Citibank, in partnership with MetLife, has announced that it will be introducing CitiPrevidencia Kids, a new product especially developed for children from the time of birth until they turn 21 years old.

According to Citibank, CitiPrevidencia Kids was designed to be more than a product with basic benefits for customers. The sales approach and communication materials promote the concept of financial education with the intention of showing clients the importance behind having a long-term savings plan and choosing reputable institutions to effectively manage the funds.

The product’s concept also takes into account parents who do not have the financial means to ensure a better future for their children, by donating a portion of all revenues to nonprofit entities that support children’s educational projects.

According to Robert Craddock, MetLife’s executive director for the bank channel, this product complements the already-comprehensive array of life and annuity products that MetLife offers Citi clients in Brazil.

Managed by MetLife, Citi’s global partner in the distribution of life and annuity products, the new product will reportedly offer greater flexibility in payment contributions. The product may be adapted to the financial possibility of each person by offering frequency of contribution and minimum contributions of R$50 monthly.

Elizabeth Gomes, investment sales superintendent at Citi, said: CitiPrevidencia Kids is aligned with Citi’s strategy of developing a complete portfolio of products that combine a solid name, transparency, competitiveness and customized financial advice, in order to optimize results for customers as much as possible. CitiPrevidencia Kids combines all these attributes plus the opportunity of financial education and social responsibility.