Compare PNB MetLife Pension Plans

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PNB MetLife Life Insurance Company

PNB MetLife is a partnership between one of the leading Indian banks, Punjab National Bank (PNB) and world’s leading insurance provider, MetLife International Holdings LLC (MIHL). These two are the major stakeholders with some smaller partners as well, which are: Jammu & Kashmir Bank Limited (JKB), M. Pallonji & Company Pvt. Limited and a few other small investors. Operating in the country since 2001, the company has made its presence felt all over and is one of the leading players in the insurance sector with skilled and dedicated employees offering a wide variety of life, health and pension products.

PNB MetLife Life Insurance- Pension Plans

Pension plans offered by the company are designed to provide regular income as well as guaranteed financial support post-retirement. The flexible options provide the freedom to select a plan that not only gives life cover, but also financial security to loved ones. Three different types of plans are there to cater to different and individual needs.

List of Pension Plans Offered By PNB MetLife Life Insurance Company, With Features, Benefits And Eligibility

PNB MetLife Monthly Income Plan- 10 Pay

Features:

  • Limited payment term with extended pay-out benefits
  • Accrued bonuses to boost guaranteed income
  • Monthly income for family after death of policyholder
  • Tax benefits

Benefits:

  • Premium is to be paid for a fixed period of 10 years
  • Maturity Benefits: At the time of maturity, the monthly income shall start that will last for 15 years, that is from 11th year to 25th year. Accrued bonuses under the plan can be availed at the time of maturity as a lumpsum amount or can be made part of the monthly regular income on a proportionate basis
  • Death Benefit: In case the policyholder dies during the term of the plan, death benefit shall be paid to the nominee, which will be the higher of:
  • 10 times the annual premium, or
    Sum assured that is 11 times the annual premium, or
    Maturity sum assured that is 135 times the chosen monthly income, or
    105% of all premiums paid till the date of death
    The plan offers the option to receive the death benefit as a lumpsum amount or in monthly instalments, like the maturity benefit. However, the death benefit shall be paid monthly after dividing the total amount by 135 & paid for 180 months from the date of death

  • The plan also offers discount for choosing payment frequency. Selecting yearly mode of premium will get you 3% discount and half-yearly mode of payment attracts a 1.5% discount
  • Income tax benefits can be enjoyed under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-55 years
Max Maturity Age 65 years
Policy Term 10 years
Monthly Income Min: Rs. 1,500 | Max: Rs. 1 lakh
Annual Premium Amount Rs. 23,280 | Max: Rs. 18.2 lakhs
Sum Assured 11 times the annual premium amount
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly

PNB MetLife Immediate Annuity Plan

Features:

  • Single premium pension plan
  • Option to choose from various annuity options
  • Cover for spouse
  • Option of return of purchase price and balance annuity available

Benefits:

  • Premium has to be paid only once and income can be received throughout lifetime
  • Annuity options available are:
    Single Annuity Options

    1. Life Annuity: Annuity shall be paid at a constant rate throughout the life of annuitant and will stop only at the time of death of the annuitant
    2. Life Annuity with Return of Purchase Price: Under this option, annuity shall be paid at a constant rate throughout the lifetime of the annuitant. At the time of death, all future annuity payments shall cease and the purchase price will be paid to the nominee
    3. Life Annuity with Return of Balance: Here the annuity shall be paid at a constant rate throughout the life of annuitant. It will cease only at the time of death and the balance, if any, shall be refunded to the nominee. In this case, the balance shall be equal to purchase price minus the total annuity payments made till the date of death
    4. Life Annuity with certain period of 5, 10, 15 or 20 years: Under this option the annuity shall be payable at a constant rate for a guaranteed period of 5, 10, 15 or 20 years from the initiation date of the policy, irrespective of the survival of the annuitant.
    5. Increase Life Annuity (Increase @ 3%): The amount of annuity will increase @ 3% compounded per annum and shall be paid throughout the life of the annuitant. At the time of death, the future payments will cease immediately
    6. Increasing Life Annuity (@3%) with Return of Purchase Price: The option allows for annuity to increase @ 3% compounded per annum and shall be paid throughout the life of the annuitant. At the time of death, annuity payments will cease and purchase price will be returned to the nominee

