Insurance
Tata AIA Life launches unit-linked plan 'Suraksha Kosh'

Tata AIA Life's Suraksha Kosh is a unit-linked plan where death benefit is enhanced by a combination of sum assured plus the total fund value

 
Mumbai: Tata AIA Life Insurance has launched 'Suraksha Kosh', a non participating market-linked endowment plan covering risks of premature death, disability post an accident and critical illness or surgery, reports PTI.
 
"Suraksha Kosh provides to customers to get the best from their investments on a unit-linked platform as also meet their desired saving goal without worrying about the risk of death, dismemberment and onslaught of medical exigency like a critical illness," company's managing director Suresh Mahalingam said in a release issued here.
 
It is a unit-linked plan where death benefit is enhanced by a combination of sum assured plus the total fund value.
 
Suraksha Kosh offers the customers the opportunity to choose from a range of eight investment funds as per their risk profiles.
 
It offers a flexible policy term from 15 to 40 years and is available to individuals from the age 18 to 50 years with maximum maturity age of 65.
 
Its premiums paid are eligible for tax benefits.
 
Tata AIA Life is a joint venture between Tata Sons and AIA Group.
 

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LeapFrog buys 15% stake in Mahindra Insurance Brokers for Rs80 crore

LeapFrog's Singapore-based subsidiary Inclusion Resources has bought 15% stake in Mahindra Finance's insurance broking business

 
New Delhi: Global investment firm LeapFrog has picked up 15% stake Mahindra Insurance Brokers Ltd (MIBL), a subsidiary of Mahindra Finance, for Rs80 crore, reports PTI.
 
The investment of Rs80.41 crore, which is subject to necessary regulatory approvals, will be through LeapFrog's Singapore-based subsidiary Inclusion Resources Pvt Ltd, for a 15% stake in MIBL, Mahindra Finance Managing Director Ramesh Iyer said.
 
LeapFrog will also be bringing in its international expertise, including in the areas of product design and distribution, he said.
 
Commenting on the development LeapFrog President Andrew Kuper said MIBL is playing a significant role in the insurance broking industry in India with a focus on adding value to customers through innovative solutions, superior services and driving positive change in the lives of people.
 
"We are keen to support the next leap of reach, performance and innovation for this outstanding business," Kuper said.
 
Since inception in 2004, MIBL has serviced over 2.5 million people, enabling them to protect their assets and loans taken for buying tractors and vehicles, and thus their livelihoods on which their families depend.
 
The alliance is expected to have a significant impact on financial inclusion in the country as well as building value for all the stakeholders, Iyer added.
 

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SEBI slaps Rs7.5 lakh fine on three entities

These penalties have been imposed after a SEBI probe found that the three entities, including Gupta, were involved in manipulative trading in shares of Videocon Industries and NRB Bearings

 
New Delhi, Sep 20 (PTI) Market regulator Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs7.50 lakh on three entities for alleged manipulative trading in the scrips of Videocon Industries Ltd (VIL) and NRB Bearings Ltd (NBL), reports PTI.
 
SEBI has slapped penalties on Intec Shares and Stock Brokers Ltd (ISSL), Mansukh Securities & Finance Ltd (MSFL) and one Pankaj Gupta, according to three separate orders.
 
According to the regulator, the defaults committed by the three entities were 'repetitive in nature'.
 
While ISSL and MSFL, have to shell out Rs3.5 lakh separately as penalties, Gupta has to pay a fine of Rs50,000. SEBI said the penalties are commensurate with the defaults committed by them.
 
"Regarding repetitive nature of the default, I note that ISSL was indulged in the manipulative trades in the shares of Videocon Industries Ltd (VIL) as well as NRB Bearings Ltd (NBL) for six trading days," the regulator said in the order on ISSL case.
 
In a order on MSFL, SEBI said the entity was "indulged in the manipulative trades in the shares of VIL as well as NBL for six days".
 
It was found that ISSL and MSFL were involved in the manipulative trading of the companies for a period of six days.
 
These penalties have been imposed after a SEBI probe found that the three entities, including Gupta, were involved in manipulative trading in VIL and NBL shares for the period 1 May 2004 to 15 June 2004.
 
Meanwhile, the regulator had imposed a penalty of Rs2 lakh each on ISSL and MSFL on 30th July this year for manipulative trading in VIL shares during the period from 14 January 2004 to 26 February 2004.
 
SEBI had earlier slapped a fine of Rs10,000 on Gupta for allegedly indulging in unfair trading in VIL scrips. As per the regulator, all the three entities have paid the earlier penalties.
 

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