Intent to partner as a corporate agent, subject to regulatory approval
DLF Pramerica Life Insurance (DPLI), a joint venture between DLF Ltd, a real estate company in India, and Prudential International Insurance Holdings, Ltd (PIIH), a fully-owned subsidiary of Prudential Financial, Inc (PFI), a financial services leader headquartered in the US, have signed a Memorandum of Understanding (MoU) with Mapusa Urban Cooperative Bank (Mapusa UCB), Goa for a corporate agency partnership, subject to regulatory approval.
Founded in 1965, Mapusa UCB is one of the oldest cooperative banks in Goa and has 24 branches across the state with over 125,000 registered customers.
Talking about the proposed bancassurance partnership, Pavan Dhamija, MD & CEO, DPLI said, "A distribution relationship between Mapusa UCB and DPLI will allow us to address the insurance related needs of the bank's entire customer base in Goa, a region where we see immense potential for life insurance business."
According to Davinder Singh, executive vice president-products and third party distribution, DPLI, "Our company's focus is on 'life protection' which is really the fundamental purpose of life insurance. All our products are designed to cater to this specific need. At the same time, we are building strong distribution and servicing capabilities that are keenly directed towards providing enhanced customer service. Our alliance with Mapusa UCB that has significant presence in Goa is another step in this direction."
Two other pilot centres would be opened at Mehsana and Jaipur
Four public sector insurance companies have launched a common mechanism for compromise settlement of motor third party claims centre in Kochi, with plans to open 50 such centres all over India this year to reduce pendency of motor accident cases and ensure speedier settlement.
A similar centre was opened in Cuttack in Eastern region in March 2011 and Rs2.93 crore disbursed as settlement so far. Two other pilot centres would be opened at Mehsana and Jaipur.
Presently, over 10 lakh accident cases are pending against these four insurance companies-National Insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd before various tribunals in the country, of which 1 lakh are in Kerala.
L&T Mutual Fund new issue closes on 9th August
L&T Mutual Fund has launched L&T FMP-IV (August 91DA), a close-ended income scheme.
The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before the maturity of the scheme. The tenure of the scheme is 91 days.
The new issue closes on 9th August. The minimum investment amount is Rs5,000.
CRISIL Liquid Fund Index is the benchmark index. Richa Sharma and Hareshwar Karekar are fund managers.