    Join Annuity (Two Lives) Annuity Option:  Under this plan, both the policyholder and the spouse are annuitant. The options available are:

    1. Join Life Last Survivor Annuity: The annuity payment shall be paid at a constant rate till either of the annuitants are alive and after their deaths, it shall cease immediately
    2. Joint Life Last Survivor Annuity with Return of Purchase Price: The annuity payment shall be paid till either of the annuitants are alive and after the death of both of them, payments will stop. However, the purchase price shall be returned to the nominee
    3. Joint Life Last Survivor Annuity reducing to 50% for Spouse: In this option, the annuity payment shall be paid at a constant rate till the policyholder is alive. After his death, 50% of annuity payment shall be paid to the spouse and it will stop completely after the spouse’s death
    4. Joint Life Last Survivor Annuity reducing to 50% for Spouse with Return of Purchase Price: Here annuity payment shall be made till policyholder is alive and after death, 50% of annuity shall be paid to the spouse. After both of them die, annuity payments shall cease immediately and purchase price shall be returned to the nominee
  • The plan offers the option to receive annuity pay-out on a yearly, half-yearly, quarterly or monthly basis

Eligibility:

  Standalone Annuity Tied Annuity
Min Entry Age Single Life Option: 30 years Joint Life Option (Both primary and secondary lives): 40 years Single Life Option: 0 years Joint Life Options (Both primary and secondary lives): 18 years
Max Entry Age 75 years 90 years in case the age of the nominee of your deferred pension is above 90 years, the annuity rates applicable will be the same as that at age 90
Min Premium (Purchase Price) Increasing Life Annuity and Increasing Life Annuity with return of purchase price: Rs. 5 lakhs Other Options: Rs. 3 lakhs Not Applicable

Minimum Annuity Pay-out                  : Rs. 1000 p.m.
Maximum Annuity Pay-out                 : Subject to entry age of annuitant and purchase price
Annuity Payment Frequency               : Yearly, half-yearly, quarterly or monthly

PNB MetLife Retirement Savings Plan

Features:

  • Options available to avail death benefits
  • Multiple vesting benefits options offered
  • Applicable bonuses available

Benefits:

  • Death Benefit: At the time of death of the policyholder, during the policy term, the nominee shall be paid the death benefit that’ll be the higher of death sum assured + accrued simple revisionary bonuses + terminal bonus, if any. Here death sum assured is 105% of all premiums paid till the date of death. The nominee has the following option to select from to receive death benefits:
    1. The nominee can utilise the benefit or part thereof to purchase an Immediate Annuity from the company, or
    2. Withdraw the entire death benefit as a lumpsum amount
  • Vesting Benefits: At the time of maturity, the vesting benefit payable shall be Base Sum Assured + Accrued Revisionary Bonuses + Terminal Bonus, if any
  • The plan offer options to receive vesting benefits:
    1. The entire benefits can be used to buy Immediate Annuity form the company, which shall be guaranteed for life
    2. The benefit can be withdrawn as a lumpsum amount, the amount permissible under Income Tax Act and the balance amount can be used to buy Immediate Annuity from the company
    3. Utilising the vesting benefit to buy Single Premium Deferred Pension Policy to defer the purchase of Immediate Annuity
    4. The policyholder can extend the accumulation period within the same policy with same terms and conditions if he is then aged below 55 years
  • The plan is flexible to allow you to extend the vesting date up to 75 years

Eligibility:

  Standalone Annuity Tied Annuity
Min Entry Age 30 years
Max Entry Age 64 years (Limited Pay 10 years) | 65 years (others)
Min-Max Age at Vesting 50-75 years
Sum Assured Regular Pay & Limited Pay 10 years: Rs. 3 lakhs; Limited Pay 5 years and Single Pay: Rs. 5 lakhs | Max: No limit
Premium Payment Term Single Pay/5 pay/ 10 pay/ Equal to policy term
Min Policy Term Regular Pay & Limited Pay 5 years: 10 years | Limited pay 10 years: 11 years | Single Pay: 5 years
Max Policy Term Single Pay: 20 years | Others: 30 years
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