Kotak Mahindra MF revamps its flagship fund to 'Kotak 50'; ICICI Lombard to provide crop insurance; Bajaj Allianz launches Ability Insurance for specially-abled
Kotak Mahindra MF revamps its flagship fund to 'Kotak 50'
Kotak Mahindra Asset Management Company has revised the investment objective of its flagship fund-Kotak Mahindra 30 Unit Scheme (Kotak 30) to aid the fund's performance in light of changing stock market dynamics. To reflect the revised investment objective, it is also proposed to rename the scheme to Kotak Mahindra 50 Unit Scheme (Kotak 50). Currently the fund invests in a maximum of 39 stocks which as per the modified investment objective would be increased up to 59 stocks. The asset allocation and the investment strategy of the scheme shall continue to remain the same consequent to the change.
Kotak 30, an open ended equity growth scheme was launched on 11 December 1998 with a limit of 30 stocks and the fund's investment objective was to generate capital appreciation from a portfolio of predominantly equity related securities.
Subsequently the stock limit was revised to 39 stocks on 24 December 2007.
Sandesh Kirkire, chief executive officer, Kotak Mahindra AMC said, "While the increasing number of companies in the large cap segment provides opportunities, the restriction of 39 stocks restricts the ability to participate fully in this opportunity. We believe that enabling the Kotak 30 scheme to increase the number of stocks will aid performance, as well as lower the volatility of the same and would allow flexibility in transitioning between stocks/sectors thereby adding value to our investor's portfolios. The scheme will be rechristened Kotak 50 to reflect this new investment objective".
Kotak 50 is an open ended equity scheme. The investment objective of the scheme is to generate capital appreciation from a portfolio of predominantly equity and equity related securities. The portfolio will generally comprise equity and equity related instruments of around 50 companies which may go up to 59 companies but will not exceed 59 at any point in time.
ICICI Lombard to provide crop insurance
ICICI Lombard General Insurance has been given the mandate to provide weather based crop insurance for Rabi season (2010-11) in Madhya Pradesh, Bihar, Tamil Nadu, Karnataka, West Bengal, Chattisgarh, Jharkhand and Himachal Pradesh. It would cover 39 districts-30 loanee districts (farmers who have taken loans) and exclusive nine non-loanee districts.
The major crops that ICICI Lombard would cover for Rabi season (2010-11) are winter paddy, cotton, wheat, mustard, barley, maize, onion, potato, tomato, lentil, peas, arhar, jowar, fenugreek, coriander, cumin, methi, isabgol, brinjal etc.
Weather based crop insurance provides cover against weather-related risks faced by crops such as excess or deficit rainfall, variations in temperature and fluctuations in humidity. This scheme facilitates immediate compensation based on certified data collected from independent third party bodies such as Indian Metrological Department (IMD) and National Collateral Management Services Ltd (NCMSL). This transparent and objective method of claim settlement removes the need for carrying out field surveys. This makes the claim settlement a hassle-free process, as the beneficiary is not required to file a claim for loss to receive a payout.
Weather based crop insurance, which is an index based insurance product was pioneered by ICICI Lombard in India in the year 2003-04 and has been now successfully adopted in 14 states comprising of 64 districts covering as many as 26 variety of crops.
Bajaj Allianz launches Ability Insurance for specially-abled
Bajaj Allianz has introduced a unique range of products under the name of Ability Insurance for the specially-abled. Ability Insurance seeks to treat the physically-challenged at par with others in the society and thus, enables them to financially protect themselves and their families.
To cater to all kinds of physical disabilities and simplify the process of buying Ability Insurance, features of the products are explained in audio-visual format with sign language as well as in Braille for the visually-impaired.
Products currently offered under the Ability Insurance umbrella are: Life Insurance; Assured Protection-Regular premium ULIP; Max Advantage-ULIP; Invest Gain-Traditional plan; Child Gain and Super Saver.