Bajaj Allianz has four insurance options—Rs2 lakh, Rs4 lakh, Rs6 lakh and Rs8 lakh and the indicative premiums for these four options range from Rs3,770 to Rs14,276
Marriages are made in heaven, but they can very well turn sour on this earth, by way of getting cancelled or not proving to be fruitful after being consumed.
Seeing a business opportunity here, the insurance companies have come out with an innovative proposition, wherein they would insure the weddings against their postponement or cancellations for certain reasons.
The catch is that the insurer will not pay for marriages turning sour due to personal differences between the bride and the groom, and the claims would be entertained only for losses due to external factors like accidents, catastrophes or unintentional man-made disasters or disruptions.
At least two Indian insurance companies, ICICI Lombard and Bajaj Allianz, have come out with the exclusive ‘Wedding Insurance’ products, while some others are providing similar coverages under their more generalised insurance policies.
Experts say that the wedding insurance covers are currently being availed mostly by HNIs (high net worth individuals) and celebrities, given the high costs attached with their weddings, but insurers also want to tap others for these policies as wedding bills are as such on rise across the board.
Accordingly, Bajaj Allianz is offering wedding insurance with premium payments of below Rs4,000, and close to Rs15,000. As per its website, it has four insurance options—Rs2 lakh, Rs4 lakh, Rs6 lakh and Rs8 lakh and the indicative premiums for these four options range from Rs3,770 to Rs14,276.
The policy covers "wedding cancellation/postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within seven days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function."
Noting that wedding is an expensive, but 'once in a lifetime' event, Bajaj Allianz said that any postponement or cancellation involves a certain risk of monetary loss, and its wedding insurance acts as a safeguard against "unforeseen events that could postpone or cancel your wedding."
ICICI Lombard, on its part, provides insurance cover for the wedding cancellation, material damage to the property such as wedding venue, personal accident cover for insured person (bride or the groom) and any public liability arising out of the cancellation.
Denying that the move is a recall, Tata Motors said it is changing the old starter motor with a new and ‘better’ one, an exercise that will reportedly to cost the firm around Rs110 crore
New Delhi: In the biggest-ever replacement exercise in the Indian automobile history, Tata Motors has asked an estimated 1.40 lakh Nano owners to bring back their cars for change of the starter motor free-of-cost, reports PTI.
Vehemently denying this is a recall, the company said it is changing the old starter motor with a new and ‘better’ one, an exercise that will reportedly to cost the firm around Rs110 crore.
“We have devised a better starter motor and so we are upgrading it in our old Nanos for improved performance. We have not received any complaint for this and this is not a recall,” a Tata Motors spokesperson said.
The company started the exercise in October and has already replaced the starter motor in about 50,000 Nano units, he added.
When asked about the total number of cars that will be covered under this replacement activity, the spokesperson said: “We will change the part in all the old Nanos that were sold before launching the Nano 2012 in November.”
According to Society of Indian Automobile Manufacturers data, Tata Motors has sold a total of 1,40,428 Nano units till November 2011, since the car’s launch in 2009.
On 21st November this year, Tata Motors introduced an upgraded Nano with a facelift, a more powerful engine, better fuel efficiency and new features, while keeping the price the same, in a bid to boost sales.
Asked about the cost of replacing the starter motors, the spokesperson declined to comment. However, as per reports, the company is likely to incur a total outgo of Rs110 crore for replacing the key component, which is responsible for starting the engine.
Prices of pulses, like yellow peas, chana, tur, urad, moong are falling since June due to adequate supply from the domestic market and imports. The trend would remain stable till monsoon next year, say experts
Despite dip in the production, the prices of essential pulses such as yellow peas, chana, tur, urad, moong- are expected to remain stable. The prices have been of the declining trend since June due to adequate supply from the domestic market as well through imports.
“We won’t see any reason for the prices of pulses either to rise or go down, further. Despite the depreciation of rupee, prices have been stabilized. There has been decline in the production, but it is marginal. There are no reasons to worry. Rabi and Kharif together declined by 5-7%. There is dip in Rabi acreage due to weather condition,” Bimal Kothari, vice-president, India Pulses and Grain Association (IPGA), told Moneylife.
According to IPGA, in the wholesale market, the prices have come down by around 40% compared to 2009 and 20% as compared to 2010. In Mumbai’s wholesale market, chana is sold at Rs32-Rs33, tur dal at Rs45, urad at Rs32, yellow peas at Rs21.
There is slight dip in the production. For 2010-11, the total production was around 18.3 million tonne, though for the current year government estimates it to be at around 17.5 million tonne.
The current demand is also met through imports. India is a net importer of pulses mainly from countries such as Canada. “Even if there is marginally dip in the production, the gap is been fulfilled by importer. Last year India imported around 2.73 million tonne of pulses. We expect the same importers for this year as well,” Mr Kothari says.
He added, “Out of the total import basket, 50% is yellow peas, which has been imported from Canada, Ukraine, Russia and France. Others pulses such as tur, moong etc have also been imported.”
A Vashi-based trader told Moneylife, “The prices have been in affordable to a common man mainly due adequate supply. Generally in winter season there is availability of fresh vegetables at cheaper prices. This also helps in holding the prices of the pulses at same level.”
Experts point there is scope for improving the yield and productivity. “Lot of research in require in the area of modified and new seeds. Government has already hiked the minimum support price, making pulses growing remunerative for the farmers’. With help of research and sound usage of technology, yield could be increased, making India a self-sufficient pulses growing nation,” Mr Kothari explained.