Mumbai : Future Generali, the insurance joint venture between Kishore Biyani-led Future Group and Italian major Generali Insurance, today launched Mallassurance, a unique initiative to sell insurance policies at the malls.
The policies, both life and non life, will be available through kiosks and Future Money outlets in select malls for a premium of as low as Rs 49, Rs 99 and Rs 199, Future Group CEO Kishore Biyani told reporters here.
The policies will include personal accident cover, house cover and also life insurance.
“We hope to create some history with these products and at Rs 49, Rs 99 and Rs 199, most Indian homes can purchase these policies and especially the young,” he said.
“Our mission is to sell one lakh policies in the next 45 days,” Future Generali Country Manager Kim Chai Ooi said.
The products will be offered through 40 malls initially and will be ramped up to about 500 outlets in the next six months, Biyani said, adding that the group was also in talks for bancassurance partners.
He, however, declined to comment on commission that Future Group will charge from Generali.
Kim Chai Ooi said the group is investing about Rs 185 crore in the life insurance venture and Rs 150 crore in non-life.
The group is training about 3,000 agents in selling both life and non-life insurance products.
Generali Group CEO Segio Balbinot said that through the innovative marketing methods, the group can have a wider reach to the customers.