To roll out eight new products this fiscal
Future Generali India Life Insurance Company Ltd, a joint venture between Future Group and the Italy-based Generali Group, is eyeing a premium collection of Rs 1200 crore in 2010-11, a 121.81 per cent surge over Rs 541 crore which the company achieved in the previous fiscal.
The jump in premium collection will be driven primarily by eight new insurance products which the company plans to roll out before the end of this financial year.
To expand its business and achieve its targeted growth in premium, Future Generali has also decided to ramp up its network of agents throughout the country. The number of agents will be scaled up from 44,000 a present to 65,000 by the end of this fiscal.
Nirakar Pradhan, chief investment officer, Future Generali said, “We will roll out eight new insurance products this fiscal. These will be a mix of term insurance as well as unit linked insurance plans (ULIP).”
Out of the company's total premium collection of Rs 541 crore in 2009-10, the new business premium was Rs 486 crore.“Future Generali has 91 branches across the country with Bhubaneswar and Cuttack being the top two performing branches in terms of generation of new business premium. The outstanding performances of these two branches has prompted us to increase our focus on the Orissa market”, added Pradhan.
While the Bhubaneswar branch recorded a new business premium of Rs 5.64 crore, Cuttack occupied the second slot at Rs 4.39 crore. Sunanda Parikh, senior manager (brand and corporate communications), Future Generali, “The overall new premium collection in Orissa stood at around Rs 15 crore in the previous fiscal. We will take up our network of insurance agents in Orissa from the existing 2000 to 3,500 by the end of 2010-11. The company will also open its new office in Rourkela in the current financial year.”
Future Generali on Friday launched its unit linked Insurance plan- Future Generali NAV Assure in the city. This is a plan that enables maximum opportunity for growth while protecting the investments against adverse market conditions in financially volatile times. This product guarantees highest NAV recorded on daily basis during the first seven years of the policy or NAV at maturity date, whichever is higher.
Future Generali NAV Assure is a unique ULIP which safeguards the investment returns and the customer can invest without waiting to time the markets whether they are bullish or bearish.
This ULIP is available for customers in the age group of 8 -60 years. The plan allows flexibility to its customers to pay premiums with four options to choose from being single, 3, 5 & 7 years. The plan comes with a fixed policy term of 10 years.
