Loan & Life Suraksha: Loan Against Life Insurance Policy -PNB MetLife

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A group life insurance policy linked to loans, the PNB MetLife Loan and Life Suraksha provides cover on outstanding loan amounts to ensure the security of loans in case of unfortunate events.

PNB MetLife Loan and Life Suraksha in a nutshell

Joint life option.
Increases loyalty among customers.
Reduce default risk due to customer death.
Flexible plan with coverage options.

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What you get

Flexible Premium Payment Modes

Group Term Life Plus is a flexible group insurance plan that allows you to choose from Single, Yearly, Half-Yearly, Quarterly, Monthly & Payroll Saving Program premium payments to ensure a stable life for you and your family.

Premium Paying Options

The PNB MetLife Loan and Life Suraksha gives you the flexibility to opt for single pay and limited pay of 5 years and 10 years

Flexibility in Sum Assured

The policy’s design gives the policyholder flexibility to increase the Sum Assured due to increase in loan from as minimum as Rs.10,000 per member.

Surrender/Partial Surrender Benefit

While there is no surrender value for a pure protection plan, since the members paying premiums through Single and Limited Pay options, they are entitled to a certain amount based on their choice of premium payment.

PNB MetLife Loan and Life Suraksha ensures that it:

Provides competitive edge to your existing product portfolio
Increases loyalty due to additional protection
Reduces default risk due to a customer’s death
Allows you to maintain a long-term relationship

What you don’t get

Maturity Benefit

No survival or maturity benefit is payable under the PNB MetLife Loan and Life Suraksha plan.

Suicide Exclusions

In case of death due to suicide within 12 months from the date commencement of risk under the policy or from the date of revival, as applicable, the nominee beneficiary of the Insured Member shall be entitled to 80% of the Total Premiums paid till the date of the death or the unexpired premium value available as on the date of death whichever is higher, provided the policy is in force.

Frequently Asked Questions

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What is PNB MetLife Loan and Life Suraksha?

PNB MetLife Loan and Life Suraksha Plan is a group life insurance policy linked to loans. This policy provides life insurance policy plans that provide a cover on the outstanding loan amount so that your customers do not have to bear the burden of a loan in case an unexpected event strikes. This loan insurance scheme also has additional features such as joint life option, multiple premium payment options and hassle-free issuance on group platform.

Coverage Options - There are two coverage options available
Reducing Coverage Option: Suitable for mortgage, educational & auto loans
Level Coverage Option: Provides the same cover throughout the term

Find out more about group life insurance policy for employees and other types of best group insurance plans available at PNB MetLife.

What does PNB MetLife Loan and Life Suraksha ensure?

Provides competitive edge to your existing product portfolio
Increases loyalty due to additional protection
Reduces default risk due to a customer’s death
Allows you to maintain a long-term relationship

What are the key benefits of this plan?

Joint life option.
Increases loyalty among customers.

What are the Product Benefits of this plan?

Death Benefit

In the event of death of an insured member, the plan provides for the payment of lump sum Death Benefit amount as specified in the Certificate of Insurance issued to each member on admission to this group scheme
In case of Joint Lives, Sum Assured is paid on death of first life and policy stands cancelled and no further benefits are payable.

Joint Life Option

Joint Life coverage option is available for housing loan, other mortgage loans & Education loans subject to conditions.

Increase in Sum Assured

The design of this policy gives the flexibility to the Group Policyholder to increase the Sum Assured for their members due to increase in loan from as minimum as Rs.10,000 per member.
Increase in Sum Assured to the member is subject to underwriting conditions and the terms and conditions as stipulated by the Company
On increasing the insurance coverage, fresh Insurance certificate will be provided for extended portion, subject to payment of premiums prevailing at the point in time.

Moratorium Option

This option is available for those members who have opted for moratorium on the repayment of principle amount for a period of not more than 7 years on their loans.
The mortarium option has to be provided by the loan offering institution and PNB Metlife will prepare loan schedule accordingly.
The moratorium option is available only for Mortgage Loan and Education Loan customers whose term is atleast 5 years or more.
The moratorium option once chosen cannot be altered during the Policy tenure.

What are the eligibility criteria for this plan?

Plan parameters	Minimum	Maximum
Age^# at entry of Person Insured	15 years (^*)	65 years
Policy Term	2 years for Single Pay, 5 years for 5 Pay, 10 years for 10 Pay	25 years for Single & 5 Pay, 30 years for 10 Pay
Maturity Age of Person Insured	-	70 years
Group Size	50 Lives	No Limit
Sum Assured per member	Rs. 10,000	Unlimited
Premium	Based on the chosen Sum Assured
Premium Paying Options	Single Pay, Limited Pay 5 Years & Limited Pay 10 Years
Premium Paying Modes	Single, Yearly, Half-Yearly, Quarterly, Monthly¹ & Payroll Saving Program

^#Age last birthday
¹Electric Clearing Service (ECS) is mandatory for monthly mode.
^*For Educational Loans and for all other loans, 18 years

How can I buy PNB MetLife Loan and Life Suraksha?

You can buy this plan offline through any of the following methods:

Disclaimer:

PNB MetLife – Loan and Life Suraksha (UIN: 117N080V03) is a Group, Non-linked, Non-participating, Pure Risk Premium, Life Insurance Plan. It is offered on the group platform. Benefit option, chosen at inception, cannot be altered during the term. 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/2024-25/804

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PNB MetLife Loan and Life Suraksha

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Frequently Asked Questions

What is PNB MetLife Loan and Life Suraksha?