Protect your most valuable asset
Group term life insurance policy, as the name suggests, refers to the life cover that is provided to a group of people. These schemes act as a monetary cushion for the beneficiary of the employee covered under the group term life insurance in case of death of the insured.
As an employee, you get to secure financial independence for your family.
The premium on the group term life insurance can be paid entirely by the employer, even though employees can also contribute. Payment of premium at the beginning of the year ensures that the members, i.e. the employees are covered for a tenure of one year from the date of commencement of the policy. These group term life insurance policies are then annually renewable.
Since it is a group policy, the employees do not have to undergo the medical tests that are administered under other life insurance plans. In fact, group term life insurance solutions can be customized to meet the niche needs of the employees whom it covers.
Add-on covers are provided as riders in these policies to insure for critical illnesses, accidental deaths, disabilities etc. Normally, the administrator of the scheme, i.e. the employer, would be the one making decisions about the extended coverage. The employer would also keep the master insurance contract with them, while the employees covered under the plan are given a certificate of insurance as proof.
To round up the benefits:
However, the group term life insurance policies only come with a death benefit. These are pure insurance products. Thus, in the absence of a maturity or surrender benefit, these cannot be considered a substitute for your financial planning for providing for the future.
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 firstname.lastname@example.org or email@example.com. 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 Solutions, Long Term Savings Solutions , Retirement Solutions & Child Education Solutions.