Future Generali India Life Insurance Company today said it expects five-fold increase in new business premium at Rs 750 crore by the end of the current fiscal on the back of product launches in the current quarter.
"We have earned first year premium of Rs 288 crore during April-December period and expect to close the fiscal with premium collection of Rs 750 crore," Future Generali Managing Director Deepak Sood told reporters after launching Sanjeevani Plus, a unit linked whole life insurance-cum-investment plan.
During 2008-09, the insurance joint venture between Future Group of India and Generali Group of Italy collected Rs 152 crore in premium by underwriting new policies.
The company has launched a ULIP scheme today and plans to come out with two more before the end of the fiscal, he said.
At the same time, the company would also launch a traditional plan and a pure term product, he added.
The company has paid-up capital of Rs 620 crore, he said, adding, the promoters would infuse the money as and when required.
Talking about the new product launched, Sood said, Sanjeevani Plus offers a flexible, long-term savings-cum-insurance solution to customers and provides the option of paying premium in regular or single premium payment terms.