Universal life insurance? bank ? employee retention?

would like to know if anything has been offered his before or know anything about this type of program. so im giving as much information as i have for right now, my work is offering an employee retention program by offering life insurance with a Retirement program together. (bank giving the loan is PNC and insurance provider is Nationwide from what we have been told we have to do a medical exam to see how much life insurance will give us coverage and after that amount is decided lets say 2 million policy a bank gives a loan to invest into the Index funds/S&P500 funds. during the 4 year program my company is the beneficiary 50% of the policy and the bank also 50% since they are giving the loan, while the 4 years my company will invest and put money in the policy yearly, after 4 years the policy beneficiary gets transferred to my name instead of my company. if the index does bad i dont get charged anything just 0% profit that year but if it does well im capped at 11% profit that year. has anyone heard of this before ? is it a good idea ? its completely cost free for me from what i been told and money at the end of 10-15 years i can take out for my retirement tax free.

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