The MetLife Retirement Savings Plan gives you a safe way to start planning a dignified retirement while securing your family’s interests. This plan is ideal for those who need a variety of options to choose from when it comes to policy terms, premium payment terms, and premium payment frequencies. Under this individual traditional pension plan, you can start saving early to receive vesting benefits if you survive the policy term. In case of your demise, your nominee will be financially safeguarded with the death benefit payout. Apart from this, the policy is eligible to participate in bonuses which will enhance the benefits of your investment.
For all insurance plans, there is an eligibility criteria set by MetLife. Customers who wish to purchase the MetLife Easy Super Plan must satisfy the requirements given below:
|Minimum age at entry||30 years|
|Maximum age at entry||Limited 10-Pay: 64 years Others: 65 years|
|Minimum age at maturity||50 years|
|Maximum age at maturity||75 years|
|Type of plan||Non-linked Participating Pension Plan|
*Ages specified are defined as the age last birthday
The minimum premium amount is based on the premium payment mode you choose. The options of minimum premium paid per policy year is listed out below:
|Premium Payment Term||
|Minimum Policy Term||
|Maximum Policy Term||
|Premium Payment Modes||PSP, Monthly, Quarterly, Half-yearly, Yearly|
|Minimum Annualised Premium||
|Minimum sum assured||
|Maximum sum assured||As per Board underwriting policy|
*Premiums vary based on age, location, plan term and other factors.
With the MetLife Retirement Savings Plan, you stand to benefit from the following:
Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Retirement Savings Plan:
In the event of your unfortunate demise, your beneficiary will be entitled to receive the following:
Upon the payment of the death benefit, the policy will terminate. The nominee will have the following options to receive the death benefit:
Upon surviving the policy term, provided the policy is still in force, the following benefit will be payable to the policyholder:
You will have the following options to utilize the vesting benefit:
Once the vesting claim amount is paid out, the policy will terminate.
From the third year onwards, the policy is eligible to participate in simple reversionary bonuses. Declared bonuses will be credited to the policy at the end of the policy year provided all outstanding premiums are paid up. The bonus is not guaranteed, but once it is declared, it will be guaranteed. The bonus is payable upon maturity, death or surrender of the policy, whichever is earlier. From the date of death of the life insured or lapse of the policy, no simple reversionary bonus will accrue. The simple reversionary bonus is expressed as a percentage of the sum assured.
From the fifth year onwards, the policy will participate in any terminal bonuses declared by the company. It will accrue on the policy and will be payable along with the death or maturity benefit. The terminal bonus is expressed as a percentage of the accrued simple reversionary bonus.
There are no add-ons available with this plan.
Under the MetLife Retirement Savings Plan, there is a single exclusion under which benefits will not be payable: Suicide.
A few features of the MetLife Retirement Savings Plan worth noting have been mentioned below:
|Tax Benefit||Tax benefit is applicable on premiums paid and on benefits received from this policy under Section 80C and 10(10 D) of the Income Tax Act, 1961.|
|Guaranteed Surrender Value||Based on a percentage of the Total Premiums Paid (not including tax and extra premiums) plus the discounted value of the accrued Simple Reversionary Bonus.|
|Special Surrender Value||Depends on the market conditions at the time of policy surrender and is not guaranteed.|
|Surrender of Policy||A policy will acquire a surrender value under the following conditions:
|Reinstatement||A policy can be reinstated within 2 years from the date of the first unpaid premium.|
|Reduced Paid-Up Value||Upon non-payment of premiums, a policy will be eligible to be converted to a reduced paid-up policy under the following conditions:
According to the Income Tax Act, 1961, you are eligible to receive tax benefits and avail of exemptions under Section 80C and Section 10 (10D). Please consult a tax advisor to know more about the prevailing laws which are subject to amendments from time to time. Policyholders can avail benefits against the premiums paid towards this policy and the benefits received.
PNB MetLife offers a wide range of products in the Indian market that span across insurance, protection, retirement, savings and investment. Along with their products, they also offer a number of services to enhance the experience of their clientele. Customers who wish to purchase a plan can avail extended benefits from PNB MetLife on their website, through their customer service and through advisors. PNB MetLife offers the following benefits to their customers:
With the rights to boast about consistent profits over the past few years, PNB MetLife is on track to retaining its leadership position in the insurance world. With its presence dating back to 2001 in India, MetLife has grown to over 150 locations across the country with more than 8,000 locations. In partnership with Punjab National Bank, MetLife has offered excellent products and services related to insurance, investment, savings and retirement. With the MetLife Retirement Savings Plan, you can hit two birds with one stone: secure your family’s financial status in case of your demise and secure your future in case of your survival. Both ways, you stand to benefit from this plan. With so many flexible options and the alluring bonuses, it's hard to resist this endowment plan.
A. You can buy the MetLife Retirement Savings Plan through the following avenues:
A. To make a claim, you need to contact PNB MetLife at your earliest convenience through their customer care, your advisor or at the nearest branch. You need to submit the following documents and information to PNB MetLife:
A. You can choose to pay your premiums Monthly, Quarterly, Half-yearly, Yearly and through the Payroll Savings Program.
A. There are multiple avenues to pay premiums towards this policy. PNB MetLife offers you the following convenient options to pay the premium:
A. Once you stop paying premiums, PNB MetLife will grant you 30 days grace period to pay the premium outstanding. This period is reduced to 15 days for monthly and PSP modes of premium payment. Once this period has expired, your policy will lapse.
A. To revive your policy, you need to fulfill the following criteria:
A. No, once your surrender your policy and receive surrender value payable, if any, your policy will terminate. You will not be allowed to reinstate your policy.
A. A free-look period is time granted for you to review the policy document. If you are unsatisfied with any of the terms of the plan, you are free to cancel the policy and receive a refund of your premium. Under the PNB MetLife Retirement Savings Plan, you have 15 days to return the document with the relevant form stating your reason for objection. If your policy was bought through distance marketing, you have 30 days to review the policy.
A. Yes, if you cancel your policy within the free-look period, PNB Metlife will deduct any expenses borne for medical examinations and stamp duties from the refund. PNB MetLife will also deduct a proportionate premium for the time on risk which was borne by them.
A. Yes, if you have lost or misplaced your policy document, you can apply for another. The fee payable for this request is Rs.200, subject to change.