Future Generali India Insurance Company Limited (FGII), a joint venture between Future Group - the game changers in Retail Trade in India and Generali – a 184 years old global insurance group featuring among the world’s 50 largest companies*, today launched ‘Sukshma Hospicash’, a micro-insurance cover specifically designed to take care of the incidental expenses in case of hospitalization. The policy will be available both for group and retail customers. This is a package policy aimed towards providing financial security to the economically vulnerable population of India. The product will be available through the company’s tie-ups with banks, MFIs, NGOs and through individual agents in rural areas.
Speaking on the launch, K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited said “We expect the rural and micro insurance industry to grow at 30% this year. This segment has largely remained untapped till now. With the launch of Sukshma Hospicash, we aim to cater to this untapped segment in rural India through such customized products and also focus on increasing insurance penetration in the country.”
Sukshma Hospicash is offered on individual sum assured as well as on family floater basis, covering self, spouse and up to a maximum of three dependent children (up to 25 years). The product is offered to customers from the age of six months to 65 years and is renewable lifelong. Also, the premium paid will be exempt under Section 80 D of Income Tax.
Shreeraj Deshpande, Head- Health Insurance, Future Generali India Insurance Company Limited said, “We believe that cash benefits during hospitalisation provide a major relief to people as their daily expenses are taken care of which in turn reduces the financial burden at such a critical time. We are offering ‘Sukshma Hospicash’ with different premium options which one can choose as per their requirement”.
In case of hospitalization in ICU, the product provides two times per day benefit to the insured. Several benefits are available under various plans of the product and it can be offered for different options under 5 days / 10 days / 15 days / 20 days and 25 days. Cover for maternity and pre-existing diseases are also available under optional benefits.