Future Generali India Insurance, a joint venture between Kishore Biyani-promoted Future Group and global insurer Generali from Italy on Oct 28, 2015. launched its health insurance product ‘Health Total’ with maximum cover period of three years.
The company’s average sum insured in health insurance is Rs 3 lakh with majority of policy holders being in the 25-45-year age bracket.
“With an inflation in healthcare cost of 15-16% every year, there is a growing need and awareness for health insurance covers. With the launch of Health Total and other new products in future coupled with strong distribution channels, we aim at creating a deeper penetration of health insurance in the country. Though the sector has been growing at 20% over the last few years, we see a potential for much larger growth. We expect the health business to contribute 20% of our total business by FY 2017,” chief executive officer of Future Generali India Insurance,KG Krishnamoorthy Rao said.
Future Generali India Insurance Company is a joint venture between Future Group and Italy based Generali group. With its new policy, the company is expecting 50% year-on-year growth in retail health portfolio over the next three years.
“Realising the need of such a comprehensive health insurance product, we designed Health Total which will act as a single solution to all your healthcare needs,” said Shreeraj Deshpande, head, health insurance, Future Generali India Insurance.