Future Generali launches Wealth Protect

Future Generali India Life Insurance has launched a flexible unit linked insurance plan that offers protection as well as the opportunity to create wealth

Future Generali India Life Insurance Company said that it has launched a flexible unit linked insurance plan that offers protection as well as the opportunity to create wealth.

"Wealth Protect has been designed from the very start with a singular objective-to provide maximum flexibility and protection to customers seeking long term wealth creation," Future Generali India Life Insurance Company MD and CEO, Deepak Sood, said in a statement issued.

The product is available for customers between 7-60 years and the premiums can be paid on a monthly, quarterly, half yearly or yearly basis, with a minimum annualised premium of Rs25,000 and a maximum of Rs2 lakh.

The premium paid in Future Generali Wealth Protect gets allocated to a fund of one's choice, thereby, providing flexibility in directing investments to any one or more out of the six unit-linked funds of the company.

The policy holders can also choose to manage their investments actively, by making up to 12 free fund switches per year.

Future Generali India Life Insurance Company is a joint venture between Future Group of India and Generali Group of Italy.


Edelweiss Tokio Life Insurance gets R2 approval from IRDA

Edelweiss Tokio Life Insurance has received the second stage R2 approval from IRDA to operate in the life insurance space

Edelweiss Tokio Life Insurance Company has received the second stage R2 approval from the Insurance Regulatory & Development Authority (IRDA) to operate in the life insurance space.

Edelweiss Tokio Life Insurance is a joint venture between the Edelweiss Group, India's leading diversified financial services conglomerate and Tokio Marine, one of the world's largest insurance group based in Japan. "We have secured the R2 approval from the regulator and now keenly await the certificate of registration (R3).Thereafter, we plan to launch insurance products that will cater to the long term savings and protection needs of the Indian consumers," Edelweiss Tokio Life insurance director, Deepak Mittal said in a statement.


SEBI to set up forensic cell to help investigate financial fraud

The market regulator intends to seek help of professionals, use latest tech tools and put in place an investigation laboratory to innovate investigative methods 

New Delhi: With an aim to catch fraudsters early, the Securities and Exchange Board of India (SEBI) plans to set up a forensic accounting cell to help it identify bungling in financial records and regulatory filings of listed firms and market entities.

At the same time, the market watchdog would also seek help from professionals, use the latest technology software tools and put in place its 'investigation laboratory' to churn out new investigative methods, PTI reports.

The proposed measures are part of SEBI's attempts to keep ahead of corporate and accounting fraudsters and market manipulators, who are using newer methods and technologies for manipulation in the market, a senior SEBI official said.

Having the forensic accounting cell would help SEBI avoid recurrence of Satyam-like scams, where irregularities in the company's accounts went unnoticed for many years, the official explained.

Surveillance of markets is going to be a key area of focus for SEBI in the current financial year and a proposal was made to increase the effectiveness of its surveillance mechanism. This was discussed at the regulator's last board meeting.

SEBI has also decided to use latest technology software tools, utilise the services of professional firms to set up an Investigation Laboratory, which will be used as an incubation room for innovation in investigative methods.

The regulator had in February implemented a new tool for speedy analysis of data and identification of possible violations like insider trading. The new tool, called 'Data Ware Housing and Business Intelligence System', would significantly enhance SEBI's investigation and surveillance functions and "generate reports that will better serve SEBI to identify, detect and investigate aberrations and market abuses that undermine market integrity."

The tool would help it monitor trade and order data it has received, to identify networked clients who possibly collectively indulge in violations of securities laws. It will have software functions aimed at addressing "crimes like insider trading, front running, etc."

SEBI is also working to put in place a unified regulatory filing system for all listed companies and market entities in a standardised format.


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