Future Generali India Life Insurance Company, the joint venture of Future Group of India and Generali Group of Italy, launched Future Generali Select Insurance Plan, a ULIP scheme, here on Friday.

Managing Director and CEO of the company Deepak Sood said at the launch that the new plan would facilitate an investment-cum-insurance portfolio balance by providing financial security to the family in addition to offering an opportunity to tap into market-linked returns to fulfill medium to long-term financial goals. It would be a “win–win situation for customers”, he said.

Under the new plan, 97 per cent of the premium paid would be allocated to funds in the first year and it was available in low premium segment of Rs. 18,000-24,000 per annum. Minimum life cover offered was 7-10 times the annual premium and it could go up to 25 times based on the age of the customer. Select Insurance Plan was also available for customers in the age group of 07-60 years and for terms ranging from 10 to 20 years. In the event of the death of the assured person, the sum assured plus fund value, subject to a minimum of 105 per cent of total premium paid would be paid to the nominee. “The plan has been structured to suit the needs of a growing middle-class and salaried customer segment. Customers can grow their systematic small savings and build wealth over a period for their loved ones”, Mr. Sood said.

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