PNB MetLife Pension Plans

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.

What are Pension Plans?

Plans 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 Pension Plans

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.

Metlife Monthly Income Plan - 10 Pay

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:

• The plan participates in the profits of the company by way of earning bonuses
• Premiums under the plan are required to be paid for a fixed tenure of 10 years.
• On maturity, the monthly payouts will start and are payable from the 11^th policy year to the 25^th policy year. Bonuses which have accrued under the plan can be taken in lump sum on maturity or can be added to the monthly incomes proportionately to increase the amount of payouts.
• In case of death of the insured during the tenure of the plan the death benefit will be payable which will be higher of the 10 times the annual premium or the base Sum Assured which is 11 times the annual premium or Maturity Sum Assured which is 135 times the chosen Monthly Income or 105% of all premiums paid till the date of death
• The death benefit can be availed in either lump sum or in monthly instalments like in the case of maturity benefit. For monthly benefit option, the death benefit will be divided by 135 and paid for 180 months post the date of death
• Discounts in premiums are allowed for choosing yearly or halfd-yearly mode of premium payment @3% and 1.5% respectively
• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply