Bima Yojana - Micro Group Credit Term Insurance Plan

Name: PNB MetLife Bima Yojana
Brand: PNB MetLife
Rating: 4.7 (19234 reviews)

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The PNB MetLife Bima Yojana – (Group Micro-Insurance) - is a simple and hassle-free product which provides life cover to the members of your group to safeguard their loan amount. This plan not only safeguards you but also protects the family of insured members from the burden of financial liabilities, in case of an eventuality.

PNB MetLife Bima Yojana – (Group Micro-Insurance) in a nutshell

Cover for various types of Micro-loans
Purchase Cover for Single Life or Joint Life
Option to choose Level or Reducing Cover
Flexibility to pay Single, Limited or Regular Premium

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What you get

Flexible Premium Payment Modes

PNB MetLife Bima Yojana – (Group Micro-Insurance) is a flexible group insurance plan that allows you to choose from Half Yearly, Quarterly or Monthly premium payments to ensure a stable life for you and your family.

Level Cover Option

In case of Level Cover Option provided the member cover is in-force, the amount payable on the death of the Insured Member shall be equal to the Sum Assured chosen at inception.

Reducing Cover Option

In case of Reducing Cover Option provided the member cover is in-force, the amount payable on the death of an Insured Member shall be equal to the amount as per Cover Schedule subject to minimum of Rs. 5000.

Surrender Benefit

The Insured Member may discontinue or terminate the Certificate of Insurance and receive the unexpected risk value based on their chosen premium payment option.

What you don't get

No Benefits for Joint Life Cover

In case of simultaneous death of the both lives, claim for only one of the joint lives shall be accepted

Maturity Benefit

No survival or Maturity Benefit is payable under the PNB MetLife Bima Yojana – (Group Micro-Insurance) plan.

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.

Frequently Asked Questions

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What is PNB MetLife Bima Yojana – (Group Micro-Insurance)?

Presenting PNB MetLife Bima Yojana – (Group Micro-Insurance) - is a simple and hassle-free product which provides life cover to the members of your group to safeguard their loan amount. This plan not only safeguards you but also protects the family of insured members from the burden of financial liabilities, in case of an eventuality.

PNB MetLife Bima Yojana – (Group Micro-Insurance) is a non-linked, non-participating, single, regular or limited premium payment, Micro Group Credit Term Insurance Plan which intends to cover various types of micro loans given by financial institutions, small finance bank, micro-finance institutions etc. to their customers.

What are the key benefits of this plan?

Cover for various types of Micro-loans
Purchase cover for single life or joint life
Option to choose Level or Reducing Cover
Flexibility to pay Single, Limited or Regular Premium

What are the Product Benefits of this plan?

Death Benefit

On unfortunate death of the Insured Member during the cover term, the benefit payable will be as mentioned below:

Level Cover Option : In case of Level Cover Option provided the member cover is in-force, the amount payable on the death of the Insured Member shall be equal to the Sum Assured chosen at inception.
Reducing Cover Option : In case of Reducing Cover Option provided the member cover is in-force, the amount payable on the death of an Insured Member shall be equal to the amount as per Cover Schedule subject to minimum of Rs.5000.

The insurance coverage for Insured Member will terminate with the payment of 100% of the claim amount.

For Joint life option

The Death Benefit as mentioned above will be paid on first death of any one of the Insured Member. In case of simultaneous death of the both lives, claim for only one of the joint lives shall be accepted. In case of joint life the cover terminates on the payment of death claim in respect of any one of the insured members

Survival or Maturity Benefit

There is no survival / maturity benefit under this plan.

What are the eligibility criteria for this plan?

Plan parameters	Minimum	Maximum
Age* at entry	18 years	69 years
Maximum Age* at maturity	-	70 years
Policy Term^~	Single pay : Level cover: 6 months Reducing cover: 24 months Regular pay: Level Cover - 60 months Limited pay: Reducing Cover - 84 months	Single pay : Level cover: 60 months Reducing cover: 60 months Regular pay: Level Cover - 84 months Limited pay: Reducing Cover - 84 months
Premium Payment Term	Single pay: Single premium Regular pay: Equal to policy term Limited pay: 60 months	Single pay: Single premium Regular pay: Equal to policy term Limited pay: 60 months
Group Size	5 lives	No limit
Sum Assured per member	Rs. 5,000	Rs. 200,000
Premium	Basis the Sum Assured, age, term, premium paying option and plan option

Plan Options	Details
Cover Options^#	Level Cover Reducing Cover
Premium Paying Options	Single pay, Regular pay, Limited pay
Premium Paying Modes for Limited & Regular pay^{^}	Yearly, Half-yearly, Quarterly, Monthly

^*All reference to age is as on last birthday
^#Cover Option will be chosen at inception of the coverage by the Insured member
^~If policy term chosen is not in complete year and is expressed in months, then only single premium or monthly mode will be available. Policy term will be in multiples of 1 month.
^{^}Premium Payment modes available for Limited Pay and Regular Pay are Yearly, Half-yearly, Quarterly & Monthly. If the policy term chosen is not in complete year and is expressed in months, then only monthly mode will be available.

How can I buy PNB MetLife Bima Yojana – (Group Micro-Insurance)?

Disclaimer:

PNB MetLife Bima Yojana (Group Micro-Insurance) (117N120V02) is a Group Non-linked Non-Participating Pure Risk Premium Life Insurance.
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.
Terms and Conditions apply.
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.

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