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Our Bureau

Kochi, Feb. 2 Future Generali, the insurance joint venture between the Future Group and Generali of Italy, has tied up with the Kerala-based Manappuram General Finance and Leasing Ltd to provide insurance cover for the latter’s gold loan customers.

Mr Jayant Khosla, MD and CEO, Future Generali India Life Insurance Co Ltd, said that the gold loan customers of Manappuram would be covered by a life cover of Rs 22,222 and an accident insurance cover of Rs 50,000 per person and this will be given at a minimum premium rate covering the basic insurance needs of the customer.

He pointed out that there is a large group of people that requires good insurance benefits at a considerably low cost. As part of a vital rural and social objective of Future Generali, the group’s accident insurance cover, along with life cover, will take care of the risk of accident for gold loan customers and give them a basic insurance cover.

The company, he said, is targeting around 30 per cent of Manappuram gold loan customers with this joint initiative and the focus is primarily to achieve a wider reach.

Speaking on the occasion, Mr V.P.Nandakumar, Chairman, Manappuram Group, said that the company’s initial studies have shown that the product will be well accepted in the market. This is for the first time that an NBFC is providing insurance cover to gold loan customers. More than three million customers of the company, spread over in 15 States, are from the lower strata of the society and the tie-up would help Future Generali to effectively take its products to the lower end of the pyramid, he said adding that insurance penetration in the country, among the lower section, is less than 20 per cent.

More Stories on : Alliances & Joint Ventures | Gold & Silver | Credit Market | NBFCs

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