Lift Insurance Firm PNB MetLife has partnered with Policybazaar to launch a new pension plan, the PNB MetLife Smart Invest Pension Plan, designed to help individuals plan for their golden years. This Unit-Linked, Non-Participating Individual Pension Plan is aimed at people aged 40-50, offering a flexible approach to early retirement planning.
The plan allows customers to choose an immediate annuity upon maturity or defer it for a few years, and up to 60% of the maturity amount can be withdrawn tax-free. The plan comes with two funds: Pension Mid Cap Fund and Pension Bond Fund, both available from February 1-14, 2025, at a NAV of ₹10.
The Smart Invest Pension Plan offers several benefits, including zero charges, extended vesting age up to 70 years, and market linked return flexibility. Individuals can choose from three strategies: Automatic Asset Rebalance, Systematic Transfer, or select between the Pension Mid Cap Fund for growth and the Pension Bond Fund for stability. Additionally, customers can make unlimited fund switches, premium redirection, and partial withdrawals after five years to meet specific needs.
Sameer Bansal, MD & CEO of PNB MetLife, commented on the new product launch, stating that the partnership with Policybazaar aims to make retirement solutions more accessible to people, particularly those using digital platforms, seeking financial guidance for their retirement planning. The Smart Invest Pension Plan is designed to provide customers with a flexible and tailored approach to planning for their golden years.