Insurance
Canara Bank to launch life insurance cover scheme

Canara Freedom Suraksha is a life insurance cover of Rs1 lakh offered for all its savings bank customers and covers both natural and accidental death

 
Bangalore: State-run Canara Bank is launching "Canara Freedom Suraksha", a life insurance cover of Rs1 lakh for all its savings bank customers as a value-added service at a very nominal premium, reports PTI.
 
In a statement, Canara Bank Executive Director AK Gupta said the facility is being launched on Tuesday in association with its joint venture company "Canara HSBC Oriental Bank of Commerce Life Insurance Company".
 
The cover is extended without any medical test and merely on a declaration of good health by customers and covers both natural and accidental death, he said.
 
The annual premium rates (inclusive of service tax) are Rs177, Rs366 and Rs988 for age groups of 18-35, 36-50 and 51-59, respectively, the statement said.
 

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Reliance Cap to expand Nippon Life partnership

RCap would work to grow its Nippon's investments portfolio in India and help the Japanese company  make and manage sizeable and meaningful investments in India in near term

 
New Delhi: After bringing in Nippon Life as strategic partner in its life insurance and asset management businesses, Reliance Capital (RCap) is now looking to expand further this partnership and would help the Japanese financial services giant bring part of its $600 billion assets under management to India, reports PTI.
 
RCap, the financial services arm of Anil Ambani-led Reliance Group, last week completed its 26% stake sale in its mutual fund and asset management unit Reliance Capital Asset Management Company (RCAM) for Rs1,450 crore to Nippon Life.
 
Previously R-Cap has sold a 26% stake in its life insurance venture Reliance Life for Rs3,062 crore to Nippon Life.
 
With the completion of both the deals, which figure among India's biggest ever foreign direct investments (FDIs) in their respective sectors, R-Cap CEO Sam Ghosh told PTI that the company would look at further expanding its partnership with Nippon Life.
 
"Nippon Life have $600 billion (Rs30 lakh crore) of assets, but a very small part of that is currently invested in India. There are two-three areas where Reliance Capital could look at working together with the Japanese financial services giant," Ghosh said in a telephonic interview.
 
Reliance Capital would look at getting get part of Nippon's asset under management (AUM) to India, he said, while adding that the Japanese behemoth has minimal investments here despite having more than $600 billion AUM globally.
 
He said that RCap would work to grow its Nippon's investments portfolio in India and help Nippon make and manage sizeable and meaningful investments in India in near term.
 
Ghosh asserted that Nippon Life has demonstrated strong confidence in India, and Reliance Group, by investing over Rs4,500 crore in a short span of 12 months and R-Cap now looking forward to strengthening this partnership further.
 
Listing out the areas where the two groups can work together, Ghosh said: "We can manage part of their funds for investment in India and then we can help bring some of Nippon Life's assets as investments in India." 
 
"Since they are a partner now, the focus will be to get a sizeable part of their assets to India. We will assist in their portfolio investment in India."
 
Ghosh said that Nippon Life's move to invest Rs4,500 crore as FDI in two of Reliance Capital's businesses (life insurance and asset management) shows their commitment to India, especially at a time when there is a perception about the sentiments being very conducive for foreign investments.
 
"Nippon Life has shown that they see a very good potential in India," he said.
 
Earlier in an emailed interview, Nippon Life Insurance President Yoshinobu Tsutsui had said that India is a growing market and the group sees strong growth potential in the long term.
 
"When I say long-term, we don't look at short-term fracturation of the market, due to the currency and the short-term spilling down of the economy. Because we are a life insurance company and we invest from long-term perspective," he had said.
 
"For Nippon Life, the population in India, the demographic percentage of the young population and the rising GDP make India a very attractive destination," Tsutsui said.
 
Ghosh said that the proceeds from 26% stake sale in RCAM will be used to reduce the debt of Reliance Capital, among other purposes.
 
RCAM is India's largest and most profitable AMC and manages approximately Rs1.40 lakh crore ($28 billion), across mutual funds, government sponsored public funds, managed accounts and hedge funds.
 
When asked whether Reliance Capital will also look at stake sales in other businesses such as general insurance, Ghosh declined to comment.
 

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Expo 'Celebrating Age' to tap market of senior citizens

All the major insurances, banks and corporates are planning to tap this market at 'Celebrating Age' an expo on active retirement to be held between 1st September to 21st October in all major cities of India

 
Mumbai: Banks, insurance companies and corporates would tap senior citizens as their target market during the forthcoming expo -- Celebrating Age, reports PTI.
 
Today, banks, insurance companies and corporates are increasingly looking at senior citizens as their target market to take advantage of the enormous investment opportunity presented by this section, Vision India MD Janaki Venketraman said in a statement.
 
The event is being organised by Vision India, in association with the International Longevity Centre India Chapter and supported by International Federation on Ageing (IFA), the Silver Innings Foundation and Association of Seniors Living in India (ASLI).
 
All the major insurances, banks and corporates are planning to tap this market at 'Celebrating Age' an expo on active retirement to be held between 1st September to 21st October in all major cities of India, Venketraman said.
 
It will be held in Bangalore on 1st and 2nd September, followed by other cities like Pune (8-9 September), Mumbai (15-16 September), Ahmedabad (22-23 September), Goa (29-30 September), Chennai (6-7 October), Hyderabad (13-14 October) and Delhi (20-21 October).
 
The expo will also organise exhibition of products and services in the fields of banking, insurance, health and wellness, integrated townships with senior friendly homes and others.
 

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