PNB Metlife Life Insurance Company comprises of numerous stakeholders some of which include Metlife International Holdings LLC, Punjab National Bank Limited, Jammu and Kashmir Bank Limited and M. Pallonji and Company Limited among others. The company being the major alliance between Metlife International Holdings, one of the pioneer insurance companies of the world and Punjab National Bank boasts of expertise in both the insurance sector and financial sector. The company caters to the customer’s needs through a presence across 8000 locations including banks and other financial institutions besides the insurer’s own branches. The range of products offered by PNB Metlife include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyPlans which provide a financial cushion in your retirement are called pension plans by way of providing income inflows. These plans come under two different types called Immediate and Deferred Annuity plans. Under Immediate plans, pension payments starts immediately after the payment of the lump sum premium which is called the Purchase Price. If the policyholder deceases during the course of receiving annuity payouts, the payouts stop without any further provision of death benefit. Deferred annuity plans are those where there is a wait of certain years after which the annuity payouts are made. During the waiting period called the deferment period, the customer can pay premiums to accumulate a fund from which pension payments are made after vesting, i.e. the date after which the payouts will commence. If the person dies during the deferment period, the company will pay him a specified death benefit.
You may also like to read: Present Value of Annuity Table | Types of Annuity
PNB Metlife Life Insurance Company is offering only one type of pension plan called the Metlife Monthly Income Plan - 10 Pay which is a deferred Endowment plan suitable for retirement. Let us take a look at the plan in details along with its features and benefits.
A traditional deferred endowment plan which provides for a fund post retirement in the form of monthly payouts. The features and benefits of the plan are as follows:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
55 years |
Maturity Age |
- |
65 years |
Policy Term |
10 years |
|
Monthly Income |
Rs.1500 |
Rs.1 lakh |
Annual Premium Amount |
Rs.23, 280 |
Rs.18.2 lakhs |
Sum Assured |
11 times the annual premium paid |
|
Premium Payment Term |
10 years |
|
Premium Payment Frequency |
Yearly, half-yearly, quarterly or monthly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Individuals argue that if you want to make provisions for funding your life after you retire, you can invest in any avenue of investments like stocks and shares, mutual funds, bank fixed deposits, etc. While they might seem partly correct, what they do not understand is that none of the above-stated avenues would provide for a guaranteed and regular stream of income post retirement. Here is where the pension plans have an upper hand. These plans only provide a regular stream of income and not a lump sum value which can be used for meeting retirement expenses. While it is true that the earlier mentioned investments yield a good corpus, they provide a lump sum amount which might be used for other purposes rather than to meet expenses post retirement. Pension plans provide a guaranteed amount of money every year, half-year, quarter or month, as the policyholder wishes to receive, and the amount of annuity is stated beforehand. Thus, the policyholder can make planned savings to achieve any desired amount as pension. Thus pension plans give a clear picture of future pensions corresponding to an amount of premium paid in the present years. This makes the policyholder plan correctly for his retirement without any ambiguity.
To know about Term Insurance check at PNB Metlife Term Insurance
For online premium payment, login to your account with Client ID and password, and click on the ‘Pay Premium’ tab for completing the process.
Once all the required documents are submitted (list of documents can be found on the website) and the same is verified the claims are settled within 30 days of receipt of the same.