Future Generali India Life Insurance Company on Monday launched its new product — Secure Income Plan — a mix of traditional endowment with annual income benefits here.
Speaking to media persons here, Deepak Sood, Managing Director and CEO of the insurance company, said another five new products were planned this year and they were awaiting clearance from the regulatory authorities.
The Future Generali Secure Income plan was available for customers in the age group of 0 to 60 years and for terms ranging from 15 to 65 years. On completion of the premium payment period, accrued compounded reversionary bonuses are paid.
After the chosen premium payment period, every year 5.5 per cent of sum assured was paid as guaranteed annual cash back in addition to cash bonus till the end of the policy term. On maturity, the policyholder would receive the sum assured plus the terminal bonus. The plan could be purchased from a low ticket size of Rs.10,000 onwards.
The company, which collected premium amount of Rs.168 crore on various products, expect to touch the Rs.600-crore mark by the end of fiscal year. The last quarter would be crucial to give maximum business. About 9 per cent of the business was from rural market, he said.
