominee of an insured individual if the member dies while the policy is in force. In the case of joint life cover, the sum assured is paid on death of first member, with no further benefits payable.

    Plan Name Entry Age Maturity Age Premium
    PNB MetLife Loan and Life Suraksha Minimum:
    • 15 years for education loans
    • 18 years for all other loans
    Maximum: 65 years
    Maximum: 70 years Depends on the sum assured chosen

    PNB MetLife Group Term Life Plus:

    This is a non-linked, non-participating scheme which can renewed annually. It can be offered in lieu of the Employee Deposit Linked Insurance Scheme (EDLI). Members are protected by a death benefit, wherein the sum assured is paid to the nominee if the member passes away while the policy is in force. There is no maturity/surrender benefit under this plan.

    Plan Name Entry Age Maturity Age Group Size Premium
    PNB MetLife Group Term Life Plus Minimum: 15 years Maximum: 65 years Maximum: 66 years Minimum: 50 members Maximum: No upper limit Minimum: Rs.5,000 per member Maximum: No upper limit

    PNB MetLife Complete Care Plus:

    This is a non-participating group scheme which can be renewed annually. It is designed to provide complete care to an employee and his/her family. It provides flexibility in terms of premium payment, helping an employer plan company resources accordingly. A death benefit is paid to the nominee of a member if he/she passes away while the plan is in force. There is no maturity/surrender benefit under this scheme.

    Plan Name Entry Age Maturity Age Group Size Premium
    PNB MetLife Complete Care Plus Minimum: 18 years Maximum: 80 years Maximum: 81 years Minimum: 10 members Maximum: 9 crore members Minimum: Rs.2,915 per member Maximum: Rs.8,18,86,999 per member/Rs.1,000 crore for entire scheme

    Why do you need PNB MetLife Group Plans?

    As an employer, it is merely not enough to hire talent, for retaining them is often harder than it sounds. A good insurance policy for members can go a long way in helping teams retain employees, helping them save money on the process of hiring and training. PNB MetLife Group Plans offer a host of benefits to employers and employees alike, making them ideal for organisations. The opportunity to earn interest on their investment is an added bonus.

    One can customise these plans to meet their current needs, with most of the plans coming with annual renewability. In addition to the benefits offered by these plans, the fact that PNB MetLife has a grievance redressal ratio of 99.55% makes it an ideal partner for organisations and employers.