Post retirement, life undergoes many changes. However, to ensure that you can enjoy the same lifestyle which you had before retiring, it is essential that you have some form of financial security to provide for it. A regular income post retirement can take care of your lifestyle needs, leading you to enjoy life the same way as before. The MetLife Immediate Annuity Plan has been designed keeping your comforts in mind. With this post retirement plan, you can ensure a comfortable lifestyle for yourself and your loved ones by availing a retirement plan, specifically tailored to address your needs. Invest in this plan and enjoy a guaranteed income for the rest of our life.
Eligibility Conditions of MetLife Immediate Annuity Plan
|Boundary Conditions||Standalone Annuity||Tied Annuity|
|Min. Age at Entry||Single Life options:30 years. Joint Life options (primary and secondary lives): 40 years.||Single Life Options – 0 years Joint Life Options (primary and secondary lives) – 18 years|
|Max Age at Entry||75 years||90 years (in case age of the nominee / beneficiary of your deferred pension policy is beyond 90 years, the annuity rates applicable will be the same as those applicable to that of age 90)|
Key Features of MetLife Immediate Annuity Plan
|Type of Plan||Non-linked Traditional Immediate Annuity Plan|
|Premium Payment Frequency||Yearly, Half-yearly, Quarterly and Monthly|
|Free-look Period||15 day Free-look period from the date of receipt of the Policy document.|
|Nomination||Nomination allowed but should be in accordance with the provisions under Section 39 of the Insurance Act 1938. Nomination is not allowed if the policy has been brought into effect under Section 6 of the Married Women’s Property Act 1874.|
|Surrender Value||No Surrender Value Benefit|
|Policy Loan||Not allowed|
Key Benefits of MetLife Immediate Annuity Plan
Some of the key benefits of the MetLife Immediate Annuity Plan are as follows:
- With the MetLife Immediate Annuity Plan, you needn’t worry about making recurring payments. You only need to make a payment once and you are ensured to receive a guaranteed income for life.
- The fear always lurks around, not knowing what will happen to your spouse if you are no longer around. With the MetLife Immediate Annuity Plan, you can ensure a lifetime income for your spouse so they can manage comfortably later on.
- With the MetLife Immediate Annuity Plan, it is easy to ensure that your family stays financially stable with the return on the invested capital, after your demise.
- As years roll by, expenses are only bound to go up. The MetLife Immediate Annuity Plan takes are of rising expenses providing you with an increasing income.
- As a holder of the MetLife Immediate Annuity Plan, you are also eligible to avail tax benefits under the Income Tax Act of 1961.
- You can choose from a variety of payout options like monthly, quarterly, half yearly and yearly.
How Does MetLife Immediate Annuity Plan Work
To begin with, you must choose your annuity option after evaluating your needs. You must consider factors like whether or not you need the annuity for yourself and your spouse or not, if you would prefer to have a higher lifetime income or ensure a financial legacy for your loved ones, whether you want a guaranteed income for a fixed number of years or increased income to deal with rising expenses. After this, you must decide the amount of investment which you want to make and the also the financial source with which you wish to make the purchase payment. Once you have chosen the aforementioned, you must choose your annuity payout frequency and then you can begin receiving a guaranteed income payout for life, based on the annuity option and frequency that you have chosen.
Premium Purchase & Annuity Payout for MetLife Immediate Annuity Plan
|Minimum Premium (purchase price)||
Increasing Life Annuity & Increasing Life Annuity with return of Purchase Price – Rs 5,00,000
Other Options – Rs 3,00,000
|Minimum Annuity Payout||Rs 1,000 per month|
|Maximum Annuity Payout||Subject to age of entry of Annuitant @ purchase price.|
GST of 18% is applicable on life insurance effective from the 1st of July, 2017