MetLife seeks IRDA nod for insurance product

Kolkata: MetLife India Insurance has applied to the Insurance Regulatory and Development Authority for a licence to sell a set of new life insurance products, including term insurance products, group insurance and annuity business, in the current year. At present selling three base products in India, the private life insurance company plans to come up with 10 more products by the end of the current year.

Says MetLife managing director Venkatesh S Mysore: We are also considering innovative retail products like group insurance schemes and annuity business in future. We will replicate our international products in India and also encash on our association with top companies who are our clients worldwide.

MetLife India Insurance a joint venture of MetLife International Holdings, Jammu and Kashmir Bank, the M Pallonji group and four equity investors plans to increase its capital to Rs 450 crore over the next five-to-six years from its present Rs 110 crore.