Immediate Annuity Plan | Retirement Plan - PNB MetLife Insurance

Key Benefits of PNB MetLife Immediate Annuity Plan

  • 1

    Financial security through regular income

  • 2

    Cover for spouse

  • 3

    Create legacy creation with return of premium

Overview

To lead a comfortable life post-retirement, you require financial security through regular income and therefore you need to invest in a good retirement plan.

With MetLife’s Immediate Annuity Plan, customize your retirement plan the way you want & get a guaranteed income for the rest of your life.

MetLife Immediate Annuity Plan

  1. Pay only once to ensure guaranteed income for your lifetime
  2. Secure lifetime income for your spouse, even if you are not around
  3. Leave a legacy for your family through return of invested capital, on your demise  
  4. Receive increasing income to take care of rising expense

Product Benefits

Death Benefit

  • Pay only once: Utilize either the vesting proceeds of your deferred pension policy or your own accumulated funds 
  • Create your own annuity plan:
    • Choose amongst a wide range of annuity options
    • Select the frequency of your payout- monthly, quarterly, half-yearly or yearly
  • Protect your family:
    • Cover your spouse through our Joint Life annuity options
    • Leave a legacy for your family through our Return of Purchase Price/ Balance annuity options

Benefits

Single Life annuity options
  • Life Annuity 
  • Life Annuity with return of Purchase Price
  • Life Annuity with Return of Balance
  • Life Annuity with certain period of 5 years
  • Life Annuity with certain period of 10 years
  • Life Annuity with certain period of 15 years
  • Life Annuity with certain period of 20 years
  • Increasing Life Annuity (Increasing @ 3%)
  • Increasing Life Annuity (Increasing @ 3%) with return of Purchase Price 
Joint Annuity (Two Lives) annuity options: Under the options described below, both primary life and spouse are annuitants
  • 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
  • Joint Life Last Survivor Annuity reducing to 50% for spouse with return of Purchase Price

Boundary Conditions

Standalone Annuity

Tied Annuity

Min Age at entry

• Single Life options: 30 years • Joint Life options (both primary and secondary lives): 40 years

• Single Life options - 0 years • Joint Life options (both primary and secondary lives) – 18 years

Max Age at entry

75 years

90 years In case the age of the nominee or beneficiary of your deferred pension policy 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. 500,000 • Other options - Rs. 300,000

Not applicable

Minimum Annuity Payout

Rs. 1,000 per month#

Rs. 1,000 per month#

Maximum Annuity Payout

Subject to entry age of Annuitant & Purchase Price

Subject to entry age of Annuitant & Purchase Price

Annuity Payout Mode

Yearly/Half Yearly/Quarterly/Monthly

Yearly/Half Yearly/Quarterly/Monthly

*Age: Last Birthday*
#For Tied Annuity, if the proceeds accumulated from the deferred pension plan are not sufficient to buy a monthly annuity of Rs. 1,000 then the Company will pay the accumulated amount to the nominee or beneficiary. However, nominee will have the choice to receive a monthly annuity of less than Rs. 1,000 if he/she opts for the same.

Terms & Conditions Download Brochure

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