Insurance
Government to launch two insurance schemes
The central government is expected to launch in May or June the two insurance schemes announced by Finance Minister Arun Jaitley, said a senior official in Insurance Regulatory and Development Authority of India (IRDAI).
 
He said IRDAI will soon come out with regulations governing the commission payable by the insurers and their management expenses.
 
The two schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (life insurance policy) and Pradhan Mantri Suraksha Bima Yojana (personal accident policy) which are not government-subsidised programmes are expected to increase the insurance penetration in the country.
 
Speaking at an event organised by the Madras Management Association (MMA) here late Monday D.D.Singh, member (distribution) IRDAI said: "The two schemes are likely to be launched in May or June. Already some banks have started collecting enrolment forms."
 
Under the life insurance policy, a person will be covered for Rs.200,000 for an annual premium of Rs.330.
 
The personal accident insurance provides cover for Rs.200,000 for accidental death and full disability and Rs.100,000 for partial disability for an annual premium of Rs.12.
 
On the issue of IRDAI coming out with new regulations which are in line with the amended insurance law passed by the parliament recently, Singh told IANS: "We will soon come out with the regulations governing payment of commissions and expenses of management."
 
The old law had stipulated the ceiling on commissions paid to agents and management expenses of insurers.
 
The new law has empowered IRDAI to prescribe the limits.
 
"Our regulations will be for industry as a whole and the limits may not be for insurer wise," Singh said.

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COMMENTS

Mr Jitendra

2 years ago

Is there a eligibility criteria for the insurance schemes? Who can enroll?

Nifty, Sensex, Bank Nifty may bounce back – Monday closing report
However, the bounce may be short-lived 
 
We had mentioned in the last week’s closing report that NSE’s CNX Nifty is still under pressure and will have to close above 8,700, as a first step for the downtrend to reverse.  The 50-stock index opened Monday below this level and moved lower gradually. In the last hour of the session, the benchmark made a sudden plunge and it hit its 12-day (including today) low.
 
The S&P BSE Sensex opened at 28,526 while Nifty opened at 8,619. The benchmarks immediately hit a high at 28,539 and 8,620, respectively. Sensex moved lower to the level of 27,802 and closed at 27,886 (down 556 points or 1.95%). Nifty hit a low at 8,423 and close at 8,448 (down 158 points or 1.83%). Bank Nifty moved mostly marginally higher up to 2.15pm after which it made a sharp plunge. It opened at 18,386 and hit a high at 18,500. It moved lower at 17,985 and closed at 18,113 (down 233 points or 1.27%). NSE recorded a volume of 69.57 crore shares. India VIX rose 8.36% to close at 16.2975.
 
Data released by the government after trading hours last Friday showed that India's merchandise exports (including re-exports) dipped 21.06% to $23,951.16 million in March 2015 over March 2014. Imports fell 13.44% to $35,744.68 million. The trade deficit for fiscal year 2014-15 was estimated at $1,37,014.46 million, which was higher than trade deficit of $1,35,797.90 million for fiscal year 2013-14.
 
Ovum, the London-based information technology (IT) research firm said that Indian software exporters are losing out to their global peers—both large and small outsourcing firms—on contracts from customers. Indian software services exporters won about 8% of total deals awarded by customers during the January-March period, down from about 13% in the April-June period of the fiscal year 2014-15. In terms of total value, this ratio, too, dropped from around 12% down to just 7% over the course of the year.
 
Proceedings in the parliament during the second half of the budget session, which began today are being closely watched as the Indian government hopes to pass the Constitution Amendment Bill for the introduction of a nationwide Goods and Services Tax (GST).
 
Ratings agency Fitch on Monday said the likely upturn in the country's investment climate and reduction in interest rates will improve the property market by the end of March 2016 and provide relief to the debt-ridden developers.
 
Coming back to the Indian stock market, Glenmark Pharma (4.30%) was the top gainer in ‘A’ group on the BSE.  The stock hit its 52-week high last week and closed today at Rs901.60. It was in the news as Singapore's state investment arm Temasek plans to invest about Rs945 crore in the company.
 
HDIL (9.26%) was the top loser in ‘A’ group on the BSE, closing at Rs117.55. Its recent shareholding pattern showed that FIIs increased their holding to 49.03% by the end of March 2015 from 41.57% as on December 2014, while retail shareholding reduced from 22.09% to 14.62% for the relevant period.
 
Sun Pharma (0.66%) closed at Rs1,044.10 was the top gainer in the Sensex 30 pack while Reliance Industries (4.46%) was the top loser, closing at Rs885.55.
 
On Friday, US indices closed deeply in the red. US consumer prices rose in March as the cost of gasoline and shelter increased. The Labor Department said on Friday its Consumer Price Index increased 0.2% last month after a similar gain in February.
 
Except for KLSE Composite (0.04%) and Seoul Composite (0.15%) all the other Asian indices closed in the red. Hang Seng (2.02%) was the top loser.           
 
The People's Bank of China (PBOC) Sunday announced reduction in reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5% to be effective from 20 April 2015.
 
European indices were showing mixed trading while US Futures were trading in the green.

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ICICI Bank launches tap and pay service with Tech Mahindra
The ‘tap-n-pay’ service by ICICI Bank offer users to make quick and safe payments like buying meal coupons at canteens with a tap of their mobile phone or the NFC tag
 
ICICI Bank, India’s largest private sector bank, has launched a contactless payment service 'tap and pay' that allows users to pay using near field communications (NFC) enabled tag and mobile phone at merchant outlets.
 
'Tap n Pay' is a prepaid account, which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS. While opening an account is free, the user has to pay for the NFC tag.
 
"This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses. We believe that this service will offer users an unparalleled experience of making quick and safe payments like buying meal coupons at canteens with just a tap of their mobile phone or the NFC tag. Its usability is wide as it allows customer of any bank to register for 'Tap-n-Pay' with no documentation or branch visit. It will additionally ease the day-to-day hassle of cash handling and currency change for merchants too," says Rajiv Sabharwal, Executive Director, ICICI Bank.
 
Based on the NFC technology, the 'Tap-n-Pay' payment service enables anyone (account holder of ICICI Bank or not) to make over-the-counter payments without using cash. It allows users to just tap the NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments, ICICI Bank said in a statement.
 
The bank has started to offer these solutions at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country, the statement says.
 
Once an organisation has enrolled for the service, its employee needs to register online with their details to use the facility and collect the NFC tag from the kiosk set up for this purpose.
 

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