PNB MetLife Pension Plans

Planning for retirement is important, knowing that one might not have a regular source of income to meet the financial requirements post-retirement. With the ever-increasing cost of living, it is imperative that saving for retirement has become the need of the hour.

Retirement plans allow the policyholder to save part of his/her savings to accumulate over a period of time. Once the policyholder retires, these pension plans help him/her to receive a steady flow of income. Pension plans designed by PNB MetLife provide regular income as well as guaranteed financial support after retirement. It is an ideal source for those who are looking for securing their post-retirement life with a robust financial backhand.

Some of the pension plans offered by PNB MetLife are listed below.

Types of Retirement Plans offered by PNB MetLife

PNB MetLife Immediate Annuity Plan

PNB’s immediate annuity plan is a traditional non-linkedpension planswhich offers lifetime annuity to the policyholder after a single premium is paid. You, as a policyholder have an option to choose annuity and frequency of payouts as per your needs. PNB's Immediate Annuity Plan is a customizable retirement plan which you can design the way you want and get a guaranteed income for the rest of your life.

PNB MetLife enables you to cover your spouse through joint life annuity options. Additionally, it helps you to leave a legacy for your family through its return of purchase price or balanced annuity options.

The single life annuity has a wide range of annuity options such as life annuity, life annuity with return of purchase price, annuity with return of balance amount, life annuity with period of 5, 10, 15, and 20 years, increasing life annuity @3%, increasing life annuity @3% with return of purchase price.

Joint (two lives) annuity options are joint life last survivor annuity, joint life last survivor annuity with return of purchase price, joint life last survivor annuity reducing to 50% for spouse and joint life last survivor annuity reducing to 50% for a spouse with the return of purchase price.

Eligibility under the immediate annuity plan

Entry age: For a standalone annuity the minimum age to enter this policy is 30 years, and for joint life option the age criteria is 40 years. In the case of a tied annuity, there is no age barrier for entry. However, for joint life option, the minimum age required is 18 years.

The maximum age limit for a standalone annuity is 75 years, and that of tied annuity is 90 years. The minimum premium amount to be paid as a single premium is Rs. 5 lakh for Increasing Life Annuity and Increasing Life Annuity with return of Purchase Price and Rs. 3 lakhs for all other options. The minimum Annuity Payout will be Rs. 1,000 per month

MetLife Retirement Savings Plan

It is a traditional deferred annuity plan with bonuses. Premium can be paid in a lump sum, or with a regular frequency which is based on the parameters such as policy term and sum assured.

Features and benefits under MetLife retirement saving plan

Type of planIndividual participating, non-linked traditional deferred pension plan with guaranteed benefits
Minimum sum assuredRegular and limited for 10 years: Rs. 3 lakhs , Single and limited pay for 5 years: Rs. 5 lakhs
Minimum policy term
  • Single payment: 5 years
  • Regular and limited payment 5 years: 10 years
  • Limited payment 10 years: 11 years
  • Maximum policy term
  • Single payment: 20 years
  • Others 30 years
  • The term for premium paymentSingle premium, 5 pay, 10 pay, regular pay equal to policy term.
    • The Death Benefit is Higher of {Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any}, where Death Sum Assured is defined as 105% of all premiums (excluding service tax and extra premiums) paid.
    • On the death of the policyholder, the nominee has an option to withdraw the lump sum amount or can purchase an annuity of the claim amount.
    • In case the policyholder survives till maturity, the policy benefit offered will consist of the sum assured plus terminal bonus and simple revisionary bonus.
    • The insurance plan has 15 days free look period.
    • PNB’s retirement saving plan is eligible for tax exemption with certain provisions of The Income Tax Act.

    Eligibility criteria

    Minimum age to purchase the policy30 years
    Maximum age to purchase the policy64 years for 10 years limited pay, 65 years for other tenures.
    Minimum age at vesting50 years
    Minimum age at vesting75 years

    PNB MetLife Superannuation

    It is a group variable insurance plan similar to a cash accumulation scheme that offers a complete solution to employers who wish to outsource admin and management superannuation liabilities effectively.

    Features and benefits under superannuation plan

    Benefits of retirement, resignation or termination of the policy: The payout made is subject to the available fund value. In the case of surrender or bulk exit from the scheme before third renewal, the market value adjustment is applicable.

