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Group Variable Non-Linked Insurance Scheme | UIN: 117N078V02
PNB MetLife Superannuation scheme, a group variable insurance, offers a comprehensive solution for employers who wish to outsource administration and management of Superannuation liabilities in an effective and integrated manner. This is a group variable insurance plan, administered similar to a cash accumulation scheme.
What you get
On Retirement/ Resignation/ Termination
Accrued Benefit payout will be made as per Scheme Rules of Group Policyholder will be made subject to the available Fund Value.
Life Cover
Accrued Benefits are payable as per Scheme Rules of Group Policyholder to the nominees of the employee insured
What you don’t get
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.
Accrued Benefit payout as per Scheme Rules of Group Policyholder will be made subject to the available Fund Value. In case of bulk exit or complete surrender of the Scheme prior to the third renewal of the Scheme, Market Value Adjustment will be applicable. Bulk exit is defined as the amount paid in excess of 25% of the total Fund Value at the beginning of the respective Financial Year upon exit of the member from the Scheme as per the Scheme Rules. Each tranche of contributions will have a minimum guaranteed interest rate of 2% p.a.
This guarantee will apply to Funds that are payable due to death of the Member/s whilst in service or Members who have completed the vesting period as defined by the Scheme Rules and are exiting the Scheme due to termination or illness/disability retirement or early/normal retirement. Upon exit of the member/s, the Benefits as per the Scheme Rule/s of the Employer will be provided subject to available account balance. For this purpose, the approved immediate annuity rates existing from time to time under the MetLife Immediate Annuity UIN: 117N029V01 will be used. One third of the accrued Benefits or the maximum allowed under Income Tax Act as amended from time to time, as allowed by the Scheme rules, may be commuted. The remaining amount can be utilized to purchase the immediate annuity product from us or any IRDAI approved insurance company in India.
In case of bulk exit or complete surrender of the Scheme prior to the third renewal of the Scheme, the respective Surrender Charges will be applicable and the Surrender Value will be equal to the Fund Value of the Scheme minus the Surrender Charges minus the Market Value Adjustment (MVA).
Accrued Benefits are payable as per Scheme Rules of Group Policyholder. Such payments are subject to the maximum available Fund balance for that particular group Scheme. Market Value Adjustment will not be applicable if the Benefit payout arises out of the death of the member/s.
Particulars |
Boundary Conditions |
Minimum Ages at Entry |
18 years age last birthday |
Maximum Ages at Entry |
As per the Scheme Rules |
Maximum Maturity Age(1) |
As per the Scheme Rules |
Minimum / Maximum Contribution |
The minimum and maximum contributions shall be in accordance with an independent actuary’s certificate as per AS15 (Revised). |
Minimum Group size |
Minimum group size is 10 |
Maximum Group size |
No Limit |
Minimum Policy Term |
Yearly renewable basis |
You can purchase this plan offline in any of the following three ways:
Disclaimer:
AD-F/2020-21/00338
Bonus declared for Participating Policies in FY’23-24
transactions completed on the khUshi chatbot.
Claim settlement ratio for retail business
Locations & strong branch network
As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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