Key Benefits of MetLife Retirement Savings Plan
-
1
Guaranteed income for your golden years
-
2
Part lump sum on maturity
-
3
Extend accumulated savings
Retirement Planning in India
Retirement means freedom from a fixed schedule, which you may be following during your working years. In the true sense, retirement means enjoying the time you have with your family, grand children or your friends, without having to think about work or income. MetLife Retirement Savings Plan, a non-linked, participating pension plan is one of the best retirement savings plans available, giving you a gateway to your financial freedom.
MetLife Retirement Savings Plan ensures
- Vesting Benefit: Sum Assured + Vested Simple Reversionary bonus plus Terminal Bonus, if any.
- Death Benefit: Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any; (Where Death Sum Assured is defined as 105% of all Premiums paid (excluding service tax and extra premium, if any))
- Flexibility: You can defer the vesting date up to age 75 years.
Product Benefits
Death Benefit
- To utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity from the Company at then prevailing rate.
- Withdraw the entire Death Benefit amount as a lump sum
The policy terminates with the payment of death claim amount.
Vesting Benefits
If the insured survives and the policy is in-force till Vesting Date, the Vesting Benefit shall be:
Base Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any.
Options on Vesting
- To utilise the full Vesting Benefit to purchase Immediate Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates.
- To commute to the extent allowed under Income Tax Act as lump sum and to utilize the balance amount to purchase Immediate Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates.
- To use the Vesting Benefit to purchase a Single Premium Deferred Pension policy available at that time to defer the purchase of Immediate Annuity. This product can only be purchased from us.
- To extend the accumulation period within the same policy with same terms and conditions if you are then aged below 55 years
The policy terminates with the payment of Vesting claim amount.
Simple Reversionary Bonus
The policy will participate for Simple Reversionary Bonuses from year three
Terminal Bonus
Particulars |
Boundary Conditions |
|
Min. Age at entry* |
30 years |
|
Max. Age at entry* |
64 years (Limited Pay 10 years) |
|
Min / Max. age at Vesting* |
50 / 75 years |
|
Minimum Sum Assured |
Regular Pay & Limited Pay 10 Years: Rs 300,000 |
|
Maximum Sum Assured |
As per our Board Underwriting Policy |
|
Premium Payment Term |
Single Pay / 5 Pay / 10 Pay / Equal to Policy Term |
|
Minimum Policy Term |
Premium Payment Type |
Minimum Policy Term |
Maximum Policy Term# |
SP: 20 years |
|
Minimum Annualized Premium |
Premium Payment Type |
Minimum Annualized Premium |
*Age Last Birthday
# offers running terms between minimum & maximum policy terms in the interval of 1 year.