Thursday, May 1, 2014

PNB MetLife To Enter Into Pension Market

Private insurer PNB MetLife India Insurance Company Limited has decided to enter into pension market, in which the insurer foresees tremendous growth potential.

As per the Managing Director & Chief Executive Officer of PNB MetLife Mr. Tarun Chugh, the insure is keen to enter the pension space, and is working on tailoring it which is expected to be launched within next 6 months. 

“Longevity as a risk is still not understood (in India). Being a young country, there is a huge potential for pension plans as one needs to invest early to build a corpus for retirement years", Mr. Chugh said. 

At present, about 8% of India's population is above 60 years of age already with no social security and 70% are below 30 years of age. 

PNB MetLife is a joint venture where the US based MetLife Inc. and Punjab National Bank are the majority shareholders. Before Punjab National Bank bought 30% stake in the JV, the insurer was known as MetLife India Insurance Company Limited (MetLife India).

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