New Delhi, December 23, 2013: PNB MetLife India Insurance Company Limited (PNB MetLife), one of India’s leading life insurance companies announced the launch of three new life insurance products today, namely Met Endowment Savings Plan, Met Money Back Plan and Met Monthly Income Plan – 10Pay. Based on traditional platform, the products are designed to meet the various needs of policy buyers like protection, tax savings and wealth creation; while remaining compliant with IRDA’s recent regulation for new products. PNB MetLife is providing customers with much needed financial security while simultaneously delivering other benefits such as guaranteed monthly income and guaranteed money back schemes through these offerings.
Speaking about the new products, Rajesh Relan, Managing Director and Country Manager said “At PNB MetLife, we have always designed our products keeping in mind our customer needs of financial protection, long-term savings and retirement. We have further enhanced the benefits of ‘Met Monthly Income Plan’, a category that PNB MetLife probably pioneered in this country. In addition, we have now launched exciting money back and endowment plans which seek to maximize customer value while giving them the benefit of protection.”
Key features of the new plans
Met Endowment Savings Plan – Met Endowment Savings Plan (MESP) specifically addresses the long term financial goals of customers and comes with an affordable premium preference. The plan offers a long term saving option (from 10 – 30 years) and allows policy holders the flexibility of opting to make 5 to 10 payments or regular payments throughout the policy term. It also supplements maturity benefit with reversionary bonus and terminal bonus.
Met Money Back Plan – This plan is designed to provide dual benefits to the consumer - guaranteed money back at regular intervals along with protection in case of unforeseen demise of the policy holder. Met Money Back also offers regular survival benefits of 10% of sum assured payable from 5th Policy year to 9th Policy year and 60% of Sum Assured payable at maturity as a lump sum. In case of untimely demise of the policyholder, a lump sum death benefit is paid to the survivors, irrespective of the survival benefits already paid. It also offers Tax benefits under section 80C and 10(10D) of the Income Tax Act.
Met Monthly Income Plan - 10 Pay – Designed to meet the liquidity needs of the consumer at the retirement stage of the policy holder, Met Monthly Income Plan (MMIP) offers the policy holder and his family regular monthly income for 15 years in the event the policy holder’s demise. The policy holder or his survivors may also opt to receive a lump sum on maturity. The policy also has a provision to boost the guaranteed monthly regular income with accrued bonus at the time of maturity. It also offers Tax saving benefits.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the majority shareholders. PNB MetLife was previously known as MetLife India Insurance Company Limited (MetLife India) and has been present in India since 2001.
PNB MetLife brings together the financial strength of MetLife Inc., one of the leading global life insurance provider and the credibility and reliability of PNB, one of India's oldest and leading nationalised banks. The vast distribution reach of PNB together with the global insurance expertise and product range of MetLife makes PNB MetLife a strong and trusted insurance provider. PNB MetLife is present in over 150 locations across the country and serves customers in more than 7,000 locations through its bank partnerships with PNB, JKB and Karnataka Bank Limited.
PNB MetLife provides a wide range of protection and retirement products through its Agency sales of over 20,000 financial advisors and multiple bank partners, and provides access to Employee Benefit plans for over 800 corporate clients in India. With its headquarters in Bangalore and Corporate Office in Gurgaon, PNB MetLife is one of the fastest growing life insurance companies in the country. The company continues to be consistently profitable and has declared profits for last three Financial Years.
For more information, visit www.pnbmetlife.com
Pooja Garg Khan
Penn Schoen Berland