Bonds, Currencies & Commodities
Cabinet defers decision on Forward Contract Regulation Act

The FCRA Bill is considered essential for development of commodities futures trade as it aims to strengthen FMC by providing it financial autonomy

 
New Delhi: The Indian government on Friday once again deferred a decision on a Bill that seeks to give more powers to commodity markets regulator Forward Markets Commission (FMC) as Food and Consumer Affairs Minister KV Thomas was not present in Cabinet meeting, reports PTI.
 
"The Forward Contract Regulation Act (Amendment) Bill has been deferred," a minister present in the Cabinet meeting told reporters.
 
The Cabinet, chaired by Prime Minister Manmohan Singh, did not think it to be prudent to take up the Bill since Thomas was not present in the meeting, sources said.
 
The Forward Contract Regulation Act (Amendment) Bill is considered essential for development of commodities futures trade as it aims to strengthen FMC by providing it financial autonomy.
 
The Bill also facilitates the entry of institutional investors. It also aims to pave the way for introduction of new products for trading such as options and futures.
 
The Cabinet had deferred a decision on this Bill last month also following opposition from UPA constituent Trinamool Congress.
 
Trinamool Congress had earlier communicated to the Prime Minister Manmohan Singh about its reservation on the proposed amendment to the Bill. It wanted to have more discussion on the Bill before being cleared.
 

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Tata AIA Life launches non-linked Maha Raksha Supreme

Tata AIA's Maha Raksha Supreme comes with a minimum sum assured of Rs50 lakh and offers special rates for women and non-smokers

 
Mumbai: Private insurer Tata AIA Life Insurance has launched 'Maha Raksha Supreme', a non-linked, non-participating term insurance plan that offers customers a wide range of life protection options, reports PTI.
 
"An unfortunate event in the life of the bread earner of the family may seriously affect the standard of living (SOL) of his loved ones and burden them with unexpected liabilities. With Maha Raksha Supreme, our customers will also have the choice of increasing the cover amount for future milestone events like marriage and birth of a child, without going through the hassles of fresh medical underwriting by opting for Life Stage Plus option," Tata AIA Life Managing Director Suresh Mahalingam said in a release issued here.
 
The scheme comes with a minimum sum assured of Rs50 lakh and offers special rates for women and non-smokers.
 
It also has an option of paying for the policy as a single premium or regular premiums, which will be eligible for tax benefits.
 
Maha Raksha Supreme is available to individuals between the ages 18-70 years for the Pure Protection Cover option and ages 18-55 years for the Extra Protection Cover option.
 
The customers can further enhance their cover by choosing from an array of riders for additional protection by paying an additional premium like accidental death benefit, surgical benefit covering more than 900 surgeries and critical illness lump sum benefit rider covering six critical illnesses like cancer, stroke, heart attack, coronary bypass surgery, chronic renal failure, major organ transplant.
 
Tata AIA Life is a joint venture company, formed by Tata Sons and AIA Group, the largest independent publicly listed pan-Asian life insurance group in the world.
 

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Bharti AXA Life launches CAM to ease claims experience

Through a personalised service of claims assistance manager, Bharti AXA customers will get the counsel of expert personnel to guide them to take their claims to the logical conclusion

 
Mumbai: In a bid to reduce procedural bottlenecks, private insurer Bharti AXA Life Insurance has introduced a dedicated service to assist customers in settlement of their claims, reports PTI.
 
Through a personalised service of Claims Assistance Manager (CAM), the customers will get the counsel of expert personnel to guide them to take their claims to the logical conclusion.
 
"Claim settlement is the moment of truth for any insurance customer. A number of our researches lead us to the conclusion that customers consider claim settlement as a complicated and lengthy process. We are sensitive of the claimant's loss and expectation from his insurer, and hence, have introduced the Claims Assistance Manager to assist in the multi-step process," Bharti AXA Life Insurance Chief Operating Officer Jyoti Punja said in a release issued here.
 
CAMs are experienced Bharti AXA Life employees equipped with industry knowledge and well-versed in company processes.
 
The objective of the proposition is to bring clarity, offer support and provide a logical conclusion to claims.
 
The initiative has been activated across all branches in the country through a communication structure designed to take the service aspect to the next level.
 
For easy reach, claimants will be contacted through SMS, emails, letters, calls and walk-ins at the branch, the release said.
 
Bharti AXA Life is a joint venture between Bharti Enterprises and AXA, the world's largest insurance company.
 

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