"Spending a whole day looking for insurance is fun," said nobody, EVER!
Track Your Application
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

Met Life Immediate Annuity Plan

This plan is designed to help people secure a comfortable retirement with financial backing and a regular income. With a single payment, you can guarantee income for yourself and your spouse post retirement. The MetLife Immediate Annuity Plan is a Non-linked Traditional Immediate Annuity Plan which acts like a pension policy to ensure a dignified and secure retirement. This plan has a wide range of options to choose from to suit your needs.

Eligibility - Who is the MetLife Immediate Annuity Plan for?

For all insurance plans, there is an eligibility criteria set by MetLife. Customers who wish to purchase the MetLife Immediate Annuity Plan must satisfy the requirements given below:

Type of Annuity Tied Annuity Standalone Annuity
Minimum age at entry Single Life: 0 years Joint Life: 18 years (Primary and secondary lives) Single Life: 30 years Joint Life: 40 years (Primary and secondary lives)
Maximum age at entry 90 years 75 years
Type of plan Non-linked Traditional Immediate Annuity Plan Non-linked Traditional Immediate Annuity Plan

*Ages specified are defined as the age last birthday

Sum Assured and Premium Range - What you Get and What it Costs?

Under this plan, you have two options of investment:

  • Tied Annuity Option - Make use of the proceeds from your PNB Metlife Deferred Pension Plan or the PNB MetLife Group Superannuation Plan.
  • Standalone Annuity Option - Make use of the proceeds from any other company’s deferred pension plan or any funds you have accumulated for your retirement.

Based on your selection, your premiums amount will differ. Given below is an indicative table of premium amounts and annuity payouts under the MetLife Immediate Annuity Plan:

Type of Annuity Tied Annuity Standalone Annuity
Annuity Payment Options Monthly, Quarterly, Bi-annual, Annual Monthly, Quarterly, Bi-annual, Annual
Minimum Premium (purchase price) Not Applicable Increasing Life Annuity/Increasing Life Annuity with return of purchase price: Rs.5 lakhs Others: Rs.3 lakhs
Minimum Annuity Payout Rs.1,000 per month Rs.1,000 per month
Maximum Annuity Payout Subject to entry age and purchase price Subject to entry age and purchase price

*Premiums vary based on age, location, plan term and other factors.

Plan Coverage - What the MetLife Immediate Annuity Plan Covers?

With the MetLife Immediate Annuity Plan, you stand to benefit from the following:

  • Pay a single premium and receive guaranteed income for your retirement.
  • Ensure income for your spouse in case of your demise.
  • Your family will get returns on your invested capital upon your demise.
  • Get increasing income to negate future inflation and rising cost of living.

Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Immediate Annuity Plan. At the time of inception, you need to choose any one of the following annuity options:

Lives Insured Annuity Plan Annuity Payout
Single Life Annuity Life Annuity
  • Paid throughout the life of the annuitant at a constant rate.
  • Upon the demise of the annuitant, all future payments will cease immediately.
Life Annuity with Return of Purchase Price
  • Paid throughout the life of the annuitant at a constant rate.
  • Upon the demise of the annuitant, all future payments will cease immediately.
  • Purchase Price will be refunded to the nominee.
Life Annuity with Return of Balance
  • Paid throughout the life of the annuitant at a constant rate.
  • Upon the demise of the annuitant, all future payments will cease immediately.
  • The balance will be refunded to the nominee (equal to the purchase price minus sum of total annuity payment made as on the date of demise, if the difference is positive)
Life Annuity with certain period of 5, 10, 15 or 20 years
  • Paid for a guaranteed period of 5, 10, 15 or 20 years at a constant rate.
  • Upon the demise of the annuitant, the annuity will continue to be paid to the nominee for the rest of the period guaranteed.
Increasing Life Annuity (3%)
  • Paid throughout the life of the annuitant at an increasing rate of 3% compounded per annum.
  • Increase is applicable at each policy anniversary.
  • Upon the demise of the annuitant, all future payments will cease immediately.
Increasing Life Annuity (3%) with Return of Purchase Price
  • Paid throughout the life of the annuitant at an increasing rate of 3% compounded per annum.
  • Increase is applicable at each policy anniversary.
  • Upon the demise of the annuitant, all future payments will cease immediately.
  • The purchase price will be refunded to the nominee.
Joint Life Annuity Joint Life Last Survivor Annuity
  • Paid at a constant rate as long as one of the annuitant survives.
  • Upon the demise of the last annuitant, future payments shall cease immediately.
Joint Life Last Survivor Annuity with return of Purchase Price
  • Paid at a constant rate as long as one of the annuitant survives.
  • Upon the demise of the last annuitant, future payments shall cease immediately.
  • The purchase price will be paid to the nominee.
Joint Life Last Survivor Annuity reducing to 50% for spouse
  • Paid in full till the primary life survives.
  • Upon demise of the primary life, the annuity payment will reduce to 50% for the spouse.
  • Upon demise of the last survivor, payments will cease.
Joint Life Last Survivor Annuity reducing to 50% for spouse with return of Purchase Price
  • Paid in full till the primary life survives.
  • Upon demise of the primary life, the annuity payment will reduce to 50% for the spouse.
  • Upon demise of the last survivor, payments will cease.
  • The purchase price will be paid to the nominee.

Add-On Plans – Additional Coverage under the MetLife Immediate Annuity Plan:

There are no add-ons available with this plan.

Exclusions - What the MetLife Immediate Annuity Plan doesn’t Cover?

No exclusions have been mentioned under the MetLife Immediate Annuity Plan.

