PNB Metlife Pension Plans

PNB Metlife Pension Plans
  • 91.12% Claim Settlement Ratio
  • 11588+ Branches
  • 24*7 Customer Assistance
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PNB MetLife Insurance Company

PNB Metlife is one of the topmost life insurance companies in India. Its shareholders are MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and many other private investors, MIHL and PNB are the major shareholders. PNB MetLife has been in the Indian insurance market since 2001. The company has many years of experience in the same. To deal with all the life insurance needs of customers, the company is catering to multiple life insurance products ranging from child insurance to savings plans and PNB MetLife pension plans among others.

  • Claim Ratio: The company carries a strong claim ratio of 91.12% which shows that it thoroughly keeping its promises.
  • Branches: To reach widely, the company has come out with 11588 Branches in more than 700 cities all over India.
  • 24*7 Customer Assistance: The company and its experts’ advisors are always there to help you in case of any query.
PNB Metlife Pension Plans

Statistics

HeadquartersHong Kong
Branches11588
Business LineLife Insurance
Claim Ratio91.12%

PNB MetLife Retirement Plans

The company is great at securing your post-retirement years with a bunch of pension plans that come out with great features and benefits as well. Below is a list of all such PNB MetLife pension plans for your convenience.

1. PNB MetLife Pension Plan: Immediate Annuity Plan

It is a non-linked traditional annuity plan. It is an effective plan that allows you to customize your retirement plan the way you want & get a guaranteed income for the rest of your life. Under this PNB MetLife Pension Plan, you have to pay only once and get regular income for a lifetime. It offers protection to your family.

Key Features of Immediate Annuity Plan

  • Guaranteed Income For Lifetime: This pension plan by PNB Metlife offers guaranteed income to the insured for a lifetime.
  • Secure Your Partner: The plan allows to secure your partner even if you are not around them.
  • Increasing Income: The plan increasing income to take care of your rising expenses and needs.

Eligibility of Immediate Annuity Plan

Entry Age0 - 75 years
Minimum Annuity PayoutRs.1000 per month
Annuity Payout ModeYearly/Half Yearly/Quarterly/Monthly
Maximum Annuity PayoutSubject to entry age of Annuitant & Purchase Price

2. MetLife Retirement Savings Plan

It is a non-linked participating pension plan that offers the gift of financial independence for your golden years. It comes out with different benefits and offers guaranteed income for your lifetime. The plan offers vesting and death benefits as well.

Key Features of MetLife Retirement Savings Plan

  • Guaranteed Lifetime Income: This plan offers guaranteed income for a lifetime which makes it a must-have product.
  • Vesting Benefit: The plan will provide vesting benefits that will be equal to Sum Assured + Vested Simple Reversionary Bonus plus Terminal Bonus, if any.
  • Death Benefit: It also comes out with death benefit that will be equal to Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if any; (Where Death Sum Assured is defined as 105% of all Premiums paid (excluding service tax and extra premium, if any)).
  • Flexibility: If you want then you can easily defer the vesting date up to 75 years of age.

Eligibility of MetLife Retirement Savings Plan

Entry Age30 - 65 years
Vesting age50 - 75 years
Minimum Sum Assured300000
Policy Term5 - 30 years

3. PNB MetLife Pension Plan: Superannuation

It is a traditional life insurance plan which is also popular by the name of Group Variable Non-linked Insurance Scheme. This group pension plan basically offers a comprehensive solution to employers who wants to outsource Superannuation liabilities effectively.

Key Features of PNB MetLife Superannuation

  • Guaranteed Intern: This PNB MetLife pension plan offers guaranteed interest on the paid contributions.
  • Create Wealth: Interest will be declared on every quarter and will become part of the capital. And they both- interest and capital then start earning interest on every quarter.
  • Death Benefits: This PNB MetLife pension plan also provides a death benefit as per Scheme Rules of Group Policyholder.

