TN govt introduces new medical insurance scheme

The new scheme would cover 950 types of medical treatment against the previous government’s scheme of 642 types

Tamil Nadu chief minister Jayalalithaa has announced an improved medical insurance cover under which a family can derive a maximum benefit of Rs4 lakh for four years.

The new scheme would cover 950 types of medical treatment against the previous government's scheme of 642 types, Jayalalithaa said.

"Under the new scheme, a family can avail medical benefits of up to Rs4 lakh for four years while it was Rs1 lakh for four years according to the previous scheme," she said. The new scheme also allots Rs1.50 lakh per year for some specific diseases, Jayalalithaa said in a statement.

Jayalalithaa said expenses on certain tests prior to and after surgeries would also be covered under the new scheme, "which were not there in the previous scheme."

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Deutsche MF launches Fixed Term Fund-Series 86

Deutsche Mutual Fund new issue closes on 13th July

Deutsche Mutual Fund has launched DWS Fixed Term Fund-Series 86 (DFTF-86), a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme. The tenure of the scheme is 250 days.

The new issue closes on 13th July. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramkrishnan is the fund manager.

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MFs pitch for entry into pension market, approach SEBI

The Rs7.43 lakh crore mutual fund industry, which has been riddled with sagging fund inflow after entry load was scrapped 2009, is lobbying hard for the entry into pension product market to boost the percentage of stable asset in the total corpus

New Delhi: The mutual fund industry has approached market regulator, Securities and Exchange Board of India (SEBI) to allow entry into pension product market, in a bid to garner long-term funds, reports PTI.

Currently, pension products are offered by only insurance firms and Pension Fund Regulatory and Development Authority (PFRDA).

"AMFI has made a presentation to SEBI for allowing asset management companies to raise funds through pension products," sources said.

Industry body Association of Mutual Funds in India (AMFI) is of the view that this would help in penetration of pension product as well as raising stable assets for the industry.

"The MF industry wants to launch pension products with annuity features so as to provide the benefit of retirement savings to customers," sources added.

In its presentation to SEBI, AMFI has said that since asset management companies (AMCs) already have experience in managing investor money, it should be considered for entry into the pension fund market.

The Rs7.43 lakh crore mutual fund industry, which has been riddled with sagging fund inflow after entry load was scrapped 2009, is lobbying hard for the entry into pension product market to boost the percentage of stable asset in the total corpus.

In the United States about 68% of the households own mutual fund products through the pension route, perhaps through the pension reforms that took place in America.

Last month, SEBI chief UK Sinha had said that the AMCs should look into penetration into the pension fund market and start selling such plans.

Sources said the modalities of the right product mix and balanced investment in debt and equity is being worked out by the industry.

"We are working out different investment options and also regulatory aspect of the product," they added.

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