Companies & Sectors
New India plans “zero depreciation policy” for two-wheelers

“The company is actively considering to come up with a zero depreciation policy for two-wheelers, which is already being offered for cars,” a New India Assurance official said

Mumbai: The country's largest general insurer New India Assurance is actively considering launching a “zero depreciation policy” in the two-wheeler insurance segment after launching the same in the four-wheelers space, a top company official said, reports PTI.

 

Currently, the product is under the actuarial study to consider its viability, after which it will be filed for regulatory approval, the official said.

 

In a zero depreciation policy, the customer gets replacement of its old parts with a new one in case of a need, for a nominally higher premium. This is not the case in the normal car insurance.

 

Some other insurance players are providing zero depreciation policy for cars and the public insurer is actively considering launching such a product in the two-wheeler segment.

 

On the dismantling of the “declined motor pool”, which is currently in force in the commercial vehicle segment, the official said the system should be continued for some more time before making any judgement over its sustainability.

 

The New India Assurance, country’s largest general insurer has crossed Rs10,000 crore mark in premium collection in the last financial year and aims to touch a global premium of Rs12,000 crore this fiscal.

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Indiabulls MF garners Rs102 crore through Gilt Fund

“Indiabulls Mutual Fund has garnered Rs102 crore through its first duration product, Indiabulls Gilt Fund,” the company said in a release

Mumbai: Indiabulls Mutual Fund said it has garnered Rs102 crore through its gilt fund, reports PTI.

 

The new fund offer opened for subscription on 28 December 2012 and closed on 7 January 2013. It will reopen for ongoing purchase and sale from 11 January 2013, it added.

 

The private fund house, which has seven schemes in its portfolio, reached an AUM (assets under management) of Rs3,000 crore in its first year of operations last October, the release said.

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SARE Homes inks pact with ICICI Bank

SARE Homes has offered customers an option to pay 20% of the booking amount for an apartment, an offer which would be available for a limited period in association with ICICI Bank, a company statement said

Chennai: SARE Homes has inked a Memorandum of Understanding with ICICI Bank to offer special finance schemes for the real estate developer’s two upcoming projects, reports PTI.

 

For launching the two projects, SARE Homes has offered customers an option to pay 20% of the booking amount for an apartment, an offer which would be available for a limited period in association with ICICI Bank, a company statement said.

 

“The present scheme is in association with one of the country’s banking institutions, ICICI Bank, which will further facilitate home buying for a large number of customers,” SARE Homes, executive director, David Walker said.

 

SARE Crescent ParC is part of a 112-acre residential township coming up at Old Mahabalipuram Road, with prices beginning from Rs38.5 lakh onwards.

 

SARE MeadowVille is another project offering expandable villas coming up at GST Road, with prices beginning from Rs32.5 lakh onwards. The project, in the second phase of development, offers different type of expandable villas, the statement added.

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