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MetLife Loan and Life Suraksha Plan

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

The Loan and Life Suraksha Plan offered by PNB MetLife is non-linked pure protection group plan Non-participating scheme that offers great financial security. It helps the policyholder to maintain the standard of living and enhances the lifestyle of his/her family. It also offers financial stability to the policyholder’s family in the event of his/her unexpected demise. The MetLife Loan and Suraksha Plan offers a competitive edge to your current portfolio and increases customer loyalty too.

Eligibility – Who is the MetLife Loan and Suraksha Plan for?

The MetLife Loan and Suraksha Plan is specifically designed for providing insurance cover to the groups where credit exists. In order to be eligible for the MetLife Loan and Suraksha Plan, some criteria set out by PNB MetLife must be met. The eligibility criteria for MetLife Loan and Suraksha Plan are given below:

Type of Plan Non-linked, non-participating pure protection group plan
Minimum age at entry 15 years
Maximum age at entry 65 years
Maximum maturity age 70 years
Maximum group size No limit
Minimum group size 50 is the minimum group size

Sum Assured and Premium Range – What you Get and What it Costs?

The sum assured is the amount that the insurance company gives you when the term ends. The minimum assured sum is Rs.5, 000. However, there is no maximum limit on the maximum assured sum.

Minimum assured sum Rs.5,000
Maximum assured sum Unlimited

The premium depends on the amount of assured sum chose by you for the MetLife Loan and Life Suraksha Plan. The premium payments can be done in yearly, half-yearly, quarterly and monthly modes.

Minimum Policy Term 10 years for 10 pay, 5 years for 5 pay and 2 years for single pay
Maximum Policy Term 30 years for 10 pay and 25 years for 5 pay & single pay
Premium Based on the chosen Sum Assured
Premium paying options Limited pay for 10 years, limited pay for 5 years and Single Pay
Premium paying modes Monthly, quarterly, half-yearly, yearly, single, payroll saving program

Plan Coverage – What MetLife Loan and Life Suraksha Plan Covers?

Death Benefit – In case of demise of the policyholder, the plan offers a lump sum payment as death benefit as per the Insurance Certificate issued to every member. The Sum Assured is provided after the demise of the first life in case of Joint Lives. After that the policy stands cancelled. No more benefits are payable after the plan stands cancelled.

Maturity Benefit or Survival Benefit – No maturity benefit or survival benefit is available under this plan.

Surrender Benefit or Partial Surrender Benefit – This benefit offers no surrender value on pure protection plan.

Add-On Plans – Additional Coverage under the MetLife Loan and Life Suraksha Plan:

There are no add-on plans for the MetLife Loan and Life Suraksha 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:

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 Loan and Life Suraksha 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.
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.
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.
Partial Assignment or Assignment or Transfer You can partly assign, assign or transfer the MetLife Loan and Life Suraksha Policy subject to and in accordance with the provisions provided in Section 38 of the Insurance Act. The Insurance Act, 1938 has undergone several amendments over time.

Other Benefits of MetLife Loan and Life Suraksha Plan:

Reducing Cover Option This is extremely suitable for educational loans, mortgage loans, auto loans and personal loans.
  • The loan amount that is outstanding according to the schedule at the starting of a month during the term of the policy will be the benefit that is payable for demise of the insured individual.
  • In case the policyholder has opted for moratorium, then death benefit will be equal to entire amount of loan. Thereafter, it decreases depending on the schedule of outstanding loan.
  • The amount that is payable on demise at any given time will be according to the schedule. It does not depend on the actual outstanding loan. The schedule will then become a part of the certificate of insurance issued to all the members of the group.
Level Cover Option Throughout the entire term of the policy, you will be able to avail the same cover.
  • In this case, the coverage is the level assured sum that is linked to credit as selected by the policyholder at the beginning.
Increase of assured sum because of increase in the loan amount
  • MetLife Loan and Life Suraksha Plan’s design offers great flexibility for increasing the assured sum due to increase in the loan amount from Rs.5,000 per member.
  • Any increase in the assured sum is subject to the terms and conditions of policy set by the company.
  • When the insurance coverage is increased, then fresh certificate of insurance is provided for the extended portion.
Moratorium
  • This particular option is available for the policyholders who chose moratorium on repayment of the principal sum for a span of 7 years or less on the loan amounts.
  • This option must be provided by the institution offering the loan. PNB MetLife will be preparing the schedule for the loan accordingly.
  • Moratorium option can be availed only for Educational Loans and Home Loans with a term of 5 years or more.
Joint Life Option
  • This option is available for education loans, mortgage and other housing loans.

