Corporate-Met Gratuity

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.

Entry Age (in completed years)	Min – 18 years
Maturity Age	Max – 70 years
Premium Payment Term	Regular
Minimum Sum Assured	Rs. 1000 per life for death benefit
Premium Payment Modes	Annual, Semi-Annual, Quarterly, Monthly
Riders No riders are applicable in this product.

Death Benefit
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.

Benefits
1. Employer can choose Death Benefit as:
• Difference between total anticipated service multiplied by current salary at death and fund accomulated against member.
• Uniform sum assured to be fixed by employer.
• Based on any other formula to be defined by employer

2. In case of retirement, resignation/termination, death and disablement etc. of Member; Benefits are payable in accordance with provisions of Payment of Gratuity Act, 1972 or employer's approved gratuity scheme, if higher.

3. In case of death of Member: A life cover is provided on a yearly renewable term basis. The amount of coverage provided on the in-service death of the employee will be equal to the Sum Assured as set out in the Schedule. This shall be paid additional to the benefits payable under the employer's gratuity scheme.

4. In case the account balance is not sufficient to pay the stated benefits as per Trust Deed and Rules, the shortfall will be borne entirely by the group policyholder.

Gratuity Benefit
In case of retirement, resignation/termination, death and disability etc., benefits are payable in accordance with provisions of Payment of Gratuity Act, 1972 or employer’s approved Gratuity Scheme, if higher.

Surrender Benefit
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.

1. Choice of two unit linked funds - Debt Fund and Balanced Fund

2. MetLife India provides a statement of account once in a year

3. Switching facility between the two funds

4. Facility to pay the gratuity contribution in installments

5. Assistance with legal, tax and accounting services

6. *Tax Benefits as applicable