🎯 PNB MetLife Saral Pension Plan

 Here’s a brief summary of the PNB MetLife Saral Pension Plan to help you understand the key features. Note: Always refer to the official policy documents for full terms & conditions.

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✅ What it is

1. This is an Individual, Single Premium, Non-Linked, Non-Participating Immediate Annuity Plan offered by PNB MetLife India Insurance Company Limited. 
2. UIN: 117N130V02. 
3. Designed primarily for retirement: you pay onc
   e (single premium), and then start receiving a guaranteed lifetime income (annuity). 
   
   

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🎯 Key Benefits

1. Guaranteed lifetime income: After paying the premium, you choose how often you’d like to receive payouts (monthly / quarterly / half-yearly / yearly). 
2. Return of Purchase Price (ROP) option: You can choose an annuity option where on death of the annuitant (and if joint life: surviving spouse) 100 % of the original purchase price is returned to nominee/legal heirs. 
3. Joint life last survivor option: You can select a joint life annuity (you + spouse) so the surviving spouse continues to get income. On both deaths, the purchase price is returned (if ROP chosen). 
4. Liquidity on critical illness: The policy allows surrender after 6 months if the annuitant, spouse or child is diagnosed with one of the listed critical illnesses (you get 95 % of purchase price, subject to conditions). 

📋 Eligibility & Other Important Details

• Entry Age: Minimum 40 years, Maximum 80 years.
• Premium Payment Term: Single Pay (pay once upfront). 
• Policy Term: For your lifetime (whole life). 
• Minimum Annuity Amount: For monthly payout, minimum Rs. 1,000. (For quarterly: Rs. 3,000; half-yearly: Rs. 6,000; yearly: Rs. 12,000) 
• There is no maturity benefit in the usual sense — since this is an immediate annuity, income begins soon after premium payment and continues for life. 

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⚠️ Points to Note / Good to Check

1. Because it’s single premium + immediate annuity, your purchase price (premium) is converted into an annuity rate depending on your age, annuity option you pick, life expectancy assumptions, etc. The effective return will depend on these factors.
2. The ‘return of purchase price’ option is an additional feature, so if you pick a “pure life annuity” (no ROP), the purchase price might not be returned — so check what variant is chosen.
3. Surrender: If critical illness condition is triggered you may surrender; otherwise typical early exit may have limitations. 
4. Tax benefits and implications: The brochure reminds you that tax benefit availability is subject to amendments in tax laws. 
5. Always verify current annuity rates, terms, conditions with the insurer/advisor — what you get depends on age, premium amount, payment mode, selected annuity option.