Bangalore: MetLife India Insurance Company (MetLife) unveiled two schemes exclusively on 27 April for customers of Karnataka Bank, based on MetSmart Plus, a unit linked insurance plan.
Announcing the two propositions - Sumangali and Vidyakiran, Karnataka Bank chairman and chief executive officer Ananthakrishna said, “They are designed to specifically cater to the latent need amongst parents to secure their children’s future.”
Sumangali is designed to plan for the daughter’s wedding expenses while Vidyakiran is for the child’s higher education, he added. Daughter’s wedding and child’s education expenses, he said, are big milestones which require a lot of planning.
“Factoring inflation, 15-20 years from now will require large outlays for these milestones. Sumangali and Vidyakiran have been designed to cater to these needs,” Ananthakrishna said.
MetLife managing director Rajesh Relan said the two propositions, introduced on the fourth anniversary of the company’s partnership with Karnataka Bank, will increase the penetration of the bank in the state.
In addition to providing liquidity to meet critical expenses for children, both schemes provide life insurance to the policy holder till 99 years of age. The policy-holder also gets tax benefits under the Income Tax Act 1961.
Relan said MetLife is offering its services through 409 branches of Karnataka Bank with 200 Channel Sales Officers (CSOs). Together, the schemes have covered 25,000 lives in Karnataka and 28 lakh all over the country, he added.