PNB MetLife Group Term Life Plus

PNB MetLife Group Term Life Plus

At PNB MetLife, we're always looking out for our employees. To ensure complete protection of our employees, we designed a group term life insurance called the PNB MetLife Group Term Life Plus in lieu of the mandatory EDLI (Employee Deposit Linked Insurance Scheme). This plan offers a lump sum payment to the employee's beneficiary in case of death for employees to cover against death and protect the family.

PNB MetLife Group Term Life Plus in a nutshell
1. 100% of the Sum Assured on Death
2. Provides protection to the family of the employee.
3. Cost-effective compared to individual life cover.
4. Tax* Benefit to the employer.

What you get

Flexible Premium Payment Modes

PNB MetLife Group Term Life Plus is a flexible group insurance plan that allows you to choose from Yearly, Half Yearly or Monthly premium payments to ensure a stable life for you and your family.

Additional Cover

With this plan, you can avail additional life covers and protection to ensure complete security for you and your family on participatory basis.

Choice of Individual Cover

The plan is designed to take care of employees, the policy holder has the option to convert to individual coverage for guaranteed protection even when they leave the organisation.

Choice of Renewal

PNB MetLife Group Term Life Plus is a one-year renewable group term assurance plan wherein 100% face amount per member is payable on death of the member upon renewal.

PNB MetLife Group Term Life Plus ensures that it:
1. Provides protection for family of the employee
2. Offers a more efficient way to meet the statutory EDLI requirement
3. Cheaper than an individual life cover.
4. Offers Tax* Benefits to employer but is not treated as prerequisite in the hands of the employee.
5. Acts as a strong retention tool for employers
6. Has flexible payment modes.
7. Offers the option to convert to individual coverage when an employee leaves the organization.
8. Offers additional cover for self and family on participatory basis.
9. Provides Tax* Benefits as applicable.

What you don't get

Travelling to Unsafe Areas

If an insured member dies while travelling or staying in areas notified as unsafe according to travel advisory rules, the liability of the Company is limited only to a refund of the Premium(s) received, without interest.

Suicide Exclusions

If the Life Assured's death is due to suicide within twelve months from the date of commencement of risk or from the Date of Revival of the Policy as applicable, the Nominee or beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid till the date of death under the Policy death or Surrender Value available as on the date of death, whichever is higher, provided the Policy is in In force status. We shall not be liable to pay any interest on this amount.

Limited Free Cover

While all employees are entitled to free life cover, the actual cover will be limited and determined on the risk class and the group size.