Future Generali launches new Life Insurance plan in Kolkata

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Future Generali launches new Life Insurance plan in Kolkata

‘Future Freedom’ - Freedom to manage your premium amount and investment

Kolkata, Jan 14, 2009:  Future Generali, the Insurance joint venture between Future Group of India and Generali Group of Italy today launched its new Life Insurance plan, ‘Future Freedom’, a plan that gives you the freedom to manage your premium amount and investments effectively. The plan offers ‘one of the most attractive charge structures in the category’ of Life Insurance.

The salient features of the ‘Future Freedom’ plan are:  

     
1. Short premium paying term of three years
       
2. Policy term of 10 years
       
3. Very high premium allocation rates - 95% in First Year & 98% in 2nd & 3rd years
       
4. Flexibility to reduce premium from second policy year subject to minimum of Rs.10, 000, without changing risk cover
       
5. Four investment funds, with an option to change fund allocation at any time
       
6. Top – up single premium option
       
7. Partial withdrawal after the completion of three full policy years
   

With the entry of many insurance players in the market Future Generali Insurance has always aimed to give a vast array of products of choice to customers besides having a unique business model offering Total Insurance Solutions, across Life & General Insurance.

The other differentiator of the company is their Mallassurance™ channel – a unique & innovative delivery channel selling Insurance offerings across the Life and General Insurance categories through all Future Group retail outlets across the country.

Future Generali is currently active through 97 Branches across 80 cities and over 14700 licensed advisors. The plan is to increase it to 40,000 advisors by March 09, spread across 100 branches in more than 80 cities. Besides this large network of agents & branches, Future Generali will also actively offer their Insurance solutions across 280 Malls and 700 Alliance partners by March 09.

Speaking about the launch of the new Life Insurance plan, Mr. Jayant Khosla, CEO – Future Generali India Life Insurance Co. Ltd. said “The needs of the customer has been uppermost in our minds, that they require products that are easier to handle and provide flexibility in paying their premiums and managing their investments. With our key business differentiators of Total Insurance Solutions, and our innovative Mallassurance™ model, we have garnered very encouraging response from customers despite the current economic challenges. We feel ‘Future Freedom” will fulfill the need of the customer in a great way as we have seen in the interest shown by customers in the initial period to this launch. With the challenging economic scenario unfolding, a renewed interest from individual consumers and enterprises who recognize the need for Insurance is being felt.” he added. 

Mr. Deepak Sood, CEO – Future Generali India Insurance Co. Ltd. who was at the launch of the plan in Kolkata, expressed his happiness about the launch of this plan and said ‘We are going for an dynamic expansion across India aimed at reaching out and adding convenience to customers across the country, the Eastern region and Kolkata are fast developing centers of activity and people initiative and is an important market for any financial service category. We at Future Generali are really aiming at providing Total Insurance Solutions, to give a seamless Life and General Insurance experience to our customers. We would be coming out with a significant package of General Insurance plans this year too and have already crossed the 100Cr mark in business.” he said.   

ABOUT THE COMPANY:

Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Generali is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd. 

Future Group

Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India’s leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Led by its flagship enterprise, Pantaloon Retail, the group operates over 11 million square feet of retail space in over 63 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail. The group’s specialty retail formats include- books and music chain - Depot; sportswear retailer - Planet Sports; electronics retailer - eZone; home improvement chain-HomeTown; and rural retail chain-Aadhaar; among others. It also operates the popular shopping portal, www.futurebazaar.com

Future Capital Holdings, the group’s financial arm provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations. Other group companies include, Future Generali, the group’s insurance venture in partnership with Italy’s Generali Group, Future Brands, a brand development and IPR company, Future Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative. The group’s presence in Leisure & Entertainment segment is led through, Mumbai-based listed company Galaxy Entertainment Limited. Galaxy includes leading leisure chains, Sports Bar and Bowling Co. and family entertainment centers, F123. Through its partner company, Blue Foods the group operates around 100 restaurants and food courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato. Future Group’s joint venture partners include, US-based stationery products retailers, Staples, French women’s wear retailer, Etam, Middle East-based Axiom Communications and India-based Blue Foods, Liberty Shoes, Talwalkars’ and Asian Electronics. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values.’F

Generali Group

Established in Trieste on December 26, 1831, Generali is an international group present in more than 40 countries with insurance companies and companies mostly operating in the financial and real estate sectors. Over the years, the Generali Group has reconstructed a significant presence in Central Eastern Europe and has started to develop business in the principal markets of the Far East, among which China and India.

Identity Card:

• Generali Group ranks among the top three  insurance groups in Europe and the 30th largest company in the Fortune 500 international ranking, with a 2007 premium income of over € 66 billions
• High rating assigned by the international rating agencies:
  • A.M. BEST  A+
  • Standard & Poor’s AA
  • Fitch AA
  • Moody’s Aa3
                    
• It is present in more than 40 countries
     
• It has over 50 millions clients worldwide
 
• It has  80,555 employees
 
• It has assets over €370 billion
 

For Further Information:

Future Generali India Life Insurance Co Ltd, Reg No: 133, Registered Office: Knowledge House, Shyam Nagar,Off: Jogeshwari Vikhroli Link Road, Jogeshwari (East) Mumbai 400060. Corporate Office: 001, Trade Plaza, 414 Veer Savarkar Marg, Prabhadevi, Mumbai–400025

Insurance is the subject matter of Solicitation.