Future Sampoorna Suraksha policy covers hospital cash benefit, personal accident cover, building and furniture, robbery and burglary, farm produce, agricultural pump set, cart protection and liability and pedal cycle
Mumbai: Private general insurance player Future Generali India on Tuesday launched a micro-insurance product targeted at the rural and semi urban, urban poor segment, to provide to insureds and their business under a range of covers conveniently brought into one package policy, reports PTI.
The Future Sampoorna Suraksha policy covers hospital cash benefit, personal accident cover, building and furniture, robbery and burglary, farm produce, agricultural pump set, cart protection and liability and pedal cycle, the insurance firm said in a statement issued here.
"The penetration of insurance in rural markets is dismally low, far lower than the national average of 4% (life insurance and non-life insurance put together). It presents a huge untapped opportunity, which can be leveraged with suitable products customised for these markets," said KG Krishnamoorthy Rao, managing director and chief executive of Future Generali India Insurance.
"We are confident that this comprehensive product and its viable price will make a compelling proposition, which will help our partners attract many first-time buyers who would otherwise stay away. We also intend to distribute this product through our bancassurance network," he added.
The insurance company also works with a few large microfinance institutions in the North and South and has over 15 lakh members across these institutions. The firm, however, did not provide details of the premium option under the scheme.
Future Generali is a joint venture between Future Group and Generali Group of Italy.
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