Retirement Planning: Best Retirement Savings Plan in India - PNB MetLife

Key Benefits of PNB 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

  1. Vesting Benefit: Sum Assured + Vested Simple Reversionary bonus plus Terminal Bonus, if any.
  2. 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))
  3. Flexibility: You can defer the vesting date up to age 75 years.

Product Benefits

Death Benefit

The Death Benefit is {Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if declared}, where Death Sum Assured is defined as 105% of total premiums paid up to the date of death (excluding service tax and extra premiums) paid.  The Death Benefit will not be less than the Surrender Value under the policy.
 
Options to the Nominee on death of the Insured
  • To utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity or Deferred Annuity from the Company at then prevailing rate. The nominee shall also be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation. 
  • 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:
Basic Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if declared.

Options on Vesting

  • To utilise the full Vesting Benefit to purchase Immediate Annuity or Deferred Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates. Every policyholder shall also be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
  • To commute to the extent allowed under Income Tax Act as lump sum and to utilize the balance amount to purchase Immediate Annuity or Deferred Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates. Every policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.

Simple Reversionary Bonus

The policy will participate for Simple Reversionary Bonuses from year three

Terminal Bonus

In addition to Simple Reversionary Bonuses, the Company may also declare Terminal Bonus from year five onwards. The Terminal Bonus is payable along with death or vesting benefit.

Particulars

Boundary Conditions

Min. Age at entry*

30 years

Max. Age at entry*

64 years (Limited Pay 10 years)
65 years ( Others)

Min / Max. age at Vesting*

50 / 75 years

Minimum Sum Assured

Regular Pay & Limited Pay 10 Years: Rs 300,000
Limited Pay 5 Years & Single Pay: Rs 500,000

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
Regular Pay & Limited Pay 5 years
Limited Pay 10 Years
Single Pay

Minimum Policy Term
10 years
11 years
5 years

Maximum Policy Term#

SP: 20 years
Others: 30 years

Minimum Annualized Premium

Premium Payment Type
Regular Pay
Limited Pay 10 Years
Limited Pay 5 Years
Single Pay

Minimum Annualized Premium
Rs. 7,044
Rs. 13,128
Rs. 35,990
Rs. 262,250

*Age Last Birthday
# offers running terms between minimum & maximum policy terms in the interval of 1 year.

Download Brochure Terms & Conditions Know how the plan works Guaranteed Surrender Value Factors

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