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PNB MetLife Immediate Annuity Plan

PNB MetLife Immediate Annuity Plan is an Individual, Non-Linked, Non-Participating, Immediate Annuity Product
that helps you to customize your retirement plan the way you want & get guaranteed income for the rest of your life.

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Key Benefits of PNB MetLife Immediate Annuity Plan

  • 1Guaranteed Income for the rest of your Life
  • 2Income for your spouse, even
    when you are not around
  • 3Legacy passed on to your
    near and dear ones

Overview of Immediate Annuity Plan

To lead a comfortable life post retirement, you require financial security through regular income. With PNB MetLife’s Immediate Annuity Plan, customize your retirement plan the way you want & get guaranteed income for the rest of your life.

With PNB MetLife Immediate Annuity Plan

  • Pay only once to ensure guaranteed income for your lifetime
  • Secure lifetime income for your spouse, even if you are not around
  • Leave a legacy for your family through return of invested capital, on your demise
  • Receive increasing income to take care of rising expenses
  • Protect your family through NPS-Family Pension Option (Exclusively for Pension System Subscribers)

Boundary Conditions

Standalone Annuity

Tied Annuity
Min. Age at entry*
  • Single Life options: 30 years
  • Joint Life options: 40 years  
    (both primary and secondary lives)
    		•
  • Single Life options: 0 years
  • Joint Life options: 18 years
    (both primary and secondary lives)
    		•
    Max. Age at entry*                                  75 years                                                                   90 years*                                 
    Min Premium (Purchase Price)
  • Increasing Life Annuity and Increasing Life Annuity
    with return of Purchase Price - ₹ 500,000
  • Other options - ₹ 300,000
    		•  Not applicable
    Minimum Annuity Payout ₹ 1,000 per month
    Maximum Annuity Payout Subject to entry age of Annuitant & Purchase Price
    Annuity Payout Mode Yearly/Half Yearly/Quarterly/Monthly

    *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

    PNB MetLife Immediate Annuity Plan (UIN: 117N095V06) is an Individual, Non-Linked, Non-Participating, Immediate Annuity Product.
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.

    Various Options Available under the Immediate Annuity Plan

    You can choose any one of the following annuity options at inception. The annuity shall be payable in arrears under all options

    Single Life annuity options

    • Life Annuity: Annuity shall be payable at a constant rate throughout the life of the annuitant. In event of death of the annuitant, all future annuity payments shall cease immediately.
    • Life Annuity with return of Purchase Price: Annuity shall be payable at a constant rate throughout the life of the annuitant. In case of death of the annuitant, all future annuity payments shall cease immediately and the purchase price shall be payable to the nominee or beneficiary
    • Life Annuity with Return of Balance: Annuity shall be payable at a constant rate throughout the life of the annuitant. In case of death of the annuitant, the annuity payments will cease and the balance, if any, shall be refunded to the nominee or beneficiary. The balance shall be equal to the purchase price less sum of total annuity payments made as on date of death provided the difference is positive.
    • Life Annuity with certain period of 5, 10, 15 or 20 years: Annuity shall be payable at a constant rate for a guaranteed period of 5, 10, 15 or 20 years from policy issue, as per the option exercised by the annuitant, irrespective of survival of the annuitant. Thereafter annuity shall be payable throughout the life of the annuitant. In case of death of annuitant within the guaranteed period, annuity payments shall continue to be paid to the nominee till the end of the chosen guaranteed period and thereafter the annuity payments shall cease. The end of guaranteed period will be either the 5th, 10th, 15th or 20th policy anniversary depending on the choice of option. In case of death of annuitant after the guaranteed period, all future annuity payments shall cease immediately.
    • Increasing Life Annuity (Increasing @ 3%): The amount of Annuity payable shall increase @ 3% compounded per annum and shall be payable throughout the life of the annuitant. This increase would be applicable at each policy anniversary. In case of death of the annuitant, all future annuity payments shall cease immediately
    • Increasing Life Annuity (Increasing @ 3%) with return of Purchase Price: The amount of Annuity payable shall increase @ 3% compounded per annum a shall be payable throughout the life of the annuitant. This increase would be applicable at each policy anniversary. In case of death of the annuitant, annuity payments shall cease immediately and purchase price shall be payable to the nominee or beneficiary

    Joint Annuity (Two Lives) options

    Under the options described below, both primary life and spouse (secondary life) are annuitants

    • Joint Life Last Survivor Annuity: The annuity payments shall be payable at a constant rate as long as one of the annuitant is alive. All future annuity payments shall cease upon the death of the last surviving annuitant or upon simultaneous death of both the annuitants.
    • Joint Life Last Survivor Annuity with return of Purchase Price: The annuity payments shall be payable at a constant rate as long as one of the annuitant is alive. In case of death of the last surviving annuitant or in case of simultaneous death of both the annuitants, the purchase price shall be payable to the nominee or beneficiary.
    • Joint Life Last Survivor Annuity reducing to 50% for spouse: The annuity payments shall be payable in full as long as the primary life is alive. In case of death of the primary life, 50% of annuity payments shall be payable to the spouse for life. Annuity payments shall cease upon the death of the last surviving annuitant or upon simultaneous death of both the annuitants.
    • Joint Life Last Survivor Annuity reducing to 50% for spouse with return of Purchase Price: The annuity payments shall be payable in full as long as the primary life is alive. In case of death of the primary life, 50% of annuity payments shall be payable to the spouse for life. Upon death of the last surviving annuitant or upon simultaneous death of both the annuitants, annuity payments shall cease and the purchase price will be paid to the nominee or beneficiary