Service Members Group Life Insurance Service Members Group Insurance Servicemen’s Group Life Insurance Servicemen’s Life Insurance Policy India

MetLife offers ‘Met Group Life’ - a group life insurance policy. It is a highly convenient product that provides cover against death and protects the family.

It can also be offered in lieu of mandatory EDLI for employees who are covered under Employee's Provident Fund and Miscellaneous Provision's Act, 1976. It is a highly convenient product that provides cover against death and protects the family. It helps meet the EDLI objectives while providing higher coverage.

Entry Age (in completed years)	Min – 18 years Max – 69 years
Maturity Age	Max – 70 years
Coverage Term	1 year (life basis), can be renewed
Sum Assured (Min)	Rs. 1000 per Life for Group Term Life & Rs. 2,000 above average PF balance during last 12 months for Group Life in Lieu of EDLI
Sum Assured (Max)	Rs. 2,50,000 for Group Life in Lieu of EDLI
Premium Payment Term	Regular
Premium Payment Modes	Annual, Semi-Annual, Quarterly, Monthly
Met Group Life can be customised with Accelerated Death Benefit Option (ADBO), which pays only once in the form of lump sum & is payable only if the insured is living at the time of making the payment. The amount payable will be lower of: a. 50% or 100% of base cover of Life Benefits or Death Benefits b. Rs. 25,00,000
Riders Group Accidental Death Benefit Rider Group Accidental Permanent Total Disability Rider Group Accidental Permanent Partial Disability Rider Group Critical Illness Rider Additional Group Critical Illness Rider Accelerated

Death Benefit
100% of the sum assured on death.

Maturity Benefit
There are no survival or maturity benefits associated with this product.

Surrender Benefit
There is no surrender benefit associated with this product.

1. Protection for family of the employee

2. More efficient way to meet the statutory EDLI requirement

3. Cheaper than an individual life cover

4. Tax benefits to employer, but not treated as perquisite in the hands of the employee

5. Hassle-free implementation because of availability of free cover limit

6. Strong retention tool for employers

7. Flexible payment modes

8. Option to convert to individual coverage when an employee leaves the organization

9. Additional cover for self and family on participatory basis

10. Optional rider benefit

11. *Tax Benefits as applicable