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FGII partners with United Way Mumbai to support children from disadvantaged communities

Mumbai, January 05, 2022: Future Generali India Insurance Company Limited (FGII) has collaborated with United Way Mumbai, an NGO working in urban and rural communities across India, to identify prevailing challenges in the community and envisage and implement impactful solutions. This partnership aims to implement meaningful interventions that can improve the health and early learning abilities of children aged six months to six years from disadvantaged communities.

To give a boost to this initiative, FGII has created a unique annual report that provides financial information on the year gone by, presented in a refreshing culinary format. The report pays homage to its Indo – Italian partnership and has been designed as a recipe book comprising specially curated Indian, Italian, and fusion recipes. In an industry-first CSR initiative, the annual report is available on Amazon.in.

One can contribute to this cause by ordering this book on Amazon.in (https://www.amazon.in/dp/9355301170?ref=myi_title_dp) for Rs. 199. The amount contributed by an individual will be directly shared with the NGO partner, United Way Mumbai. The proceeds received from this initiative will be utilised towards the cause of child nutrition and development. Future Generali India Insurance vows to match the amount ‘Rupee for a Rupee,’ thus amplifying the initiative’s impact.

Ruchika Varma, Chief Marketing Officer, Future Generali India Insurance says, “Future Generali is a brand that stands for Simplicity, Innovation, Human Touch and Ownership. This brand philosophy encompasses our stakeholder interactions as well as the various innovations brought to life at FGII. We looked at our Annual Report as yet another opportunity to not just bring life to an otherwise standard, mundane document by making it visually appealing and a culinary delight but also leverage this innovation towards making a meaningful impact.”

She further adds, “Children from disadvantaged communities form an integral part of our society and need nurturing. Through our partnership with United Way Mumbai, we hope to add value to the lives of these children. As a brand that emotes empathy, our aim is to promote inclusive growth by empowering the children of today so that they can shape a better tomorrow for themselves.”

Anup Rau, MD & CEO, Future Generali India Insurance

Pre – Budget expectations from FGII: Views from Anup Rau, MD & CEO, Future Generali India Insurance

The lessons learnt from the COVID-19 pandemic underline that capitalizing on health is no longer optional. Stable, equitable, thriving, and peaceful societies and economies are only possible when no one is left behind. This crisis has presented an opportunity to prioritize and bring forth structural changes that benefit the population. To further give a boost to health insurance and its deeper penetration in the country, I urge the government to consider the below:

  1. GST Reduction from 18% to 5%: In the order of needs, protecting health is of utmost importance, and due to the looming pandemic, health insurance is more relevant than ever. Health insurance is an essential commodity and needs to be slotted in the 5% GST tax slab to make it more affordable to access quality healthcare. A significant reduction in the GST on all personal lines of products—from the existing 18% to 5% will encourage more people to buy health insurance. For senior citizens, it should be exempted.
  2. Increasing the limit for Health Insurance under Section 80D: The increase in tax deduction limit in Section 80D of the Income Tax Act can further help in the penetration of health insurance. Under Section 80D, an individual can claim up to Rs. 25,000 deduction for self and family. This limit should be increased to Rs. 1,50,000. The rising medical costs and the increase in the incidence of critical illnesses make it an unmanageable expense for middle-income and lower-income groups. So, a higher tax deduction limit for health insurance plans is the need.
  3. Small ticket insurance products: Given the under-penetration of insurance in India and the need to bring a wider gamut of the population under the safety net, small ticket size insurance products like micro-insurance, sachet products, etc. can be exempted from GST. This will provide added boost to these products by making them affordable thereby enabling the population to get exposed to low-cost insurance products and appreciate their value better.