Future Generali India Insurance Company has announced the launch of ‘FG Gift of Health’ product that starts with a premium of ₹501.
As per the company, this product can be gifted by anyone, be it the support staff, domestic help, friends, extended family, or even members of an NGO.
Gifting of an insurance product has now been made possible via IRDAI sandbox regulations.
As per the press release, ‘FG Gift of Health is available in two options – Future Hospicash and Accident Suraksha. This policy can be gifted to an individual as well as the family, including receiver, spouse of receiver and two dependent children (up to 25 years of age).
Future Hospicash covers incidental expenses in case of hospitalisation and offers a fixed benefit for each day of hospitalisation, irrespective of the actual medical cost. While Accident Suraksha provides beneficiaries with a lumpsum amount in case of accidental injuries leading to disability/death. Further, an additional discount of 10% on the total premium can be leveraged if both the plan options are being bought for the benefit of the same individual. There is no medical examination required for obtaining insurance cover under this policy.
Ruchika Malhan Varma, chief marketing officer, Future Generali India Insurance, said, “ ‘FG Gift of Health’ has several unique features to ensure that the benefits of insurance can reach all segments of the society. Depending on the product chosen, the policy will cover incidental expenses during hospitalization by providing daily cash benefit and/or lump sum benefit in case of accidental injuries leading to disabilities/death. Once they realise the financial help and security that insurance offers, they are likely to consider renewal which will help us in deepening insurance penetration in the country.”