PNB MetLife Loan and Life Suraksha

Group, Non-Linked, Non-Participating,

Pure Risk Premium, Life Insurance Plan

Flexible Plan with

Loan Protection Cover

PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor,
West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka. IRDAI Registration number 117.
CI No: U66010KA2001PLC028883. PNB MetLife Loan and Life Suraksha Plan is a Group, Non-Linked,
Non-Participating, Pure Risk Premium, Life Insurance Plan (UIN: 117N080V02). Please consult your advisor for
more details. 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.

The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life
Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these
marks. Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website: www.pnbmetlife.com, Email:
[email protected] or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, off Veer Savarkar
Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
AD-F/2019-20/0058.

BEWARE OF SPURIOUS/FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.
 YOUR FLEXIBILITIES WITH PNB METLIFE LOAN AND LIFE
WHY PNB METLIFE LOAN AND LIFE SURAKSHA PLAN?
SURAKSHA PLAN
A. Coverage Options: There are two coverage options available. Once chosen, the
option cannot be changed thereafter. In both the cases, the death cover would be as

i. Reducing Cover Option – Most suitable for mortgage, educational, personal &
PNB MetLife Loan and Life Suraksha is just the right choice as it is relatively easy and
auto loans.
• The outstanding loan amount as per the Schedule at the beginning of any

term relationship while providing comforting reassurance to your customers. member insured.

loan amount during the moratorium period, and thereafter decreases on the
following advantages:
basis of the outstanding loan schedule.
w Provides a competitive edge to your existing product portfolio to win over
• The amount payable on death at any time would be as per the Schedule
customers
irrespective of actual loan outstanding. The Schedule will form the part of
w Increases customer’s loyalty due to additional protection
w
w Allows you to maintain a long term relationship with the customer ii. Level Cover Option – provides the same cover throughout the term of the policy.
• The coverage amount in this case is the level Sum Assured linked to the
WHO SHOULD BUY PNB METLIFE LOAN AND LIFE SURAKSHA PLAN? credit as chosen by the Member at the inception.
The product is designed to provide protection cover to groups where credit exists. B. Increase of Sum Assured due to increase in loan

PNB METLIFE LOAN AND LIFE SURAKSHA AT A GLANCE

increase in loan from as minimum as Rs.5,000 per member
Plan parameters Minimum Maximum • Increase in Sum Assured to the member is subject to underwriting conditions
#
Age at entry of Person and the terms and conditions as stipulated by the Company.
15 years (*) 65 years
Insured Certificate
2 years for Single Pay 25 years for Single & provided for extended portion, subject to payment of premiums prevailing at
Policy Term 5 years for 5 Pay 5 Pay that point in time
10 years for 10 Pay 30 years for 10 Pay
C. Moratorium
Maturity Age of Person
- 70 years • This option is available for those members who have opted for moratorium on the
Insured
repayment of principle amount for a period of not more than 7 years on their loans.
Group Size 50 Lives No Limit
Sum Assured per No limit, subject to
Rs. 5,000 and PNB MetLife will prepare the loan schedule accordingly.
member underwriting
• The moratorium option is available only for Mortgage Loan & Education Loan
Premium Based on chosen Sum Assured
customers whose term is at least 5 years or more.
Premium Paying Options Single Pay, Limited Pay 5 Years & Limited Pay 10 Years
• The moratorium option once chosen cannot be altered during the Policy tenure
Single, Yearly, Half-Yearly, Quarterly, Monthly(1) &
Premium Paying Modes D. Joint Life Option
Payroll Saving Program
(1) Electric Clearing Service (ECS) is mandatory for monthly mode. • Joint Life coverage option is available for Mortgage, other Housing loans & Education
(*) For Education Loans only. For all other loans, 18 years
(#) Age as of last birthday
loans subject to following conditions.
 Survival or Maturity Benefit
Mortgage & Other Housing Loans Education Loans
There is no survival/ maturity benefit under this plan.
• The coverage cannot be extended to • The coverage cannot be extended to
more than two lives in the same plan. more than two people; Surrender/Partial Surrender Benefit
• The coverage can be extended only if • The coverage can be extended only if This would be no surrender value on a pure protection plan. However, since the members
the loan is jointly held in the names of the loan is jointly held in the names of would be paying premiums through Single and Limited Pay options, the following
both the lives. both the lives; surrender value would be paid.
• The lives should be co-borrowers and • The lives are co-borrowers and not
not just co-applicants, with the just co-applicants, with the minimum (Total number of months
minimum share of initial loan amount share of initial loan amount of each n% of total
X remaining to maturity) X SA in-force at the time of surrender
of each co-borrower being at least co-borrower being at least 20% of the premiums paid
(Total number of months SA at the inception of policy
20% of the loan amount at the time of loan amount at the time of
in the policy term)
commencement of the cover under commencement of the cover under
this policy ; this policy ;
For Single Pay, n = 75 if surrendered anytime within third policy year, 90 if surrendered on
• Both the lives must have independent • The coverage is extended to the joint
or after fourth policy year
sources of regular income; lives where the relationship between
• The term of loan under consideration the two individuals is that of spouse, For 5 Pay, n = 0 if surrendered in the first year from the commencement of the coverage,
should be above 5 years child, parent and siblings. 30 if surrendered during the second year, 35 if surrendered during the third year, 50 if
surrendered between fourth year and seventh year from the commencement of the
C. Premium Paying Options coverage (both inclusive) and 90 if surrendered after seventh year from the
commencement of the coverage
• We offer Single Pay, 5 years Limited Pay & 10 years Limited Pay Options
For 10 Pay, n = 0 if surrendered in the first year from the commencement of the coverage,
PREMIUM PAYING MODES 30 if surrendered during the second year, 35 if surrendered during the third year, 50 if
surrendered between fourth year and seventh year from the commencement of the
Premium Paying Modes: The plan offers Yearly, Half-Yearly, Quarterly and Monthly
coverage (both inclusive) and 90 if surrendered after seventh year from the
premium paying modes for Single & Limited Premium paying modes. Following factors
commencement of the coverage
are to the premium for modal payments other than yearly payment mode.
In case of surrender of the Group Policy, the Individual Member will have an option to
Mode of Premium Multiplicative Factor continue the Policy till the coverage is terminated.
Half-Yearly 0.5131
Quarterly 0.2610 POLICY EXCLUSIONS
Monthly 0.0895 Note: This document does not purport to contain all conditions governing this plan, which
Payroll Savings Program 0.0868 will be governed by the terms expressed in the Master Policy document.

