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Product Information
Group Plans MetLife Group Term Life Plus
Synopsis:
‘MetLife Group Term Life Plus’ is a group insurance policy that’s not just convenient but also helps by providing cover against death and protects the family. This can also be offered in lieu of mandatory EDLI (Employee Deposit Linked Insurance Scheme) which offers lump sum payment to the employee’s beneficiary in case of death for employees who are covered under the Employee’s Provident Fund and Miscellaneous Provision’s Act, 1976.

Features:

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  • MetLife Group Term Life Plus ensures
    1. Provides protection for family of the employee
    2. Offers a more efficient way to meet the statutory EDLI requirement
    3. Cheaper than an individual life cover.
    4. Offers Tax benefits** to employer, but is not treated as perquisite in the hands of the employee.
    5. Allows for hassle-free implementation because of availability of free cover limit ,subject to T&C
    6. Acts as a strong retention tool for employers
    7. Has flexible payment modes.
    8. Offers the option to convert to individual coverage when an employee leaves the organization.
    9. Offers additional cover for self and family on participatory basis.
    10. Provides* Tax Benefits as applicable.
Eligibility:
Entry Age (in completed years) Min : 18 years (EE)
15 years (Non EE)
Maximum Entry Age Employer Employee (EE) : 80 years
Non Employer Employee (Non EE) : 60 years
Maximum Maturity Age EE : 81 years
Non EE : 61 years
Coverage Term Year renewable Term - one year
Sum Assured (Min) Rs 1000 per life
Premium Payment Term Regular
Premium Payment Modes Annual, Semi-Annual, Quarterly, Monthly