Paytm partners insurance cos for cashless premium payments

Mobile payments wallet Paytm today said it has partnered major insurance companies to offer online premium payments and is targetting premium payments of Rs 1,000 crore by the end of the fiscal.

Insurance companies ICICI Prudential Life, Religare Health, Reliance Life and Reliance General have partnered the Alibaba-backed company to assist consumers in paying their insurance premiums online.

“Our commitment is to provide users with simple and seamless payment experience. I strongly believe that we will be able to increase the renewal rate for the insurance companies,” Senior Vice President of Paytm Kiran Vasireddy said.
Paytm is going live with over 15 companies by the end of next quarter and over 100 million registered users of Paytm can now pay their insurance premiums on-the-go.

It also plans to offer consumers deals if they opt for this particular medium to pay their renewal premiums.
With this, Paytm aims to be a one-stop shop for all bill payments and recharges.

This is part of the larger expansion agenda of the firm, which recently entered into hotel aggregation.
Paytm, has also been granted the in-principle licence for payments banks from Reserve Bank, is looking to invest sabout Rs 1,200 crore in payments banks over the next three years, it said.

The company has set out a target of April-May 2016 for rolling this out.

Reference: http://goo.gl/wEw1BC

Modi government seeks to make air travel affordable

NEW DELHI: The Narendra Modi government has announced an ambitious plan to fulfil dreams of 300 million middle-class fly by limiting airfares between two non-metro cities to Rs 2,500 for flights lasting an hour, according to the draft civil aviation policy.


The draft will be put up for consultations for three weeks and a final policy will be floated by the end of this year.

This initiative was announced as part of the civil aviation policy in Delhi today. "The prime minister wanted the policy to aim at taking flying to masses. We will fix fares at Rs 2,500 and the losses would be bridged through a viability gap funding (VGF).

Carriers operating regional flight will get VGF indexed to ATF prices and inflation. While 80% funding for VGF will be from the centre the rest 20% will be from the states," announced civil aviation secretary R N Choubey. 

The plan is to levy a cess of 2% on passengers taking commercial flights both international and domestic. "According to our estimate, we will collect about Rs 1,500 crore through the 2% cess annually," said Choubey. The regional flights will be exempted from service tax. 

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The draft policy has offered two options for the abolition of 5/20 eligibility policy that mandates the airlines to have an experience of five years of domestic flying and a fleet size of 20 aircraft to fly international. 

The policy seeks views from the general public on whether to continue with it, abolish it or replace it through a domestic flying credit model. "The final decision will, however, not depend on the views that emerge out of consultations," said Choubey. 

The policy proposes to abolish service tax on MRO services provided in India. "We aim to make India hub for MRO services in Asia, as we realise the potential this segment offers," Choubey said. 

Among other initiatives, the policy also allows airlines to offer ground handling services at airports on their own. It also proposes to remove CISF from non-aero services across all airports in the country.

Reference: http://goo.gl/2rvxhl

5 top reasons why travel insurance is a must!

An overseas vacation with family is a joyous occasion for many. It is often a welcome break from the hustle-bustle of life, as people spend exclusive time with their near and dear ones. Vacations are also times when bonds between different individuals are strengthened and new discoveries are made, for instance, a father discovering the natural affinity of his daughter to scuba-diving and so on. Little wonder, each and every family member eagerly looks forward to going out on a vacation, having fun and creating memories for a lifetime.

But, what if the tranquility of the vacation was disturbed through an unforeseen accident or an event? Imagine you are on trip to Europe and suddenly the bag that has all the passports and cards get misplaced.  A catastrophe like that has the potential to ruin the whole trip itself. Similarly, there are hundreds of things such that can go wrong on a vacation like a theft or sickness. Wouldn’t it be nice, if there was someone who would sort the situation, take the responsibility, and work things out? Well, there is indeed a solution to all such misgivings; it is called travel insurance. By paying a small sum in terms of premium before you head out for vacations, you can ensure that the vacation goes on without any hitch whatever may be the situation. To give you an idea, here is how travel insurance helps you in times of distress:

1. Loss of passport or baggage: What happens in case you lose your passport or baggage overseas? Rather than being bothered about contacting your embassy and trying to figure things out on your own, you can simply call the travel insurance company and they will help sort out things, right from working on the documents to getting the finances right.