Suicide Clause:
Electric Clearing Service (ECS) is mandatory for monthly mode of payment.
In case of death due to suicide within 12 months from the date commencement of risk
BENEFITS UNDER PNB METLIFE LOAN AND LIFE SURAKSHA PLAN under the policy or from the date of revival, the nominee /beneficiary of the policy shall
Death Benefit be entitled to at least 80% of the total premium paid till the date of the death or the
surrender value available as on the date of death whichever is higher, provided the policy
• In the event of death of an insured member, the plan provides for the payment of a is in force.
lump sum Death Benefit amount as specified in the Certificate of Insurance issued to
each member on the admission to this group scheme. In case if one of the Co-borrower commits suicide, the risk coverage will continue on the
life of the surviving Co-borrower.
• In case of Joint Lives, Sum Assured is paid on death of first life and policy stands
cancelled and no further benefits are payable.
Grace period:
STATUTORY WARNING
The Premiums are payable on the due date for payment and in any case not later than the Prohibition of Rebates- Section 41 of the Insurance Act, 1938 states:
grace period of 30 days from the due date for Quarterly/Half Yearly/Yearly frequencies
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement
and 15 days from the due date for monthly frequency, respectively. During the grace
to any person to take out or renew or continue an insurance in respect of any kind of
period, the Certificate of Insurance shall continue to be in force for the insured event.
risk relating to lives or property in India, any rebate of the whole or part of the
If Premium is not paid within the grace period, the Certificate of Insurance shall lapse and commission payable or any rebate of the premium shown on the policy, nor shall any
has no further value except as may be provided under surrender benefit. person taking out or renewing or continuing a policy accept any rebate, except such
rebate as may be allowed in accordance with the published prospectuses or tables of
Waiting period: the insurer
The Company imposes a waiting period of 30 days from the effective date of coverage (2) Any Person making default in complying with the provisions of this section shall be
for all Non-Employer-Employee group schemes. During this period the Company shall punishable with fine which may extend to ten lakh rupees.
not pay any benefits on death due to causes other than accident. Non-Disclosure - Section 45 of the Insurance Act, 1938 states:

