Future Generali Life Insurance Company Limited, a private insurance company in India, is a joint venture between the Future Group and Assicurazioni Generali. It began its operations in September of 2007, and seems to have achieved its break-even point in 2013, that is the sixth year of its operation. In the same year, that is 2013, it even got an ISO 9001:2008 certification, and not to mention, an ISO 27001:2013 certification in the following year, that is 2014. With collaborations with major banks such as Bank of Maharashtra, UCO Bank, Laxmi Vilas Bank, and several others, this life insurance has on offer services such as Personal, Commercial and Social or Rural Insurance.
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Assicurazioni Generali
Assicurazioni Generali or simply Generali is an insurance company based out of Trieste in Italy and is known to be one of the largest in Italy, not to mention, the third largest in the world. In 2010, this insurance company became the second largest in the world, regarding revenue, and stood just below AXA.
The company which was founded on December 26, 1831, under the name Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche grew largely in importance by becoming one of the largest insurance providers, both in Italy as well as Central Europe. This was aided by the fact that Trieste was an important seaport of the Austrian empire at the time. And as of 2017, it ranks at number 57 on the Fortune List of 500 Global Companies and is in place number 43 on MIT’s worldwide ‘Smartest Companies’ ranking, which was done in 2015.
Today, the Future Generali Life Insurance Company has its presence and operations, mainly in places like Europe, the Middle East, and East Asia, and also has a large market share in places such as Italy, Poland, Hungary, Germany, France, Austria, Slovenia, Spain, Switzerland, Netherlands, Croatia, Serbia, Japan, China and Bosnia. It has secondary operations in countries like Latin America.
Future Group
The Future Group, an Indian private conglomerated, headquartered in Mumbai, India, is known for its significant and prominent presence in the retail sector. It has a popular chain of supermarkets such as BigBazaar and FoodBazaar, not to mention, lifestyle stores like Brand Factory and Central. It is also notable for having a presence in the FMCG sector with companies such as Future Retail and Future Lifestyle Fashions. These companies are one of the topmost companies to be listed in the BSE and the NSE.
In May of 2012, the Future Group is said to have sold 50% stake sale of its fashion retail chain, Pantaloons to the Aditya Birla Group, to pay off a debt of 1.2 billion U.S. dollars. Whereas, in November of 2014, the Future Consumer Enterprises Ltd. Is said to have acquired 98% from Actis Capital and other such promoters, and with that, Nilgiris is now a fully owned subsidiary of Future Consumer Enterprises, not to mention, the Future Group.
The Future Group has partnered with the Generali Group to form the Future Generali Life Insurance Company Pvt. Ltd. The company was also in talks with another merger with Larsen & Toubro but had to back out when the Future Group refused to support this merger.
Various insurance plans and policies meted out by Future Generali Life Insurance
Today, life insurance has become a vital part of our lives, without which, there is no sound financial plan. It helps you out by securing your family’s financial future, in the case of your absence. Not to mention, it also provides you with coverage of expenses, in case of an accident, or any such event which may cause a temporary or permanent disability, and inhibit your earning capacity.
Life insurance is also a very important investment tool, helping you build wealth in a planned fashion. This will help you not only to save up but to achieve your future financial goals as well, which could range anything from purchasing a new house or a car to securing your child’s future with good education to your child’s marriage, not to mention, it also helps you with income after your retirement.
When it comes to life insurance or any other kind of insurance plans, no one that does it better than Future Generali Life Insurance, offering different types of easy-to-understand insurance policies. These plans help you to meet all your financial goals, such as the above-stated ones. So, let’s take a look at what these plans are, and what they have on offer.
- Savings Plans
Everyone needs to save their money, to meet both their present as well as future financial goals. Future Generali has various such Savings Plans on offer that help you do just that and provide insurance cover, all at the same time.
- Traditional Plans
Traditional Plans are those plans which provide more than just a single benefit. In other words, they provide multiple benefits like the cover of risk, fixed income return and not to mention, salary and retirement benefits. These are the oldest plans and are suitable for those who are not willing to take too many risks while investing in insurance. They offer a sum assured as well as a guaranteed bonus at the time of maturity. They are also suitable for tax planning.
The various plans that come under this scheme are:
- Future Generali Assure Plus
- Future Generali Triple Anand Advantage
- Future Generali New Saral Anand
- Future Generali New Assured Plus
- Unit Linked Insurance Plans
Unit Linked Insurance Plans or ULIPs benefit you from returns that are linked to the market as well as provide a life insurance coverage. These serve as wealth-building tools, fulfilling your medium and long-term financial goals.
Some key features of these plans include:
- You have the option of investing in equity and debt securities having low, medium or high risk.
