Bajaj Allianz will be able to reach out to some two lakh existing customers and large number of new borrowers of the bank
Paschim Banga Gramin Bank has entered into a tie-up with Bajaj Allianz Life Insurance Company for distribution of their group life insurance products for loan borrowers and account holders of the bank.
A company statement said the bank would offer a range of group life insurance products that cover the borrowers with loan repayment protection in case of death of the borrower within the tenure of the loan.
Bajaj Allianz will be able to reach out to some two lakh existing customers and large number of new borrowers of the bank, the statement said. Paschim Banga Gramin Bank, a regional rural bank, caters to Howrah, Hooghly, Burdwan and Birbhum
Cigna and TTK have begun the process of seeking approval from the IRDA
The diversified TTK Group and US-based health service provider Cigna have signed a joint venture agreement to sell a range of health, wellness and insurance products.
Cigna and TTK have begun the process of seeking approval from the IRDA (Insurance Regulatory and Development Authority) and plan to submit a comprehensive filing early next year, the companies said in a joint statement.
"Full licence to operate would not be expected until 2013," the statement said, without disclosing the financial terms of the agreement.
“With over 80 years of customer experience, the TTK Group brings a strong brand, local market knowledge and proven strategies for distribution," Cigna International President William Atwell said. "Coupled with Cigna's broad portfolio of products and expertise in direct marketing, we can help meet the needs of the domestic market in an entirely new way. Together, we will be a powerful combination."
"We are committed to improving access and quality of care while reducing costs," Atwell added. "Cigna has proven capabilities to improve the health and wellness of consumers, and we share with Cigna a deep commitment to serving the people of India," TTK Group chairman TT Jagannathan said.
Motilal Oswal new issue closes on 5th December
Motilal Oswal Mutual Fund has launched Motilal Oswal MOSt 10-Year Gilt Fund, an open-ended gilt fund.
The investment objective of the scheme is to generate credit risk-free returns by investing in a portfolio of securities issued by the central government and state government. The new issue closes on 5 December 2011. The minimum investment amount is Rs10,000.
The 10-year Benchmark GOI Dated Security and CRISIL Gilt Index are the benchmark indices. Abhiroop Mukherjee is the fund manager.