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General insurer Future Generali has launched a health product offering 80 per cent flat discount on the premium on renewal if there was no claim in the previous year. The health super saver policy offers a straight 80 per discount on the premium on renewal in the second/third year in case there was no claim in the previous year, said Anup Rau, managing director & chief executive of Future Generali India Insurance, which has over 3 lakh health insurance customers. The company is offering the new product in two variants--1X and 2X-- under which the former provides a 80 per cent discount on the premium in the consecutive year in case the first year was claim-free and the later offering 80 per cent more coverage for the family members on an individual sum insured basis. This product also covers a one-day-old infant to a senior citizen who is 70. * * * * * GMR Kannur Duty Free Services launches outlet * GMR Kannur Duty Free Services Ltd (GKDFSL) on Thursday launched its first duty .
Irdai has imposed a penalty of Rs 35 lakh on Future Generali India Insurance Co for violating various laws including the ones related to payments, licensing of insurance agents and file and use policy. "In conclusion, as directed under the respective charges, the penalty of Rs 35 lakh shall be debited to shareholders' account of the general insurer," Insurance Regulatory and Development Authority of India (Irdai) said in an order. It has asked the company to remit the amount within a period of 15 days. The company was found to be making payments to its intermediaries under accounting heads as support services, consultancy that were not reported to the Authority, it said. Irdai said it was in violation of Insurance Act and imposed a fine of Rs 5 lakh for the contravention. A similar penalty of Rs 5 lakh was imposed for not giving a clear picture of insurance agents engaged by the company. Further, the insurer was allowing agents to solicit business even after expiry of their ...