PNB MetLife India Insurance
PNB MetLife Immediate Annuity Policy

PNB Metlife Immediate Annuity Plan

PNB MetLife Immediate Annuity Plan is an Individual, Non-Linked, Non-Participating, Immediate Annuity Product that enables you to create a retirement plan that meets your needs and obtain guaranteed income for the rest of your life.

Your comfort is a priority in the creation of this annuity plan. By utilizing a retirement plan that is specially designed to meet your needs, you may use this post-retirement plan to assure a comfortable existence for you and your loved ones. To receive a lifetime of guaranteed income, all you need to do is invest in this plan. Even if you pass away, your spouse will have the option of securing lifetime income. It comes with two different options: Standalone Annuity & Tied Annuity.

Keep reading to know more about PNB MetLife Immediate Annuity Plan’s eligibility criteria, key features & benefits, exclusions, and more.

Eligibility Criteria

Here is the eligibility criteria for PNB MetLife Immediate Annuity Plan.

ParametersStandalone AnnuityTied 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 entry75 years90 years
Min Premium (Purchase Price)

· Increasing Life Annuity and Increasing Life Annuity with the return of Purchase Price – Rs.500,000

· Other options – Rs. 300,000

Not applicable
Minimum Annuity Pay-outRs. 1,000 per month
Maximum Annuity Pay-outSubject to entry age of Annuitant & Purchase Price
Annuity Payout ModeYearly/Half Yearly/Quarterly/Monthly
Annuity Options

Single Life annuity options

  • Life Annuity
  • Life Annuity with the return of Purchase Price
  • Life Annuity with Return of Balance
  • Life Annuity with a certain period of 5 years
  • Life Annuity with a certain period of 10 years
  • Life Annuity with a certain period of 15 years
  • Life Annuity with a certain period of 20 years
  • Increasing Life Annuity (Increasing @ 3%)
  • Increasing Life Annuity (Increasing @ 3%) with the return of Purchase Price
Joint Annuity (Two Lives) annuity options
  • Joint Life Last Survivor Annuity
  • Joint Life Last Survivor Annuity with the return of Purchase Price
  • Joint Life Last Survivor Annuity reduced to 50% for Spouse
  • Joint Life Last Survivor Annuity reduced to 50% for Spouse with the return of Purchase Price
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.

Key Features & Benefits of PNB MetLife Immediate Annuity Plan

Listed below are the frequently asked questions related to NB MetLife Immediate Annuity Plan.

  1. One-Time Payment Option: You don’t have to worry about making ongoing payments when you use the PNB MetLife Immediate Annuity Plan. You only need to make one payment to guarantee a lifetime of guaranteed income.
  1. Lifetime Income: The worry of what will happen to your spouse if you pass away looms large in every relationship. You can guarantee your spouse a lifetime income with the PNB MetLife Immediate Annuity Plan so they can live well in the future.
  1. Financial Stability: It is simple to make sure that your family maintains its financial stability after your passing with the PNB MetLife Immediate Annuity Plan, thanks to the return on the invested funds.
  1. Flexible Payment Options: You have a range of payout options to select from, including monthly, quarterly, half-yearly, and annual payouts.
  1. Retiring, Leaving Your Job, or Terminating Your Insurance: The payout is dependent on the value of the available fund. The market value adjustment is applicable in situations where there is a surrender or mass withdrawal from the program before the third renewal.
  1. Death Benefit: According to the group policyholder-applicable scheme provisions, the death benefits are paid. Payments are limited by the maximum fund that can be made available for the specific group arrangement. Benefits related to death are not subject to market value modification.
  1. Free Look Period: After the policy is issued, the policyholder is given a free look period of 15 days (30 days for distance marketing channels) to evaluate the terms and conditions of the policy.
  1. Tax Benefits: Policyholders can receive benefits against the premiums paid for this policy and the benefits received following the current tax laws in India. You are advised to speak with a tax advisor to learn more about the advantages provided by the Income Tax Act of 1961, as tax laws are occasionally subject to amendment. According to Sections 80C and 10(10D) of the Income Tax Act of 1961, policyholders are eligible for tax benefits.

Exclusion Under PNB MetLife Immediate Annuity Plan

Suicide Exclusion

If the insured person takes their own life within a year of the policy’s start date for annuity options other than Return of Purchase Price/Balance, the nominee or beneficiary of the policyholder is entitled to 80% of the premiums paid without interest.

The benefit paid in the event of suicide would be 100% Return of Purchase Price and 100% of Purchase Price less the total Annuity Payouts for options with Return of Purchase Price and Return of Balance.

How Does the PNB MetLife Immediate Annuity Plan Work?

Mr. Aman Kapoor, who is 55 years old software engineer, was looking for a plan that may provide him with lifetime income and protect his wife after his demise. After getting through many reviews and suggestions from friends and family, he decided to opt for PNB MetLife Immediate Annuity Plan to secure his old age. He selects monthly payouts with Life Annuity with the return of purchase price option and makes a one-time premium payment of Rs. 50 lakhs.

Let’s take a look at the death benefit that his wife (nominee) will receive.

AgePay-out frequencyPremium PaymentAnnuityDeath Benefit
55 YearsMonthlyRs. 50 lakhsRs. 24,853 (Till Death)Rs. 50 lakh

Frequently Asked Questions

You have the right to a refund of the premium you paid, less any fees you paid for medical exams and stamp duty. There is no free-look period given for the choice of a tied annuity, where you must acquire an annuity from the PNB MetLife India Insurance Company Limited under duress.

PNB MetLife has the right to decide if a medical examination is necessary. You may need to take a few tests, depending on the sum assured and other aspects. If it’s more convenient for you, tests can be done at your house.

Under the Tied Annuity, PNB MetLife will pay the nominee or beneficiary the amount accumulated under the plan if the proceeds from the deferred pension plan are insufficient to purchase Rs. 1,000 monthly annuities. The nominee is given the choice of receiving a monthly annuity of less than Rs. 1,000.

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