Citibank in Partnership with MetLife Launches Young Saver Growth Protection Plan
First Bank in China to Sell Investment-Linked Insurance Tailored to Needs of Families
Shanghai, – Citibank (China) Co., Ltd. (“Citibank”) and United MetLife Insurance Company Limited (“MetLife”) today announced the launch of an RMB-denominated insurance offering, the Young Saver Growth Protection Plan. The new offering has been designed specifically to meet the needs of Citibank customers and their children.
The Young Saver Growth Protection Plan features long-term protection for children aged from 30 days to 17 years old. It not only sets up traditional personal insurance accounts, but also is equipped with investment accounts that cater especially to the financials needs that accompany the education and growth of children. By investing in this product customers can both better prepare financially for their children’s education and growth as well as safeguard them with comprehensive life and health protection.
Mr. Anand Selva, Executive Vice President of Citibank (China) Co., Ltd., said, “Citibank aims to ultimately look after all the wealth management needs of our customers over their entire life cycle. The launch of this new offering provides our customers with a new means of helping them achieve their financial goals in relation to their children and at the same time optimize their own investment potential.”
Bob Pei, CEO of MetLife, said, “MetLife enjoys a strong and productive partnership with Citibank and we both share the same commitment to providing world-class products and services that meet the evolving needs of our customers. This new product provides Citibank’s customers with yet another personal financial solution.”
If customers pay the full insurance premium during the first ten policy years, they will receive comprehensive coverage of death and total permanent disability (TPD) at no extra charge during the insurance period. In addition, the management of insurance account is also easy. Customers have the right to choose a premium payment pattern and period, and apply for partial withdrawal at any time. Furthermore, customers have the option to purchase MetLife’s accidental and health rider insurance for 20 Yuan per month. With this rider, customers are able to access a cash income of 320 Yuan per day in the event that they are hospitalized.
In addition, the new offering makes three investment accounts available to customers, namely “Money Market,” “Balanced,” and “Equity,” which customers can select from depending on their investment horizon and risk appetite. Customers can switch among different investment accounts according to their own preference, and adjust allocation among funds for better investment returns.
The launch of Young Saver Growth Protection Plan forms part of the “Citibank Junior Plan,” one of Citibank’s latest initiatives that aim to provide children with a head start in life so that they can grow and develop their future. Under this initiative, a series of programs have been created that are designed for the children of Citibank customers. More details on these programs will be made available soon.
Mr. Anand Selva added, “Citibank maintains our commitment to financial education, ensuring that our customers continue to build their knowledge of financial products and the role they can play in their lives. Based on our global and local expertise, we will continue to provide our customers with innovative products as this one.”
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