Posted on Jun 30, 2010 by Sergio Ulloa
Future Generali India Life Insurance has unveiled two new products which are ready to go on sale in India in the near future; a Net Asset Value (NAV) unit linked insurance plan, Future Generali NAV Assure, and health plus term life insurance plans.
Future Generali's new Net Asset Value (NAV) unit linked plan, Generali NAV Assure, is set up to maximize the growth potential of the policy while providing some protection from volatile market forces by guaranteeing customers the choice between the highest daily NAV recorded in the first 7 years of the policy being in force or the NAV at the policy's maturity date, whichever happens to be higher. The policy has a fixed term of 10 years and is available to any person between 8-60 years of age. Currently, about 70 percent of Future Generali's business comes from unit-linked products.
Future Generali's other product is planned for a future launch date. Since the Insurance Regulatory and Development Authority (IRDA) decided to allow combination products of health insurance coupled with life insurance earlier in 2010, Future Generali is planning on having its health plus life insurance ready within the next two months.
The Chief Executive Officer of Future Generali India Life Insurance, Deepak Sood said "We are looking to launch a health plus term life insurance product, possibly in the next two months. I see this kind of product to steadily build over the next three to five years. It can lead to several other combinations, and set the ball rolling for more complex products."
Future Generali India Life Insurance is a joint venture between India-based Future Group and Italian insurance company Generali. Future Generali India Life Insurance earned Rs 4.86 billion (US$ 100 million) in business premiums during 2009 and is hoping to reach Rs 12 billion (US$ 257 million) in 2010.
Future Generali India Life Insurance
Future Generali India is a joint venture between the Indian Future Group and Italian Generali Group, it participates in both India's life and non-life insurance markets as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd. The company has 91 branches in 83 locations around India, and works with over 44,000 licensed advisors.
Assicurazioni Generali SpA
The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is a leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company. Generali is one of the leading global players in the assistance sector thanks to the Europ Assistance Group, active in more than 200 countries with services in the motor, travel, healthcare, home and family sectors. In recent years, the Group has made a significant return to 14 central-eastern European markets and has set up offices in the principal markets of the Far East, including China and India.
Future Group is a multi-faceted Indian company that was founded in 1997 by Kishore Biyani, who remains the group's CEO. Starting with the retail company Pantaloons, the Future Group has grown to the point where it now operates a number of companies ranging from retail operations, logistics, and financial services among others.