PNB MetLife Insurance Company has a number of stakeholders including Punjab National Bank Limited, MetLife International Holdings LLC, M. Pallonji and Company Limited, Jammu and Kashmir Bank Limited, etc. The company itself is an alliance between one of the most prominent insurance companies on the planet – MetLife International Holdings and Punjab National Bank, which has plenty of experience in the financial as well as insurance sectors.
PNB MetLife Insurance Company has financial institutions, banks and insurers’ branches at around 8000 locations in the world, and the products made available by the company include investment and savings plans, child plans, protection plans, etc. With the vast array of products and services on offer, MetLife Insurance Company strives to meet the unique needs and requirements of an extensive customer base.
MetLife Immediate Annuity Plan
Regular income is crucial to ensuring that you have a chance to live a comfortable life after retirement. The Immediate Annuity Plan from MetLife Insurance Company allows applicants to customise their retirement plans based on their own needs and preferences in exchange for a guaranteed income through your retired life.
Features and Benefits of MetLife Immediate Annuity Plan
- One-time payment
- Freedom to customise the annuity plan
- Wide variety of annuity options to choose from
- Options for frequency of payout can be annual, semi-annual, quarterly or monthly
- Choice to cover spouse via Joint Life annuity options
- Balance annuity and Return of Purchase Price options
MetLife Retirement Savings Plan
The Retirement Savings Plan from MetLife Insurance Company Limited ensures that customers derive a vesting benefit which includes the sum assured plus the vested simple reversionary bonus along with terminal bonus, if any. It also provides a death benefit which includes the death sum assured plus the accrued simple reversionary bonus along with the terminal bonus, if any. The vesting age for this scheme can extend up to 75 years.
Features and Benefits of MetLife Retirement Savings Plan
- Death benefit is higher than the policy’s surrender value
- Nominees can buy an Immediate Annuity Plan from MetLife Insurance Company in case of the death of the policyholder
- Nominees can also withdraw the whole death benefit as lump sum
- Once the death claim amount has been paid, the policy will be terminated
- Vesting benefits
- The whole vesting benefit can be used to buy Immediate Annuity Plans from the company
- The vesting benefit can also be used to buy an available Single Premium Deferred Pension plan to defer buying Immediate Annuity
MetLife Monthly Income Plan – 10 Pay
The Monthly Income Plan – 10 Pay from MetLife Insurance Company ensures that the customer who opt for 10-year premium plans will receive monthly income for 15 years. Annual bonuses are also handed out under this plan so that the value of the plan is enhanced. The plan ensures that the financial security of you as well as your loved ones is taken care of while providing tax-free income to customers.
Features and Benefits of MetLife Monthly Income Plan – 10 Pay
- Maturity Benefit: Customers can opt to take out the bonuses accrued during the policy term once the term is complete. The funds can be taken out either as a lump sum, or can be utilised to enhance the monthly income amount for the following 15 years.
- Death Benefit: In case of the death of the policyholder, his / her family will derive the flexibility to receive either a guaranteed monthly income or a lump sum payment.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017