SBI General will provide emergency roadside assistance to its policy holders anytime and for any car across the country
Private insurer SBI General Insurance entered into a tie-up with My TVS and India Assistance to provide emergency roadside assistance to its policy holders anytime and for any car across the country.
"We plan to rapidly expand our motor insurance business in 2012. We hope that this tie-up coupled with a world-class technology platform and a passion for paying claims in the most efficient manner will add value to our overall customer offering," SBI General Insurance Managing Director and CEO R R Belle said in a release issued here.
This emergency roadside assistance cover will cost the policy-holders as little as 36 paise per day, besides offering them the widest such facility in the country.
This ensures 24 x 7 emergency road side assistance for any car, any time, across the country (except J&K and North Eastern states) covering over 1,600 locations in 20 states.
The tie-up will ensure that customers get hassle-free services like towing, attending flat tyre and battery jump start. The services can be availed even when the vehicle is down due to non-accidental reasons. This optional add-on cover is extended to vehicles as old as eight years.
SBI General Insurance aims to leverage the immense opportunity offered by the motor insurance segment.
The private insurance company is a joint venture between the State Bank of India and Insurance Australia Group (IAG), Australia's leading general insurance provider.
The new issue closes on 27th February
ICICI Prudential Mutual Fund has launched ICICI Prudential Capital Protection Oriented Fund II-Series VII-24 Months, a close-ended income scheme.
The investment objective of the scheme is to seek to protect capital by investing a portion of the portfolio in good quality debt securities & money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The securities would mature on or before the maturity of the Plan under the scheme.
The new issue closes on 27th February. The minimum investment amount is Rs 5000.
Glenmark has now planned to initiate phase II studies in pain indications
Glenmark Pharmaceuticals said its molecule, which intends to target pain and respiratory disorders, has completed first phase trials in the Netherlands.
The company said its novel chemical entity (NCE)—GRC 17,536—has completed phase I trials (single ascending dose and multiple ascending dose) in the Netherlands, Glenmark Pharma said in a statement.
The overall exposures achieved in humans compares favourably with the exposure required for maximum efficacy in the animal models, which suits entry into further clinical development, it added. Commenting on the development Glenmark Pharmaceuticals chairman and MD Glenn Saldanha said: "This is another potential first-in-class molecule indicated for both pain and respiratory conditions. There is a huge unmet medical need in both therapeutic areas globally."
GRC 17536 is a global first-in-class programme targeting the TRPA1 receptor antagonists for pain and respiratory disorders, the company said.
TRPA1 belongs to Transient Receptor Potential (TRP) family of ion channels, which have generated a lot of interest as pain targets due to their distinguishing role in peripheral and/or central pain signal transmission, it added.
"Glenmark has now planned to initiate phase II studies in pain indications. The company has filed regulatory submissions with the MHRA, UK, and BfArM, Germany, to initiate Phase 2 a proof-of-concept study in patients with painful diabetic peripheral neuropathy," it said.
Subject to regulatory approvals, the projected start of the study is March 2012, it said. Also, GRC 17536 would be tested via the inhaled route for use in the respiratory indications.
In the late afternoon, Glenmark was trading at around Rs300 per share on the Bombay Stock Exchange, 0.28% up from the previous close.