Nomination: 1. No policy of life insurance shall be called in question on any ground whatsoever after
the expiry of three years from the date of the policy i.e. from the date of issuance of
You may nominate a Nominee or change an existing Nominee before the completion of the policy or the date of commencement of risk or the date of revival of the policy or
Policy Term in accordance with the provisions of Section 39 of the Insurance Act, 1938 as the date of the rider to the policy, whichever is later.
amended from time to time.
2. A policy of life insurance may be called in question at any time within three years from
Transfer/Assignment /Partial Assignment: the date of issuance of the policy or the date of commencement of risk or the date of
revival of the policy or the date of the rider to the policy, whichever is later, on the
You may transfer, assign or partially assign this Policy in accordance with and subject to
ground of fraud; provided that the insurer shall have to communicate in writing to the
the provisions of Section 38 of the Insurance Act, 1938, as amended from time to time, by insured or the legal representatives or nominees or assignees of the insured, the
giving Us prior written notice grounds and materials on which such decision is based. For the purposes of this
Revival Provisions (applicable for Limited Pay Options) sub-section, the expression ‘fraud’ means any of the following acts committed by the
insured or by his agent, with the intent to deceive the insurer or to induce the insurer
Premium towards risk cover has to be paid as and when due to keep the policy in force. If to issue a life insurance policy:
the premiums are not paid for within the grace period, the insurance cover will lapse. The a. the suggestion, as a fact of that which is not true and which the insured does not
coverage may be revived within five years from the date of first unpaid premium along believe to be true;
with applicable interest. The present charge for revival is 9% interest p.a. Such revival can b. The active concealment of a fact by the insured having knowledge or belief of
only be made by paying all due unpaid premiums and providing satisfactory evidence of the fact;
insurability. c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
Free Look Provision
Mere silence as to facts likely to affect the assessment of risk by the insurer is not fraud,
Members of the group have a period of 15 days from the date of receipt of the Certificate unless the circumstances of the case are such that regard being had to them, it is the duty
of Insurance to review the terms and conditions of this Insurance Coverage. If the of the insured or his agent, keeping silence to speak, or unless his silence is, in itself,
members have any objections to any of the terms and conditions, then he has the option equivalent to speak.
to return the Certificate of Insurance stating the reasons for the objections and the 3. Notwithstanding anything contained in sub section 2, no insurer shall repudiate a life
Company shall be entitled to a refund of the premium paid subject to only a deduction of insurance policy on the ground of fraud if the insured can prove that the misstatement
stamp duty charges and expenses towards medical examination, if any. All rights of the of or suppression of a material fact was true to the best of his knowledge and belief or
member under this Policy shall immediately stand extinguished at the cancellation of the that there was no deliberate intention to suppress the fact or that such mis-statement
Certificate of Insurance. of or suppression of a material fact are within the knowledge of the insurer; provided
that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the
 policyholder is not alive. A person who solicits and negotiates a contract of insurance
shall be deemed for the purpose of the formation of the contract, to be the agent of
the insurer.
4. A policy of life insurance may be called in question at any time within three years from
the date of issuance of the policy or the date of commencement of risk or the date of
revival of the policy or the date of the rider to the policy, whichever is later, on the
ground that any statement of or suppression of a fact material to the expectancy of
the life of the insured was incorrectly made in the proposal or other document on the
basis of which the policy was issued or revived or rider issued; provided that the
insurer shall have to communicate in writing to the insured or the legal representatives
or nominees or assignees of the insured the grounds and materials on which such
decision to repudiate the policy of life insurance is based. In case of repudiation of the
policy on the ground of misstatement or suppression of a material fact, and not on
ground of fraud, the premiums collected on the policy till date of repudiation shall be
paid to the insured or the legal representatives or nominees or assignees of the
insured within a period of ninety days from the date of such repudiation. The
mis-statement of or suppression of fact shall not be considered material unless it has
a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to
show that had the insurer been aware of the said fact, no life insurance policy would
have been issued to the insured.
5. Nothing in this section shall prevent the insurer from calling for proof of age at any
time if he is entitled to do so, and no policy shall be deemed to be called in question
merely because the terms of the policy are adjusted on subsequent proof that the age
of the life insured was incorrectly stated in the proposal.
Service Tax, as applicable will be charged at the prevailing rate. PNB MetLife reserves the
right to levy service tax and also any other taxes as may be applicable from time to time.

ABOUT PNB METLIFE

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life
insurance companies in India. PNB MetLife has as its shareholders MetLife International
Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank
Limited (JKB), M. Pallonji and Company Private Limited and other private investors,
MIHL and PNB being the majority shareholders. PNB MetLife has been present in India
since 2001.
PNB MetLife brings together the financial strength of a leading global life insurance
provider, MetLife, Inc., and the credibility and reliability of PNB, one of India's oldest
and leading nationalized banks. The vast distribution reach of PNB together with the
global insurance expertise and product range of MetLife makes PNB MetLife a strong
and trusted insurance provider