Private general insurance player Future Generali India today launched a micro-insurance product targeted at the rural segment, to provide protection to their business.
The Future Sampoorna Suraksha policy covers hospital cash benefit, personal accident cover, building and furniture, robbery and burglary, farm produce, agricultural pump set, cart protection and liability and pedal cycle, the insurance firm said in a statement issued here.
"The penetration of insurance in rural markets is dismally low, far lower than the national average of 4 per cent (life insurance and non-life insurance put together).
It presents a huge untapped opportunity, which can be leveraged with suitable products customised for these markets," Future Generali India Insurance MD and CEO K G Krishnamoorthy Rao said.
"We are confident that this comprehensive product and its viable price will make a compelling proposition, which will help our partners attract many first-time buyers who would otherwise stay away. We also intend to distribute this product through our bancassurance network," he added.
The insurance company also works with a few large micro- finance institutions in the North and South and has over 15 lakh members across these institutions.
The firm, however, did not provide details of the premium option under the scheme.
Future Generali is a joint venture between India's Future Group and Generali Group of Italy.