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.
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.
Annual Premium Amount
11 times the annual premium paid
Premium Payment Term
Premium Payment Frequency
Yearly, half-yearly, quarterly or monthly
Applying for a Pension Plan from the company:
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
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
1. How to pay premium? What are the modes of payment available?
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.
2. How can I check policy status for PNB MetLife pension plans?
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.
3. What is the policy renewal process for PNB MetLife pension plans?
You need to submit the required documents along with renewal form at any of the nearest PNB Metlife branches in your city.
4. What is the company’s process to settle claim for PNB MetLife pension plans?
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.
5. What is the policy cancellation process for PNB MetLife pension plans?
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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