LIC Premium and Maturity Calculator

PNB MetLife Group Term Life Plus Plan, Policy, Premium and Maturity Calculator

PNB MetLife Group Term Life Plus Plan, Policy, Premium and Maturity Calculator - In the ever evolving world of business, it’s important to stay ahead of the competition in every conceivable way – and to retain customers by offering them benefits that increase their loyalty to you. In an effort to design a product perfectly suited for this purpose, PNB MetLife has launched the Group Term Life Plus policy , which pays a face value amount to the dependants of those in your group in case of an unfortunate incident.

When it comes to giving a group of people the security of knowing their families are taken care of in the event of their death is where this plan excels. It can be a huge relief and motivational factor for your group.

Eligibility - PNB MetLife Group Term Life Plus and Policy

EntryAge
  • Minimum – 15 years (non EE), 18 years (EE).
  • Maximum – 60 years (non EE), 80 years (EE)

Expiry Age
  • 61 years(non EE), 81 years (EE).
Premiums
  • Minimum – Rs.5,000 per scheme.
  • Maximum – Unlimited.

Group / Scheme size
  • Minimum – 50 people.
  • Maximum – no limit.

Face Amount (per member)
  • Minimum – Rs.1,000.
  • Maximum – As defined under the rules of the Group Insurance scheme under Administration or Group Policy Holder.

Key Features - PNB MetLife Group Term Life Plus and Policy

Type
Non-participating, 1 year renewable group protection plan.
Basis
Group.
Coverage
Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be entitled to 100% of Sum Assured.

Survival Benefit – None.

Maturity Benefit – None.

Policy term
Yearly renewable policy.

Premium paying mode

  • Semi-annual.
  • Quarterly.
  • Monthly.
Premium payment factors
Mode of Premium Half Yearly Quarterly Monthly
Multiplicative Factor 0.5096 0.2573 0.0863
Loans
Loans are not available against this policy.
Tax benefits
Tax benefits are applicable as per applicable taxation laws.
Nomination facility
The group member must nominate a person to receive the benefits payable by the insurance company in the unfortunate event of his demise.
Grace Period
There is a grace period of 30 days on non-payment of the unpaid premium. 15 days in the case of monthly mode.
Free Look Period
There is a free look period of 15 days from the date of receipt of policy documents.
Reinstatement
When the premiums are not paid within the grace period, the policy will lapse and is subject to non-forfeiture provisions.

Reinstatement can be requested up to 180 days from the date of the first unpaid premium with a letter requesting the same, subject to the company’s rules on reinstatement.

If the group wishes to reinstate after a period of 180 days, the underwriting procedure will be decided on a case to case basis.

Reinstatement is subject to receipt of a letter showing proof of insurability along with a formal request for reinstatement, and all the unpaid premiums, along with interest.

All premiums due till the date of reinstatement must be paid along with compound interest at the rate prescribed by the company.

Non forfeiture
In case the policy has been surrendered, 85% of the unexpired premiums will be refunded to the group policyholder.
Exclusion
  • A suicide clause applies to all schemes.
  • In case of renewal schemes, the suicide clause does not apply to members who have been with the group for a minimum of 1 year.
  • In the cases of members who are yet to complete 1 year, the suicide clause is only applicable for the outstanding period up to the completion of one year.

Advantages - PNB MetLife Group Term Life Plus and Policy

  • Cover an entire group under a single policy.
  • Helps in employee retrenchment and customer loyalty.
  • Non-participating product that does not require any medical underwriting.
  • The premium rate depends on the characteristics of the group in terms of average age, risk, etc.
  • Premium rates are reviewed every year.
  • Income Tax Benefits as per prevailing tax laws.
  • The total coverage of the policy applies to the named nominees and dependants of all members in the group.

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