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5th February 2025: PNB MetLife, a leading life insurance company in India, has partnered with Policybazaar to launch the PNB MetLife Smart Invest Pension Plan, a Unit-Linked, Non-Participating Individual Pension Plan, designed to help individuals plan for their golden years.
The Smart Invest Pension Plan is designed for individuals between 40 to 50 years of age and offers a flexible approach to early retirement planning. Customers have the flexibility to choose an immediate annuity upon maturity or defer it for a few years. Additionally, up to 60% of the maturity amount can be withdrawn as a tax-free lump sum.
The Smart Invest Pension plan comes with two funds: Pension Mid Cap Fund and Pension Bond fund. Both funds will be available from February 1 to February 14, 2025, at a NAV of ₹10.
Key Features of the Smart Invest Pension Plan:
- Zero Charges: No premium allocation or policy administration charges, ensuring maximum investment growth.
- Extended Vesting Age: Option to postpone the vesting age up to 70 years to match evolving retirement goals.
- Market linked Return Flexibility: Choose from the Automatic Asset Rebalance Strategy or Systematic Transfer Strategy to balance your market linked return into equity and debt. Alternatively, you can select between the Pension Mid Cap Fund for growth and the Pension Bond Fund for stability.
- Customizable Options: Unlimited fund switches, premium redirection, and partial withdrawals after five years for specific needs.
Commenting on the new product launch, Sameer Bansal, MD & CEO of PNB MetLife, said “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.”
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.”
PNB MetLife Pension Mid Cap fund aims to provide long-term capital appreciation through an actively managed portfolio of diversified mid-cap stocks. On the other hand, the PNB MetLife Pension Bond Fund offers a steady and stable return by investing in low to moderate risk debt instruments. PNB MetLife funds have generated industry-leading returns across categories.
With its unique features, and customer-focused approach, the plan is designed to make retirement planning simple, flexible, and rewarding for customers.
