Following Insurance Regulatory Development Authority's move to allow insurance companies to offer “Health plus Life” products, Future Generali India Life Insurance, the insurance joint venture between Future Group and Generali of Italy, is planning to launch a combo plan in the next two months.
“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, ” said Deepak Sood, chief executive officer, Future Generali India Life Insurance, on the sidelines of a press meet here today.
In December, the regulator allowed companies to offer “Health plus Life Combo Product” — a policy that will provide life cover along with health insurance. For this, life and non-life insurance companies need to enter into agreements to offer the health-cum-life cover.
At present, about 70 per cent of the company's business come from unit linked products. This year, the company is hoping to achieve a new business premium of Rs 1,200 crore, from Rs 486 crore last year.
The company on Monday launched Future Generali NAV Assure, a unit linked insurance plan, a NAV guarantee unit-linked Insurance plan.