2. Sickness or an accident: Your health insurance policy is only applicable in your own country. However, disaster can strike anywhere and anytime. Imagine the horror if your son gets hospitalized in a country such as the USA where healthcare expenses are at least ten times more expensive. A travel insurance policy comes in handy then.

3. Missed flights, delayed or cancelled trips: Imagine a scenario where you have booked your flights tickets for your cousins wedding in Canada and at the last moment the wedding gets called off. Considering the financial loss in terms of cancellation charges and so on, your cousin won’t be the only person left with a heartache! A travel insurance policy would have saved you this loss.

4. Burglary at your home, while you are travelling abroad: An empty house is an invitation for thieves. While you are away, having the time of your life, a burglar might steal valuables from your house. Yes, a travel insurance policy takes care of this as well.

5. Emergency evacuations: Unfortunately one can never predict when and where a natural calamity like a tsunami or an earthquake might strike. The recent Nepal earthquakes are a vivid example of the same. What happens if you are caught in such a chaos on your vacation? Fortunately, travel insurance covers emergency evacuations where the insurance company takes the responsibility of flying the insured person out of this disastrous situation to his own country and providing him the required medication.

Thus, it is really a no-brainer that getting travel insurance is a pre-requisite for a peaceful and memorable holiday. And also don't forget, that when you go for insurance don't just merely go by amount of premium but rather the spread and reach of the insurer. For instance a company like Reliance General Insurance, with international standards and processes is best placed to resolve all such travel related woes.  So ensure that you buy travel insurance online from Reliance General Insurance before you head out with your family to that exotic getaway. And then, don’t forget to enjoy.

Source:http://goo.gl/41UsRm

IMF lowers its 2015-16 growth forecast for India to 7.3%

Says near-term growth prospects remain favorable
In its update to the World Economic Outlook released on Tuesday, the IMF cut growth projections for India by 0.2 per cent to 7.3 per cent for 2015-16. For 2016-17, it maintained its forecast of 7.5 per cent. Growth in India is expected to benefit from recent policy reforms, a consequent pickup in investment, and lower commodity prices. Further, inflation is expected to decline in 2015, reflecting the fall in global oil and agricultural commodity prices.

According to the update, in India, near-term growth prospects remain favorable, and the decrease in the current account deficit has lowered external vulnerabilities. The faster-than expected decline in inflation has created space for considering modest cuts in the nominal policy rate, but the real policy rate needs to remain tight for inflation to decline to the inflation target in the medium term, given upside risks to inflation.

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The report also adds that continued fiscal consolidation is essential for the country, but it should be more growth friendly (tax reform, reduction in subsidies). With balance sheet strains in the corporate and banking sectors, financial sector regulation should be enhanced, provisioning increased, and debt recovery strengthened. Structural reforms should focus on relaxing long-standing supply constraints in the energy, mining, and power sectors. Priorities include market-based pricing of natural resources to boost investment, addressing delays in the implementation of infrastructure projects, and improving policy frameworks in the power and mining sectors.

For emerging markets as a whole, IMF lowered its growth projections by 0.2 per cent for both 2015 and 2016. These countries are expected to rise by four per cent and 4.5 per cent, respectively in both the years. This reflects a combination of factors: weaker growth in oil exporters, a slowdown in China with less reliance on import-intensive investment, adjustment in the aftermath of credit and investment booms, weaker outlook for exporters of other commodities as well as geopolitical tensions and domestic strife in a number of countries.

