Insurance
AEGON Religare Life launches online health plan

AEGON Religare said its iHealth Plan is a comprehensive health insurance plan that covers 849 surgeries and offers fixed-benefit with a smooth claim-settlement process

 
Mumbai: Private insurer AEGON Religare Life Insurance (ARLI) launched an online health plan -- iHealth -- targeted at the 'new age' customer, who prefers a direct and convenient process while buying any financial product, reports PTI.
 
“Our customer research showed us that key concerns among buyers of health insurance are - worries about getting the full claim amount, increase in premium in case of a claim and worries about coverage of all surgeries,” ARLI managing director and chief executive officer Rajiv Jamkhedkar told reporters.
 
Responding to the needs of customers ARLI has brought out the AEGON Religare iHealth Plan, a comprehensive health insurance plan that covers 849 surgeries, offering a fixed-benefit with a smooth claim-settlement process, he added.
 
The AEGON Religare iHealth Plan is targeted to the 'new age' customer, who prefers a direct and convenient process while buying any financial product, ARLI chief marketing officer Yateesh Srivastava said.
 
The Sum Assured under the Gold Plan is Rs3 lakh and Rs5 lakh for Platinum Plan.
 
Some of the important features of the policy are that it covers all possible surgeries with the exception of cosmetic surgeries, the customer is guaranteed the assured amount while cashless facility is offered in more than 3,000 hospitals across the country.
 

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SBI raises $1.25 billion from overseas bond sale at 3.75%

At 3.75% over the treasuries, this is one of the lowest coupons amongst the five-year issues. SBI also plans to list the bonds on the Singapore Exchange 

 
Mumbai: The nation's largest lender State Bank of India has raised $1.25 billion (around Rs7,000 crore) from an overseas dollar-denominated bond sale, making it the single largest issue from the domestic banking in recent years, reports PTI.
 
“We have just finished a successful bond sale issue, mopping up $1.25 billion at 3.75% over the treasuries,” SBI managing director and group executive for international banking Hemant Contractor told PTI.
 
Stating that the issue was received very well, Contractor said over 350 investors participated in it. He also said the bonds will be listed on the Singapore exchange shortly.
 
Despite the challenging environment, the bank could attract very good response from investors as the issue was over-subscribed 5.2 times or worth $6.8 billion, said a spokesperson of a lead banker to the issue.
 
At 3.75% over the treasuries, this is one of the lowest coupons amongst the five-year issues. The bank had given an indicative pricing of 400 bps above the treasuries in the run up to the issue.
 
The i-bankers to the issue were Deutsche Bank, Bank of America Merrill Lynch, Barclays Capital, JP Morgan, UBS and Citigroup.
 
The bank had run a week-long marketing campaign from 16 July 2012 in Hong Kong, Singapore, London, New York, Los Angeles, Boston, Frankfurt and Zurich.
 
The senior notes offering, having a BBB- rating from Standard & Poor's, is dollar-denominated.
 
This successful bond from SBI could be followed by ICICI Bank and Indian Overseas Bank, among other corporate entities, looking to raise funds through dollar bonds. The only issue from the domestic banks in 2012 was the five-year USD 500 million from Axis Bank, a few months back.
 
 

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Builder association requests independent regulator for cement industry

According to BAI, all free markets needed a regulator not only to regulate the sector but to expedite grievances of others

 
Madurai: The Builders' Association of India (BAI) has suggested setting up an independent regulator for the cement industry on the lines of Insurance Regulatory and Development Authority (IRDA), following recent developments, reports PTI.
 
The Regulator should have quasi-judicial authority, BAI trustee DL Desai said. He told reporters in Madurai that the Competition Commission of India's penalty of Rs6,300 crore on 11 cement companies last month for violating provisions of the Competition Act, 2002 was a landmark judgement under the act.
 
He suggested CCI follow the trend set by its sister bodies like tribunals of Income tax, sales tax and Excise Departments and direct cement companies to deposit 50% of the fine before accepting their petition.
 
The BAI would oppose tooth and nail any petition from cement companies seeking a stay on recovery of the penalty. The development in this case, Desai said, would be path breaking in fighting cartelisation in vital commodity sectors.
 
According to him the fine of Rs6,400 crore was meagre compared to profits earned by the industry with an installed capacity of 320 million tonnes, with the present demand standing at 250 MT. CCI's penalty on them was only 0.5 times their profits in 2009-10 and 2010-11, he said.
 
He pointed out that even the Parliamentary Standing Committee headed by Shantha Kumar had concluded that price escalation in the cement sector was profit-driven and had recommended setting up a regulator.
 
All free markets needed a regulator not only to regulate the sector but to expedite grievances of others, he said.
 

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