Future Generali targets 2% market share by end-this fiscal
PTI | 06:09 PM,Sep 02,2010Mumbai, Sep 2 (PTI) Private insurer Future Generali India Life Insurance is targeting an increase in its market share to 2 per cent by end of the current fiscal from the current 1.3 per cent, a top company executive said today. The three-year-old joint venture between Kishore Biyani's Future Group and Italy's Generali expects to break- even in the next four years, the company's Managing Director and Chief Executive Officer, Deepak Sood, told reporters here. Among private players, Future Generali (FG) has the highest composition of traditional term policies in its total pie, Sood said, adding the new age investment-linked Unit Linked Insurance Products (ULIPs) currently constitute around 65-70 per cent. A senior company official said courtesy the high composition of low-premium term policies, FG's share by total number of lives covered is over 4 per cent currently in the congested life insurance market which has 23 players. After the revised ULIP guidelines set in yesterday, FG today launched a new product in the category. Select Insurance Plan offers investors a variety of options to choose from. Based on his risk appetite, an investor can choose between five different funds where the amount will be invested and also from three options on the maturity/claim settlement front, Sood said. The company will be launching four more ULIPs in the next two months, he added.
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