MetLife India Insurance today became the first private sector life insurer to provide guaranteed monthly income along with other regular benefits like tax incentives and bonuses with the launch of Met Monthly Income Plan.
The scheme includes the benefit of a guaranteed regular income for a long term along with potential upsides in the form of bonuses, MetLife said in a statement.
In addition, it also ensures continuity of regular income for the family in case of death of the insured, allows for a shorter premium payment term and also provides tax benefits, it said.
Given the uncertainties caused by the volatile economic conditions, the need for a product which provides guaranteed regular income for a longer term is extremely high, said MetLife Managing Director Rajesh Relan.
"Launching Met Monthly Income plan is a natural progression in our journey to offer the consumer a complete range of plans to suit their various needs," he said.
This scheme will significantly complement the company's existing products and services, he added.
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MetLife has been among the top 3 fastest growing life insurance companies consecutively for the last 30 months. The company grew at 40 per cent last year even as the industry saw an overall slowdown.This is the second scheme that Metlife has launched during the month.
Earlier this month, the life insurer entered the health insurance business with the launch of an innovative scheme ‘Met Health Care’, offering daily cash benefits in the case of hospitalisation.
Further, customers can avail of the health insurance without undergoing any medical tests, it said.
MetLife has over 55,000 financial advisors, all of whom have gone through rigorous training to understand customer needs.