Orlando Harmon
Future Generali Life Insurance Company Ltd. is a joint venture between the Future Group, Generali group, and Industrial Investment Trust Limited (IITL). The company has a presence in multiple consumer-centric businesses like retail, consumer finance, capital, insurance, media, brands, and logistics. It owns and manages multiple retail formats such as Pantaloons, Big Bazaar, Central, Food Bazaar, and Home Town. The company has received multiple awards, including the Silver EFFIE award in the financial services category in 2011, and its investment team has received the ISO 9001:2008 certification for its ‘claims’ and ‘customer care support’ functions in 2013. The company has also received positive reviews from its customers, with an average rating of 4 out of 5 stars.
What You'll Learn
Future Generali's range of insurance products
Future Generali offers a wide range of insurance products to cater to the diverse needs of its customers. Here is an overview of their product portfolio:
Life Insurance Plans
Future Generali provides term insurance plans, ULIP plans, pension and retirement plans, investment plans, and child plans. Their term plans offer financial security to the policyholder's family in case of their untimely demise or disability. The ULIP plans combine insurance coverage with investment opportunities, allowing customers to grow their savings over time. The pension and retirement plans help customers build a retirement corpus and receive a guaranteed income. The investment plans offer savings and protection benefits, while the child plans ensure financial support for a child's education and future.
Health Insurance Plans
Future Generali offers comprehensive health insurance plans that protect against critical illnesses and surgical procedures, including heart and cancer-related conditions. Their plans provide coverage from the early stages of diagnosis and include an inbuilt death benefit with no waiting period. Additionally, they offer specific plans for heart and health insurance, as well as cancer protection.
Travel Insurance Plans
Future Generali has introduced travel insurance plans that can be customized to meet the insured's needs. These plans are sold exclusively online and offer comprehensive coverage, including worldwide and Schengen travel options. The eligibility age ranges from 6 to 70 years, making it ideal for families.
Group Insurance Plans
Future Generali also offers a range of group insurance plans, such as the Group Superannuation Plan, Group Leave Encashment Plan, Group Gratuity Plan, and Group Term Life Insurance Plan. These plans are designed to meet the diverse needs of groups, including employers and employees, by providing fund management, retirement planning, and life insurance coverage.
Loan Insurance Plans
The company also provides loan insurance plans, such as the Loan Suraksha plan, which offers life coverage to borrowers, thereby securing their loans. This plan covers a wide range of loan types, including housing, vehicle, personal, and business loans.
With its comprehensive range of insurance products, Future Generali aims to provide financial security and peace of mind to individuals and groups alike.
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Customer reviews of Future Generali
Future Generali Life Insurance Company Ltd. is a joint venture between the Future Group, Generali group, and Industrial Investment Trust Limited (IITL). The company offers a wide range of products, including savings and family protection policies, unit-linked policies, and group products. Here is a compilation of customer reviews of Future Generali's services:
Positive Reviews:
- Many customers have praised Future Generali for its affordable and relevant insurance plans, which cater to different needs, including child plans and term insurance policies.
- Customers have also appreciated the easy and quick process of purchasing insurance plans online, as well as the availability of discounts and tax benefits.
- The company's customer care and claim support have been commended for their responsiveness, ease of connection, and helpful behaviour.
- Future Generali's range of insurance options, including traditional plans, ULIP plans, pension plans, and child plans, has been found to be beneficial by many customers.
- The company's mobile applications, FG Life and FG Insure, have been well-received for their convenience, user-friendliness, and comprehensive features for policy management.
Negative Reviews:
- Some customers have expressed dissatisfaction with the slow service and long waiting times, particularly regarding the traditional insurance plan.
- A few reviews mention issues with the website and web services, describing them as clumsy and not easy to access.
- There are also a few complaints about low policy coverage and lower-than-expected returns on certain plans, such as the pension plan.
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Future Generali's reputation and history
Future Generali India Insurance is a private general insurance company in India. It was established in 2006 as a joint venture between the Future Group and Generali Participations Netherlands N.V. (Generali Group). The aim was to provide retail, commercial, personal, and rural insurance services to both individuals and corporations to help them manage and mitigate risks.
In 2013, Future Generali India Insurance received ISO 9001:2008 certification, followed by ISO 27001:2013 certification in 2014. The company has since partnered with banks like Bank of Maharashtra, UCO Bank, and Bank of India to promote motor, home, health, and rural insurance products.
In May 2022, Generali completed the acquisition of approximately 25% of Future Enterprises' stake in Future Generali India Insurance, increasing its stake in the joint venture to 74%. The company has a self-service app, FG Insure, which allows customers to manage their policies, purchase and renew insurance, report claims, and track their status.
