Future Generali plans new launches

Future Generali, a joint venture between the Future Group and Italy-based Generali, is planning to launch eight-ten new products this fiscal.

The company would be launching women-specific and micro-insurance products among others said, Nagesh Rajanna, chief--sales and business development, Future Generali, on the sidelines of a press conference in Kolkata on Thursday.

Future Generali was betting on mallassurance channel to deepen its penetration, he added.

A relatively new entrant in the life and general insurance business, Future Generali, does not sell insurance through banks, as government policy allows banks to have only one life and non-life insurance partner for selling insurance policies as third party products.

Last fiscal, the company had a premium income of about Rs 155 crore, of which about 10 per cent of the total premium came from the mallassurance route. In the first two months of the fiscal, the company had a premium income of Rs 30 crore. This year, the company expected significant premium from the channel, said Rajanna. At present, Future Generali sells insurance policies across 192 mall, mainly under the Future Group.

The company had recently launched a new policy called Future Anand, which is a traditional plan, with a endowment -cum-savings plan.

The policy comes with guaranteed additions of 3.5 per cent of sum assured per annum for the firsts five years, which compound year after year, and from the sixth year onwards, the policy earns compounded bonus.