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Individual
Plan Riders
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Major
Surgical Benefit (MSB)
This rider
is available only in. our Endowment and
Shandar Assurance plans. This rider pays
a maximum of Rs. 10 Lac or 50% of the basic
sum assured (whichever is less) in case
of a major surgery. If the life insured
undergoes a specific surgery, for example,
a heart by-pass, 24 months or more after
the policy comes into force, then under
this rider 50% of the basic sum insured
will be payable. The maximum payment under
this rider will be Rs. 10,00,000/-
The following
major surgeries are covered:
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Coronary artery by-pass surgery.
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Surgery for a disease of the aorta.
- Replacement
of a heart valve.
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Major organ transplant.
- Craniotomy.
- Cancer
surgery.
The
benefit is available whether the surgery
takes place in Pakistan or abroad.The
Rider is only available to medically first
class lives.
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Accidental Indemnity Benefit (AIB)
This rider provides for payment of an additional amount equal to the sum assured in the event of death, or for loss of two or more limbs, or for loss of sight of both eyes as a result of an accident. Portions of the sum assured and/or weekly indemnities are payable in case of other injuries. |
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Accidental Death Benefit (ADB)
This rider provides for payment of an additional amount equal to the sum assured in the event of death by specified accident or accidental means. |
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Family Income Benefit (FIB)
This rider can be attached to Endowment, Anticipated Endowment and Child Protection policies. In the event of the life insured's death during the term of the rider, an income benefit of 10% to 50% per annum of the basic sum assured will be payable until expiry of the rider. This is in addition to the benefits payable under the main policy. |
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Term Insurance Rider (TIR)
This rider can be attached to Endowment, Anticipated Endowment and Child Protection policies. In the event of the life insured's death during the term of the rider, the sum assured under the rider will be payable, in addition to the benefits payable under the main policy. |
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Accidental Temporary and Permanent Disability (TPD)
In the individual plans, this rider is only available in our Metro Educational Scheme plans (except economy plan). Under this benefit, certain portion of the life sum assured will be paid in case of accidental injuries. This includes fortnightly income benefit for temporary accidental disablement.
If the disability is of temporary nature and it prevents the policy holder from performing there normal functions and as a result of this disability they loses their wages, than fortnightly income benefit is payable during the period of temporary disability. The maximum period for payment of this benefit is one year. A lump sum compensation is payable incase disability is of permanent nature and it is no to l ikely to improve with the passage of time . Further details, complete list of injuries and percentage of compensation is detailed in the Policy document. |
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| Group
Life Insurance Riders |
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Profit
Sharing
Under this rider, if the group life insurance contract is for at least three years or renewed
consecutively for three years, then we will share the profits of the policy during the three years policy-sharing period as per the following formula.
(a) Total premium received by Metropolitan Life during the profit sharing period of three years.
(b) Less expense allowance for Metropolitan Life (certain percent of (a)).
(c) Less claims paid or payable including provision for claims that may have incurred by the end of the profit sharing period but not reported.
The profit, if any, for the 3 year period will be equal to a-(b+c). If this amount is positive then we have a profit during the 3 year period. Certain percentage of this amount will be payable to the assured and adjusted accordingly from the premium payable in the first year of the subsequent profit sharing period of 3 years. This calculation will be done on a 3 year accumulated basis only and is available to clients whose average number of employees stays above 500 over the 3 year profit sharing period .
However, in case there is a loss accordingly to the above formula, the loss figure maybe carried over to the subsequent profit sharing period(s) until the loss is eliminated. Furthermore, the actual percentage of profit payable to the client will vary with the size of the group. |
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Accidental
Death Benefit (ADB)
If an insured
employee dies as a result of an accident
then the
additional amount equal to the basic sum
insured is payable. |
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Teminal Illness
Within this coverage, 50% of sum assured will be payable at the time of diagnosis of terminal illness. Remaining 50% of sum assured will be payable at the time of death provided that our group policy remains inforce with The Bank of Punjab. Following conditions will apply to this coverage:
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Natural Disability Benefit
Cover against specific natural disability on account of paralysis, blindness, deafnes or any such disease as may be mutually agreed upon between the client and the company. |
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Post
Retirement Benefit
Under this rider, the group life death benefit coverage will be extended to the retiring employees up to age 65 provided that the policy stays in force consecutively with Metropolitan Life. |
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Widows Pension
In addition to providing lump sum death benefit to the dependents of a deceased employee, a regular income to the family can also be arranged. Lump sum payments take care of the immediate needs of a bereaved family.
After paying for various obligations not much is left for the day-to-day necessities of the family. To cater for such a situation, additional cover may be obtained for the whole group economically. As the needs of each group may vary, the actual plan will be worked out after determining the exact requirements of the Group. |
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| Group
Health Insurance Riders |
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Critical
Illness Care
This rider increases the limits provided under the Hospital Expense coverage for the employee and spouse only, in case the patient undergoes any of the following costly medical treatment:
- Heart attack (Myocardial Infraction)
- Cancer
- Coronary Artery By-Pass Surgery
- AIDS
- Major Organ Transplant
- Angioplasty Surgery
- Hepatitis B & C
- Major/Severe burns to at least 75% of the body.
- Kidney Failure (End Stage)
- Additional coverage or modification to the above items can be done after consent of the client and the company.
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Outpatient Treatment
This rider provides coverage for outpatient treatment to the entire family of the employee due to sickness or accidental injuries. Eligible outpatient treatment expenses include:
- Doctor's Fee.
- Medicines & drugs
- Minor Operations
- Dental Care (Optional)
- Eye sight testing (Optional)
- Laboratory and X-Ray tests
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