MetLife offers this plan to employers who want need a solution for managing leave encashment and gratuity liabilities. This plan suits employers who want to provide financial security to their employees in order to attract and retain talent by providing a better workplace. This product is ideal for the following people:
With this Fund Based Group Non-Linked Variable Insurance Scheme, employers can provide attractive benefits to their employees in order to retain talent and reduce attrition.
For any insurance plan, there is a certain eligibility criteria that needs to be met by the policyholder before purchasing the plan. Those who wish to purchase this plan, need to meet the eligibility criteria set by MetLife.
|Minimum entry age||18 years|
|Maximum entry age||74 years|
|Maximum age at maturity||As per the individual employer’s scheme|
|Minimum Group Size||10 members|
|Maximum Group Size||No limit|
|Minimum Policy Term||One year|
|Type of Plan||Fund Based Group Non-Linked Variable Insurance Scheme|
*Ages mentioned are defined as the age last birthday.
Your sum assured will depend on your business needs and what you require as an individual. Premiums start of at Rs.1 lakh as a minimum contribution towards this plan. You need at least 10 members to purchase this plan. Listed below is the information related to what the plan costs and what you can get out of it.
|Minimum Contribution||Rs.1 lakh|
|Maximum Contribution||Rs.500 crore|
|Policy Term||One year (Renewable)|
|Inbuilt Life Cover Upon Death||Rs.1,000|
*Premiums vary based on age, location, plan term and other factors
The PNB MetLife Unit Linked Employee Benefit Plan offers a number of benefits to employers and their employees. By purchasing this plan, the policyholders stand to benefit from the following:
This plan carries a mandatory risk cover of Rs.1, 000 for every member. A mortality fee of Rs.1.35 p.a. per member is levied on an annual basis separately. In the event that the group policyholder wished to opt for higher risk cover, this can be arranged through a separate one-year renewable group scheme which goes on sale from time to time. The benefits under this plan are payable under the following circumstances:
The benefit that is payable from the fund will be defined in the trust deed in accordance with the rules of the trustee’s scheme or the individual’s employer. The liability borne by the company is limited to the extent of the fund value.
There are no riders available with this policy. Any additional cover offered by PNB MetLife from time to time will be communicated to you.
If the exit of a member from the scheme is due to death, then the company is liable to pay the risk cover benefit of Rs.1, 000. No Market Value Adjustment will be made.
|Free Look Period||15 days from the date of receipt of the policy document.|
|Surrender||Complete surrender is allowed under this policy. No partial surrenders will be allowed.|
|Surrender Value||Fund value minus surrender charges and market value adjustment.|
|Surrender Charges||Surrender before third renewal: 0.50% of the fund value, subject to a maximum of Rs.5 lakhs. Surrender after third renewal: No charge|
|Bulk Exit||For any other event other than death, if the total amount on exit in one policy year is more than 25% of the balance in the policy fund as is at the beginning of the year, the exit will be defined as a bulk exit.|
|Market Value Adjustment||Market Value Adjustment = (Fund value of the scheme minus surrender charges) X (1 – market value of total fund/policy account value of total fund)|
|Premium payment mode||Any mode or any instalment.|
|Benefit statement||A statement including the total contribution paid minus any payout or withdrawals plus declared interest will be issued at the end of each financial year.|
|Policy Renewal||Automatic renewal every year.|
|Grace Period||There are no schedule timelines for the payment of the contributions. The scheme will continue as long as there is enough funds to cover policy claims and charges.|
|Insufficient Funds||If the fund value is not sufficient, MetLife will intimate the information 30 days in advance.|
|Fund Management Charges||0.40% p.a. adjusted in the expected investment yield prior to declaring the quarterly rate of interest.|
|Non-zero positive additional interest||Credited at the end of each quarter.|
|Non-zero positive residual interest||Credited at the end of every year, if any.|
As per the provisions of the Income Tax Act, 1961, you will be eligible for tax benefits. You are advised to consult a tax advisor to know more about the exemptions and benefits available as per the prevailing tax laws in India.
PNB MetLife offers credible insurance products and schemes to customers in the Indian market. The company also offers a number of services that enhance the overall customer experience and after-sales services. Some of the services offered by PNB MetLife to its customers that save time, energy and provide convenience are listed below:
MetLife established its presence in India in 2001 in partnership with Punjab National Bank, a leading bank in the country. The company has since earned a top position in the market operating through over 8,000 locations. Providing excellent products in the realm of insurance, protection, retirement and savings, PNB MetLife has raked in profits for the past five years as of FY 2014-15. With the Unit-Linked Employee Benefits Plan, you can motivate your employees at the workplace with greater benefits. As an employer, you can have lesser worries by having the fund managed by PNB MetLife.
A. In case of fraud of misrepresentation of the group member, their name will be deleted from the scheme and MetLife will refund the value in his or her policy account. In case the misrepresentation is by the group policyholder, the policy account value will be refunded and the policy will be terminated.
A. Benefits payable under this policy are meant only for the employer, insured members and the nominees. This policy cannot be assigned to anyone else.
A. Send in a written notice regarding the event giving rise to a claim to PNB MetLife within 30 days from the occurrence of the event. You need to include the following documents:
A. If the bulk exit qualifies for market value adjustments, it will be determined as follows:
A. You will be charged 0.40% p.a. This fee is adjusted in the expected investment yield prior to declaring the quarterly rate of interest.
A. Yes, there is a mortality charge of Rs.1.35 per Rs.1, 000 sum assured. This is charged separately on a yearly basis.
A. You can write in to PNB MetLife for a duplicate group policy. It will be issued to replace the original document at the applicable fee.
A. Within 15 days from the date of receipt of the policy, you can return the policy to PNB MetLife. You will be eligible for a refund of the contribution and the mortality charges levied. Stamp duty charges and proportionate charges for the period covered will be deducted from the refund.
A. The benefits from this policy will be paid via cheque, demand draft or electronic mode of payment. Cheques and DDs will be issued to the last known address.
A. No, partial withdrawals cannot be made from the fund.
A. No, only complete surrender of the policy is allowed under the MetLife Unit-Linked Employee Benefits Plan.
A. If there is any non-zero positive residual addition, it will be credited at the end of the year to the policy account. It is calculated as follows:
Gross investment yield at the end of the policy year earned in the shadow account – (actual yield earned at the end of the policy year in the policy account - yield referred in the reduction in yield for that time period).