JaxtrSMS to allow free SMSes

JaxtrSMS, which was developed in the country, is expecting at least 100 million subscriber base globally

Jaxtr Inc, founded by Sabeer Bhatia and Yogesh Patel, on Wednesday launched JaxtrSMS, a cross-platform open texting application to send SMSes to anyone in the world for free.

"We have developed this application that runs on all mobile applications in the world, including iPhones, Androids, Blackberrys, J2MEs, where one can send unlimited free text messages from his phone to any mobile phone in the world," Jaxtr Inc CEO and co-founder of Hotmail Sabeer Bhatia said.

At present it is very expensive for sending international SMSes costing Rs5 per message, he said. JaxtrSMS, which was developed in the country, is expecting at least 100 million subscriber base globally, he added.

"We witnessed tremendous response to this application during the soft launch where users across 197 countries downloaded it in a few weeks and expect 100 million subscribers by end of next year," Bhatia said.

The company will generate revenue through advertisements and premium services like archiving texts, multimedia, video etc, which will be available by mid next year, he said. The premium services will be available for the subscribers at a very nominal cost, Bhatt said. "We are talking with advertisers," he said. The US-based company is looking at $10-$15 million investment in JaxtrSMS in another couple of months. "We are in talks with a few investors and are looking at investing $10-$15 million in a couple of months time," he added.

Bhatia said this application would be in accordance with the regulatory provisions of the country. Globally, there are 4.2 billion texters worldwide and it is expected to reach 12 trillion by 2015.

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Life insurance premium collection down 2% in H1 FY12

Total premium collected by the life insurance industry stood at Rs1,25,179 crore during April-September 2010-11

The life insurance industry reported 2% dip in premium collections to Rs1,22,661 crore in the first half of this fiscal because of fall in new business.
Total premium collected by the life insurance industry stood at Rs1,25,179 crore during April-September 2010-11, according to the Life Insurance Council.

"The fall in total premium is due to the drop in new business premium collection," it said.

The total new business premium for the industry has decreased 21% year-on-year to Rs49,046 crore from Rs62,362 crore.

The decline was on account of low sales of unit-linked products, especially individual pension segment, which has fallen drastically this year to 1.2% from an average of 26% for the earlier two years for the same period.

"It is evident from the data that voluntary contribution from retail investors under individual pension segment has dried up," said SB Mathur, secretary general, Life Insurance Council.

According to the council, the life insurance industry, however, has added more than 5,400 direct employees and 26,000 new agents as compared to last quarter.
Overall, the outlook for the remaining six months this fiscal appears to be better in view of lack luster performance of the industry in the first half. However, companies need to introduce new products at regular intervals to sustain the interest of the consumers, the council said.

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CIBIL introduces online authentication tool for customers

Consumers can now access their CIBIL TransUnion Score online in 3 easy steps

Consumers can now purchase their CIBIL TransUnion Score along with their Credit Information Report (CIR) online through an easy and secure online authentication tool introduced by Credit Information Bureau (India) Ltd (CIBIL) today. By answering 3 questions based upon their credit history, consumers can access their credit score on the CIBIL website.

Moreover, the applicant will not have to submit any identity proof or address proof documents, as the authentication (KYC check) is made based on the answers which only the consumer is likely to know. “We have seen a significant upsurge in the number of consumers who are accessing their credit scores & CIRs. This process will further make accessing the score and CIR hassle free, faster and secure for the consumer”, said Arun Thukral, managing director, CIBIL. “We have tested this authentication tool rigorously and are confident that consumers will increasingly benefit with this service”, he added.

Consumers can now access their CIBIL TransUnion Score online in 3 easy steps:  
                             
Fill online form, make payment of Rs450 and answer three questions based on your credit history. Once these questions are correctly answered by the applicant, the CIBIL TransUnion Score with the Credit Information Report is e-mailed to the consumer. 

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