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PNB MetLife Superannuation Plan, Policy, Premium and Maturity Calculator

PNB MetLife Superannuation Plan, Policy, Premium and Maturity Calculator - Superannuation may not have a clear meaning to most but is indeed a great group life insurance option for employers who wish to provide their employees a way to be able to enjoy maximum benefits with minimal contribution towards their own pension. Superannuation plans are basically based on the AS 15 (2005 revised) benefits that a company has to provide their employees and hence works as both a pension as well as life insurance plan with annual contributions being made.

The PNB MetLife Superannuation plan is as simple as the name suggests. The scheme rules will be governed and agreed upon by the bank/insurance provider and the employer, providing a sustainable mode of superannuation for the employee's. A lot of companies may also want the fund management and administration of such pension plans to be outsourced. MetLife insures and ensures that the requirements for such a plan is met for all parties involved.

Eligibility - PNB MetLife Superannuation Plan and Policy

Minimum Entry Age 18 years (based on the last birthday)
Maximum Entry Age As per rules of the scheme
Maximum Maturity Age As per rules of the scheme
Minimum Group Size At least 10 employees or more
Maximum Group size No Restrictions
Minimum Policy Term Annually renewable policy
Minimum Contribution Based on the certificated provided by an independent actuary as per revised AS15
Maximum Contribution Based on the certificated provided by an independent actuary as per revised AS15

Policy Terms - PNB MetLife Superannuation Plan and Policy

Single/Regular Premium Annually renewable each year but any no. of premiums can be paid.

Premium Payments - PNB MetLife Superannuation Plan and Policy

Minimum Premium (Contribution) Based on the certificated provided by an independent actuary as per revised AS15
Maximum Premium (Contribution) Based on the certificated provided by an independent actuary as per revised AS15
Premium Payment Mode Premiums can be paid in any mode as decided and agreed by both parties.

Key Features - PNB MetLife Superannuation Plan and Policy

Type of Plan Superannuation group plan
Premium Payment options Annually renewable. No restrictions in the number of installments or monthly, annually, semi-annually or quarterly.
Renewability Annually renewable
Free Look period Within 15 days
Reinstatement A surrendered policy cannot be reinstated
Revival No revival applicable after surrender or termination.
Surrendering Policy
If you surrender the policy, PNB MetLife is liable to pay: Before 3 years of policy renewal: Surrender Value = Fund Value - Surrender Charge. (Surrender charge calculated based on Part E and the Market Value Adjustment). On the 4th year of policy: Surrender Value = Fund value
Partial Surrender Not allowed
Loan Against Policy Not available for group plans
Benefit Statement Receivable at every financial year stating the benefits claimed and the funds available.

Charges - PNB MetLife Superannuation Plan and Policy

Fund Management Charges 0.40 percent per annum
Surrender Charges 0.05 percent of the fund value, which should not exceed Rs.5 lakhs.
Market Value Adjustment (Fund Value of scheme – Surrender Charges) X (1- market value of total Fund / Policy Account Value of total Fund)

Benefits - PNB MetLife Superannuation Plan and Policy

Death benefits: This will be given to the insured member’s stated nominee in the case of the death of the insured. This will also include accrued bonuses and other payouts if applicable based on the scheme rules governed by the bank and the employer. No Market value Adjustment will be conducted in such cases. The accrued benefit is subject to the Fund available in the scheme.

Guaranteed Accrued Benefit: This benefit is paid out in the case of death, disabilyt, illness, termination, resignation or retirement of the individual  based on the scheme rules with a minimum of 2% being the guarantee.  The exact amount will also be determined by the MetLife Immediate Annuity UIN: 117N029V01.

Tax Benefits: Tax benefits are applicable under the Income Tax Act, 1961, but may be subject to changes based on amendments made in the section of the Act dictating the tax benefits from life insurance.

MVA: Market Value Adjustment will be used to calculate fund value in the case of bulk exit or surrender of policy for 3 years of the running policy. From the fourth year no surrender charges will be levied, hence the full fund value will be paid off.

Claim Filing - PNB MetLife Superannuation Plan and Policy

The employer needs provide a notice with details of the circumstances for the claim requirement that must be written within 30 days of the occurrence along with other documents and information as mentioned below:

  1. PNB MetLife Claim form completed
  2. The Employer’s certification for the amount payable as accrued benefit based on Scheme Rules/Trust Deed( as agreed upon by bank and employer)
  3. For death claims only: Death certificate issued by a renowned governmental authority.
  4. Proof of Age of the Insured Employee
  5. Employer’s declaration form that is completed and signed by the Employer or a trustee that has been mentioned in the Trust Deed
  6. Additional documents based on the situation and PNB MetLife’s requirement.

Salient Features - PNB MetLife Superannuation Plan and Policy

Free Look Period

The employer as the group policy administrator gets a free look period of 15 days which starts from the receipt date mentioned on the Group Policy making sure that the terms and conditions of this Group Policy are being met. If the employer has any problems or has objections on the stated terms and conditions the policy can be cancelled by providing a written notice to PNB MetLife stating the problems and the entitled  refunds will be given except stamp duty charges will be deducted.

Partial Surrender

No partial withdrawal provision is allowed for this MetLife plan.

Loan Against Policy

Loans cannot be taken against this policy since this is a group plan.

Interest Charged on PNB MetLife Superannuation Plan

Interest rates applicable for every quarter in a financial year will be declared in the beginning of each quarter. Once the interest is calculated the interest will made a part of the fund.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

PNB MetLife Child Insurance Plans
PNB MetLife Money Back Plan
PNB MetLife Smart Child Plan
PNB MetLife College Plan
PNB MetLife Smart Platinum Plan
PNB MetLife Easy Super Plan
PNB MetLife Bhavishya Plus Plan
PNB MetLife Savings Plans
PNB MetLife Guarateed Savings Plan
PNB MetLife Money Back Plan
PNB MetLife Bachat Yojana
PNB MetLife Guaranteed Income Plan
PNB MetLife Endowment Savings Plan
PNB MetLife Endowment Savings Plan Plus
PNB MetLife Bhavishya Plus
PNB MetLife Wealth Insurance Plans
PNB MetLife Mera Wealth Plan
PNB MetLife Endowment Savings Plan
PNB MetLife Smart Platinum
PNB MetLife Smart One
PNB MetLife Easy Super

PNB MetLife Retiremet Plans
PNB MetLife Money Back Plan
PNB MetLife Bachat Yojana
PNB MetLife Wealth Plan
PNB MetLife Immediate Annuity Plan
PNB MetLife Retirement Savings Plan
PNB MetLife Monthly Income Plan-10 Pay
PNB MetLife Dhan Samriddhi Plan
PNB MetLife Smart Platinum
PNB MetLife Easy Super
PNB MetLife Group Insurance
PNB MetLife Endowment Savings Plan
PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana
PNB MetLife Unit Linked Employee Benefit Plan
PNB MetLife Traditional Employee Benefits Plan
PNB MetLife Superannuation
PNB MetLife Loan and Life Suraksha
PNB MetLife Group Term Life Plus
PNB MetLife Complete Care Plus
PNB MetLife Retiremet Plans
PNB MetLife Rural Plans
PNB MetLife Bachat Yojana
PNB MetLife Bhavishya Plus
PNB MetLife Grameen Ashray