Met Life Group Term Life Plus Plan
- 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
MetLife Group Term Life Plus is a non-participating one year renewable group protection plan. 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 Group Term Life Plus is designed to take care of all your financial needs. It offers security to the customers or group members. In the event of the member’s death, this policy takes care of the dependants. You can enjoy peace of mind knowing the fact that your family is secure even if there is an unfortunate event.
Eligibility – Who is the MetLife Group Term Life Plus Plan for?
| Type of Plan | Non-participating one-year renewable group protection plan |
| Minimum entry age | 15 years |
| Maximum entry age | 60 years |
| Maximum expiry age | 61 years |
| Maximum scheme or group size | No limit |
| Minimum scheme or group size | 50 |
Sum Assured and Premium Range – What you Get and What it Costs?
Sum Assured:
| Maximum assured sum for each member | According to the rules set by the group policyholder or administration |
| Minimum assured sum for each member | Rs.1,000 |
Premium Range:
| Maximum Premium | Unlimited |
| Minimum Premium | Rs.5,000 |
| Premium payment modes | Yearly, half yearly, quarterly and monthly |
Plan Coverage – What MetLife Group Term Life Plus plan Covers?
Death Benefit:
In the event of the policyholder’s demise during the policy term, the organisation will pay the entire sum assured.
ABO (Accelerated Benefit Option):
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.
Surrender Benefit:
As this plan is a pure protection product, no surrender benefits are available under this plan.
Maturity Benefit:
No maturity benefit is available under the MetLife Complete Care plan.
Exclusions – What the Plan doesn’t Cover?
Suicide Clause:
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.
Other Key Features:
| 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 |
| 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. |
| 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. |
| 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. |
| 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. |
| 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 Group Term Life Plus 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. |
Other Benefits of MetLife Group Term Life Plus plan:
- Enjoy a non-medical limit that is determined based on the group size and risk class.
- Enjoy MetLife Group ADB Plus, MetLife Group ATPD Plus, MetLife Group APPD Plus and MetLife Group Serious Illness Riders
Why should you Buy the MetLife Group Term Life Plus plan?
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.
Frequently Asked Questions (FAQs):
Q. What are the different premium paying modes for the MetLife Complete Care plan?
A. The different premium paying modes for the MetLife Complete Care plan are monthly, quarterly, half-yearly and yearly.
Q. What is the multiplicative factor for monthly, quarterly and half-yearly premium payment modes?
A. The multiplicative factor for half yearly, quarterly and monthly premium payment modes are given below:
| Monthly | 0.0863 |
| Quarterly | 0.2573 |
| Half Yearly | 0.5096 |
Q. What is the maximum face amount that a member can avail under the MetLife Group Term Life Plus plan?
A. The maximum face amount that a member can enjoy with the MetLife Group Term Life Plus plan is defined by the rules of the scheme under the Group policyholder or administration.
Q. What is the minimum face amount that a member can avail under the MetLife Group Term Life Plus plan?
A. The maximum face amount that a member can enjoy with the MetLife Group Term Life Plus plan is Rs.1, 000.
Q. Can I avail a grace period with the MetLife Group Term Life Plus plan?
A. Yes, you can avail a grace period with the MetLife Group Term Life Plus plan. 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
Q. What is the minimum age at entry for the MetLife Group Term Life Plus plan?
A. The minimum age at entry for the MetLife Group Term Life Plus plan must be at least 15 years.
Q. What is the maximum age at entry for the MetLife Group Term Life Plus plan?
A. The maximum age at entry for the MetLife Group Term Life Plus plan must be at least 60 years.
Q. What are conditions applicable for this cover?
A. The conditions that are applicable for this over are as follows:
- This can be used as employee cover
- The non-medical cover limit depends on the group size and risk class.
- All the customers are accepted if they submit the declaration of good health.
- Beyond the free limit cover, all the members of this policy must provide individual underwriting.
Q. What is participation?
A. Insurance scheme is not mandatory for the members of the group. The appointed actuary determines the limit of participation which might vary from one case to another case.
Q. What is the minimum and maximum size of the group or scheme?
A. The minimum size of the group is 50 and the maximum size of the group has no limit.