MediPrime provides a comprehensive set of benefits that every individual looks for in a health insurance policy like cashless hospitalization, domiciliary and 140-day care procedures without any sub-limits
Tata AIG General Insurance Company announced the launch of its first domestic lifetime renewable reimbursement health insurance policy—MediPrime. The introduction of MediPrime adds to the set of general insurance products offered by the company and has been designed specifically to cater to the retail consumer market in India.
Commenting on the launch of MediPrime, Gaurav D Garg, MD and CEO, Tata AIG General Insurance said, “We are proud to announce the launch of MediPrime; a product that has been designed specifically to meet the current requirements of the consumer and ensure that their needs from a health policy are met.”
Under MediPrime, a policyholder can avail the cashless hospitalization benefit; which is currently available through a network of over 3000 hospitals. The policy also provides added benefit of a family discount wherein a discount of 10% is allowed if three or more members of the family are covered under the individual plans.
Having structured and designed the product to suit customer needs, MediPrime comes with a set of unique features that sets it apart from others in the market. Some of them include no sub-limit for inpatient hospitalization; no co-pay; and inpatient and outpatient coverage for accidental dental treatment.
MediPrime provides a comprehensive set of benefits that every individual looks for in a health insurance policy like cashless hospitalization, domiciliary and 140-day care procedures without any sub-limits. It also extends coverage for pre and post hospitalization expenses. Distinct features of the product include its lifetime renewability clause and its zero loading charges on renewal in case of a claim.
The product is available to individuals between the ages of 18 to 65 years and also offers the unique benefit of lifetime renewability for existing customers. The policyholder is entitled to tax benefits under section 80D of the Income Tax Act 1961.
Other benefits of the product include pre and post hospitalization medical expenses - 30 days before hospitalization and 60 days immediately after discharge; health check-up at the end of four continuous renewals for every insured person; and emergency ambulance expenses.
Nifty may be headed for 5,145 and then to 5,080. A close above today’s high may be a first sign of reversal
A rally in IT and technology stocks following better-than-expected results from TCS helped the domestic market brush aside early hiccups and snap its two-day decline. Yesterday we had mentioned that the Nifty would move with a negative bias with some intraday bounce and that the index may find its first support at 5,145 and then at 5,080. Today the benchmark made a small gain but also made a lower low. We continue to maintain yesterday’s support target for the index—at 5,145 and then at 5,080. The National Stock Exchange (NSE) saw a lower volume of 54.23 crore shares.
The market opened with a positive bias on better-than-expected quarterly earnings from India’s largest software exporter TCS after the market closed on Monday. On the other hand, the US markets closed lower overnight on political concerns marred attempts to find a solution to the European crisis. The European imbroglio also weighed on the Asian markets, which were lower in early trade. Back home, the Nifty opened at 5,216, up 15 points, and the Sensex rose by 58 points to resume trade at 17,155.
Intense volatility saw the market fluctuate between gains and losses in early trade with the benchmarks touching the day’s lows in mid-morning trade. At this point, the Nifty fell to 5,180 and the Sensex went back to 17,047.
Value picking at the lows resulted in the market at around 11.00am. Buying support in technology, banking and power stocks enabled the indices stay in the green in subsequent trade. While the benchmarks pared some of their gains, a positive opening of the key European indices kept the domestic gauges in the green.
While the Nifty hit its intraday high at noon with the index scaling 5,232, the Sensex climbed to its high at around 2.40pm at 17,248. Optimism in IT and technology stocks helped the market stay higher today.
The indices settled a tad below the highs with the Nifty gaining 22 points at 5,223 and the Sensex adding 111 points to close at 17,207.
The advance-decline ratio on the NSE was at 726:958.
While the key indices settled higher, the broader indices closed in the red. The BSE Mid-cap index fell by 0.13% and the BSE Mid-cap index lost 0.07%.
