Federal Bank, Oriental Insurance launch Fed Oriental Pravasi Insurance policy

Fed Oriental Pravasi Insurance policy provides its NRI customers a host of covers which include Repatriation Cover, Legal/litigation cover, Hospitalization cover, Personal accident cover, Medical floater cover for family as well as maternity benefit

Federal Bank, the Kerala based private bank announces its tie up with the Oriental Insurance Company Ltd to launch the ‘Fed Oriental Pravasi Insurance policy’. This scheme comes with a wide range of benefits and provides its NRI customers cover for not just the normal hospital expenses but also unforeseen eventualities such as repatriation, accidents etc.  

Fed Oriental Pravasi Insurance policy provides its NRI customers a host of covers which include Repatriation Cover, Legal/litigation cover, Hospitalization cover, Personal accident cover, Medical floater cover for family as well as maternity benefit.

Fed Oriental Pravasi Insurance Policy offers its NRI customers unique features which include all new SB NRE customers of the bank possessing a minimum balance of Rs5,000 onwards are eligible for the scheme; provision of cashless treatment facility over in over 3000+ hospitals pan India and premium for the first year will be borne by Federal Bank.     An NRI customer can submit a simple proposal form with blanket insurance formalities along with the NRE–account opening form. The emigrant customer can go to any of the listed hospitals along with Pravasi Insurance card, Federal bank A/c No and passport for availing the facility. The medical floater cover for family is available in the event of death or disability of insured.

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HDFC ERGO lead insurer for Formula 1

HDFC Ergo insurance cover would protect the Formula 1 Grand Prix event against adverse weather, non-appearance of several teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation.

HDFC ERGO, one of the leading private sector non-life insurance companies in India, is the lead insurer for the Formula 1 Race, which is being organized for the first time in India at New Delhi on 30 October 2011.

HDFC ERGO, in collaboration with Ace Insurance Brokers, the risk management and insurance intermediary company will provide an insurance cover of $15million.

The insurance cover would protect the Formula 1 Grand Prix event against adverse weather, non-appearance of several teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation.
An adverse incident can have the potential to ruin a planned event by forcing the event to be cancelled, postponed or abandoned and when an event cannot take place as planned, the organizers often have to write off costs incurred up to the point of cancellation. These expenses include deposits, advertising and printing costs, booking fees etc. “A policy like Event Cancellation Insurance Policy is thus a savior for the organizers because it pays any irrecoverable cost or expense which have been or will be incurred in connection with the event, following a cancellation, interruption, postponement or relocation due to any of the insured perils,” said Anil Arora, director, Ace Insurance Brokers.

Anuj Tyagi, head-corporate and rural & agri business, HDFC ERGO General Insurance added "an experienced team of Underwriters and actuaries at HDFC ERGO has been able to evaluate the risks involved in event such large as Formula 1 and design insurance solution to suit the needs of insured. These types of policies are fully re-insured with international re-insurers.”

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Inflation to remain around 9% till Nov: Nomura

“Headline Wholesale  Price Index (WPI) inflation is likely to stay around 9% till November, beyond which we expect it to moderate to reach 6.8% in March 2012, primarily due to base effects,” the agency said in the latest edition of its ‘Asia Economic Alert’

New Delhi: Research firm Nomura has said it expects inflation in India to remain elevated at around 9% till November, before moderating to around 6.8% by end of the current financial year, reports PTI.

“Headline Wholesale  Price Index (WPI) inflation is likely to stay around 9% till November, beyond which we expect it to moderate to reach 6.8% in March 2012, primarily due to base effects,” the agency said in the latest edition of its ‘Asia Economic Alert’.

The base effect in economic terminology refers to a statistical phenomenon in which a low rate of inflation, or any other indicator like sales, during a corresponding period prior to that under review would make a small change in the period under review appear large.

Similarly, in case of a high base during a given year, a large change in absolute terms would appear small during the corresponding period under review.

Headline inflation in the country has been above the 9% mark since December 2010.

Nomura said the moderation in inflation numbers will start to show from December, when it expects the rate of price rise to fall to 8%.

Headline inflation stood at 9.72% in September, the latest month for which data is available. The government and the Reserve Bank of India (RBI) had earlier said that they expect inflation to remain at an elevated level till the first half of the year and then show signs of moderation.

Experts, however, have said that inflation is unlikely to fall much in the near future.

“Encouragingly, core inflation has steadily moderated over the past few months. Looking ahead, we expect this trend to continue as both domestic demand and external demand are likely to weaken further,” Nomura said.

Core inflation, as measured by the rate of price rise of non-food manufactured items, declined marginally to 7.69% in September from 7.79% in August. It had touched a high of 7.90% in June.

Regarding the RBI’s likely course of action, Nomura said: “We maintain that there will be no further hikes in policy rates by the RBI. Since developments over the past few months indicate that core inflation has moderated, domestic demand has weakened considerably. And the near-term outlook for the global economy remains weak.”

However, at the central bank’s meeting at Jaipur last week, RBI governor D Subbarao had said the rate hikes have affected industrial activities, but asserted that inflation continues to remain above comfort levels. He also said that interest rates would come down only if inflation eased.

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