Bangalore: With signs of recovery in the global economy, the insurance sector has seen a renewed interest in insurance products, with investors once again betting on Unit Linked Insurance Plans (ULIP).
The economic meltdown and uncertainty over the length of this downturn had impacted ULIP products, Deepak Sood, CEO, Future Generali India Life Insurance Company, said while announcing a new ULIP product, Future Freedom Plus.
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"The interest in ULIP products are back", he said, adding the company felt that the time was now right for launching such a product. Keeping in mind the recession experience, anxiety and apprehension of investors, Future Generali has factored in a flexibility option of reduction in premium payment in the second year, to ease fears of an investor unable to keep up to high premium rates.
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On salient features of the product, he said it offers three fund options, including a new future dynamic growth fund with start up NAV of Rs 10. There are two plan options - gold plan option with annual premium of Rs 1 lakh and platinum option with premium of Rs 1 lakh and above.
Minimum premium is Rs 25,000. It provides life cover till the policy matures for 10 to 20 year terms, with limited and regular premium paying options. It provides a uniform cover throughout the term of policy. The highlight o f the product is in the second year, the policyholder can pay as low as 75 per cent of the year premium without any reduction in the initial sum assured.
Future Genrali India Life Insurace Company, a joint venture between Future Group of India and Generali Group of Italy, is betting high on recovery targeting a five fold growth in revenue, from Rs 150 crore last fiscal to Rs 750 crore by end of this fiscal.
The company is on track and achieved around Rs 153 crore as of September 30, he said.