BSE IT (up 4.93%) was the biggest sectoral gainer today. It was followed by BSE TECk (up 3.34%); BSE Power (up 0.53%); BSE Metal (up 0.52%) and BSE Fast Moving Consumer Goods (up 0.35%). The losers were BSE Capital Goods (down 1.29%); BSE Healthcare (down 0.35%); BSE Bankex (down 0.26%) and BSE Oil & Gas (down 0.03%).
IT major TCS topped the charts today. The stock jumped 12.84% on the Sensex today. Other Sensex leaders were Wipro (up 4.44%); Tata Power (up 2.54%); Hero MotoCorp (up 2.30%) and Infosys (up 1.58%). The laggards on the index were Larsen & Toubro (down 2.63%); Bharti Airtel (down 2.02%); Bajaj Auto (down 1.63%); DLF (down 1.46%) and GAIL India (down 1.23%).
TCS settled 12.66% higher on the Nifty, followed by Wipro (up 4.44%); SAIL (up 4.40%); Tata Power (up 3.09%) and HCL Technologies (up 3.07%). Ambuja Cements (down 4.88%); Larsen & Toubro (down 2.94%); Kotak Mahindra Bank (down 2.33%); ACC (down 2.30%) and Grasim (down 2.04%) were the key losers.
Markets in Asia, which resumed lower on concerns about Europe, settled mostly higher. However, reports indicated that Chinese state-owned banks may face a financial crunch following aggressive lending, forced by the government. The report further added that borrowers, including local governments, may then default on their interest payments and could fail to pay their loans.
The Shanghai Composite added 0.01%; the Hang Seng gained 0.26%; the Jakarta Composite rose 0.36%; the Straits Times climbed 0.41% and the Taiwan Weighted settled 0.24% higher. On the other hand, the KLSE Composite shed 0.10%; the Nikkei 225 declined 0.78% and the Seoul Composite lost 0.47%. At the time of writing, the key European indices were between 0.46% and 1.19% up and the US stocks futures were in the positive.
Back home, foreign institutional investors were net sellers of equities totalling Rs407.49 crore on Monday whereas domestic institutional investors were net buyers of shares amounting to Rs451.70 crore.
Pharmaceutical major, Lupin, is setting up a new manufacturing plant at the MIHAN special economic zone (SEZ) in Nagpur, entailing an investment of Rs 400 crore over a period of five years. The new formulation facility at the Multi modal International Cargo Hub and Airport (MHIAN) SEZ will take close to a year to be operational, the company said in a statement. The stock declined 1.75% to Rs539.25 on the NSE.
PTC India Financial Services (PFS), part of PTC India, has raised $25-million through external commercial borrowings (ECBs) from International Finance Corporation for financing power projects. The ECBs are repayable in 32 quarterly instalments. PFS closed at Rs16.80 on the NSE, up 2.13% over its previous close.
Sun Pharmaceutical Industries (Sun Pharma) said on Tuesday that it has received approval from the US health regulator to launch the generic version of Eli Lilly’s schizophrenia treatment drug, Zyprexa in the American market. These tablets are indicated for treatment of schizophrenia, bipolar I disorder which are associated with manic or mixed episodes. The stock fell 0.28% to close at Rs594 on the NSE today.
What banks have not done against Kingfisher Airlines for its outstanding loan of Rs7,000 crore turning into to non-performing assets (NPAs), has been done by realtors on whose premises the “King of Good Times” has its operational offices
What banks have not done against Kingfisher Airlines for its outstanding loan of Rs7,000 crore turning into to non-performing assets (NPA), has been done by two realtors on whose premises the “King of Good Times” has its operational offices. Samruddha Realtors and Dhruvam Realtors, the owners of the premises, have served a winding up notice to the airline for failing to pay license fee, amenities and maintenance charges since November 2011.
