Group Term Life Insurance for Employees

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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

100% of the Sum Assured on Death
Provides protection to the family of the employee.
Cost-effective compared to individual life cover.
Tax^* Benefit to the employer.

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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:

Provides protection for family of the employee
Offers a more efficient way to meet the statutory EDLI requirement
Cheaper than an individual life cover.
Offers Tax^* Benefits to employer but is not treated as prerequisite in the hands of the employee.
Acts as a strong retention tool for employers
Has flexible payment modes.
Offers the option to convert to individual coverage when an employee leaves the organization.
Offers additional cover for self and family on participatory basis.
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 Inforce 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.

Frequently Asked Questions

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What is PNB MetLife Group Term Life Plus?

PNB MetLife Group Term Life Plus is a group term life insurance policy that’s not only convenient but also provides cover against death and protects the family. This group life policy can also be offered in lieu of mandatory EDLI (Employee Deposit Linked Insurance Scheme) which offers a lump sum payment to the employee’s beneficiary in case of death for employees who are covered under the Employee’s Provident Fund and Miscellaneous Provision’s Act, 1976.

What does the PNB MetLife Group Term Life Plus ensure?

PNB MetLife Group Term Life Plus ensures that it:

Provides protection for family of the employee
Offers a more efficient way to meet the statutory EDLI requirement
Cheaper than an individual life cover.
Offers Tax^* Benefits to employer but is not treated as perquisite in the hands of the employee.
Allows for hassle-free implementation because of availability of free cover limit, subject to T&C
Acts as a strong retention tool for employers
Has flexible payment modes.
Offers the option to convert to individual coverage when an employee leaves the organization.
Offers additional cover for self and family on participatory basis.
Provides Tax^* Benefits as applicable.

What are the key Benefits of this plan?

100% of the Sum Assured on Death
Provides protection to the family of the employee.
Cost-effective compared to individual life cover.
Tax^* Benefit to the employer.

What are the Death Benefits in this plan?

Provides 100% of the sum assured in case of the unfortunate event of death.

What are the Surrender Benefits in this plan?

There is no surrender Benefit associated with this product.

What are the Maturity Benefits in this plan?

There are no survival or maturity Benefits associated with this product.

What are the eligibility criteria for this plan?

Boundary Conditions	Eligibility Criteria
Entry Age (in completed years)	Min : 18 years (EE) 15 years (Non EE)
Maximum Entry Age	Employer Employee (EE) : 80 years Non Employer Employee (Non EE) : 60 years
Maximum Maturity Age	EE : 81 years Non EE : 61 years
Coverage Term	Year renewable Term - one year
Sum Assured (Min)	Rs 1000 per life
Sum Assured (Max)	As defined in the rules of the group insurance scheme under administration or as defined by the employer for employer- employee group and Master Policyholder for non-employer-employee group.
Premium Payment Term	Regular
Premium Payment Modes	Annual, Semi-Annual, Quarterly, Monthly

How can I buy PNB MetLife Group Term Life Plus?

Disclaimer:

^*Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details

AD-F/2020-21/00318