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.
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
Under this plan, you have two options of investment:
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.
With the MetLife Immediate Annuity Plan, you stand to benefit from the following:
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||
|Life Annuity with Return of Purchase Price||
|Life Annuity with Return of Balance||
|Life Annuity with certain period of 5, 10, 15 or 20 years||
|Increasing Life Annuity (3%)||
|Increasing Life Annuity (3%) with Return of Purchase Price||
|Joint Life Annuity||Joint Life Last Survivor Annuity||
|Joint Life Last Survivor Annuity with return of Purchase Price||
|Joint Life Last Survivor Annuity reducing to 50% for spouse||
|Joint Life Last Survivor Annuity reducing to 50% for spouse with return of Purchase Price||
There are no add-ons available with this plan.
No exclusions have been mentioned under the MetLife Immediate Annuity Plan.
A few features of the MetLife Immediate Annuity Plan worth noting have been mentioned below:
|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.|
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.
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:
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.
A. To make an insurance claim, you need to submit the following documents and information to PNB MetLife:
A. You can buy the MetLife Immediate Annuity Plan through the following avenues:
A. You can choose to pay your premiums Monthly, Quarterly, Half-yearly, or Yearly. There are multiple avenues to pay premiums towards this policy:
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.
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|
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.
A. If you opt for the increasing life annuity option, the annuity payable will increase by 3% every policy anniversary.
A. Upon receipt of all your documents, PNB MetLife will take up to 48 hours to process your application.
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.
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.