Private insurance company, Future Generali India Life Insurance Company will be recruiting about 25,000 agents across India by 2022. In addition, it will be opening new branches to take advantage of new markets and also ensure growth.
The company has already tied up with American Express and is eager to enter into similar tie-ups to expand its business. The average insurance premium is Rs 45,000, while the average cover is Rs 90 lakh for term plans and Rs 6 to 10 lakh for traditional plans. The Company expects to close gross return premium for 2019 at about 1200 crores.
While the insurance business is definitely growing, quite a major chunk of the population remains under-insured and unaware of the benefits and a significant number have no access to insurance cover at all. Therefore, Future Generali will be focussing on widening and strengthening its distribution network.
In 2018, the company opened 22 new branches, whereas in 2019 it plans to add 28 more. The Company’s growth has been 40 to 50 per cent in the last two years.
Now that there are term insurance policies available, people do not consider insurance as just another way to save tax. The willingness to go for personal cover has gone up, with more and more people opting for term insurance online and offline.
The Company plans to come up with simple offerings, to cover not just cancer and the heart, but health in general.