The Met Pension – Par is a retirement plan. This insurance plan helps is staying financially independent after retirement. This plan helps in building the fund for the golden years.
Eligibility for Met Pension – Par are:
• The minimum entry age for the policy is 18 years.
• The maximum age for the policy is 60 years.
• The minimum term for the policy is 45 years.
• The minimum retirement age of the policy is 45 years.
• The maximum retirement age of the policy is 70 years.
• The premium payment term allowed under this policy is single, limited and regular pay.
• The minimum sum assured under the policy is Rs 50,000.
• There is no maximum limit for the sum assured.
• The minimum annual premium of the policy is Rs 4000 per annum.
Features of Met Pension – Par are as follows:
• The customer has the facility to customize the policy with additional rider benefits.
• This plan participates in the company profits through bonuses.
• There are different premium payment terms under this policy to suit the convenience of the income of the customer.
• The policy holder can get up to 1/3rd of the retirement kitty as a tax free lump sum on retirement.
• 8 annuity options are available under this policy on the retirement.
• The policy gives dual benefit of saving for retirement along with protection.
Benefits of Met Pension-Par are
1) Death Benefit: – In case of the death of the policy holder the death benefit will be:
• Return of the premium.
• Accrued reversionary bonus
• Insurance on the insured which may be provided by the riders to the policy.
2) Annuity options: – It offers 8 annuity options available during retirement to match the pension requirement.
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