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MetLife Immediate Annuity Plan

What is the Plan all About?

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.

What are the Key Features?

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

What are the Plan benefits?

Single Life Annuity

You can choose from the following options:

  • Life Annuity: Annuity is payable at a constant rate for the entire life of the annuitant. In case of his/her death, all future annuity payments tend to cease.
  • Life Annuity with Return of Purchase Price: Annuity is payable at a constant rate throughout the life of the annuitant. In the event of death of the annuitant, the future annuity payments stop immediately and the purchase price is payable to the nominee.
  • Life Annuity with Return of Balance: Annuity is payable at a constant rate throughout the life of the annuitant. In the event of death of the annuitant, the future annuity payments stop immediately and the balance amount is payable to the nominee/beneficiary.
  • Life Annuity for 5, 10, 15 or 20 years: Annuity is payable at a constant rate for a period of 5, 10, 15 or 20 years, as opted by the annuitant irrespective of his/her survival. If he survives, the annuity is payable throughout the life and in case of the demise of the annuitant during the guaranteed period, the annuity is payable to the nominee till end of the chosen guaranteed period and all the future payments then stop.
  • Increasing Life Annuity (Increasing @3%): Annuity payable increases @3% per annum compounded and it is payable throughout the life of the annuitant. It increases at each policy anniversary. In the event of death of the annuitant, the future annuity payments stop immediately.
  • Increasing Life Annuity (Increasing @3%) with Return of Purchase Price: Annuity payable increases @3% per annum compounded and it is payable throughout the life of the annuitant. It increases at each policy anniversary. In the event of death of the annuitant, the future annuity payments stop immediately and the purchase price is payable to the nominee.

Joint Life Annuity

  • Joint Life Last Survivor Annuity: Annuity is payable at a constant rate for the entire life, in case of survival of one of the annuitant. In case of death of last surviving annuitant or simultaneous death of both annuitants, all future annuity payments tend to cease.
  • Joint Life Last Survivor Annuity with Return of Purchase Price: Annuity is payable at a constant rate for the entire life, for survival of one of the annuitant. In case of death of last surviving annuitant or simultaneous death of both annuitants, the purchase price is payable to the nominee.
  • Joint Life Last Survivor Annuity Reducing to 50% for Spouse: Annuity is payable in full, in case of survival of the primary life. In the event of death of the primary life, 50% of the annuity is payable to spouse for the life. The annuity payments stop immediately on death of last surviving annuitant or simultaneous death of both annuitants.
  • Joint Life Last Survivor Annuity Reducing to 50% for Spouse with Return of Purchase Price: Annuity is payable in full, in case of survival of the primary life. In the event of death of the primary life, 50% of the annuity is payable to spouse for the life. The annuity payments stop immediately on death of last surviving annuitant or simultaneous death of both annuitants. The purchase price is then payable to the nominee.

Loan Benefit

No Loan benefit is applicable under this plan.

Surrender Value

No Surrender Value is applicable under this plan.

Who can Buy the Rider?

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 -

Is any Rider Available with this Plan?

No rider(s) can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

This policy provides tax benefits are applicable under the Income Tax Act, subject to prevailing tax laws.

How the Plan Works?

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.