Bharti AXA mulling to launch unemployment insurance product

Bharti AXA General Insurance applied for getting approval from IRDA for an 'unemployment insurance' product which would cover general credit risk of a person

Mumbai: Private insurer, Bharti AXA General Insurance, is likely to come up with a 'unemployment insurance' product in the current fiscal as the domestic economy witnesses a downturn, reports PTI quoting a top company official.
"Presently, we have applied for getting approval for an 'unemployment insurance' product from the regulator. If we get the necessary approval, we will launch the product this fiscal," chief executive officer of Bharti AXA General Insurance, Amaranath Ananthanarayanan, told PTI in an interaction.
Earlier, another general insurance player, ICICI Lombard had come up with such a product in 2009.
Referring to product specifics, he said that the product would cover general credit risk of a person.
"It will be an umbrella product, which will cover general credit risk of a person during a loss of job. For example, payment of equated monthly instalments of the person insured for some months...," he said.
Unemployment insurance is a new product in the general insurance category in the country, though it is a very popular product in the western world.
According to experts, as the country becomes more economically integrated with rest of the world and faces cyclical downturn in its economy, the demand for these kind of products will be higher in the coming times.
Referring to overall product launch, Ananthanarayanan said there are 5-6 products which are pending for approval from the regulator and will be launched after geting its approval.
Bharti AXA General Insurance is the joint venture between Bharti Enterprises and AXA group in which 74 percent stake is being held by Bharti group.
French based AXA group is a global player in insurance and asset management, had a revenue of 91 billion euros in 2010.


Delhi launches common fare card for all forms of public transport

'More Delhi', a card which aims at making travel in Delhi cashless, can be used by commuters for travel on Metro trains and select feeder buses to start with

New Delhi: Travel on Delhi Metro and its feeder buses just got more easier with the launch of common mobility card 'More Delhi', which can also be used in DTC buses and taxis across the national capital in the coming months, reports PTI.
'More Delhi', a card which aims at making travel in Delhi cashless, can be used by commuters for travel on Metro trains and select feeder buses to start with.
In the next six months, the card, which will slowly replace the Delhi Metro's most-famous Smart Cards, can be used on Delhi Transport Corporation buses, taxis and parking lots in the capital.
'More Delhi' is part of the Union Urban Development Ministry's long-term plans to come out with a single card for travel across the country.
Launching the card, Union Urban Development Secretary Sudhir Krishna said in the Phase-II, the 'More Delhi' card can be used anywhere across the country for travel on Metro trains.
Existing smart card users can also travel on feeder buses using their contact-less cards, which automatically becomes a smart card.
"Eventually, we will be selling 'More cards' and not 'Smart cards'," Delhi Metro chief Mangu Singh said.
Sixty-five per cent of the 18 lakh metro passengers are estimated to use smart cards every day.
Krishna said talks with the Delhi government on the issue of allowing 'More cards' on their buses are on. "We expect that these cards would be used on buses in the next five to six months," he said.
The feeder buses and other vehicles which will accept the card will have hand-held devices which have been developed with a dedicated software at a low cost for the purpose.



Dr VS Gogia

4 years ago

should we be returning the delhi metro smart cards or they will still be usable or delhi metro will replace them with delhi more cards?

Baba Ramdev arrested on way to march towards Parliament

With Government ignoring his protest and refusing to engage with him, Baba Ramdev had threatened to march towards the Parliament

New Delhi: Yoga guru Baba Ramdev was on Monday arrested along with his supporters when they tried to march towards Parliament on an anti-Congress plank demanding immediate steps to bring back black money and to protest against corruption, reports PTI.
Baba Ramdev was arrested near the Ranjit Singh flyover, about three kms away from Parliament, under Delhi Police Act provisions for preventive custody when he ordered thousands of his followers to march towards Parliament House.
With Government ignoring his protest and refusing to engage with him, Baba Ramdev had been threatening to announce his future strategy since Saturday.
Police had marshalled a number of buses to take away the yoga guru and his supporters from near the Ramlila Maidan in central Delhi, the venue of his fast protest since Thursday after BJP President Nitin Gadkari and JD(U) chief Sharad Yadav addressed the gathering extending support to him this morning.
Addressing the gathering, Gadkari told Baba Ramdev that he was "not alone" in his fight and that his party had disrupted Parliament today on the issue of black money stashed away in foreign shores.
"Delhi Police is a puppet in the hands of the Central Government. We will not do anything that disrupts peace. We wanted to march towards Parliament in a peaceful manner to make our voices heard. But they are detaining us," he told his supporters, asking them not to court arrest.
"Our intention is not to disrupt peace. We will cooperate with the police and go according to the law. We have respect to the law of the land," Ramdev said, before he was taken away by police from atop his vehicle to a bus.
As his supporters blocked the entire stretch of the flyover, Ramdev popped out of the bus window and appealed to them to make way for the vehicle to move.
Delhi Police officials said the yoga guru and his supporters are being taken to Bawana on the outskirts of the capital.
Holding the national tricolour, Ramdev hopped on to a open vehicle from outside the Ramlila Maidan and began the march at 1:15 PM. He was soon joined by thousands of his supporters.
"Let us start the march to Parliament. Our march is not to gherao Parliament. But to agitate. None of our volunteers should indulge in violence," he told his supporters before beginning his march.
Ten minutes into the march the cavalcade was stopped by Delhi Police near the flyover, saying that they do not have permission to march.
Ramdev announced this morning that he and his supporters would march towards Parliament and hold an agitation outside the complex.
"The government has become completely deaf. We have to make them hear us. Now our protest will be outside Parliament. We are not talking about gherao," Ramdev said while addressing his supporters in the morning.
"Lok Sabha polls will be in 2014 and 99% could be in 2013. This protest is to ensure that no dishonest person enters Parliament. Such people should be boycotted. We do not have a political agenda," he said.
Earlier, Gadkari and Yadav attacked the Congress and supported Ramdev who asked people to throw out the UPA government accusing it of not acting against corruption and black money.
Gadkari pledged his party's "full support" to the yoga guru's agitation against black money and launched a blistering attack on the Congress-led UPA Government on issues like corruption and black money.


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