MetLife Immediate Annuity Plan is a non-linked traditional immediate annuity plan that provides regular income, so you can lead the post-retirement life comfortably.You have the option to customize your retirement plan and get the guaranteed income for your life.
Pay only once and get guaranteed income for your lifetime
Secure lifetime income for your spouse
Increasing income to combat inflation
Customize your annuity plan
Avail tax benefits
Single Life Annuity
You can choose from the following options:
Joint Life Annuity
Loan Benefit
No Loan benefit is applicable under this plan.
Surrender Value
No Surrender Value is applicable under this plan.
Factor | Minimum | Maximum |
Age (as on last birthday) | Standalone Annuity- 30 years (single life option), 40 years (joint life option), Tied Annuity- 0 year (single life option), 18 years (joint life option) | Standalone Annuity- 75 years, Tied Annuity- 90 years |
Premium | Standalone Annuity- Rs 5 Lacs (increasing life annuity & increasing life annuity with return of purchase price), Rs 3 Lacs (other options)Tied Annuity- Not Applicable | - |
Annuity Payout | Rs 1,000 per month | Subject to entry age of annuitant & purchase price |
Premium Paying Mode | Annually, Semi Annually, Quarterly, Monthly | - |
Freelook Period | 15 days/ 30 days (for distance marketing channel) from the receipt of the policy | - |
Grace Period | 30 days (15 days for monthly mode) | - |
Plan Type | Offline | - |
No rider(s) can be opted under this plan.
This policy provides tax benefits are applicable under the Income Tax Act, subject to prevailing tax laws.
Let us understand the plan with the help of Raman’s example.
Mr. Raman at age 55 years chooses to buy MetLife Immediate Annuity Plan with a life annuity with return of purchase price option and pays a one-time premium of Rs 50 Lacs.
Scenario 1
Mr. Raman receives an annuity payment of Rs 25,289 till the time of his death at 90 years.
Scenario 2
After receiving 20 years of annuity payments, assuming Mr. Raman passes away. His wife (nominee) gets Rs 50 Lacs as death benefit.