Insurance Archives - Page 2 of 3

20 Feb

Good News: New insurance premium payment facility via UPI from March 1

MFNewsBusiness, Insurance, Technology

This feature will allow policyholders to block funds in their bank accounts for premium payments, ensuring transactions without immediate debits. New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has announced a new premium payment mechanism, Bima-ASBA (Applications Supported by Blocked Amount), using the Unified Payments Interface (UPI). This feature will allow policyholders to block funds in their bank accounts for premium payments, ensuring transactions without immediate debits. As per IRDAI's circular issued on February 18, 2025, all insurers must offer the Bima-ASBA facility by March 1, 2025. This directive is part of the Master Circular on 'Protection of…

20 Feb

Public Sector General Insurance Companies(PSGICs), become profitable again

MFNewsBusiness, Insurance

Government infuses Rs. 17,450 crore into PSGICs between 2019-20 and 2021-22 to support reforms, improve efficiency, and drive profitability New Delhi: Indian Public Sector General Insurance Companies (PSGICs), that historically reported losses, witnessed a major turn around with all of them having become profitable again. While Oriental Insurance Company Ltd. (OICL) and National Insurance Company Ltd. (NICL) started posting quarterly profits from Q4 of F.Y. 2023-24 and Q2 of F.Y. 2024-25 respectively, United India Insurance Company Ltd. (UIICL) posted profit in Q3 of FY 2024-25 after a gap of 7 years. Notably, New India Assurance Company Ltd. (NIACL) has consistently…

19 Feb

Bajaj Allianz Life Unveils Guaranteed Pension Goal II with Industry-First 30-Year Deferment Option

MFNewsBusiness, Insurance, Mutual Funds

New-age annuity plan offers flexible payout options, lifelong income security, and tailored solutions for evolving retirement needs Chandigarh: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, today announced the launch of Bajaj Allianz Life Guaranteed Pension Goal II, a non-linked, non-participating immediate and deferred annuity plan designed to help customers take control of their retirement planning. With an industry-first feature allowing a deferment of up to 30 years, this innovative pension plan enables individuals as young as 35 years to start securing their financial future, providing unmatched flexibility for early retirement planning. Recent study by Bajaj Allianz Life revealed that 77% of Indians…

18 Feb

NFO’s Raining: 14 mutual fund NFOs are open for Investment as Today

MFNewsBreaking News, Business, Insurance, Mutual Funds

Chandigarh: Around 14 new mutual fund NFOs are open for subscription. Mutual fund houses launch new funds to complete their bouquet of offerings Four index funds are open for subscription and will close between February 21 to March 3. ITI Bharat Consumption Fund and HSBC Financial Services Fund are open for subscription and both will close on February 20. Invesco India Business Cycle Fund and Nippon India Active Momentum Fund are open for subscription and will close on February 20 and February 24 respectively. Scheme Name Open Date Close Date Scheme Type Bajaj Finserv Multi Cap Fund 06-Feb-2025 20-Feb-2025 Open…

18 Feb

Bajaj Allianz GI Unveils ‘HERizon Care’

MFNewsBusiness, Health, Insurance

India’s First Comprehensive Health Insurance Plan Designed Exclusively for Women Chandigarh : Bajaj Allianz General Insurance, a leading private general insurer in India, has today announced the launch of ‘HERizon Care’, a thoughtfully designed inclusive health insurance product that caters exclusively to women’s evolving healthcare needs. This comprehensive policy addresses critical illnesses, maternal and reproductive health, wellness, and more, empowering women with financial security throughout their life stages. HERizon Care is the first health insurance plan in India that offers multiple specialized covers in a single policy, providing holistic protection tailored to women's unique needs. HERizon Care offers two comprehensive…

15 Feb

Exports of electronic products surged to ₹2,411 billion in FY24

MFNewsBusiness, Insurance, Opinions, Technology

Exports of electronic products surged to ₹2,411 billion in FY24 India’s electronics industry is booming! Mumbai: Exports of electronic products surged to ₹2,411 billion in FY24, while consumer electronics production crossed ₹994 billion in 2023. Driven by government incentives, rising domestic demand, and shifts in global supply chains, the sector is transforming rapidly.

15 Feb

Prudential Plc Considering For The listing of ICICI Prudential Asset Management Company

MFNewsBusiness, Insurance, Opinions, Technology

Prudential Plc Considering For The listing of ICICI Prudential Asset Management Company Chandigarh: Prudential Plc is considering the listing of ICICI Prudential Asset Management Company (AMC), India’s second-largest mutual fund (MF) with assets of over -9 trillion.Through the IPO, the London-headquartered financial major plans to divest some of its 49 per cent stake. Shares of Prudential rallied over 6 per cent after the announcement on the London Stock Exchange. In 2016, Prudential had divested its stake in ICICI Prudential Life Insurance Company, another joint venture firm with the ICICI Bank group. Currently, ICICI Bank owns 51 per cent stake in…

15 Feb

Bajaj Allianz Life Nifty 500 Multicap Momentum Quality 50 Index Fund for ULIP customers

MFNewsBusiness, Health, Insurance, Opinions, Technology, Travel

Bajaj Allianz Life Nifty 500 Multicap Momentum Quality 50 Index Fund for ULIP customers Chandigarh: Bajaj Allianz Life Insurance, one of India's leading private life insurer, today announced the launch of its new index based fund - Bajaj Allianz Life Nifty 500 Multicap Momentum Quality 50 Index Fund, which will be available along with its ULIP products. Along with a life cover, this new fund offers ULIP customers a unique opportunity to capitalize on the growth potential of multi-cap stocks with momentum and quality factors, to diversify their portfolios, and enjoy the benefits of an index-based investment approach. The Nifty…

15 Feb

Bank of India Raises ₹2,690 Crore through 10-Year Infrastructure Bonds at 7.50% p.a

MFNewsBusiness, Entertainment, Insurance

Bank of India Raises ₹2,690 Crore through 10-Year Infrastructure Bonds at 7.50% p.a Chandigarh: Bank of India, a leading Public Sector Bank, has raised 10 years Infrastructure Bonds of Rs.2,690 crore @ 7.50% p.a, today through NSE Electronic Bidding Platform. The Base Issue size was Rs.1,500 crore with Green Shoe option of Rs.3,500 crore. Bank received total of 94 bids amounting to Rs.8,845 crore, 5.90 times of the Base issue size. Bank accepted bids at cut-off coupon of 7.50% of Rs.2,690 crore. There were 26 successful bids. The funds raised through Long Term Bonds will be used for funding long…

15 Feb

SEBI relaxes timelines to send Consolidated Account Statement for AMCs and RTAs

MFNewsBusiness, Insurance, Technology

SEBI relaxes timelines to send Consolidated Account Statement for AMCs and RTAs SEBI has revised timelines for monthly and half-yearly CAS. Mumbai: In a recircular, SEBI has revised timelines for AMCs and RTAs to send the monthly and half-yearly CAS. Currently, the AMCs provide data of investment of PAN holders to the depositories before 3rd of the next month, following which the CAS are dispatched before the 10th by the depositories. According to the revised timelines, the AMCs and RTAs will now have to share the monthly PAN data to the depositories on or before 5th of the next month.…