- The insured person has the option to participate in capital markets.
- In case the insured person dies, the sum insured or the market value or fund value of the investment, whichever is higher, is paid.
- The fund value becomes payable upon the maturity of the ULIP.
- You have the option to either close or partially withdraw the ULIP.
- Term Insurance Plans
Providing financial protection to the family of the insured, in case of the demise of the insured, is one of the primary functions of life insurance plans. That is one of the reasons why they are built to be affordable.
Term Insurance plans are such plans which are inexpensive and offer complete protection as well as financial security to the family of the insured, in case of any unfortunate events. Term insurance also provides financial coverage to the policyholder for a certain period.
Future Generali Life Insurance has on offer, a wide variety of term insurance plans. Some of them are:
- Future Generali Flexi Online Term Plan
- Future Generali Care Plus
- Future Generali Term with the return of premium
- Future Generali POS Term with the return of premium
- Health Insurance Plans
With rising healthcare costs, it is important that you have a proper health insurance plan in place, that not only covers your costs but your family’s as well. Future Generali’s Health Insurance Plans cover all critical illnesses including cancer.
With modern day lifestyle, we are exposed to many kinds of critical diseases and illnesses. This may be due to ever-changing sleep patterns, unhealthy diet or lack of exercise, and can lead to various lifestyle diseases such as heart diseases and cancer among others. Nonetheless, medical science has advanced so much that today it is possible to survive all these diseases. And to do that, costs of treatment and post-treatment expenses have to be covered, which can be done with the help of health insurance plans.
Some of these plans offered by Future Generali Life Insurance are:
- Future Generali Cancer Protection Plan
- Future Generali Heart and Health Insurance Plan
- Child Plans
Education costs seem to have grown exponentially over the years. While at the same time, there is sort of an immense competition to get your child into one of the top schools. So, in order to do that, you will need to work out a sound financial plan for your child. This not only helps secure your child’s future, it also gives them the right platform, so that they can succeed in life. In any case, whatever your child’s goals and aspirations may be, Future Generali Life Insurance’s Child Plans helps cover the expenses, nonetheless. Let us see what they are.
With Future Generali’s Assured Education plan, you can now save systematically to pay for his or her college education, when they turn 17 and complete their undergraduate. It has three options that help you receive guaranteed payouts depending on the milestones of your child’s education. What’s more? Your child’s education is secured, even in the case of an unfortunate event. The plan even has an option for riders, which cover for you, in case of accidental death or permanent disability. In addition, you can also avail tax benefits as per the existing tax laws.
- Retirement Plans
Most people spend more than 20 years of life as a retired person. This means that they won’t work and will have no income for more than 50% of their lives. With inflation ever-increasing, one needs to get a retirement plan, right? Not to worry, though as there are various financial plans from Future Generali that help you there.
Let’s take a look at what they are.
Sit back, relax, don’t worry about anything and enjoy your life is perhaps one of the mottos of Future Generali’s Retirement Plans. With these plans, experience a financially independent retired life, with entitlement to guaranteed benefits, regular income through pension, and not to mention, life insurance cover.
Future Generali offers some very flexible retirement plans. The two plans that are on offer for retired people are, the Future Generali Immediate Annuity Plan and the Future Generali Pension Guarantee Plan.
Future Generali’s mission
Future Generali life insurance has an active mission to protect and enhance people’s lives. For that reason alone, it is operating in 104 branches and offers a complete range of simple solutions for the financial security of both customers as well as enterprises.
Future Generali’s corporate social responsibility
The Future Generali Life Insurance Company Pvt. Ltd has a social obligation, and so, it has initiated a CSR project, which is one of its first in Maharashtra, in collaboration with The Energy Research Institute or TERI to provide adequate electricity and lighting to all those households in Maharashtra who are lacking them. The project is called Light a Billion Lives Campaign or LaBL. The LaBL campaign is a global initiative and not restricted only to India.
As stated earlier, life insurance is a very important part of our lives. Securing a life insurance sure does go a long way for people, in life. Be it a health issue, your child’s future, and education, or your retired life; insurance comes in handy for all these and any other type of issue or event you might face in the future and leaves you equipped with the means to handle them.
Every individual needs a minimum, basic amount of life insurance coverage so that the family that is dependent on them has enough money to take them through their lives. That is, they will be able to maintain the same lifestyle, even without their breadwinner. The money covered in such instances should be about 20 to 25 times the annual income of the individual in question. So, it is a good practice to cover yourself with not just life insurance, but any other kind of insurance as per your requirements. But it is even a better practice to revise your insurance every once in a while, once you know that your income has increased significantly.
Whatever may be the case, life insurance still stands as a vital part of life, nonetheless.
About Carson Derrow
