Future Generali engages with banks for rural penetration

Future Generali India Insurance Co. Ltd has tied up with 10 medium and small size banks in Kolhapur and Sangli districts of the state of Maharashtra to help increase rural insurance penetration.

With the tie-ups, Future Generali will provide rural and micro insurance policies, tailormade for the banks’ customers, who want coverage for self, family, livestock, tractors and vehicles, according to a Times of India report.

“In this year’s Union Budget, the government has clearly indicated its focus on rural and agricultural growth. Insurance penetration is a real concern in India today and these tie-ups are vital to providing financial access to rural households, thus ensuring better standards of living. We expect rural and micro insurance to grow by 30 percent by end of FY17,” said K G Krishnamoorthy Rao, MD and CEO, Future Generali India.