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Future Generali announces a unique initiative of Insurance cover for Manappuram Gold loan customers

Future Generali announces a unique initiative of Insurance cover for Manappuram Gold loan customers

Feb 02, 2009: Future Generali, the Insurance joint venture between Future Group of India and Generali Group of Italy, today announced a unique initiative to provide Insurance cover for Manappuram General Finance & Leasing Ltd’s Gold loan customers.

In an effort to give comprehensive and need based solutions to people who require Insurance cover, an innovative proposal has been introduced wherein the Gold Loan customers of Manappuram will be covered by a Life cover of Rs.22,222/- and an Accident insurance cover of Rs.50,000/- per person. This will be given at a minimum premium rate and will cover the basic insurance needs of the customer. Future Generali Insurance has adopted a unique business model offering Total Insurance Solutions, across Life & General Insurance, where all the insurance needs of customers can be serviced through every touch point of the company. This initiative is an effort to this end, where people of different walks of life are given the opportunity to avail of Insurance benefits to suit their individual needs. This is also a part of the social and rural objectives of the company, while bringing a larger group of the insurable population into the insurance bracket.

Future Generali is currently active through 97 Branches across 80 cities and plans to spread across 100 branches in more than 80 cities by March 09.

Speaking on the occasion of the launch, Mr. Jayant Khosla, CEO – Future Generali India Life Insurance Co. Ltd. said “The Insurance needs of the common man can only be taken care of, when we cater to his/ her specific requirements by aligning our products to serve them. The Group Term Life cover we are offering now will be able to reach out to over 400 locations across South India and elsewhere, where Manappuram is present. This initiative with Manappuram adds value to Gold Loan customers by providing them with a basic insurance cover. We have a robust IT platform through which we can issue receipts to the customer immediately and have plans of issuing policies on the spot in the near future. I would also like to add that we have recently come out with a new Life insurance plan ‘Future Guarantee’ which is an attractive insurance offer, especially in the current economic scenario. We expect a lot of our customers to take the benefit of this plan.”

The ‘Future Guarantee’, Life insurance plan has the following main features:

  • The plan provides a guaranteed addition of 150% to 400% of 1st year premium
  • Has a 1 page form with hassle free documentation

Mr Deepak Sood, CEO – Future Generali India Insurance Co. Ltd while conveying his Best Wishes for the initiative commented, “ There is a large group of people that requires good Insurance benefits at a considerably low cost. As part of a vital rural and social objective of Future Generali, the Group Accident insurance given along with the Life cover will take care of the risk of accident for Gold Loan customers and give them a basic accident insurance cover. We are targeting around 30% of Manappuram Gold loan customers with this joint initiative. Our focus is primarily to achieve a wider reach.” he said.

Mr. V. P. Nandakumar, Chairman - Manappuram General Finance & Leasing Ltd, expressed his happiness at the new initiative, terming it as ‘a significant step to provide a valuable, basic level Life and General insurance cover to our Gold loan customers.’ “Manappuram has been constantly endeavouring to provide a fillip to the dreams of the common man and help take it to a higher level of aspiration. As a leading NBFC in India with a network of nearly 635 branches across 14 States, Manappuram has made a difference to the lives of millions of people. This venture is a reaffirmation of our commitment to customer welfare, at the same time driving home the message that their interests are best served at Manappuram”. he said

Mr. I. Unnikrishnan, Managing Director of Manappuram General Finance and Leasing Ltd highlighted the crucial link between insurance and life, by saying, “It is not just in business but today, there is risk in the very business of life. The world at large is seeing unprecedented changes which have increased the quantum of risk involved in almost everything we do. Life is no more a question of just living. It needs to be structured along carefully drawn plans and backed by provisions for unforeseen emergencies and contingencies. An insurance cover is a small but significant way of safeguarding oneself against misfortunes. We believe this new initiative will provide an invaluable benefit to our customers.”