IDBI Bank launches Magic Card

The card will be offered to eligible salary account holders of IDBI Bank

Public sector bank IDBI Bank has launched a unique offering, IDBI Magic Card. It encompasses the features of a debit card with a credit limit, that charges much less than a regular credit card.

The card will be offered to eligible salary account holders of IDBI Bank and the credit limit would be a multiple of the monthly salary earned by the card holder. There is no processing fee for the card, neither any charges for cash withdrawal, with a daily limit of Rs50,000 from any bank ATM or purchase transaction. There would also be loyalty points for amount spent for purchases and insurance cover for lost/stolen/counterfeit cards etc. The card is expected to be a game changer in the market of cards.

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DLF Pramerica Life signs MoU with Mapusa

Intent to partner as a corporate agent, subject to regulatory approval

DLF Pramerica Life Insurance (DPLI), a joint venture between DLF Ltd, a real estate company in India, and Prudential International Insurance Holdings, Ltd (PIIH), a fully-owned subsidiary of Prudential Financial, Inc (PFI), a financial services leader headquartered in the US, have signed a Memorandum of Understanding (MoU) with Mapusa Urban Cooperative Bank (Mapusa UCB), Goa for a corporate agency partnership, subject to regulatory approval.

Founded in 1965, Mapusa UCB is one of the oldest cooperative banks in Goa and has 24 branches across the state with over 125,000 registered customers.
Talking about the proposed bancassurance partnership, Pavan Dhamija, MD & CEO, DPLI said, "A distribution relationship between Mapusa UCB and DPLI will allow us to address the insurance related needs of the bank's entire customer base in Goa, a region where we see immense potential for life insurance business."

According to Davinder Singh, executive vice president-products and third party distribution, DPLI, "Our company's focus is on 'life protection' which is really the fundamental purpose of life insurance. All our products are designed to cater to this specific need. At the same time, we are building strong distribution and servicing capabilities that are keenly directed towards providing enhanced customer service. Our alliance with Mapusa UCB that has significant presence in Goa is another step in this direction."

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PSU insurers launch third party claims centre in Kochi

Two other pilot centres would be opened at Mehsana and Jaipur

Four public sector insurance companies have launched a common mechanism for compromise settlement of motor third party claims centre in Kochi, with plans to open 50 such centres all over India this year to reduce pendency of motor accident cases and ensure speedier settlement.

A similar centre was opened in Cuttack in Eastern region in March 2011 and Rs2.93 crore disbursed as settlement so far. Two other pilot centres would be opened at Mehsana and Jaipur.

Presently, over 10 lakh accident cases are pending against these four insurance companies-National Insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd before various tribunals in the country, of which 1 lakh are in Kerala.

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