by Suman Gupta
- First-of-its-kind initiative in the industry, the Group Health Insurance plan covers both temporary and permanent disabilities.
- Covers up to 75% of the pre-disability income per month, loan EMIs, credit card minimum due depending on the plan chosen
- Offers extensive coverage for income loss due to disabilities caused by accidents, health-related conditions, including mental illnesses
Mumbai, July , 2024: In a first of its kind initiative, Future Generali India Insurance (FGII) has launched Disability Income Protection insurance to provide financial security to its customers in the event of a disability. The primary objective of this policy is to help employers provide a financial safeguard to its employees against the risk of income loss, ensuring they can maintain their standard of living and meet essential expenses.
The Disability Income Protection insurance plan from FGII is a Group Health Insurance product which covers both temporary and permanent disabilities. These include both physical and mental illnesses that are diagnosed while being insured, physical injuries caused by accidents, and health impairments caused by unforeseen and exceptional events resulting in a total or partial loss of income.
Commenting on the launch of the new product, Mr. Ramit Goyal, Chief Distribution Officer, Future Generali India Insurance, said, “As a responsible insurer with DEI ingrained in our DNA, we are committed to being a lifetime partner to our customers, holding their hand through their journey. The onset of disability often brings substantial healthcare expenses, making comprehensive insurance coverage crucial to prevent social and financial decline. With this group insurance product, we are offering employers in India the opportunity to protect their employees from loss of income due to disability and financial hardship caused by the high costs of assistive services and outpatient care required to manage disabilities.”
Disability Income Protection plan, which can be offered as a part of employee benefits package by employers, is not only aimed at safeguarding employees against unforeseen health challenges leading to loss of income, but also underscores a company’s commitment to enhancing the well-being and financial security of its workforce. This crucial support will go a long way in maintaining high levels of productivity and morale, fostering an environment where employees feel valued and secure. By integrating this product into existing employee benefit offerings, organizations can establish a robust safety net for their employees.
FGII aims to leverage its multi-channel distribution encompassing banks towards making this product available to employer-employees across the country. This product can also be offered by Financial institutions to its borrowers.
About Future Generali India Insurance Company Limited:Future Generali India Insurance Company Limited is a joint venture between the Generali Group, a 190-year-old legacy global insurance business with a 74% majority stake, and the Future Group. The Company was set up in 2006 to provide retail, commercial, personal, and rural insurance solutions to individuals and corporates to help them manage and mitigate risks. FGII broke even in FY 13-14 – a landmark achievement in just six years of operations.
Today, with over Rs. 7,473 Crore of assets under management in FY 2024 and Gross Written Premium of Rs. 5,003 Crore, Future Generali India Insurance has firmly established its credentials in the insurance segment. Currently, amongst India’s top 10 private general insurance players, Future Generali became a ‘Great Place to Work’ certified company for the 5th time in a row (October 2023–October 2024) as per the prestigious Great Place to Work® Institute. The Company is the proud recipient of several awards and recognition, the most recent being the Golden Peacock Awards 2022 for Excellence in Corporate Governance and The Economic Times Best Brands Awards 2022.
About Generali Group: Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 82.5 billion in 2023. With almost 82,000 employees serving 70 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.
