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  • Met Life Retirement Saving Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the MetLife Retirement Savings Plan for?

    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

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

    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
    • Single Pay
    • 5 Pay
    • 10 Pay
    • Equal to Policy Term
    Minimum Policy Term
    • Single Pay: 5 years
    • 10 Pay: 11 years
    • 5 Pay: 10 years
    • Equal to Policy Term: 10 years
    Maximum Policy Term
    • Single Pay: Up to 20 years
    • Others: Up to 30 years
    Premium Payment Modes PSP, Monthly, Quarterly, Half-yearly, Yearly
    Minimum Annualised Premium
    • Single Pay: Rs.2,62,250
    • 5 Pay: Rs.35,990
    • 10 Pay: Rs.13,128
    • Equal to Policy Term: Rs.7,044
    Minimum sum assured
    • Single Pay: Rs.5 lakhs
    • 5 Pay: Rs.5 lakhs
    • 10 Pay: Rs.3 lakhs
    • Equal to Policy Term: Rs.3 lakhs
    Maximum sum assured As per Board underwriting policy

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

    Plan Coverage - What the MetLife Retirement Savings Plan Covers?

    With the MetLife Retirement Savings Plan, you stand to benefit from the following:

    • Receive vesting benefits equal to the sum assured plus vested simple reversionary bonus plus any terminal bonus.
    • You have the option to defer the vesting date up to the age of 75 years.
    • Multiple options for premium payments and policy terms.

    Apart from the benefits mentioned above, you will enjoy the following coverage with the MetLife Retirement Savings Plan:

    Death Benefit:

    In the event of your unfortunate demise, your beneficiary will be entitled to receive the following:

    • Death sum assured plus accrued simple reversionary bonus plus terminal bonus, if any.
    • The death sum assured is equal to 105% of all premiums not including service tax and extra premiums.
    • The death benefit which is payable will not be lesser than the surrender value of the policy.

    Upon the payment of the death benefit, the policy will terminate. The nominee will have the following options to receive the death benefit:

    • Withdraw the entire death benefit in a single lump sum.
    • Utilize all the proceeds of the policy or part of the proceeds to purchase Immediate Annuity issued by MetLife at the prevailing rate.

    Vesting Benefit:

    Upon surviving the policy term, provided the policy is still in force, the following benefit will be payable to the policyholder:

    • Base sum assured plus accrued simple reversionary bonus plus terminal bonus, if any.

    You will have the following options to utilize the vesting benefit:

    • Use the entire benefit to buy Immediate Annuity from MetLife at the prevailing rates. The Annuity will be guaranteed for life.
    • Withdraw a partial lump sum as allowed under the Income Tax Act and use the remainder to purchase Immediate Annuity at the prevailing rates. The Annuity will be guaranteed for life.
    • Use the benefit to buy a Single Premium Deferred Pension Policy that is available to delay buying Immediate Annuity.
    • If you are below 55 years, you can opt to get an extension on the accumulation period within this policy with the same terms.

    Once the vesting claim amount is paid out, the policy will terminate.

    Simple Reversionary Bonus:

    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.

    Terminal Bonus:

    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.

    Add-On Plans – Additional coverage under the MetLife Retirement Savings Plan:

    There are no add-ons available with this plan.

    Exclusions - What the MetLife Retirement Savings Plan doesn’t Cover?

    Under the MetLife Retirement Savings Plan, there is a single exclusion under which benefits will not be payable: Suicide.

    • Commencement: If the person insured commits suicide within one year from the date of commencement of the insurance policy, whether sane or insane at the time of death, then the insurance cover will be void. MetLife is not liable to pay any benefits except refund 80% of the premiums received.
    • Reinstatement: If the person insured commits suicide within one year from the date of reinstatement of the insurance policy, whether sane or insane at the time of death, then the insurance cover will be void. MetLife is not liable to pay any benefits except refund the higher of the following, provided the policy is in force:
      • 80% of the premiums received
      • Surrender value as on the date of death

    Other Key Features:

    A few features of the MetLife Retirement Savings 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.
    Grace Period
    • 30 days from the due date.
    • 15 days for monthly and PSP mode.
    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:
    • 10 pay and equal to policy term plans: If premiums have been paid up for 3 full years.
    • 5 Pay: If premiums are paid for 2 full years.
    • Single Pay: Surrender value is payable at any time.
    • Surrender Value is equal to the maximum of the Special Surrender Value and Guaranteed Surrender Value.
    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:
    • Single Pay: Not applicable
    • 5 Pay: Premiums are paid for at least 2 full policy years
    • 10 pay: Premiums are paid for at least 3 full policy years
    • Equal to Policy Term: Premiums are paid for at least 3 full policy years
    The policy will not be entitled to future bonuses but will receive benefits will reduced values.
       
       

    Tax Benefits – How you can save with the MetLife Retirement Savings Plan?

    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.

    Other Benefits – How you can save with the MetLife Retirement Savings Plan?

    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:

    • Contact financial advisors through PNB MetLife
    • Compare different insurance plans online
    • Round-the-clock access to qualified doctors
    • Use the Premium Calculator online to calculate your premium payment
    • Avail preventive healthcare packages from leading hospitals and diagnostic centers in India
    • Avail discounts on wellness packages
    • Avail domestic medical and emergency assistance
    • Locate a PNB MetLife branch online
    • Get the Premium Rates Form on the website
    • Download the brochure for any plan online
    • Read the terms and conditions online for any insurance plan
    • Contact the customer care via phone, fax, email, or SMS
    • Get medical second opinions

    Why you should Buy the MetLife Retirement Savings Plan?

    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.

    Frequently Asked Questions (FAQs):

    Q. Where can I purchase the MetLife Retirement Savings Plan?

    A. You can buy the MetLife Retirement Savings Plan through the following avenues:

    • You can purchase this plan by contacting PNB MetLife through phone, fax, email or SMS. A representative will assist you.
    • You can request to contact an advisor on the PNB MetLife website.
    • You can visit the nearest PNB MetLife branch.

    Q. What is the process for claiming death benefit from PNB MetLife?

    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:

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

    Q. What are my options of premium payment frequencies under the MetLife Retirement Savings Plan?

    A. You can choose to pay your premiums Monthly, Quarterly, Half-yearly, Yearly and through the Payroll Savings Program.

    Q. How do I make premium payments towards the MetLife Retirement Savings Plan?

    A. There are multiple avenues to pay premiums towards this policy. PNB MetLife offers you the following convenient options to pay the premium:

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

    Q. When will my policy lapse if I stop paying premiums?

    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.

    Q. How do I revive a lapsed MetLife Retirement Savings Plan policy?

    A. To revive your policy, you need to fulfill the following criteria:

    • Pay all outstanding premiums with compound interest, currently at 9% p.a.
    • Submit a written request for reinstatement to PNB MetLife within 2 years from the date of the first unpaid premium
    • Pay the charges applicable (currently Rs.250, subject to change)
    • Provide satisfactory evidence of insurability

    Q. Can I reinstate my policy if I already surrendered it?

    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.

    Q. What is a free-look period?

    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.

    Q. Are there any charges for cancellation of the policy within the free-look period?

    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.

    Q. Can I request for a duplicate policy document?

    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.