By Avni Raja, CNBC-TV18

Rs 49, Rs 99 and Rs 149 are not price tags in a dollar store, but they are the premium costs of insurance polices that can now be purchased from shopping malls. Kishore Biyani-led Future Group and Italy-based Generali Insurance have come together to form India's newest insurance distribution model.

India's newest insurer, Future Generali, has approached the Indian insurance market in a unique way through "mall assurance". So, you can insure your home or car, or even protect yourself from accidents while buying vegetables for as less as Rs 49.

“I think going by a new approach, acquiring a customer younger and making him aware of insurance and the product is our first job. We believe we can do it in the mall space because mall is a public space where people spend a lot of time,” said Kishore Biyani, MD, Future Group.

Future Group will offer this service in 40 malls across the country. The company plans to setup 500 new outlets in the next six months including Tier-II and Tier-III cities. The company hopes to convert atleast 3-4% of the 200 million footfalls at malls this year.

Innovative, as well as easily accessible, mall assurance is expected to substantially increase the penetration in the Indian insurance market. But what kind of a response will it get from the Indian population is something we need to wait and watch.