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Insurance Company
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PNB MetLife India Insurance Company Ltd
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Plan Name
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PNB MET Goup Gratuity
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Plan Nature
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ULIP
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Plan Category
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NA
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UIN No.
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117L038V02
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About Plan
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Met Gratuity is a unit-linked non-participating scheme of MetLife, and is designed to help the organization to scientifically estimate their gratuity liability along together with providing flexible plan features. The organization (employer/trustee) will be able to customize their investment option commensurate with the required risk/return profile.
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Minimum Entry Age
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18 Years last birthday
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Maximum Entry Age
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As per the individual employer's Gratuity Scheme. Subject to max 69 Years last birthday.
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Maximum Maturity Age
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As per the individual employer's Gratuity Scheme; subject to max 70 Years last birthday.
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Minimum Sum Assured
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Rs. 1,000
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Maximum Sum Assured
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No limit
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Policy Term
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Yearly Renewable Term
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Minimum Premium
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Annual Contribution : Rs. 1 Lakh
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Maximum Premium
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No limit
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Benefits
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| Particulars | Description |
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Switch Benefit
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Facility of switching between Funds caters to the employers' choice of investment profile and risk taking appetite
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Investment Benefit
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With multiple investment fund options, the employers get the flexibility in asset allocation enabling them to realize a better return
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Tax Benefits
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| Section | Description |
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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SEC 36 (1) (IV)
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The contributions to an approved Superannuation Fund are allowable as business deduction under section 36 (1) (iv) of the income tax Act 1961.
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SEC 36 (I) V
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The employer may contribute up to 8.33% of annual wage bill and claim it as deductiable business expense under section 36 (i) V of the Income Tax Act, 1961.
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SEC 10 (25) (IV)
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Income of investment is exempt from tax under section 10 (25) (IV) of the Act.
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MetLife offers Met Group Gratuity - a group linked plan. It offers a comprehensive solution for employers to outsource gratuity management in an effective and integrated manner.
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A life cover provided on a yearly renewable term basis. The amount of coverage provided on the death of the employee will be equal to the difference between the total service gratuity and the accrued service gratuity. Other options such as minimum death benefit of Rs. 1,000 for all or any other death benefits as specified by the scheme rules would also be allowed.
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In case of retirement, resignation/termination, death and disability etc., benefits are payable in accordance with provisions of Payment of Gratuity Act, 1972 or employerÆs approved Gratuity Scheme, if higher.
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The cash surrender value provided under this product is equal to the account balance to the credit of the group policyholder at the time of surrendering the policy, reduced by the surrender charges, if any.
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1. Choice of two unit linked funds - Debt Fund and Balanced Fund2. MetLife India provides a statement of account once in a year 3. Switching facility between the two funds4. Facility to pay the gratuity contribution in installments5. Assistance with legal, tax and accounting services
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Gratuity Balanced Fund
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Gratuity Debt Fund
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Particulars
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Range
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Gratuity Balanced Fund
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Government & Govt. Guaranted Securities
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05 - 100%
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Equities
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0% - 35%
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Cash and Money Market
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0% - 40%
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Gratuity Debt Fund
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Government & Govt. Guaranted Securities
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25% - 90%
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Equities
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0% - 0%
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Cash and Money Market
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0% - 40%
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Gratuity Balanced Fund
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22-May-13
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14.2308
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Gratuity Debt Fund
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22-May-13
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13.4152
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Gratuity Balanced Fund GBA 110 bps
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05-Sep-11
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10.8355
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Gratuity Balanced Fund GBA 130 bps
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05-Sep-11
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10.8014
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Gratuity Balanced Fund (SXF
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25-Jul-11
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11.8397
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Gratuity Debt Fund (SXF)
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25-Jul-11
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10.6465
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Gratuity Balanced Fund (HTW)
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31-Mar-11
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11.5102
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Gratuity Debt Fund (HTW)
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31-Mar-11
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13.1068
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Gratuity Balanced Fund (HND)
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17-Mar-11
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11.2282
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Gratuity Debt Fund (SVF)
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17-Mar-11
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13.4171
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Gratuity Balanced Fund (EGF)
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14-Mar-11
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11.4104
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Gratuity Balanced Fund (SVF)
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14-Mar-11
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11.4724
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Gratuity Debt Fund (EGF)
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14-Mar-11
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13.1722
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Gratuity Debt Fund (HND)
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14-Mar-11
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13.2106
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Gratuity Balanced Fund
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Gratuity Debt Fund
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11-Aug-09
11:59
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MetLife enters into health insurance biz
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25-Jun-09
11:51
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MetLife is keen on raising stake in its Indian venture to up to 49%
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12-Mar-09
10:26
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20 new offices IN northern region : MetLife
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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14-Jan-09
10:20
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MetLife opens 12 new offices in Kerala
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18-Dec-08
12:40
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Insurance spawns a spurt in jobs
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16-Dec-08
11:23
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Metlife may re-launch traditional products
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