MetLife enters the health insurance segment

Launches 'Met Health Care' - a health insurance plan with multiple benefits available on an over the counter (OTC) platform.

MetLife India Insurance Company Limited (MetLife), one of India’s fastest growing life insurance companies, today announced its entry into the Indian health insurance segment with the launch of ‘Met Health Care’. Met Health Care offers its customers a daily cash benefit in case of hospitalization and a lump sum benefit in case of critical illness or accidental total and permanent disability. Further, the customers are not required to undergo any medical tests to avail this plan.

Speaking on the occasion, Mr. Rajesh Relan, Managing Director, MetLife India Insurance Company Limited, said, “Health insurance in India, is today recognized as one of the primary protection needs for a family. Launching Met Health Care, our first health insurance product, is a natural progression in our journey to offer the consumer a complete range of protection plans to suit their various needs.’’

“Met Health Care is being launched with comprehensive training to all financial advisors across the country to provide needs-based solutions to our customers. The launch will also be backed by elaborate marketing efforts to create awareness about health insurance and its importance to all consumers in India.” He further added.

The launch of Met Health Care will significantly complement MetLife’s existing products and services. MetLife India is currently amongst the top 3 fastest growing life insurance companies consecutively for the last 30 months. The company grew at 40% last year while the industry was facing a slowdown.

MetLife strongly believes in a multi-distribution approach for reaching customers across the length and breadth of the country. MetLife has over 55, 000 financial advisors, all of whom have gone through rigorous training to understand customer needs. Complementing the agency force of MetLife is the company’s bancassurance distribution channel offering MetLife’s range of products to MetLife’s bancassurance distributors’ 17 million customers.

Highlights about the Health Insurance Sector in India

• Health Insurance is one of the fastest growing insurance sectors
• The Health Insurance sector grew by 271% between 2004 and 2008, as compared to the non-life industry (as a whole) which grew by 67% during the same period 
• Penetration of Health Insurance still remains miniscule - only about 2%, which clearly represents a high growth opportunity.
• Size of the entire Insurance market in calendar year 2008 was close to Rs.5200 crores.  The private Insurance Companies’ market share was approximately 40% during that period. Health Insurance Business which was 4% of that was approximately Rs. 850 crores.

About MetLife (www.metlife.co.in)
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.  MetLife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 700 locations through its bank partners and company-owned offices. MetLife has more than 55,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country. For more information about MetLife, please visit the company’s website at www.metlife.co.in.

MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States (based on life insurance inforce), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500® companies.  The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.