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Insurance Company
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PNB MetLife India Insurance Company Ltd
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Plan Name
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PNB MET Pension - Participating deferred Annuity
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Plan Nature
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TRADITIONAL
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Plan Category
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Retirement Plan
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UIN No.
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117N019V01
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About Plan
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Met Pension is a participating deffered annuity plan.It can be customized with 4 riders to suit your needs.To put it simply,Met Penison helps you maintain the same lifestyle you enjoy today,even after retirement.It ensures that you're always independent and secure.Met Pension has two phases.The first is the 'Accumulation Phase' during which you pay premium.This phase ends at the 'Vesting Age' at which you receive a lump-sum or vesting amount.Phase 2 is the 'Annuity Phase' during which you recieve a payout as per the annuity chosen by you.
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Minimum Entry Age
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18 Years
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Maximum Entry Age
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45 Years
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Maximum Maturity Age
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70 Years
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Minimum Premium
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Rs 4000
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Minimum Policy Term
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10 Years
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Benefits
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| Particulars | Description |
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Maturity Benefits
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* The amount of maturity benefit at the end of the endowment phase is equal to the face amount plus guaranteed addition plus attached reversionary bonuses, if any plus terminal bonus, if any. * 1/3 of the maturity benefit will be paid out to you as a lump sum, tax free. The balance must be used to convert into a life annuity either with MetLife India Insurance or with any other insurance company offering annuities.
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Death Benefits
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* Endowment phase: In case of the death of the policy holder during the endowment phase, there will be return of premium plus reversionary bonus if any * Immediate annuity phase: There will be no death benefit during the annuity phase for the beneficiary of the policy
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Vesting Benefit
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The vesting amount received by the policy holder can be used to purchse several annuity plans
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Surrender Benefit
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For regular and limited pay policies: 30% of the premiums paid up to the date of surrender (excluding any extra premiums, rider premiums and first year premium) is payable from the third policy year onwards.For single pay policies: 30% of the single premium paid (excluding extra premium, rider premium if any) is payable from the second year onwards.During the annuity phase there will be no surrender value.
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Tax Benefits
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| Section | Description |
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Accidental Death Benefit Rider [117B001V01]
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Waiver of Premium Rider [117B002V01]
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Term Rider [117B003V02]
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Critical Illness Rider [117B007V01]
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Bonus are declared by the company will be credited as reversionary bonus on the policy anniversary. Company may also declare terminal bonus.
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Met Pension is a participating deferred annuity plan. It can be customised with 4 riders to suit your needs. To put it simply, Met Pension helps you maintain the lifestyle you enjoy today, even after retirement. It ensures that youÆre always independent and secure.
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Accidental Death Benefit RiderCritical Illness RiderWaiver of Premium RiderTerm Rider
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In case of death while one is saving for retirement, the death benefit payable is:1. Return of premiums.2. Accrued reversionary bonus, if any.3. Any insurance on the life of the Insured that may be provided by riders to this policy.
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On the vesting date, you can take one third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities or you can use the entire retirement kitty to buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal bonus, if any.
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Guaranteed Additions equal to 10% of the Sum Assured are payable at the end of the 15th policy year, in the form of a one-time lump sum addition to the Sum Assured.Guaranteed Additions are available on policies with terms greater than 15 years.
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You can choose from a wide variety of 8 immediate annuity options at the time of retirement to match your pension requirement.
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Guaranteed Surrender Value available in- force Met Pension policy will depend on the premium payment option choosen, as given below:For Regular and Limited pay policies: 30% of the premiums paid up to the date of surrender (excluding any extra premiums, rider premiums and first year premium) GSV will be payable from the third policy year onwards. For Single pay policies: 30%of the single premium paid (excluding extra premium, rider premium if any) GSV will be payable from the second year onwards. During the annuity phase there will be no surrender value.
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11-Aug-09
11:59
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MetLife enters into health insurance biz
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25-Jun-09
11:51
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MetLife is keen on raising stake in its Indian venture to up to 49%
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12-Mar-09
10:26
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20 new offices IN northern region : MetLife
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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14-Jan-09
10:20
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MetLife opens 12 new offices in Kerala
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18-Dec-08
12:40
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Insurance spawns a spurt in jobs
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16-Dec-08
11:23
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Metlife may re-launch traditional products
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