Future Generali Life Insurance Co Ltd is planning to launch a combi-product that will provide term insurance and health cover under the same policy, according to its Managing Director and Chief Executive Officer, Mr Deepak Sood.

The company is in the process of filing the policy with the Insurance Regulatory and Development Authority (IRDA), he told media persons on the sidelines of the launch of its new unit-linked policy, Future Generali NAV Assure.

“The industry is going to see a lot of innovation in this combi-product segment with companies looking at bundling ULIPS with medi-claims and providing term policies as an add-on to the packaged non-life products,” Mr Sood said.

Though the products might not be as popular as some of the existing life insurance policies in the initial stages, they are likely to be popular after three to five years, he added.