Financial Daily from THE HINDU group of publications
Wednesday, Jul 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 14, 2004 |
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Money & Banking
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Life Insurance US partner keen to hike stake in MetLife India Our Bureau
Mr Manmohan Tiwana, Regional Manager, MetLife India (left), with Mr Venkatesh Mysore, Managing Director, and Mr Gaurav Suri, Director (Marketing), at a press conference in Mumbai on Tuesday. — Paul Noronha
Mumbai , July 13 METROPOLITAN Life Insurance Company, the US-based partner of MetLife India Insurance Company, may buy out part of the Indian promoters' stake in the company. This would be possible in view of the Budget proposal to allow FDI up to 49 per cent in insurance ventures. Mr Venkatesh Mysore, Managing Director, MetLife India, said the foreign partner is keen to increase its take in the Indian venture. "India is a big market and we need large capital to build a network," he said after addressing a press conference in Mumbai to announce the launch of MetLife's new product. MetLife today launched Met Ultimate - a universal life insurance policy. It is a flexible policy, which combines elements of protection and accumulation simultaneously and provides ready access to the accumulated cash value. According to Mr Venkatesh, Met Ultimate is one policy for an individual's ever-changing needs. It has the advantages of a savings account to which premiums are deposited, various charges deducted and interest credited to the accumulated amount. Met Ultimate provides minimum guaranteed returns (net rate of 3.5 per cent p.a.) and additional bonus interest declared on investment performance. The policy provides coverage up to age 100 with limited premium payment options, and has the facility of tax-free withdrawals after two policy years from the accumulation account. Met Ultimate offers three death benefit options to choose from. It also comes with the flexibility to increase or decrease the face amount. The premiums will be based on age, sex and risk classes such as standard, standard non-smoker and preferred non-smoker. Mr Venkatesh said: "With Met Ultimate, we cater to the needs of our customers and thus provide them the option of choosing a universal life insurance plan which is flexible enough to suit the ever changing needs of their lives."
More Stories on : Life Insurance | Mergers & Acquisitions | Foreign Direct Investment
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