Oriental to make health insurance more affordable

Oriental Insurance Company is working on a no frills policy to keep the premium low for the lower middle class group

State-owned Oriental Insurance Company is working on a no frills policy to keep the premium low for the lower middle class group. The company has come up with this policy to reduce the premium so that the health insurance becomes more affordable. To increase the rural penetration, Oriental Insurance has opened 100 extension counters last year and has planned to open 100 more this year.

Oriental Insurance is also working on some policies for the super rich class as well.

Oriental Insurance is planning to form a joint venture to start a third party administer (TPA). In order to control over cost, the company will shift all its cases through this firm and the same is likely to deal with all hospitals.

The company has a list of preferred provider network (PPN) of hospitals, which have agreed to its rates. However the rates may vary, as the super specialty hospitals have higher rates. Oriental also has plans to extend the PPN to other cities as well.

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Private life insurers’ first year premium down 4% in FY11

Private life insurance sector saw a decline of 4% to Rs30,451 crore in the first year premium income during the 2010-11 fiscal

The private life insurance sector saw a decline of 4% to Rs30,451 crore in the first year premium income during the 2010-11 fiscal.

As many as 10 companies, of the total 22 private players accounting for 36.8% of the total life insurance industry, witnessed a decline in first year premium income, as per an analysis of data released by IRDA.

At the end of financial year 2010-11, the private sector life insurance companies reported Rs30,451 crore of premium income compared to Rs31,618 crore in the April-March period of previous fiscal. The companies which witnessed a surge in the first year premium figures include Max New York Life, HDFC Life, SBI Life and ICICI Prudential.

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Reliance MF files draft papers with SEBI for fund

Reliance Mutual Fund plans to launch an income scheme and has filed draft papers with SEBI for the same

Reliance Mutual Fund plans to launch an income scheme and has filed draft papers with market regulator Securities and Exchange Board of India (SEBI) for the same.

The new fund offer (NFO), called Reliance Fixed Horizon Fund-XX, is a close-ended income scheme and the units can be purchased only during the period of NFO.

"The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio," according to the draft document filed with the SEBI.

The corpus of the fund would be invested in central and state government securities and other fixed income or debt securities. The scheme would be benchmarked against Crisil's Short Term Bond Fund Index.

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