Kingfisher House, the famous building of 52,350 sq ft on Mumbai’s Western Express highway known as its head office, was repeatedly given reminders for its pending dues. Despite this, the airline failed to comply and hence the termination notice, dated 11th April 2012, was served. As per the clauses in the agreements, since the airline has failed to pay its dues, a notice terminating the agreements has been given. The termination will come in effect on the expiry of 30 days after the receipt of the notice.
A similar notice is been served by Dhruvam Realtors to the Kingfisher Airlines for not paying the license fee, amenities and maintenance charges since November 2011 for using the premises, of around 6,450 sq ft, at Marol, Andheri. This plot originally belongs to Dhruvam Realtors.
According to the notice by Samruddha Realtors, the airline failed to comply with three agreements. As per the leave and license agreement dated 17th October 2010, Kingfisher promised to pay Rs26.17 lakh as license fee per month, along with the service tax. In the amenities agreement, also signed on the same date, Kingfisher agreed to pay Rs25.12 lakh per month for the services and amenities. The airline is also liable to pay Rs11.51 lakh per month as maintenance as per the Maintenance Agreement. (The document is been reviewed by Moneylife)
Similarly, Dhruvam has also served the notice as the airline failed to comply the same three agreements. Kingfisher Airlines, as per the leave and license agreement dated 17th October 2010, had promised to pay Rs3.22 lakh as license fee per month, along with the service tax. In the amenities agreement, also signed on the same date, Kingfisher agreed to pay Rs3.09 lakh per month for the services and amenities. The airline is also liable to pay Rs1.41 lakh per month as maintenance as per the Maintenance Agreement.
As per both these agreements, the amount agreed to be paid on monthly basis was to be escalated by 15% after the initial period of the three years. All charges were to be paid by Kingfisher on 20th or before of each month and on for delayed payment it has to pay interest at 18% per annum.
Having failed to pay the dues since November 2011, a letter was sent of 28th February 2012, reminding the airline to pay the pending dues along with interests within 30 days of the receipt of the letter. However Kingfisher Airlines neglected the same and the dues remained unpaid.
Samruddha Realtors had warned Kingfisher Airlines that if it uses the premises in spite of termination of license and other pending dues, such use shall be “unauthorized and as party in unauthorised occupation you will be liable to pay damages…”
The realtor further said that if Kingfisher Airlines failed to comply with the notice, it will be “constrained to take such proceedings as they may be advised including the proceeding for winding up of your company at your entire risks as to costs and consequences.”
Incidentally, financial news channel CNBC TV18 reported that the Income Tax department has sent third reminder, about its show-cause notice sent on 7th March, to the top management of the airline. It has sought an explanation on why prosecution proceedings should not be initiated for the violation of Tax Deducted at Source (TDS) payments.
The cash-strapped airline has also been struggling to pay the salaries of its employees. Recently, it was reported that around 200 engineers of Kingfisher Airlines stayed off from duty as they were not paid, despite repeated assurances.
Industry experts point out that the troubled airline has pending dues on many fronts. In first week of April, it was asked to Rs60 crore as service tax. Earlier, 40 bank accounts belonging tot the carrier were frozen by the service tax department after it failed to pay dues of Rs40 crore on the given deadline of 29th February.
Mounting debt and financial crisis has taken toll on the operations of the airline as a number of its flights are been cancelled. Vijay Mallya, chairman of the airline, had requested banks for fresh working capital to run its operations. In a meeting with banks, Mr Mallya had asked for Rs200 crore. However, banks are not in a mood to lend more. The 18-bank consortium headed by the State Bank of India, together, has a total exposure of over Rs7,000 crore in Kingfisher. Most of these banks have classified their exposure to the company as a NPA (non-performing asset). SBI is the biggest lender with an exposure of around Rs1,408 crore. On 4th April, SBI chairman Pratip Chaudhuri had said that Kingfisher Airlines can be viable if it gets more equity.
The financial crunch has also taken toll of its share price. Kingfisher Airlines has touched a new record low of Rs14.25, after the government ruled out any Foreign Direct Investment proposal immediately.