Complete Loan Protection Insurance - Group Insurance Plans

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PNB MetLife Complete Loan Protection is a Group Non-linked, Non-participating Pure Risk Life Insurance Plan. It is a group credit product and it is offered to cover the loan of customer of an institution.

PNB MetLife Complete Loan Protection Plan in a nutshell

Multiple coverage options
Level or reducing cover option
Joint life cover
Flexibility in premium payment options
Income Protection for your family, when you are not around
Suited for employer-employee & non-employer-employee groups

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What you get

Choice of Plans

PNB MetLife Complete Loan Protection provides 5 different types of coverage and benefit options to ensure the plan is suited to all your needs.

Flexible Premium Payment Modes

PNB MetLife Complete Loan Protection Plan 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.

Option of Co-Borrowers

With this plan, you have the option of including up to 5 co-borrowers and a separate life cover for each.

Premium Paying Options

The PNB MetLife Complete Loan Protection Plan gives you the flexibility to opt for Single Pay or 5 Pay (Limited pay of 5 years or Regular pay)

Benefit Payout Option

PNB MetLife Complete Loan Protection offers Lumps Sum and Monthly Income option.

If Joint Life Option Is chosen only lumpsum benefit option will be available

Choice of Cover

• Level or
• Reducing

Surrender Benefit

Unexpired premium will be provided for Single pay and Limited pay in case of voluntary termination.

Availability

This plan is made available to you for buying through offline by multiple distribution touch points.

What you don't get

Pre-existing Disease

Any condition that is pre-existing at the time of inception of the rider policy Pre-existing Disease means any condition, ailment, injury or disease:

a) That is/are diagnosed by a physician within 36 months prior to the effective date of the policy issued by the insurer or its reinstatement

b) For which medical advice or treatment was recommended by, or received from, a physician within 48 months prior to the effective date of the policy issued by the insurer or its reinstatement.

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, the nominee beneficiary of the Insured Member shall be entitled to 80% of the Total Premium 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. ‘Total premiums paid’ means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case of joint life, the cover will terminate for the surviving life.

Substance Abuse

Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner are not covered.

Maturity Benefit

With this plan, no benefit is payable on survival till the end of the policy term.

Frequently Asked Questions

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What is PNB MetLife Complete Loan Protection?

Presenting PNB MetLife Complete Loan Protection – is a group insurance product offering comprehensive coverage against death, disability, critical illness and terminal illness¹ to the insured member(s) and protects their families from the burden of financial liabilities.

The product is suitable for employer-employee group, non-employer-employee groups where the group policyholder aims to provide protection to their members.

What are the Key Benefits of this plan?

Multiple coverage option
Joint Life cover
Level/reducing cover option
Choice of Monthly Income or Lumpsum option

What are the Death Benefits of this plan?

i. Option 1- Life Protection
100% of the applicable Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable.

ii. Option 2 - Life Protection Plus
100% of the applicable Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable.

iii. Option 3 - Accidental Safeguard
100% of the applicable Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable on death of the Insured Member during the cover term. In case the death occurred due to an Accident, 200% of the applicable Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable.

iv. Option 4 - Critical Illness Safeguard
100% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable on the Death or diagnosis of any of the listed Critical Illnesses of the Insured Member whichever occurs first during the term

v. Option 5 - Disability Safeguard
100% of the Sum Assured as per the Cover schedule specified in the Certificate of Insurance will be payable on the Death or Accidental Total Permanent Disability of the Insured Member whichever occurs first during the term

What are the Maturity Benefits of this plan?

There is no Benefit payable on survival till the end of policy term.

What are the eligibility criteria for this plan?

Plan parameters	Minimum	Maximum
Age at entry of Person Insured	14 years (for education loans) 18 years (for all other loans)	Life Protection & Life Protection Plus: 75 years Accidental Safeguard, Critical Illness Safeguard & Disability Safeguard: 65 years
Policy Term	Single Pay Life Protection, Life Protection Plus & Accidental Safeguard: 1 Month Critical Illness Safeguard & Disability Safeguard: 6 Months Limited Pay : 6 Years Regular Pay: 5 Years	Life Protection & Life Protection Plus: 40 years (subject to maximum maturity age being less than or equal to 80 years) Accidental Safeguard & Disability Safeguard: 40 years (subject to maximum maturity age being less than or equal to 75 years) Critical Illness Safeguard: 30 years (subject to maximum maturity age being less than or equal to 75 years) Regular Pay: 5 Years
Group Size	50 lives	No limit
Sum Assured per member	Rs. 10,000	No limit
Premium	Based on chosen Sum Assured
Premium Paying Options	Single pay, 5 pay
Premium Paying Modes (5 Pay)	Yearly, Half-yearly, Monthly

All reference to age is as on last birthday. Premium will vary depending upon the Option chosen.

How can I buy PNB MetLife- Complete Loan Protection Plan?

You can purchase this plan through any of the following methods:

Disclaimer:

PNB MetLife – Complete Loan Protection Plan (UIN: 117N104V04) is a Group, Non-linked, Non-participating, Pure Risk Premium, Life Insurance Product.
¹Terminal Illness is defined as an advanced or rapidly progressing incurable disease where, in the opinion of two independent Medical Practitioners’ specializing in treatment of such illness, life expectancy is no greater than twelve months.
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.

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