The scheme includes the benefit of a guaranteed regular income for a long term along with potential upsides in the form of bonuses, MetLife said in a statement.
In addition, it also ensures continuity of regular income for the family in case of death of the insured, allows for a shorter premium payment term and also provides tax benefits, it said.
Given the uncertainties caused by the volatile economic conditions, the need for a product which provides guaranteed regular income for a longer term is extremely high, said MetLife Managing Director Rajesh Relan.
"Launching Met Monthly Income plan is a natural progression in our journey to offer the consumer a complete range of plans to suit their various needs," he said.
This scheme will significantly complement the company's existing products and services, he added.
MetLife has been among the top 3 fastest growing life insurance companies consecutively for the last 30 months.
The company grew at 40 per cent last year even as the industry saw an overall slowdown.