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International Life: private social security for restful life

02 February 2010 / 09:02:10  GRReporter
2400 reads

Victoria Mindova

The crisis in social security system opened the door for the promotion of private pension coverage in Greece. Less than a week ago Atinas Dretta Secretary General of the Ministry of Employment and Social Security refers to "digital clutter" in the social insurance funds and for a long time the Social Security Minister Andreas Loverdos has been distributing information throughout the Greek media about a "black hole" in pension funds and how "in 2015 the state will not have money to pay pensions.” 

Such statements provide good prerequisites for expanding the sale of pension insurance packages from private insurance companies. A similar product was introduced by the Greek insurance company International Life. Customers of the company have the opportunity to provide a minimum monthly income for life, which is determined by the size of the amount invested by them. The minimum amount that the client can invest in order to join the pension program is ten thousand Euros. On the other hand, the maximum investment capital is one million and a half Euros. The advantage of the new pension insurance services is that the company guarantees a 3% annual interest on the deposited amount. From this perspective, the investor reduces the risk of devaluation of their money. Another positive feature of the program is that it guarantees a minimum income by the end of one’s life and wins in long term. Every three years the insurer capitalizes the investment at the higher of two values - market value or capitalized value of the paid by the customer money. Major difference in this compared to other programs is that the user has the right to withdraw part or the full amount, which of course will reflect the monthly income. 

The new retirement program provided by International Life is a product of the insurance company to an international financial group MetLife, Inc. with European headquarters MetLife Europe Limited in Dublin, Ireland. MetLife is a company with history of one hundred and forty years and serves 70 million clients worldwide.

Tags: International Life MetLife Insurance social security retirement
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