Future Generali launches two retirement plans

MUMBAI: Future Generali India on Tuesday announced the launch of two retirement plans -- Future Pension Plan and Future Pension Advantage Plan (ULIP).

Future Generali India is the insurance venture of the Kishore Biyani-led Future group and Generali Group of Italy.
"We are launching two retirement plans which offer distinct and relevant advantages to customers in line with their needs and aspirations. The Future Pension Advantage plan will have 40-80 years age band," Future Generali India Life Insurance's CEO & Managing Director Jayant Khosla told reporters here.

Under the Future Pension Plan, the company offers a way to create a regular stream of income after retirement. The company also assures a guaranteed addition of 5 per cent to accumulated pension fund after 15 years. The Future Pension Advantage Plan offers a minimum policy term of 2 years under single premium and 5 years under regular premium. There is also a tax benefit under section 80 C and 10 (10D) of the Income Tax Act.

Future Generali is targeting achieving 4 lakh policies in FY'09. Both the promoters have infused Rs 200 crore capital and are adding around Rs 75-100 crore every quarter, Khosla said. "We are targeting 25 per cent of our sales through mallassurance and 75 per cent through our alliances and distributors.

We have started offering insurance products through 300 Future Group malls out of 450. The Future group plans to add 1,000 malls in the next two years period," Khosla said. Generali is keen on replicating Future's mallassurance concept globally, he added.