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    PNB MetLife Retirement Savings Plan

    Gift yourself financial independence for your golden days

    Individual, Non-Linked, Participating, Savings, Pension Plan | UIN: 117N091V02

    Plan ahead for your second innings. Make it a lifelong holiday.
    PNB MetLife Retirement Savings Plan can help you gain financial freedom in your golden years, enabling you to enjoy your retirement tension-free. This savings plan makes it easier for you to enjoy your retirement life by spending time with your family, grandchildren, and friends without stressing over work and income.

    PNB MetLife Retirement Savings Plan in a nutshell
    • Guaranteed income for your golden years
    • Part lump sum on maturity
    • Extend accumulated savings

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    What you get

    PNB MetLife Retirement Savings Plan ensures:
    • Vesting Benefit: Sum Assured + Vested Simple Reversionary bonus plus Terminal Bonus, if any.
    • Death Benefit: 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: You can defer the vesting date up to age 75 years.

    What you don’t get

    Suicide Exclusions

    If the Life Assured’s death is due to suicide within twelve months from the date of commencement of risk or from the Date of Revival of the Policy as applicable, the Nominee or beneficiary of the Policyholder shall be entitled to 80% of the total Premium paid till the date of death under the Policy death or Surrender Value available as on the date of death, whichever is higher, provided the Policy is in Inforce status. We shall not be liable to pay any interest on this amount.

    Frequently Asked Questions

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    Why plan my retirement?

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    Retirement means freedom from a fixed schedule, which you may be following during your working years. In the true sense, retirement means enjoying the time you have with your family, grand children or your friends, without having to think about work or income. PNB MetLife Retirement Savings Plan, a non-linked, participating pension plan is one of the best retirement savings plans available, giving you a gateway to your financial freedom.

    What is the Death Benefit offered by PNB MetLife Retirement Savings Plan?

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    The Death Benefit is {Death Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if declared}, where Death Sum Assured is defined as 105% of total premiums paid up to the date of death (excluding service tax and extra premiums). The Death Benefit will not be less than the Surrender Value under the policy.

    What are the options available with the Nominee on death of the Insured?

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    • To utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity or Deferred Annuity from the Company at then prevailing rate. The nominee shall also be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
    • Withdraw the entire Death Benefit amount as a lump sum. The policy terminates with the payment of death claim amount.

    What are the Vesting Benefits under this policy?

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    If the insured survives and the policy is in-force till Vesting Date, the Vesting Benefit shall be:

    • Basic Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus, if declared.

    What are the options for Vesting?

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    • To utilise the full Vesting Benefit to purchase Immediate Annuity or Deferred Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates. Every policyholder shall also be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
    • To commute to the extent allowed under Income Tax Act as lump sum and to utilize the balance amount to purchase Immediate Annuity or Deferred Annuity from us, which shall be guaranteed for life, at the then prevailing annuity rates. Every policyholder shall be given an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.

    What are the eligibility criteria of PNB MetLife Retirement Savings Plan?

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    Please refer to the below table for the eligibility criteria of this plan:

    Particulars

    Boundary Conditions

    Min. Age at entry*

    30 years

    Max. Age at entry*

    64 years (Limited Pay 10 years)
    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 our Board Underwriting Policy

    Premium Payment Term

    Single Pay / 5 Pay / 10 Pay / Equal to Policy Term

    Minimum Policy Term

    Premium Payment Type
    Regular Pay & Limited Pay 5 years
    Limited Pay 10 Years
    Single Pay

    Minimum Policy Term
    10 years
    11 years
    5 years

    Maximum Policy Term#

    SP: 20 years
    Others: 30 years

    Minimum Annualized Premium

    Premium Payment Type
    Regular Pay
    Limited Pay 10 Years
    Limited Pay 5 Years
    Single Pay

    Minimum Annualized Premium
    Rs. 7,044
    Rs. 13,128
    Rs. 35,990
    Rs. 262,250

    *Age Last Birthday
    # offers running terms between minimum & maximum policy terms in the interval of 1 year.

    How can I purchase PNB MetLife Retirement Savings Plan?

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    You can purchase this plan offline through any of the below methods:

    Disclaimer:

    AD-F/2020-21/00341

    Disclaimer

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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