PNB MetLife Immediate Annuity Plan

What is PNB MetLife Immediate Annuity Plan?

PNB MetLife Immediate Annuity Plan is a traditional, non-linked life insurance product designed to provide financial security through a regular income stream. This retirement plan offers a guaranteed income for life, ensuring a stable retirement. You can also extend financial protection to your spouse with additional cover options. Furthermore, the plan allows you to create a legacy by providing for the return of premium to your beneficiaries.

Annuity Benefits Offered by PNB MetLife Immediate Annuity Plan

1. Single Life annuity options

   • Life Annuity

   • Life Annuity with return of Purchase Price

   • Life Annuity with Return of Balance

   • Life Annuity with certain period of 5 years

   • Life Annuity with certain period of 10 years

   • Life Annuity with certain period of 15 years

   • Life Annuity with certain period of 20 years

   • Increasing Life Annuity (Increasing @ 3%)

   • Increasing Life Annuity (Increasing @ 3%) with a return of Purchase Price 

2. Joint Annuity (Two Lives) annuity options: 

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

   • Joint Life Last Survivor Annuity

   • Joint Life Last Survivor Annuity with return of Purchase Price

   • Joint Life Last Survivor Annuity reducing to 50% for Spouse

   • Joint Life Last Survivor Annuity reducing to 50% for Spouse with return of Purchase Price

3. NPS-Family Income (Exclusively for National Pension System Subscribers)

   • Life Annuity with Return of Purchase Price

   • Joint Life Last Survivor Annuity with Return of Purchase Price.

Features of PNB MetLife Immediate Annuity Plan

Features of PNB Immediate Annuity Plan are:

• Guaranteed Lifetime Income: Enjoy a regular income for as long as you live, providing financial security and peace of mind.

• Spouse Protection: Ensure your spouse's financial well-being even after your demise by opting for a joint life annuity.

• Legacy Planning: Choose to leave a legacy for your loved ones with the option to receive a return of your invested capital after your passing.

• Increasing Income: Combat rising living expenses by selecting an annuity option that offers increasing income over time.

Eligibility Criteria for PNB MetLife Immediate Annuity Plan 

Benefits of PNB MetLife Immediate Annuity Plan 

Benefits of PNB Immediate Annuity Plan are: 

• Flexible Funding Options: Utilize the maturity proceeds from your deferred pension policy or your own savings to purchase this plan.

• Customizable Income: Choose from a variety of annuity options to match your specific needs and preferences.

• Payment Flexibility: Select how often you want to receive your annuity payments - monthly, quarterly, half-yearly, or yearly.

• Secure Your Spouse's Future: Our Joint Life annuity options provide a steady income stream even after you're gone.

• Leave a Legacy: Our Return of Purchase Price/Balance annuity options ensure that your loved ones are financially protected after your demise.

Exclusions Under PNB MetLife Immediate Annuity Plan

Suicide Exclusion:

For PNB Immediate Annuity Plan options other than Return of Purchase Price/Balance, if the policyholder dies by suicide within a year of the policy starting or restarting, the nominee or beneficiary will receive 80% of the total premiums paid until death or the policy's surrender value, whichever is higher. This applies only if the policy is active at the time of death.