MetLife India Insurance Company today launched a new retirement plan, which provides financial protection as well as gives guaranteed monthly income.
Under the Met Deferred Monthly Income Plan, one can pay for either five or seven years and avail guaranteed retirement monthly income for up to 20 years, a company release said.
The monthly income paid under the plan is tax free. The plan also has a feature wherein in case of an unforeseen event of death, immediate lump sum amount is paid while guaranteed monthly income continues as planned irrespective of the number of premiums paid.
Pension products represented for 28 per cent of insurance market till September 2010. Though regulatory changes have affected the market for these products, the customer demand remains there for such insurance solutions and the new plan would meet these requirements, the company said.
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