Future Generali India Life Insurance Company, a joint venture between Future Group of India and Generali Group of Italy, expects revenues worth Rs 100 crore from Future Freedom Plus, a long term insurance cum investment plan. The product was launched across the country today.
According to Deepak Sood, CEO designate, Future Generali India, "We expect to garner over Rs 100 crore from this product at the end of this financial year. The plan provides for a lower volatility component while offering the customer three different fund options to suit specific needs, with the added option of flexible payment terms. We believe it is excellently timed with the rise in positive market sentiments."
Sood believes that Gujarat has been one of the largest markets for Unit-Linked Insurance Plan (ULIP) products with a highly investment savvy audience profile. The plan, he says, provides the benefit of low premium allocation charges, with higher investment in funds. "We believe Future Freedom Plus will receive strong acceptance from Gujarat investors, given its attractive mix of features that are relevant to both - the high returns seeker as well as the safety conscious customer. Overall, we have had a good first half of FY 2009-10, well on target with our projected numbers and are looking to close the year with 20 percent of our overall premium being contributed by Future Freedom Plus."
The product provides equity/debt exposure of up to 100 per cent with a start up NAV of Rs 10 and allows customers to choose a limited or regular premium payment options on policy term ranging from 10 to 20 years, with three fund options to choose. The minimum sum assured is five times the annual premium and the minimum premium is Rs 25000. From the 2nd policy year, the policyholder can pay as low as 75 per cent of the first year premium without any reduction in the initial sum assured.
In the event of demise of the policyholder, the sum assured will be paid over and above the fund value to the nominee. On maturity of the policy, the fund value will be paid as a lump sum or can be settled in annual installments for up to five years from the maturity date. Future Freedom Plus can be availed by persons aged 0-65 years, with options for top-ups, partial withdrawal, switches and surrender.
Accidental death and permanent disability benefits can be availed as optional riders if the life assured is not a minor. The company has 163 retail outlets across the country and is active through 93 branches across 84 cities and over 36,000 licensed advisors. "In the next three years, we will have 175-200 offices across the country," Sood said.
