Future Generali India Life Insurance has recently added a new partner to further grow its Credit Life business. The Company has entered into an agreement with Vastu Housing Finance Corporation Ltd. to offer group credit life insurance through one of its products – Future Generali Loan Suraksha Plan. This is a single premium term insurance plan which is specifically designed for financial institutions to provide life coverage to their new and existing borrowers.
This is an affordable plan which ensures the protection of the borrower to the extent of the home loan amount. The borrower also has the option of Increased Insurance coverage in case of a top-up or additional loans. These schemes are usually useful during unexpected eventualities.
Speaking on this partnership, Munish Sharda, Managing Director & Chief Executive Officer, Future Generali India Life Insurance said, “Our objective is to offer simple and value added products to our customers and partners. Credit Life Insurance is a growing business and has proved to be beneficial not only for the financial institutions but also an important product for the customer as it is hassle-free. Given the importance of this business for our organisation, we have invested resources to ensure best-in-class products and processes to serve our customers better. We are pleased to associate with such a high quality, technology focused company like Vastu Housing Finance and offer our services through the Loan Suraksha Plan. We truly believe that this partnership will be a win-win situation for both the organisations as well as our customers.”
Sandeep Menon, Managing Director, Vastu Housing Finance Corporation said, “Vastu is focused on being a lender of choice; the Vastu proposition is a paperless digital process leveraging analytics and data to achieve speed and simplicity of the lending experience. We are committed towards understanding the changing needs of our customers and partners. We are pleased to partner Future Generali India Life Insurance and extending a simple and affordable life cover to our customers that will help them financially secure their families and their loan obligations.”
Future Generali India Life Insurance Company Ltd. is a joint venture between Future Group – the leading retailer of India, Assicurazioni Generali – a global insurance group and one of the world’s 50 largest companies and IITL – a leading NBFC.
The Generali Group is one of the largest global insurance providers with 2014 total premium income exceeding €70 billion. With 78,000 employees worldwide serving 72 million insured persons in more than 60 countries, the Group occupies a leadership position on West European markets and an increasingly important place on markets in Central Eastern Europe and Asia. In Asia, the Group operates in 10 markets: China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, Thailand and Vietnam. Generali ranked among the world’s 50 smartest companies in 2015 according to the MIT Technology Review. Generali is the only insurer to be listed.
Future Group operates some of India’s most popular retail chains including Central, Big Bazaar, Food Bazaar, Home Town and eZone. Apart from its allied businesses in Life and General insurance, the Group is also present in the domain of logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group’s retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values’.
VASTU HOUSING FINANCE CORPORATION LTD.
Vastu is a technology led Housing Finance company with 15 branches spread across 7 states.Vastu has Multiples Private Equity as a lead investor along with investments from senior banking industry leaders: Pramod Bhasin (founder of Genpact and former head of GE Capital Asia/India), Vikram Gandhi (Founder of VSG Capital and Asha Impact and former Vice Chairman of Investment Banking and Global Head of Financial Institutions for Credit Suisse) and Samir Bhatia (founder and CEO of SMECorner.com and a former founding member and Head of Corporate banking at HDFC Bank and former MD and CEO at Barclays Bank.) along with the founder team of P H Ravikumar, Sandeep Menon and Sujay Patil.