Citibank China has launched Lohas Life, a new life annuity product for its customers in Beijing and Shanghai. The new offering is a tailor-made product, solely provided for Citibank customers by United MetLife Insurance Company and Sino-US MetLife Insurance Company.
The new product has been launched in recognition of the fact that while life expectancy in China continues to rise, so does the cost of maintaining a quality lifestyle post-retirement.
Under the offering, customers will make an annual payment over a period of five, 10, or 20 years. They can then elect to commence receiving monthly payments to supplement other sources of income at the age of 50, 55, 60, or 65 years old. The amount invested is principal protected.
Anand Selva, executive vice president of Citibank China, said: Insurance is an integral element of good financial planning. We are delighted to launch this new retirement savings product today with Metlife as we strive to meet the financial needs of our customers throughout their lives, to help them achieve the financial security and financial freedom.