Future Generali India Life Insurance has partnered with GIC Housing Finance Ltd. to offer group credit life insurance through one of its products – Future Generali Loan Suraksha Plan. This is a single premium term insurance plan which is specifically designed for financial institutions to provide life coverage to their new and existing borrowers.
This is an affordable plan which ensures the protection of the borrower to the extent of the home loan amount. The borrower also has the option of Increased Insurance coverage in case of a top-up or additional loans. These schemes are usually useful during unexpected eventualities.
Speaking on this partnership, Mr. Munish Sharda, Managing Director & Chief Executive Officer, Future Generali India Life Insurance said, "We at Future Generali Life Insurance believe in offering need based solutions to our valued customers and partners. Credit Life Insurance has proved to be beneficial not only for the financial institutions but also an important product for the customer as it is hassle-free. Given the importance of this business for our organisation, we have invested resources to ensure best-in-class products and processes to serve our customers better. We are pleased to associate with GIC Housing Finance and offer our services through the Loan Suraksha Plan, with the objective of reaching out to all their customers and educating them about the importance of this product. We truly believe that this partnership will be a win-win situation for both the organisations as well as our customers."
Mr. Warendra Sinha, Managing Director & Chief Executive Officer, GIC Housing Finance Ltd. said, "We have associated with Future Generali India Life Insurance for providing life insurance cover to the extent of housing loan to our borrowers under their scheme Loan Suraksha".
Future Generali India Life Insurance Company Ltd. is a joint venture between Future Group - the leading retailer of India, Assicurazioni Generali - a global insurance group and one of the world's 50 largest companies* and IITL - a leading NBFC.
The Generali Group is one of the largest global insurance providers with 2014 total premium income exceeding €70 billion. With 78,000 employees worldwide serving 72 million insured persons in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia. In Asia, the Group operates in 10 markets: China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, Thailand and Vietnam. Generali ranked among the world's 50 smartest companies in 2015 according to the MIT Technology Review. Generali is the only insurer to be listed.
Future Group operates some of India's most popular retail chains including Central, Big Bazaar, Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group's retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. 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'.
GIC HOUSING FINANCE LTD.
GIC Housing Finance Ltd. promoted by the General Insurance Public Sector Companies, has 58 branches across the country for business. It has got a strong marketing team, which is further assisted by Sales Associates (SAs). It has tie-ups with builders to provide finance to individual borrowers. As it USP, GICHFL provides complimentary Fire and Allied group of perils as well as Personal Accident cover to its Customers. At a nominal rate, it also provides Credit Life Insurance to borrowers.