Future Generali, the insurance joint-venture between Kishore Biyani-led Future Group and Italy's Generali Insurance, has launched `mallassurance', a new initiative to sell insurance policies through malls and kiosks.
The mallassurance will make both life and non-life policies available through kiosks and Future Money outlets in select malls for a premium of Rs49, Rs99 and Rs199, Kishore Biyani, CEO, Future Group, said.
The policies will include personal accident cover, house cover and also life insurance, he added.
"We hope to create history with these products and at Rs49, Rs99 and Rs199, most Indian homes can purchase these policies and especially the young," he said.
A person may now be able to insure his/her home or car, or even protect him/herself from accidents while buying vegetables for as less as Rs49.
"Our mission is to sell one lakh policies in the next 45 days," Kim Chai Ooi, country manager, Future Generali, said.
The products, which will initially be offered through 40 malls, will be made available in about 500 outlets in the next six months, Biyani said.
The group, he said, was also in talks for bancassurance partners.
The joint venture will invest about Rs185 crore in the life insurance venture and Rs150 crore in the non-life joint venture, Kim Chai Ooi said. The group is training about 3,000 agents in selling both life and non-life insurance products, he added.