How life will continue after retirement has always been a major concern for middle-income individuals and salaried employees. Among the large population outside government pension coverage, the demand for long-term savings and pension-type insurance products is therefore increasing. MetLife Bangladesh, operating in this region since 1952, offers such an insurance product called “LifeLine,” which has a term of 10 to 20 years.

This insurance provides benefits for a lifetime, even up to the age of 100. Anyone between the ages of 18 and 55 can become a customer of the LifeLine product. The policy value ranges from BDT 150,000 to BDT 100 million. Premiums can be paid on a monthly, quarterly, semi-annual, or annual basis. Policyholders can also take loans of up to 85% of the total accumulated amount.

In the LifeLine plan, a customer pays premiums for a specified period. After reaching a defined age or at the end of the policy term, they receive a pension monthly or annually. According to MetLife, this product combines both savings and insurance protection. This means if the policyholder dies during the policy period, the nominee will receive the insurance benefit. If the policy matures, the policyholder can withdraw regular pension payments.

In the country, most people are outside government employment. Although the government has introduced a universal pension system, private sector pension coverage is still limited. Some insurance companies offer pension benefits, but in reality, many private sector employees do not have mandatory pension plans. As a result, individuals must take the initiative themselves.

The reality is that while life expectancy in the country has increased, medical expenses have also risen. For these reasons, pension products like this are becoming increasingly necessary for middle-income employees, expatriates, and small entrepreneurs. Demand is rising. Additionally, tax benefits attract many customers. With the introduction of bancassurance, the sale of such products is also increasing through banks.

Source: MetLife’s ‘LifeLine’ Offers Pension Benefits Up to Age 100