Future Generali India Insurance has received several awards in recognition of its efforts in various fields, including the Golden Peacock Award for Excellence in Corporate Governance in 2022 and the BFSI Silver Medal at the ET Brand Disruption Awards by The Economic Times in 2021. The company has also been recognised as a 'Great Place to Work' for five consecutive years (2023-2024) by the Great Place to Work® Institute.
- 2006: Future Generali India Insurance is established as a joint venture between the Future Group and Generali Participations Netherlands N.V.
- 2013: The company receives ISO 9001:2008 certification.
- 2014: Future Generali India Insurance receives ISO 27001:2013 certification.
- 2022: Generali increases its stake in the joint venture to 74%.
- 2023-2024: Future Generali India Insurance is recognised as a 'Great Place to Work' for five consecutive years.
Future Generali India Insurance has established a solid reputation in the insurance industry, offering a diverse range of insurance products and receiving recognition for its efforts. The company's history reflects its commitment to providing quality insurance services and its successful partnerships with banks and other institutions.
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Future Generali's joint venture
Future Generali India Life Insurance is a joint venture between the Future Group, Generali Group, and Industrial Investment Trust Limited (IITL). The Future Group is a leading business group in India with interests in retail, consumer finance, insurance, real estate, and entertainment. The Generali Group is a leading global insurance and asset management provider with a presence in 50-60 countries and a total premium income of €70-82.5 billion. The company was established in 1831 and has over 190 years of insurance expertise.
The Future Generali joint venture was set up in 2006-2007 to provide retail, commercial, personal, and rural insurance solutions to individuals and corporates in India. The company offers a range of insurance products, including term insurance plans, ULIPs, savings plans, health plans, and retirement plans. It has a presence in over 1300+ locations in India and has sourced over 11 lakh policies.
Generali Group is the largest shareholder in Future Generali, with a stake of around 74%. The joint venture has been successful, with Future Generali becoming one of the top 10 private general insurance players in India and receiving multiple awards and recognition for its performance and work culture.
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Future Generali's work culture
Future Generali India Life Insurance Company is a joint venture between Future Group, Generali Group and Industrial Investment Trust Limited (IITL). The company has a large distribution network and offers a wide range of insurance products, including term insurance plans, ULIPs, savings plans, health plans, child plans, retirement plans and group plans.
Future Generali has a presence in 98 branches across India and has sourced over 11 lakh policies since its inception in 2007. The company has assets of over Rs 2,600 crore and capital of over Rs 1,400 crore.
Work Culture
Future Generali has a strong focus on employee development and offers a range of learning programs to upskill its staff. These include webinars, byte-size learnings, group learning, E-Learning and digital learning. The company also provides guidance and support to help employees chart a roadmap for career growth within the company, including through talent development projects, internal and external training programs, job rotation platforms, cross-functional projects and coaching.
The company also offers international assignments within the Generali Group to strengthen employee skills and provide global business opportunities.
Future Generali has a strong emphasis on employee wellbeing and assistance, with a company-funded program that offers support and resources to address any personal or work challenges that may impact employees' well-being and performance. The program includes phone counselling, WhatsApp chat, email services and a mindfulness app.
During the pandemic, the company prioritised employee safety and provided regular communication on safety protocols, social distancing and preventive measures. They also offered health and wellness initiatives such as yoga, fitness quizzes and high-intensity interval training.
Future Generali values diversity and inclusion and has been recognised as a "Great Place to Work" for the third year in a row. The company scored 90/100 in the Trust Index, which measures employees' perceptions of management's communication practices, competence and integrity.
However, some reviews on Glassdoor and Indeed indicate mixed experiences with the company's work culture. While some employees praise the supportive staff, good work-life balance and fun working environment, others criticise the long working hours, lack of job security and poor management. There are also reports of a lack of work-life balance, high-pressure sales environment and abusive language used by superiors.
Overall, Future Generali seems to have a strong focus on employee development and wellbeing, but there are some negative reviews indicating areas for improvement, particularly in management practices and work-life balance.
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Frequently asked questions
Some pros of working at Future Generali are: good work culture, supportive managers, good office culture and atmosphere, and salary on time.
Some cons of working at Future Generali are: poor work-life balance, bad management, low salaries compared to peers, and low brand image.
Future Generali offers a range of insurance products such as term insurance plans, ULIPs, savings plans, health plans, child plans, retirement plans, and group plans. Their insurance products are customizable and can be tailored to meet an individual's financial requirements.
