PNB MetLife has collaborated with Policybazaar to introduce the PNB MetLife Smart Invest Pension Plan, a Unit-Linked, Non-Participating Individual Pension Plan aimed at helping individuals plan for their retirement with greater flexibility and financial security.
The plan is designed for individuals aged 40 to 50 years and offers multiple retirement options, including the flexibility to choose an immediate annuity upon maturity or defer it for a few years. Policyholders can also withdraw up to 60% of the maturity amount as a tax-free lump sum, ensuring liquidity and financial independence.
Investment Options and Availability
The Smart Invest Pension Plan offers two fund choices:
- Pension Mid Cap Fund – Designed for high-growth potential through investments in mid-cap stocks.
- Pension Bond Fund – A safer option, focusing on low to moderate-risk debt instruments for stability.
Both funds will be available for investment from February 1 to February 14, 2025, at a Net Asset Value (NAV) of ₹10.
Key Features of the Plan
✔ Zero Charges: No premium allocation or policy administration charges, ensuring maximum investment growth.
✔ Extended Vesting Age: Option to defer the vesting age up to 70 years to match evolving retirement needs.
✔ Market-Linked Growth Strategies: Policyholders can choose from:
- Automatic Asset Rebalance Strategy
- Systematic Transfer Strategy
- Custom selection between equity (Mid Cap Fund) and debt (Bond Fund).
✔ High Customisation: Unlimited fund switches, premium redirections, and partial withdrawals (after five years) to meet specific financial goals.
Industry Leaders Speak on the Launch
Sameer Bansal, MD & CEO, PNB MetLife, highlighted the increasing importance of retirement planning:
“The percentage of India’s elderly population is expected to nearly double by 2050. This demographic shift, combined with increasing life expectancy highlights the critical need for individuals to take charge of retirement planning early in life. By collaborating with Policybazaar for Smart Invest Pension Plan, we aim to make retirement solutions accessible to a more people particularly those on digital platforms actively seeking the right financial guidance for their retirement planning. This also aligns with our core purpose of ‘Milkar Life Aage Badhaein, empowering individuals to plan collaboratively and confidently for a secure and fulfilling future.”
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Sarbvir Singh, Joint Group CEO, Policybazaar, added:
“Retirement in India was traditionally viewed as a distant milestone but now it’s widely recognised as a phase of life that requires proactive financial planning right from the early years. To address modern India’s evolving retirement needs, Policybazaar is thrilled to partner with PNB MetLife to launch a smart and flexible pension plan. Through this partnership and this new-age product, we aim to reshape the conversation around retirement from a passive necessity to an active financial strategy.”
