Insurance
HDFC ERGO launches 'Health Suraksha Top Up' plan

HDFC ERGO's Health Suraksha Top Up plan provides additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer

 
Mumbai: Private insurer HDFC ERGO General Insurance has launched a 'Health Suraksha Top Up' plan allowing a customer a larger sum insured limit at lower cost, reports PTI.
 
The policy comes into action once the sum insured of the existing policy is exhausted, giving an additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer, HDFC ERGO General Insurance said in a release issued here.
 
The plan is available for sum insured options of Rs5 lakh, Rs7.50 lakh and Rs10 lakh.
 
"...People who have some health insurance cover may find it inadequate as they grow older or move into different life-stages. Health Suraksha Top Up is an ideal option for such cases," said Mukesh Kumar, the HDFC ERGO General Insurance Head - Strategic Planning, HR and Marketing.
 
"The customer will also have the option to choose between one year and two year policy tenure for individuals and family floater and avail tax benefit," he added.
 
The policy is aimed at salaried employees with an existing health policy, he said.
 
HDFC ERGO General Insurance is a 74:26 joint venture between country's premier housing finance institution HDFC and ERGO International AG, the primary insurance entity of Munich Re Group.
 

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Life insurer's premium mop-up drop 3.45% in April-October: IRDA

According to data release by IRDA, 23 private sector companies and LIC collected Rs53814.1 crore as  premiums during April-October 2012

 
New Delhi: Premium collected by life insurance companies dropped 3.45% in the April-October period due to various factors that are influencing the financial sector as a whole, reports PTI.
 
As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), premiums collected by 23 private sector companies and lone state-owned Life Insurance Corp of India (LIC) totalled Rs53,814.09 crore during the period.
 
They together had collected Rs55,737.84 crore in the April-October 2011 period.
 
India's largest life insurer LIC reported a drop of 2.88% in its premium collection, while the decline in private companies was 5.07%.
 
LIC's premium collection stood at Rs40,069.84 crore in April-October as against Rs41,259 crore in the year-ago period.
 
Private insurers netted Rs13,744.25 crore as against Rs14,479 crore in the corresponding period of 2011-12.
 
Life insurance companies collect premium under four segments -- individual single, individual non-single, group single and group non-single.
 
Reliance Life's premium collection dropped by 14.78%, that of ICICI Prudential by about 6.9% and of HDFC Standard Life by approximately 5%.
 
Last week, the Finance Ministry had said in Parliament that the reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole.
 

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SEBI disposes case against Hem Securities

On the count of violating broker norms, SEBI gave Hem Securities 'benefit of doubt', noting that the alleged trade was carried out only for two clients and that too through a sub-broker's terminal

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) disposed the case against Hem Securities in a matter related to fraudulent trading and violations of broker norms with regard to shares of Autolite India Ltd (AIL), reports PTI.
 
Earlier, SEBI had alleged Hem Securities of executing synchronized, reversal/circular trades in the shares of AIL on behalf of its two clients -- Jyoti Jain and Rajeev Dadda.
 
After a probe, however, SEBI's adjudicating officer Piyoosh Gupta in his order said that "sufficient evidence is not available on record to conclusively establish the manipulative role played by the noticee (Hem Securities) or that the noticee had acted in concert with the clients and therefore, I intend to give benefit of doubt to the noticee on this count".
 
On the count of violating broker norms, Gupta gave Hem Securities 'benefit of doubt', noting that the alleged trade was carried out only for two clients and that too through a sub-broker's terminal.
 
SEBI had found both the clients, Jain and Dadda, had a common phone number which belonged to one Praveen Kumar Jain, a sub-broker of Hem Securities. The regulator also observed that all the orders were placed through the same terminal and location.
 
The regulator alleged that synchronized trades done on behalf of the two clients of Hem Securities constituted nearly 75% of the trading volume in the market in the scrip of AIL during the probe period of April-May in 2008.
 

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