Why should you Buy the MetLife Loan and Life Suraksha Plan?

PNB MetLife India Insurance Company Limited has more than 800 corporate clients in the country who make use of their employee benefit plans. It has been catering to the insurance needs of the people in India since 2001. This company exhibits great financial strength and it is one of the best insurance providers in the country. The MetLife Loan and Suraksha Plan offers a competitive edge to your current portfolio and increases customer loyalty too. The MetLife Loan and Life Suraksha Plan helps the policyholder to maintain the standard of living and enhances the lifestyle of the member’s family. It also offers financial stability to the member’s family in the event of the unexpected demise of the member. Thus, buying this plan can definitely prove to be a great decision.

Frequently Asked Questions (FAQs):

Q. What is the multiplicative factor for monthly, quarterly, half-yearly and payroll savings modes?

A. The multiplicative factors for monthly, quarterly, half-yearly and payroll savings modes are provided below:

Premium mode Multiplicative factor
Payroll Savings scheme 0.0868
Monthly 0.0895
Quarterly 0.2610
Half-yearly 0.5131

Q. What are the conditions for availing Joint Life Option for Mortgage and other housing loans?

A. The conditions for availing Joint Life Option for Mortgage and other Housing Loans are as follows:

  • The Joint Life Option coverage cannot be offered to more than two people in the same plan.
  • The only time this coverage can be extended is when the loan is held jointly by both the members.
  • The members must be co-borrowers and not co-applicants only. Each member must have a share of at least 20% of the loan at the start of the loan tenure.
  • Both members under this plan should have their own sources of income.
  • The loan term must be more than 5 years.

Q. What are the conditions for availing Joint Life Option for Education Loans?

A. The conditions for availing Joint Life Option for Education Loans are as follows:

  • The Joint Life Option coverage cannot be offered to more than two people in the same plan.
  • The only time this coverage can be extended is when the loan is held jointly by both the members.
  • The members must be co-borrowers and not co-applicants only. Each member must have a share of at least 20% of the loan at the start of the loan tenure.
  • This cover is extended to joint lives where the relationship shared by the two members is that of siblings, parent, spouse or child.

Q. I am 35 years old. Can I avail the MetLife Loan and Life Suraksha Plan?

A. Yes, you can avail the MetLife Loan and Life Suraksha Plan. The minimum age of the applicant must be 15 years and the maximum age of the applicant can be 65 years.

Q. What is the minimum policy term for MetLife Loan and Suraksha Plan?

A. The minimum policy term for MetLife Loan and Suraksha Plan is given below:

  • 10 years for 10 pay
  • 5 years for 5 pay
  • 2 years for single pay

Q. What is the maximum policy term for MetLife Loan and Suraksha Plan?

A. The maximum policy term for MetLife Loan and Suraksha Plan is given below:

  • 30 years for 10 pay
  • 25 years for 5 pay and single pay

Q. What is the minimum assured sum for each member?

A. The minimum assured sum for each member is Rs.5,000.

Q. What is the maximum assured sum for each member?

A. There is no limit on the assured sum for each member.

Q. What are the premium paying options?

A. The premium paying options offered by PNB MetLife for this plan are 10 years limited pay, 5 years limited pay and single pay.

Q. Is ECS (Electronic Clearing Service) mandatory for monthly mode of premium payment?

A. Yes, ECS or Electronic Clearing Service is mandatory for monthly mode of premium payment.