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PNB MetLife Insurance

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PNB MetLife Insurance

Overview
PNB Metlife India Insurance Co. Limited is one of the biggest life insurance companies in the country and its shareholders include big names like Metlife International Holdings LLC, Punjab National Bank, Jammu and Kashmir Bank and M. Pallonji and Company Private Limited. The company is present in more than 111 locations and has more than 100 million customers on its rolls.

The company offers several insurance products including life insurance, protection plans and retirement plans. The company also offers Employee Benefit schemes across more than 800 Indian corporate companies. The company commenced operations in 2001.

PNB MetLife insurance at a glance
  • Presence in over 115 locations in India
  • Over 100 million customers in more than 8,700 locations
  • First ever Virtual Reality Customer Service Platform - conVRse in 2016
  • Settled 91% of the claims received in FY 2015-16.

PNB Metlife India Insurance Co. Limited Pension Plans
There are effective pension plans offered by PNB Metlife India Insurance Co. Limited and these ensure guaranteed monthly income for your entire family along with tax benefits. These plans help in getting monthly income for a period of 15 years and yearly bonuses are often given. The entire income is free from tax deductions as well.

Documentation needed to apply for PNB MetLife insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

PNB MetLife Pension Plans
  • MetLife Retirement Savings Plan: MetLife Retirement Savings Plan ensures vesting benefits starting from 50 years of age, with a minimum sum assured between Rs. 3 Lakhs and Rs. 5 Lakhs.
  • PNB MetLife Immediate Annuity Plan: PNB MetLife Immediate Annuity Plan offers a lifetime of income with the option of a customized retirement planning. The plan offers a secure lifetime income for the spouse even after death of the policyholder.

1: PNB MetLife Retirement Savings Plan: MetLife Retirement Savings Plan ensures vesting benefits starting from 50 years of age with a minimum sum assured between Rs. 3 Lakhs and Rs. 5 Lakhs.

Advantages and Benefits
  • Vesting Benefits of Sum Assured along with Vested Simple Reversionary bonus plus Terminal Bonus
  • Death Benefits include the sum of Death Sum Assured plus accrued Simple Reversionary Bonus plus Terminal Bonus.
  • Option to defer the vesting date up to age 75 years
Features Description
Min-Max age at entry 30-64 years (Limited Pay 10 years)
30-65 years ( Others)
Min-Max age at vesting 50-75 years
Minimum Sum Assured Regular Pay & Limited Pay 10 Years: Rs 300,000
Limited Pay 5 Years & Single Pay: Rs 500,000
Maximum Sum Assured As per Board Underwriting Policy
Premium Payment Term Single Pay / 5 Pay / 10 Pay / Equal to Policy Term 
Minimum Policy Term Regular Pay & Limited Pay 5 years: 10 years
Limited Pay 10 Years: 11 years
Single Pay: 5 years
Maximum Policy Term SP: 20 years
Others: 30 years 
Minimum Annualized Premium Regular Pay: Rs. 7,044
Limited Pay 10 Years: Rs. 13,128
Limited Pay 5 Years: Rs. 35,990 
Single Pay: Rs. 262,250

https://www.pnbmetlife.com/insurance-plans/retirement/retirement-savings-plan.html

2: PNB MetLife Immediate Annuity Plan: PNB MetLife Immediate Annuity Plan offers a lifetime of income offering the option of a customized retirement planning. The plan offers a secure lifetime income for the spouse even after death of the policyholder.

Advantages and Benefits
  • Single premium payment plan with options of single life annuity and joint annuity
  • Option to select the frequency of payout from monthly, quarterly, half-yearly or yearly
  • Return of Purchase Price/ Balance annuity options for family
Features Description (Standalone Annuity) Description (Tied Annuity)
Min-Max age at entry Single Life options: 30 years Joint Life options (both primary and secondary lives): 40 years Single Life options - 0 years Joint Life options (both primary and secondary lives) – 18 years
Min-Max age at vesting 75 years 90 years (In case the age of the nominee or beneficiary of your deferred pension policy is above 90 years, the annuity rates applicable will be the same as that at age 90)
Minimum Premium (purchase price) Increasing Life Annuity and Increasing Life Annuity with return of Purchase Price - Rs. 500,000 Other options - Rs. 300,000 NA
Minimum Annuity Payout Rs. 1,000 per month Rs. 1,000 per month
Maximum Annuity Payout Subject to entry age of Annuitant & Purchase Price Subject to entry age of Annuitant & Purchase Price
Annuity Payout Mode Yearly/Half Yearly/Quarterly/Monthly Yearly/Half Yearly/Quarterly/Monthly

https://www.pnbmetlife.com/insurance-plans/retirement/immediate-Annuity.html