PNB Annuity Deposit Scheme

Plan your Post-retirement phase with PNB annuity Deposit scheme for peaceful life with better financial security.

Punjab National Bank offers an annuity deposit scheme that ensures guaranteed regular income for the rest of your life after retirement. With the annuity deposit scheme PNB, you can secure not just your own future but also your loved ones through the return of premium.

Offering flexible annuity payouts that you can choose from and competitive interest rates, you can secure your guaranteed annual pension with only a one-time investment. PNB also offers an annuity term deposit for victims of road accidents, ensuring they get the finances they require.

Types of Annuity Deposit Scheme PNB

PNB offers the PNB MetLife Immediate Annuity Plan and an Annuity Term Deposit Scheme For Victims of Road Accidents. Here is a brief overview of the same:

PNB MetLife Immediate Annuity Plan

This plan further offers two main types of annuity deposit schemes: Standalone annuity and Tied annuity. Each type provides different annuity options that will best suit your future goals and plans.

Standalone Annuity

Annuity policies bought from sources other than PNB MetLife's deferred pension plans are called Standalone Annuity. This annuity plan best suits retirees and those nearing retirement.

Tied Annuity

Annuity policies bought using funds from PNB MetLife's deferred pension plans are known as Tied Annuity. Best suiting those who are retiring.

Annuity Term Deposit Scheme For Victims of Road Accidents

The scheme helps individuals who have received funds from Motor Tribunals due to road accidents by providing them with options to deposit these funds. It includes a Fixed Deposit product called "Motor Accident Claims Annuity Deposit" (MACAD) and a Savings Bank account called "MACT Claims SB Account."

The features of the annuity term deposit scheme for victims of road accidents are:

Besides, ICICI Monthly Income Plan you can also check & compare the PNB Fixed Despoit Rates. You can compare them while considering FD investments with ICICI Bank.

For ICICI Fixed Deposit return calculation, you can use the online FD Calculator. This will simplify your financial calculations, helping you plan your finances with ease.

PNB Bank Annuity Deposit Scheme Eligibility Criteria

The PNB annuity scheme has certain boundary conditions that you must fulfil before you begin your investment for the future. These are:

PNB MetLife Immediate Annuity Plan Options

The different PNB annuity deposit scheme options available are:

Single Life Annuity Options

• Life Annuity: This annuity pays a fixed rate for the annuitant's lifetime. If the annuitant passes away, annuity payments stop.
• Life Annuity with Return of Purchase Price: The annuity pays a fixed amount as long as the annuitant lives. If the annuitant dies, future payments will stop, and the purchase price will be given to the nominee or beneficiary.
• Life Annuity with Return of Balance: This PNB annuity will provide a fixed income amount for the annuitant's lifetime. If the annuitant dies, payments will stop, and any remaining balance (purchase price minus total payments made till the date of death) will go to the nominee or beneficiary.
• Life Annuity with a certain period of 5, 10, 15, or 20 years: The annuity pays a fixed rate for 5, 10, 15, or 20 years, chosen by the annuitant. If the annuitant dies during this period, payments continue to the nominee or beneficiary until the end of the chosen term. After this period, payments stop immediately upon the annuitant's death.
• Increasing Life Annuity (Increasing at 3%): This annuity is where the income amount increases by 3% compounded each year and is paid for the annuitant's lifetime. If the annuitant dies, future payments stop immediately.
• Increasing Life Annuity (Increasing at 3%) with Return of Purchase Price: This annuity also increases by 3% compounded each year, paid for the annuitant's lifetime. However, if the annuitant dies, the payments will stop, and the purchase price will be paid to the nominee or beneficiary.

Joint Life Annuity Options

The Joint Life Annuity Options are for both primary and secondary annuitants. Check the details below:

• Joint Life Last Survivor Annuity: Here, the annuity payments will continue as long as one annuitant is alive. The payments will stop only when the last surviving annuitant dies or if both die simultaneously.
• Joint Life Last Survivor Annuity with Return of Purchase Price: This annuity option offers regular payments for the lifetime of both annuitants. However, if both annuitants die, the purchase price will be given to the nominee and the payments will stop.
• Joint Life Last Survivor Annuity reducing to 50% for spouse: In this PNB annuity deposit scheme option, the payments will be given as long as the primary annuitant is alive. After the primary annuitant’s death, 50% of the annuity payments will go to the spouse for life. If both annuitants pass away simultaneously, the payments will stop.
• Joint Life Last Survivor Annuity reducing to 50% for the spouse with the Return of Purchase Price: The annuity payments will be provided regularly as long as the primary annuitant is alive, upon their death, only 50% of the payments will go to the spouse for life. However, in case both annuitants pass away, the payments will stop, and the purchase price is given back to the nominee or beneficiary.

NPS – Family Income Annuity

Under this option, the annuity benefit will be paid according to the regulations set by the Pension Fund Regulatory and Development Authority (PFRDA). This scheme is exclusively for National Pension System (NPS) subscribers.

In the event of the subscriber's demise before the vesting of the annuity, the annuity benefits will be provided for the lifetime of the spouse under the "Life Annuity with Return of Purchase Price" option.

Upon the death of the annuitant(s), annuity payments will stop, and the refunded purchase price will be used to purchase a new annuity contract for any living dependent parents (if applicable).

The annuity will continue until all eligible family members specified above are covered. After covering all family members, the Purchase Price will be returned to the surviving children of the subscriber, or the legal heirs if applicable. If no eligible family member exists upon the death of the last survivor, the Purchase Price will be refunded to the nominee.

You can also check the Annuity Deposit Schemes offered by different banks from the table given below:

Features & Benefits of Annuity Deposit Scheme in PNB

PNB annuity deposit scheme offers the following features and benefits:

• One-Time Payment: Pay only once to ensure guaranteed income for your lifetime. With a single payment, you secure a consistent source of income without worrying about future contributions.
• Lifetime Income for Spouse: Secure a lifetime income for your spouse, even if you are not around. Ensure financial stability for your loved one by providing them with a regular income stream after your demise.
• Return of Invested Capital: Leave a legacy for your family through the return of invested capital on your demise. Your family will receive the initial investment amount, providing them with financial support during challenging times.
• Customizable Annuity Plans: Create your annuity plan by selecting from a wide range of annuity options. Choose your plan according to your specific financial needs and goals.
• Choice of Payout Frequency: Select the frequency of your payout to suit your lifestyle and financial requirements. Choose from options including monthly, quarterly, half-yearly, or yearly payouts.
• Tax Benefits: Tax benefits are available under this plan as per the Income Tax Act of 1961, and may change in the future. Consult your tax advisor for details on tax benefits for premiums paid and proceeds received under the policy.

Termination of Annuity Deposit Scheme in PNB

The PNB annuity deposit scheme will be terminated based on the selected option and the settlement of any death benefit, if applicable. These are as follows: