Insurance Newsletter – July 28 to August 01, 2014

India Infoline News Service | Mumbai |

The Insurance Amendment Bill and SEBI Ordinance Bill are likely to be moved in the current Parliament session, which will go on around mid-August, according to a media report

News this week

Insurance, SEBI Bills to be tabled in Monsoon Session
The Insurance Amendment Bill and SEBI Ordinance Bill are likely to be moved in the current Parliament session, which will go on around mid-August, according to a media report. The Business Advisory Committee has also allotted time for both these critical bills. Normally, it is the finance ministry which is to complete the procedures for the introduction of these bills, the report added.

LIC may buy ICICI infra bonds
ICICI Bank is likely to issue a private placement of an infrastructure bond issue with Life Insurance Corporation (LIC) of India. The bank also plans to place infra bonds up to Rs. 1,000 crore with other insurance companies. ICICI Bank aims to sell 10-year papers at a coupon of 9.15% to be paid semi-annually. Axis Bank and Yes Bank are also expected to raise money via long-term bonds in the coming months. Yes Bank plans to raise Rs 3,000 crore in the next 12 months.

Max Bupa introduces family health insurance plan
Max Bupa has introduced the new edition of its flagship product Heartbeat Health Insurance Plan, offering individuals, nuclear and extended families the most comprehensive health insurance plan.

The plan  distinguishes itself from other plans available in the market with the introduction of many new features like international cashless treatment for 9 major critical illnesses, worldwide emergency medical evacuation, flexibility in sum assured ranging from Rs 2 lakh to 1 crore, reduced waiting period of 24 months on pre-existing diseases for sum insured of Rs. 5 lakh and above, coverage for upto 14 relationships under a single policy and option for loyal customers to enhance sum insured on renewal, irrespective of claim history... Read more

Religare Health Insurance launches 3 new products
Religare Health Insurance has launched three new offerings – ‘Explore’ for international travel insurance, ‘Secure’ that offers personal accident coverage and Enhance, a high deductible health insurance plan.

Anuj Gulati, MD & CEO, Religare Health insurance, said in a release, “The three new products are aligned with our objective of providing comprehensive health insurance solutions that cater to the varied requirements of our customers. We stay committed to introducing more innovative products and shall continue to deliver quality service through technology-enabled processes.”... Read more

Tata AIA Life aims for growth in Vidarbha
Tata AIA Life Insurance Company Ltd (Tata AIA Life), the life insurance joint venture between Tata Sons Ltd and AIA Group Ltd, announced its commitment to strengthen its Agency network in Vidarbha to address life protection needs of people of Vidarbha and to provide meaningful employment as advisors. As on March 31, 2014, the Company has a network of 261 advisors in the Vidarbha region, including 166 advisors who belong to the district of Nagpur.

“Adequate life insurance cover ensures that in case of an unfortunate event the life insurance proceeds provide the dependant family with required financial income, which would help them maintain same ‘Standard of Living’, as before,” said Amitabh Tapadar, Chief Marketing Officer, Tata AIA Life... Read more

Ample opportunities for ISACA certified professionals in finance: IRDA
RK Nair, Member-Finance and Investments, Insurance Regulatory & Development Authority (IRDA) inaugurated the ISACA India Conference 2014 on Saturday, July 26, 2014. The theme for this year’s annual event–GRC 2.0 for SMAC witnessed domain experts and professionals from across industries sharing their insights on the next level of GRC (governance, risk management and compliance). The event focused on helping businesses address security challenges related to the adoption of SMAC (Social Media, Mobility, Analytics and Cloud Computing) technologies... Read more

Special Stories

Modi will launch financial inclusion campaign: FM
Finance Minister Arun Jaitley said that India's Prime Minister will launch the government's campaign for financial inclusion to ensure that 7.5 crore households that do not have access to banking have at least two accounts. Interacting with reporters after meeting the heads of PSU banks in New Delhi, Jaitley said, “The efforts will also be made to introduce mobile banking on all kinds of phones.” Jaitley said that in some areas where bank branches are possible, the regular brick and mortar branches will be created... Read more

Learning

Cash crunch? How to prioritize payments?
It sometimes happens that we are short of cash. Some unexpected expense or sudden loss of income is something that all of us face at some point of time. If you ever find yourself in such a situation and have to prioritise your payments, here is a list:

Mortgage: A roof above your head is the biggest security you can get. Make sure you and your family has it all the while. So, do not miss your home loan EMI. Missing an EMI on your home loan could also affect your Cibilreport. Cash crunch is a temporary phase, but an impact on Cibil score could last longer... Read more

 

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