Individual, Non-Participating, Unit linked, Pension Savings Plan | UIN: 117L137V01
PNB MetLife Smart Invest Pension Plan is an Individual, Non-Participating, Unit linked, Pension Savings Plan. A simple, hassle-free plan helps you accumulate your premiums, Investment with market linked returns there of into a corpus for your retirement. This retirement corpus will ensure a stream of regular guaranteed# income payable for the rest of your lifetime.
What you don’t get
In case of death due to suicide within 12 months from the date of commencement of Risk or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to the Fund Value, as available on the date of intimation of death. Further any charges other than Fund Management Charges (FMC) and guarantee charges recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.
| Particulars | Boundary Conditions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Min. Age at entry* | 25 years | ||||||||||
| Max. Age at entry* | 70 years | ||||||||||
| Min age at Vesting* |
35 years | ||||||||||
| Max. age at Vesting* | 80 years | ||||||||||
| Minimum Annualized Premium | Single Pay– Rs. 49,999 |
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| Maximum Annualized Premium | No Limit, as per Board Approved Underwriting Policy | ||||||||||
| Sum Assured |
105% of the Total Premiums Paid | ||||||||||
| Premium Payment Term | Single Pay |
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| Minimum Policy Term |
|
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| Maximum Policy Term | Single Pay- 40 years |
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| Premium Payment Mode | Single, Yearly, Half-Yearly, Quarterly & Monthly** |
*All references to age are as on age last birthday
**Monthly mode is available for Standing instruction/direct debit options (including Electronic Clearing System (ECS), and Automated Clearing House (ACH)
In the event of the unfortunate death of the Life Assured during the policy term provided that the policy is still In-force status on the date of death, the benefit payable on the death of the Life Assured shall be:
Higher of:
Where, Sum Assured is 105% of the total premiums paid*** up to the date of death,
Sum assured will be reduced to the extent of partial withdrawals made in the last two years immediately preceding the date of death. Partial withdrawals made from Top-up premium shall not be reduced for this purpose.
Options to the Nominee or Beneficiary on death of the Life Assured
The nominee will have the following options to choose from on death of the life assured: -
In case the proceeds of the Policy are not sufficient to purchase minimum annuity of Rs.1,000 per month or any other minimum annuity amount as prescribed by the Authority from time to time, such proceeds of the Policy will be paid as lump sum.
***“Total Premiums Paid” means the total of all premiums received under the base product including top-up premium paid, if any.
If the Life Assured survives and the policy is in-force till Vesting Date, the Vesting Benefit shall be:
Total Fund Value (including Top Up Fund Value, if any) as on the date of vesting.
Options on Vesting:
You shall have the following options on vesting to choose from:
Irrespective of the aforementioned options chosen, you also have an option to purchase immediate annuity or deferred annuity from any another insurer at the then prevailing annuity rate by utilising not more than 50% of the proceeds of the policy net of commutation.
In case the proceeds of the Policy on Vesting, net of commutation are not sufficient to purchase minimum annuity of Rs.1,000 per month, or any other minimum annuity amount as prescribed by the Authority from time to time, such proceeds of the Policy will be paid to the Policyholder or beneficiary as lump sum.
You have an option to postpone the vesting date of the policy (the date on which you will get the Vesting Benefit from the policy). The minimum postponement can be of one year and maximum would be up to age of 70 years (last birthday). However, this option is only available until the Life Assured turns 60. This facility can be availed multiple times.
Partial withdrawal is allowed only three times during the entire term of the policy.
Plan offers Return of Mortality Charge.
Disclaimer:
The Linked Insurance Product do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/ withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
#Provided all premiums being paid and vesting benefit proceeds provide annuity income. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. PNB MetLife India Insurance Company Limited is only the name of the Life Insurance Company and PNB MetLife Smart Invest Pension Plan is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The past performance of the funds is not indicative of the future performance. The policyholder can know the value of policy wise units as per the FORM D02 through a secured login on the PNB MetLife website (www.pnbmetlife.com) 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. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject from time to time. For more details on risk factors, terms and conditions, please read the sales brochure before concluding any sale. For Further details on all the conditions exclusions related to product, please contact our insurance advisors.
1Return of Mortality charges will be paid if all the due premiums are paid, and policy is in force.
The past performance of the funds is not indicative of the future performance.
AD-F/2024-25/1478
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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