OREANDA-NEWS. August 04, 2011. MetLife "Daily Step-up Variable Annuity" product launch and Citibank China first launch are jointly held in Shanghai today. The new offering has been designed specifically by MetLife to meet customers' needs on long-term savings and retirement with stable investment return. It is the first time that the Variable Annuity offering has been made available for sale through a bank in mainland China. Simon Chow, Country Business Manager of Citibank (China) Co., Ltd., said, "Citibank is delighted to be the first bank in China to sell Variable Annuity product provided by MetLife, reported the press-centre of Citibank.

We aspire to look after all the wealth management needs of our customers over their entire life cycle and retirement planning is an important element of our ability to do so. We are pleased to once again partner with MetLife to make this new product available for our customers in Shanghai, Beijing, Guangzhou and Shenzhen and we hope that today's launch provides a new option for our customers as they look to save and invest for the future." Mr. Bob Pei, CEO of MetLife, noted, "MetLife is the leading insurance company in variable annuity market in global market.

We have strong and experienced product development, investment management and risk control team for the variable annuity product. With China Insurance Regulatory Commission's (CIRC) approval on variable annuity, China insurance market will prosper with more diversified product solutions. MetLife is pleased to be partner closely with Citibank to provide this leading and innovative insurance product to Citibank's customers. Leveraging MetLife's over 140-year history, and experience in serving nearly 90 million customers worldwide, MetLife is committed to providing superior tailor-made protection and investment products to customers." The Daily Step-up Variable Annuity is designed to act as a pension product with investment features, allowing customers to gain investment return while enjoying retirement protection. Features of the new offering include:

Automatic lock-in gain
Premium in investment account is managed by expert; the investment asset includes risky asset (equity fund, bond, bond fund and etc.) and risk-free asset (cash and bank deposit).

Daily unit value for this account is based on actual investment performance

Guaranteed minimum accumulating benefit: Referring to insurance contract, if the actual unit value is lower than the guaranteed unit value, the guaranteed unit value be used to calculate the account value for partial withdrawal and surrender. Guaranteed unit value is pegged at 80% of highest unit value in history.

High liquidity
Customers can withdraw their account value any time prior to maturity. It has lower surrender charges in the first 3 years compared with traditional products.
Death benefit:
Accidental Death: 200% of account value (e.g. For adult among 18-70 years old, the maximum death benefit is account value plus RMB 5 million).

Non-accidental death: Account value.

The account value can be converted to an annuity after 5 years.