The face value of the IFCI bond is Rs5,000
IFCI is the latest company to offer 80CCF infrastructure bonds. The 10 year option offers 9.09% interest rate and the 15 year option provides 9.16% interest rate.
The issue will close on 16 January 2012.
The face value of the bond is Rs5,000. The buyback option is available at the end of fifth and seventh year. The bonds will be listed on the stock exchange after the initial five years are over and they will list on the BSE.
While public-sector insurance providers constitute the majority of the market, private participants will continue to increase their market share by 2015, states BRICdata report
According to the BRICdata report, ‘Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2015’, India’s accident and health insurance market is expected to continue its growth trend and forecasted to grow by 22% over the next five years. The report stated that a decrease in capital requirements will create an attractive market for new entrants into the market.
While public-sector insurance providers constitute the majority of the market, private participants will continue to increase their market share in the forecast period. The introduction of new distribution channels is another key factor in the growth in the overall volume of new policies.
Four public companies hold more than 50% of the market share in the personal accident and health insurance market, although this dominance will be severely challenged by private companies in the forecast period. The key entry barrier into the market is brand recognition, and companies are expected to work towards aligning with stronger brands, both domestic and foreign, to create opportunities for collaborations or joint ventures.
The report highlights that growth in the Indian personal accident and health insurance market can be attributed to increasing healthcare expenditure, economic growth, and changing demographics. During the forecast period, public-sector insurers are expected to retain a major share of the market, while the private accident and health insurers are expected to increase their market share gradually in India. The increasing penetration of major insurance companies and banks selling insurance policies to second- and third-tier cities in India will lead to an increase in accident and health insurance policy volumes in India during the forecast period. However, key challenges include low awareness of personal accident and health insurance, low penetration in rural areas, a lack of coverage for many existing diseases, and the ineffective distribution model in the country.
Dhanlaxmi Bank will provide electronic payment services to the corporation using NEFT mode to credit funds to the policyholders' bank accounts
Private sector lender Dhanlaxmi Bank said it has signed a memorandum of understanding (MoU) with Life Insurance Corporation of India (LIC) to facilitate policy-holders to receive policy payments through electronic funds transfer.
As per the agreement, the bank will provide electronic payment services to the corporation using national electronic funds transfer (NEFT) mode to credit funds to the policyholders' bank accounts, a statement issued here said.
"LIC's decision to tie-up with Dhanlaxmi Bank highlights the bank's advancement in terms of technology, transaction processing systems and its superior delivery mechanisms. With this tie-up, LIC policyholders can expect immediate disbursal of payments in a convenient and secure environment," the bank's Head, Cash Management Service Sales Group Sidhartha Routray said.
This move will not only benefit customers of the bank who hold LIC policies but also said LIC policyholders having accounts with other banks, he said.
"Instead of the customary process of LIC sending the cheques through postal services and customers depositing in their bank accounts, e-payment will now happen within 24 hours," Routray added.