Group Term Life Insurance for Employees

Name: PNB MetLife Group Term Life Plus
Brand: PNB Metlife
Rating: 4.5 (18244 reviews)

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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, Quarterly 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 Renewal

PNB MetLife Group Term Life Plus is a one-year renewable group term assurance plan wherein 100% Sum Assured 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 additional cover for self and family on participatory basis.
Provides ^*Tax Benefits as applicable.
Also available for Non-Employer Employee groups

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 Insured Member’s death is due to suicide within 12 months from the date of joining the Group Policy, Our liability to make payment under the Group Policy will be limited to refunding 80% of the Premium received in respect of the Insured Member, without interest. Suicide clause will be applicable only for a period of 1 year from the date of joining of a member in the scheme and shall not be reimposed upon continuous renewal of the member’s coverage in Group Policy.

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, 1952.

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 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:

PNB MetLife – Group Term Life Plus (UIN: 117N049V04) is a Non-linked, Non-participating, One -Year Renewable Pure Risk Group Life Insurance Plan.
It is offered on the group platform. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. ^*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. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
AD-F/2024-25/1300