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.
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|
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|
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.
There are no add-on plans for the MetLife Loan and Life Suraksha 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.
|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.|
|Reducing Cover Option||This is extremely suitable for educational loans, mortgage loans, auto loans and personal loans.
|Level Cover Option||Throughout the entire term of the policy, you will be able to avail the same cover.
|Increase of assured sum because of increase in the loan amount||
|Joint Life Option||
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.
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|
A. The conditions for availing Joint Life Option for Mortgage and other Housing Loans are as follows:
A. The conditions for availing Joint Life Option for Education Loans are as follows:
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.
A. The minimum policy term for MetLife Loan and Suraksha Plan is given below:
A. The maximum policy term for MetLife Loan and Suraksha Plan is given below:
A. The minimum assured sum for each member is Rs.5,000.
A. There is no limit on the assured sum for each member.
A. The premium paying options offered by PNB MetLife for this plan are 10 years limited pay, 5 years limited pay and single pay.
A. Yes, ECS or Electronic Clearing Service is mandatory for monthly mode of premium payment.