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.

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

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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 Apply

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 11th policy year to the 25th 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

  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

Applying for a Pension Plan from the company:

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.

Applying For Pension Plans through PolicyBazaar

  • On the PolicyBazaar homepage, click on Retirement under the Personal tab.

  • Click New Quotes to compare and choose from top insurance providers.

  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Why does it seem mandatory to invest in a pension plan?

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

PNB MetLife Pension Plans - FAQ

  • Q1. How to pay premium? What are the modes of payment available?

    Ans: PNB Metlife provides the following modes for paying premium:
    • Online mode
    • Cash or cheque deposit at branch office
    • Through courier
    • Drop Box facility
    • ECS or Auto Debit facility

    For online premium payment, login to your account with Client ID and password, and click on the ‘Pay Premium’ tab for completing the process.

  • Q2. How can I check policy status for PNB MetLife pension plans?

    Ans: You can check your policy status by login in with your User ID and password on the e-portal. There is a policy details tab, wherein the status of the policy can also be checked.
  • Q3. What is the policy renewal process for PNB MetLife pension plans?

    Ans: You need to submit the required documents along with renewal form at any of the nearest PNB Metlife branches in your city.
  • Q4. What is the company’s process to settle claim for PNB MetLife pension plans?

    Ans: The company’s claim policy requires you to intimate the company about the claim policy by letter, fax, or email.
    • Directly through any of the PNB Metlife branch offices
    • Through Advisors
    • Through claims department in the head office
    • Through regional service team

    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.

  • Q5. What is the policy cancellation process for PNB MetLife pension plans?

    Ans: The company’s cancellation process requires you to duly fill and submit a surrender form along with policy documents to any of the PNB Metlife branches in your city. After receiving the documents and the necessary amount for cancellation, the policy will be cancelled on record for the particular policyholder.
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Average Rating
(Based on 25 Reviews)
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PNB MetLife Pension Plans Reviews & Ratings

4.4 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Vimal
Bikaner, October 18, 2016
Good
My son purchase a pension policy plan for me. The terms and conditions of the policy is really very good and beneficial. The investment is also low and the returns are high. Service is quick and all updates are mailed timely.
Varun
Aligarh, August 25, 2016
Retirement plan
I buy pension insurance policy and the policy covers is maximum in low premiums. Claiming procedure is simple and service facilitated by the executives is fantastic. Updates are mailed regularly to me regarding insurance policy.
Eshant
Indore, July 26, 2016
Good Insurance
Pnb metlife is my insurer and i bought pension plan from them. The policy is good and claiming is simple. Insurance have big amount in return after policy get mature and speed of the service is very quick and on time. Good investment for the future which reduces tax.
Meetu
Katehri, July 11, 2016
Pension Policy
Future security with pension plans in less premiums. Service providers are superb and because of them the claims are easy to sanctioned. Policy coverage is high and claims are better. Online service is easy to use which has easy interface.
Surabhi
Ahmedabad, June 29, 2016
Average Pension Plan
The pension plan I choose has low premium and returns are high. Service you provided is fabulous. Policy coverage is high and claims are easily cleared because of company members. Good future investment, it secure my life. Now I'm tension free.
Deepak
Delhi, April 14, 2016
Nice Policy
My pension policy plan is suggestion of the friend, So i took it from pnb metlife life insurance. Staff members and executives provide good and quick services. Policy coverage is good approx. 91% but the premiums are normal. Good terms in compare with other companies. I like my policy plan.
Himanshu
Laksar, April 14, 2016
Okay
I got pension plan from pnb metlife life insurance from last few year. The policy coverage is ~92%. No doubt the service is good. The claiming experience i don't have yet. Good future investment with low premiums. The behaviour of executives and staff members are really very nice. Good work.
Ravinder
Jaipur, April 14, 2016
Good Policy Plan
Recently took life insurance with pnb metlife life insurance. Great retirement plans with low premiums and nice policy coverage. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
Ankhush
Pondicherry, April 14, 2016
Fantastic Policy Plan
I got a very fine policy from pnb metlife life insurance. Now, I'm tension for future because of great pension policy plan. The coverage is good around 87%, service is great and fast too, even the claims are fantastic. Great policy, i like it.
Yajan
Karnal, April 14, 2016
Security for Future
I found the best pension plan for old age with pnb metlife life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 96% and return is ~Rs.39 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now. Great work.
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