This pension plan of PNB MetLife guarantees you regular income. Under the scheme, pension up to Rs 1 lakh is available. Let us know how much return you get by investing in it.
Pension Plan: A person plans for retirement by taking special care of expenses, savings, loans and social securities. There is no job in “retirement” but instead of salary one takes pension. It is only through pension that senior citizens are able to live a self-reliant and financially secure old age.
There are many plans available in the market, the responsibility of choosing from which lies with the investors. PNB Metlife’s Monthly Income Plan-10 Pay guarantees income in your golden age.
Plan features and facilities
PNB MetLife Monthly Income Plan-10 Pay is an endowment plan, which provides funds in the form of monthly payouts in old age. Bonus benefits were also available in this. Investors have to pay all the premiums in a stipulated 10 years. Monthly income starts from 11th to 25th policy year. The bonus can be obtained in two ways. Policyholders can claim a bonus on maturity or have the option to receive it every month.
On the death of the investor, the nominee gets a return of 105% of the premium paid. This can also be availed in monthly installments or in lump sum. There is a 3% discount on annual premium payment and 1.5% discount on half-yearly premium payment. Not only this, the premium paid in the plan also gets the benefit of tax exemption under Section 80C of the Income Tax Act. Tax exemption is available on the amount claimed under Section 10 (10D).
investment and return fund
In this, the minimum monthly income is Rs 1500 and maximum Rs 1 lakh. For an income of Rs 1500, a premium of Rs 23,280 has to be paid annually. On paying an annual premium of Rs 18.2 lakh, you get a monthly income of Rs 1 lakh. Accordingly, the sum assured becomes 11 times the premium paid. A person between 18 years to 55 years of age can invest in it. The maximum maturity age is 65 years.