    Death benefit: The death benefits are paid as per the scheme rules applicable to group policyholder. Payments are subject to a maximum fund available for the particular group scheme. Market value adjustment is not applicable to death benefits.

    Eligibility for PNB MetLife Superannuation Plan

    Minimum entry age18 years
    Maximum entry ageAs per the scheme rules
    Maximum maturity ageAs per the scheme rules
    Minimum group size10 people
    Maximum group sizeNo limit
    Minimum policy term1 year

    PNB MetLife Traditional Employee Benefits Plan

    Today, employee motivation is extremely significant which is often created through employee insurance. PNB MetLife’s traditional employee benefit plan provides financial security to employees and their families.

    Benefits under the traditional employee benefits plan

    The benefits payable will be defined in the deed for each employer as per the scheme. Death benefit includes the risk cover benefit of Rs. 1000 which is payable by the company and no market value is adjusted in such case.

    In the case of complete withdrawal of the policy before completing the third year, the policy surrender value will be equal to the fund value minus the surrender charges minus the market value adjustment.

    Eligibility for traditional employee benefit plan

    Minimum age to enter the plan18 years
    Maximum age to enroll the policyA year less than the average retirement age.
    Maximum maturity ageNormal retirement age as per the individual employer’s scheme
    The minimum/maximum contributionRs. 1 lakh / Rs. 500 crores
    Minimum group size10
    Minimum policy term1 year

    PNB MetLife Unit Linked Employee Benefit Plan

    PNB’s unit-linked employee benefit plan gives the option of choice of five linked funds. It also provides a switching facility between the two funds.

    Benefits under the unit-linked employee benefit plan

    The benefits will be calculated based on the scheme rules as on the date of exit from employment as confirmed by the employer which is subject to the extent of the fund value. In case of death, benefits are calculated as per the scheme rules as on the date of the death confirmed by the employer is subject to the extent of benefit funded by the policy. The cover amount of Rs.1000 will be paid by the company. In case the fund value is not sufficient to pay the benefits as per the deed, the shortfall will be borne entirely by the group of policyholders.

    Eligibility for unit-linked employee benefit plan

    Minimum age to enter the plan18 years
    Maximum age to enroll the policyA year less than the average retirement age.
    Maximum maturity ageNormal retirement age as per the individual employer’s scheme
    The minimum/maximum contributionRs. 1 lakh / Rs. 500 crores
    Minimum group size10
    Minimum policy term1 year

    How to apply for PNB MetLife Retirement Plans?

    Customers can apply for PNB MetLife retirement plans through online and offline modes.

    Apply online

    To apply for retirement plans online, log on to the company's official website, choose the suitable plan, select the coverage and provide personal details. The premium amount and tenure will be calculated as per the details provided. Payment can be made through debit/credit card and net banking facility. Once the payment is made, the company will issue the policy.

    Apply through intermediaries

    Plans that are not available online can be purchased from qualified agents, insurance brokers, and banks.

    FAQs on PNB MetLife Pension Plans

    Which is the best pension plan that Pnb Metlife offers for individuals?

    PNB MetLife Immediate Annuity Plan and MetLife Retirement Saving Plan, are some of the best plans available with PNB MetLife.

    Which is the best pension plan of Pnb Metlife Pension Plans for groups?

    An Employer can choose and buy from the below-listed pension plans by PNB MetLife. MetLife Superannuation , PNB MetLife Traditional Employee Benefits Plan, PNB MetLife Unit Linked Employee Benefit Plan

    Which is the best Pnb Metlife Pension Plan for the long term?

    PNB MetLife Retirement Savings Plan is the best plan for long-term accumulation of retirement benefits.

    Why should I buy Pnb Metlife Pension Plan?

    PNB MetLife pension plan helps you to save regularly for your retirement purpose and generate steady income flow post-retirement.

    How to pay a premium? What are the modes of payment available?

    PNB MetLife provides you the following modes to make the payment:

    • Cash or cheque deposit at the branch office
    • Online payment through debit/credit card or net banking
    • Through courier
    • Dropbox
    • ECS / auto debit from the bank account

    How can I check policy status for PNB MetLife pension plans?

    It is easy to check the policy status by logging in with your user id and password on the official online portal of PNB MetLife. Go to the policy details tab to check the status of your pension plans.