Eligibility of PNB MetLife Superannuation

Minimum Entry Age18 years
Maturity AgeAs per scheme rules
Group Size10 - No Limits
Policy TermRenewable

4. PNB MetLife Traditional Employee Benefits Plan

It is a group life pension plan that is highly used for retaining and securing the future of employees. This PNB MetLife pension plan offers financial assistance to employees and also acts as an employee benefits plan.

Key Features of PNB MetLife Traditional Employee Benefits Plan

  • Guaranteed Interest: This pension plan offers a minimum guaranteed interest of 2%.
  • Gratuity Contribution: The plan has the provision to pay the gratuity contribution (both past service liability and current service cost) in installments.
  • Tax Benefits: This plan comes out with multiple tax benefits to serve you better.

Eligibility of PNB MetLife Traditional Employee Benefits Plan

Entry Age18 years
Maturity Age1 year less than the ‘Normal Retirement Age
Minimum Group SizeGroup size in 10
Minimum Policy TermYearly renewable basis

5. PNB MetLife Unit Linked Insurance Plan

PNB MetLife Unit Linked Employee Benefit Plan is an employee benefit insurance plan that provides comprehensive solutions for employers who want to outsource administration and management of Leave Encashment and Gratuity liabilities effectively.

Key Features of PNB MetLife Unit Linked Insurance Plan

  • Options: The plan offers multiple options of choice of five linked funds. Along with the same, you will get tax benefits as well.
  • Switching Facility: The plan comes out with switching facility between the two funds. The first 4 switches between funds in a policy year will be free of any charge.
  • Gratuity Contribution: The plan offers facility to pay the gratuity contribution (both past service liability and current service cost) in instalments.

Eligibility of PNB MetLife Unit Linked Insurance Plan

Entry Age18 - 74 years
Maximum Maturity AgeAs per Individual employer’s scheme
Minimum / Maximum ContributionRs 1 lakh/500 cr
Policy TermOne year renewable

Why Do You Want PNB MetLife Pension Plans?

Planning one's retirement is vital, given the fact that one may not have a regular source of income. With inflation, it is imperative that the investment one makes also maintains the tempo. PNB MetLife gives numerous retirement plans which make sure that you can retire peacefully, without any fear.

PNB MetLife retirement plans provide various benefits to policyholders. The ability to personalize those plans based on the private desires a policyholder has made them even more attractive.

Pension plans provided by the company are designed to offer regular income in addition to assured financial help for post-retirement. The flexible options provide the freedom to select a plan that not only provides life cover, however additionally financial protection to cherish one's life.

Advantages Of PNB MetLife Pension Plans

The numerous benefits of PNB MetLife Retirement Plans are highlighted below:

  • Affordable: One should buy those plans at low-cost rates, ensuring that they utilize their cash judiciously.
  • Bonus: PNB MetLife Pension Plans earn bonuses, ensuring that the initial investment gives returns over time. This facilitates in beating inflation and growing expenses of scientific costs.
  • Tax Savings: You could avail tax advantages at the premium paid and any price received, as in keeping with the current provisions of the Income Tax Act.
  • Flexibility: You can still pick the premium and sum assured, based on their present-day desires and future expectancies.
  • Limited Premium: One wishes to pay the premium for a selected time period, with the policy cover for an extended period.
  • Protection: PNB MetLife Pension Plans offer financial protection in the case of loss of life of policyholder.
  • Loans: Certain schemes offer loans to policyholders to satisfy emergency monetary requirements.

FAQ's

As soon as all the required files are acquired through PNB MetLife, we will process your claim within 30 days of receipt of the closing report for all instances in which similarly research is not required and up to 6 months from the date of intimation for cases where further investigation is needed.

Attestation is needed for certain documents. Kindly contact your closest PNB MetLife department for extra info.

For the same, you can simply visit the company site and login into your personal account to check all the things associated with your policy. And from there you can easily update your personal information.

Yes, during the policy term you are allowed to change nominee and you can do the same by contacting the insurer or login to you online account.

It all depends on the settlement agreement from your divorce. In case where your ex-spouse were to be awarded a portion of your pension benefit, then it may lower the benefit you receive.

Last updated on 27-07-2020