Top benefits of group life insurance
Group term life insurance could be your next purchase. Get to know the benefits of owning one
By Pazcare
June 16, 2022
Key Insights
Headquartered in Hong Kong, PNB MetLife Insurance has been serving in India since 2001. Its shareholders include MetLife International Holdings LLC (MIHL), Punjab National Bank, M. Pallonji and Co. Pvt. Ltd., and Jammu & Kashmir Bank Limited (JKB).
PNB MetLife has its presence in 117 locations throughout the country and has over 9,200 financial advisors to take care of the different products it offers. The portfolio of PNB MetLife Insurance comprises 25 Retail, 14 Group products, and different riders catering to the myriad needs of the clients. It has already provided employee benefit plans to over 700+ corporate clients in India.
With Pazcare, employers can provide their employees with a group term life insurance policy from PNB MetLife Insurance company. It offers two plans namely, PNB MetLife Group Flexi Term Plus and PNB MetLife Group Term Life Plus. You can get the best quotes for the PNB MetLife group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.
These simple steps allow you to purchase PNB MetLife group term life insurance policy online from Pazcare.
Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.
Step 2: You will see a form that asks for your details like your name, phone number, work email address, and the number of employees you wish to purchase PNB MetLife group term life insurance.
Step 3: Once you submit this form, our insurance consultants will get back to you to understand what policy you want to offer your employees. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you quotes.
Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from PNB MetLife Insurance company.
Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.
Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the PNB MetLife group term life insurance policy.
For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.
Additionally, it also gives the flexibility to select benefit payout options to choose from, like monthly income, lump sum or lump sum, and monthly income.
The PNB MetLife group term insurance can be renewed easily with Pazcare at the end of the policy term. Here is how you can renew your group term life insurance policy.
Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address, and phone number.
Step 2: Once the form is submitted, one of our insurance consultants will get in touch with you and request you to submit the following documents.
Step 3: After submitting the above-mentioned details you can choose to add any additional riders to the policy for your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider, etc. Once you make your decision, we will get back to you with the best quotes for your PNB MetLife group term insurance policy.
Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your PNB MetLife group term life insurance policy.
Step 5: The policy will get activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process as well.
We make sure that your purchase of PNB MetLife group term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available for iOS and Android both.
A higher claim settlement ratio is significant to the credibility of an insurer. The claim settlement ratio of PNB MetLife insurance is 97.18% in the financial year 2019-20.
Designation & CTC of the employee
The designation and the CTC of the employee determine the premium of the group term insurance. Some organizations choose the term insurance plan based on the CTC of the employees. So, higher CTC automatically means a higher sum assured, hence the premiums may increase. Similarly, you can also be given based on designations.
Sum assured
Premium will also be based on how much sum assured the employer wants to offer.
Risk category
The nature of the job and the risks involved for the employees also determine the group premium.
Claim history
In the case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determine the premium of PNB MetLife group term life insurance policy.
Tax benefits
As employers, when you pay the premium towards the PNB MetLife group term life insurance policy, you are eligible to avail of tax benefits under Section 37(1) of the Income Tax Act of 1961.
High claim settlement ratio
PNB MetLife group term life insurance has a high claim settlement ratio of 98.17% for the financial year 2019-20. This shows that the chances of claims getting settled are high.
Additional covers
With PNB MetLife group term life insurance you can purchase additional covers to provide holistic protection and security to the employees and families.
Option to convert to individual cover
The PNB MetLife group term plus insurance is designed so as to provide an option for coverage to employees even if they leave the organization.
117 offices
A large number of office base makes it easier to locate one near most locations for easy filing of claims offline and paying the premiums offline.
Here are the documents that you require to claim the PNB MetLife group term insurance policy
Why buy a group term life insurance
policy online from Pazcare?
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
Some benefits of PNB MetLife group term insurance are payment options for premiums, tax benefits, and a large number of offices pan India.
Firstly, contact Pazcare at +91 78291 11300 and we will guide you through the settlement of the death claim. Make sure to collect all the relevant documents of the insurance policy. These documents will be submitted to the insurance provider to verify the same. After successful verification, the claim will be settled either in your bank or with your employer.
You can get in touch with PNB MetLife at 1800-425-6969. You can also mail them your queries at - indiaservice@pnbmetlife.co.in.
You can now easily renew your PNB Met life insurance policy with Pazcare. Reach out to our insurance consultants. Make sure you submit all the required documents and decide on the riders you need. Team will get back with the best quote shortly. After you agree with terms & conditions, just pay the premium and your policy shall get activated.
Your PNB Met life claim is paid out to the nominee/beneficiary as mentioned in the policy by the policyholder. In case of maturity/survival benefit the claim is paid to the policyholder itself.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
indiaservice@pnbmetlife.co.in
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