omniture

Citibank and MetLife introduce the MetLife Gorgeous Dragon RMB Universal Life Plan

Citibank
2013-05-06 18:28 1627

Bringing together life protection, stable wealth growth and RMB appreciation potential

HONG KONG, May 6, 2013 /PRNewswire/ -- Citibank introduced the MetLife Gorgeous Dragon RMB Universal Life Plan (the "Plan (Note 1)"), underwritten by MetLife Limited ("MetLife"), the wholly-owned subsidiary of MetLife, Inc., the largest life insurance company in the United States*.  The Plan, denominated in Renminbi ("RMB"), enables clients to enjoy life protection and to accumulate their wealth with interest and bonuses, as well as RMB potential growth, coupled with its liquidity feature.  Key features of the Plan include:

(1) Stable wealth growth

The Plan offers a steady growth for wealth. Interest will accrue on clients' account according to the crediting rate, after which clients may choose to cash out the credited interest or leave it in the policy to accelerate the growth of the account value. Clients who successfully purchase the Plan on or before December 31, 2013 can also enjoy a promotional crediting rate locked at 5% per annum till March 31, 2015, together with a policy fee waiver for the first three policy years. In addition, the Plan offers a loyalty bonus and an extra loyalty bonus, providing a total potential bonus of up to 60% of clients' initial annual premium.

(2) Premium payment flexibility

The Plan also offers clients the flexibility to pay the first three years' annual premium by annual payments or by making an advance premium payment in either Hong Kong dollar or RMB. To meet clients' changing priorities and financial needs during different life stages, they may choose to pay, suspend subsequent premiums or reduce the premium at their discretion after the third policy year, allowing flexibility in their financial planning.

(3) Cash-out liquidity

When there is a need to realize short-term goals while keeping the policy in force to maintain long-term vision, clients can enjoy totally charge-free withdrawals of the accumulated credited interest after the first policy year. The Plan also allows clients to cash out part of their account value after the third policy year.

(4) Whole life protection

The Plan also offers life protection up to age 100. In the unfortunate event of death of the insured person within the policy term, the designated beneficiary(ies) will receive a Life Benefit equivalent to the higher of (i) 101% of the total annual premiums paid (less the sum of all withdrawals, including any surrender charges incurred) and (ii) the sum assured of RMB50,000 plus the account value of the policy.

(5) Hassle-free application

The Plan provides a simplified underwriting process, with no medical examination, making the application hassle free.

Ms. Emily Cheung, Head of Insurance, Citibank Global Consumer Banking, said, "In view of the continuous low-interest rate environment and the growing demand for RMB products driven by expectation of RMB appreciation, we are introducing the MetLife Gorgeous Dragon RMB Universal Life Plan to provide clients with not only exposure to potential RMB appreciation but also life protection as well as stable and sustainable interest income. By partnering with MetLife to introduce this unparalleled product to our clients, we have reinforced our commitment to strengthen our offerings to fulfill our clients' needs for total wealth management solution including protection and wealth growth."

Mr. Rajesh Sethi, Chief Executive Officer of MetLife, said, "MetLife responds to clients' needs with quality products for every stage of life. We provide comprehensive insurance services through our strong strategic partnership with Citibank. The MetLife Gorgeous Dragon RMB Universal Life Plan is a competitive insurance plan designed for clients who are looking for an all-in-one solution that combines stable returns, growth potential, lifelong protection and a high level of flexibility in wealth management. The features of this Universal Life Plan are especially attractive because the plan currency is RMB, it allows flexibility of premium payments and also withdrawals to provide liquidity, if needed. These features together with potential for stable, sustainable wealth growth set this Plan apart from shorter-term RMB endowment plans. Whether clients are starting their children's education fund, pursuing lives of adventure and fulfillment, or looking to secure an enjoyable retired life, the Plan will help them take control of their wealth management planning to shape a brilliant future."

Clients can call the Citibank Insurance Hotline at 2860 0188 or visit any Citibank branch to learn more about the Plan.

*LIMRA, June 2012 (Grp+Ind - based on policies in force).

Important Notes:

  1. The MetLife Gorgeous Dragon RMB Universal Life Plan is subject to terms and conditions.  The minimum premium payment period of the Plan is the first three policy years.  Please refer to the relevant Policy Provisions for details.  The loyalty bonus, extra loyalty bonus, offers of the promotional crediting rate locked at 5% per annum and policy fee waiver are subject to terms and conditions.  Please refer to the relevant Policy Provisions and promotion leaflet for details.
  2. The savings component of the Plan is subject to risk and possible loss.
  3. There is a risk that if RMB depreciates substantially against HKD upon a benefit or proceeds become payable, clients could lose a substantial portion of clients' benefit value in HKD terms.
  4. RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to certain restrictions.

About MetLife

MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited are wholly-owned subsidiaries of MetLife, Inc. in Hong Kong. We offer individual life, investment-linked insurance plans, accident and health insurance products in Hong Kong through bancassurance, brokerage networks, strategic alliance and direct marketing channels. For more information, visit www.metlife.com.hk.

MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers all over the world. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Source: Citibank
Keywords: Insurance
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