Other Key Features:

A few features of the MetLife Immediate Annuity Plan worth noting have been mentioned below:

Particulars Details
Free-Look Period
  • 15 days from the receipt of the policy document.
  • 30 days for distance marketing policy.
  • (Except for Tied Annuity Option where the policyholder must purchase annuity from PNB MetLife India Insurance Company Limited).
Grace Period Not applicable under this plan.
Surrender Value Not applicable under this plan.
Tax Benefit Tax benefit is applicable on premiums paid and on benefits received from this policy under Section 80C and 10(10D).
Policy Loan Not available under this plan.
Nomination Available as per Section 39 of the Insurance Act, 1938.
Assignment Available as per Section 38 of the Insurance Act, 1938.

Tax Benefits – How you can save with the MetLife Immediate Annuity Plan?

In accordance with the prevailing tax laws in India, policyholders can avail benefits against the premiums paid towards this policy and the benefits received. As tax laws are subject to amendments from time to time, you are advised to consult a tax advisor to know more about the benefits available under the Income Tax Act, 1961. Policyholders can avail of tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

Other Benefits – How you can save with the MetLife Immediate Annuity Plan?

With the MetLife Immediate Annuity Plan, PNB MetLife offers a number of benefits to their customers that provide convenience and enhance the overall experience. MetLife, through its website, customer service and branches, offers the following benefits to their customers:

  • Receive medical second opinions
  • Compare different protection plans online
  • Receive advice from experts
  • Receive access to qualified doctors around the clock
  • Preventive healthcare packages from leading hospitals and diagnostic centers in India
  • Receive discounts on wellness packages
  • Download the brochure for any plan online
  • Avail domestic medical and emergency assistance
  • Get the Premium Rates Form on the website
  • Calculate your premium payment using the Premium Calculator online
  • Contact the customer care via phone, fax, email, or SMS
  • Locate a PNB MetLife branch online
  • Read the terms and conditions online

Why you should Buy the MetLife Immediate Annuity Plan?

As a leader in the global insurance market, MetLife offers a wide range of products that span across protection, investment, insurance, and retirement. MetLife partnered with Punjab National Bank, a leading bank in India, to reach the heights of success. Providing excellent services in the country since 2001, PNB MetLife has raked in profits for the last 5 years as of FY 2014-15. PNB MetLife has grown rapidly and secured a top position among other insurers servicing customers through over 7,000 locations across India. Customers can choose from a range of investment and protection products that suit their budget and their needs. With the MetLife Immediate Annuity Plan, you can ensure a guaranteed income during your retirement and for your spouse in case of your demise.

Frequently Asked Questions (FAQs):

Q. How do I claim insurance from PNB MetLife?

A. To make an insurance claim, you need to submit the following documents and information to PNB MetLife:

  • Duly-filled in MetLife claims form
  • ID and address proof of the nominee or legal heir
  • Original policy document
  • Official death certificate issued by a competent authority
  • If the death is not by natural causes, you need to submit an FIR, port-mortem report and a police inquest report
  • Proof of title to the policy

Q. Where can I purchase the MetLife Immediate Annuity Plan?

A. You can buy the MetLife Immediate Annuity Plan through the following avenues:

  • By contacting PNB MetLife through phone, fax, email or SMS
  • By contacting an advisor on the PNB MetLife website
  • At the nearest PNB MetLife branch

Q. How do I pay premiums towards the MetLife Immediate Annuity Plan?

A. You can choose to pay your premiums Monthly, Quarterly, Half-yearly, or Yearly. There are multiple avenues to pay premiums towards this policy:

  • Set standing instructions with your bank
  • Pay in person at drop boxes, PNB MetLife branches, Suvidhaa Outlets or Indian Post Office
  • Transfer funds using NEFT
  • Pay online through credit card, pre-paid cards and payment gateways
  • Pay through net banking
  • Pay at Axis Bank
  • Pay via phone (IVRS)

Q. Will PNB MetLife refund the premium payment if I return the policy within the free-look period?

A. You are entitled to receive a refund of the premium paid minus any expenses incurred for medical examinations and stamp duty. For the option of tied annuity where you are required to purchase annuity compulsorily from the PNB MetLife India Insurance Company Limited, there is no free-look period granted.

Q. How are the annuity rates determined under this plan?

A. Annuity rates are calculated as per the annuity payment modes by multiplying the monthly annuity rate with the respective modal factor. Modal factors are listed below:

Annuity Payment Mode Modal Factor
Quarterly 1.0049
Half-yearly 1.0122
Yearly 1.0272

Q. What is the course of action if the proceeds accumulated under tied annuity are insufficient to receive a monthly annuity of Rs.1, 000?

A. Under Tied Annuity, in case the proceeds accumulated under the deferred pension plan are not enough to buy a monthly annuity of Rs.1, 000, then PNB MetLife will pay the nominee or the beneficiary the amount accumulated under the plan. The nominee has an option to receive a monthly annuity of an amount less than Rs.1, 000.

Q. How is the increasing life annuity amount calculated?

A. If you opt for the increasing life annuity option, the annuity payable will increase by 3% every policy anniversary.

Q. How long does it take to process my application for this plan?

A. Upon receipt of all your documents, PNB MetLife will take up to 48 hours to process your application.

Q. Will I be required to do a medical examination to avail this policy?

A. The requirement of a medical examination is done at the discretion of PNB MetLife. Depending on the sum assured and other factors, you may be required to do a few tests. Tests will be conducted at your home according to your convenience.

Q. How long does it take to receive the payout once a claim is filed?

A. PNB MetLife takes up to 30 days to process an insurance claim provided all documents and relevant information has been provided. In case further investigation is needed, then the process can stretch up to 6 months.