Advanced economies are expected to rise by two per cent and 2.2 per cent, respectively in 2015 and 2016. This is 0.1 per cent and 0.2 per cent lower than the growth projections of the IMF in the July update. Some pickup in growth of these countries is expected but medium-term prospects remain subdued reflecting a combination of lower investment, unfavorable demographics, and weak productivity growth.

Ref: https://goo.gl/ueEtGT

Banks & Insurers may have to rethink tie-ups after IRDA cracks down on mis-selling

MUMBAI: Bancassurance, the sale of insurance products through banks, which is the most preferred route for growth of the sector, may be at risk. 

After the Insurance Regulatory & Development Authority of India (Irda) indicated that banks would have to take responsibility for policies sold through them, lenders may prefer not to become mere distributors of insurance products. Onerous rules and the threat of penalties could also make banks wary of such deals. 

"The whole point of Irda is to bring better surveillance and discipline. For banks, this will require sufficient trust and seriousness in relationships with their insurance partners — if the responsibility of customer complaints is going to be on banks," said Girish Kulkarni, MD and CEO of Star Union Daiichi Life Insurance. 

"This may discourage banks from entering into plain distribution partnerships with insurance companies. Banks may prefer to be equity partners so that they have a better control over the eco-system." However, banks may seek high valuations for equity partnerships, driving insurers away. 

Insurance companies tie up with banks to sell products because it is a low-cost distribution channel and gives them access to a large customer base. The most recent partnership was between Punjab National Bank and MetLife. IndusInd BankBSE -0.28 % has a corporate agency tie-up with Aviva, which is coming up for renewal. 

Many banks including Indian Overseas Bank, Syndicate Bank, Central Bank, Allahabad Bank and UCO Bank are without any equity partnerships. 

Irda chairman TS Vijayan recently said banks would be made accountable for insurance products sold through them by misleading customers. At present, insurance companies are responsible for any mis-selling of products through the banking channel. 

"Blatant mis-selling will go away," said RM Vishakha, MD and CEO of IndiaFirst Life Insurance. "The regulator is making the responsibility more explicit, which was always implied." 

During a sting operation by a news portal a couple of years ago, employees of both public and private sector banks were caught mis-selling insurance products, partly due to stiff targets set by banks. The share of banks in total individual new insurance business went down to 15.62 per cent in 2013-14 from 16.18 per cent in 2012-13, according to Irda's latest annual report. 


Ref: http://goo.gl/ipdtQb

How To Buy Good Travel Insurance | Insurancepandit.com

While a lot of people think “I’m healthy, I don’t need travel insurance. I won’t get sick,”travel insurance is much than just medical protection. It covers you when your camera breaks, your flight is cancelled, a family member dies and you have to come home, or if something is stolen. It’s all purpose emergency coverage and is the single most important thing you should get but hope to never have to use. And, as it only costs a few dollars a day, you’re foolish not to get it. I never planned on falling in the sea in Italy with my camera or popping my ear drum in Thailand but I did and, if it wasn’t for my travel insurance, I would have been out a lot of money.

Travel insurance is one of the most complex and confusing aspects of trip planning. With the myriad of plans and companies out there, people can easily get confused about what they should get and why. Given its importance and the amount of time it’s been since I last discussed it, I want to start the year by discussing it again.

Travel insurance is something you absolutely need on the road. You never know what could happen, and most health plans don’t cover you overseas. I never thought I would pop my eardrum. My friend never thought he would break his leg hiking in New Zealand. A writer I know had to be helicoptered out of the Amazon after he fell off a boat. Another friend didn’t think her father would die and she would have to fly back home. But all those things did and travel insurance was there when all those things happened. (My favorite travel insurance provider is World Nomads. They always have my back when something like the above happens.)

I was recently in southern Africa for 3 weeks and my plan cost only $4 per day. Considering my domestic health plan wasn’t going to cover me while overseas, it was a small price to pay for knowing if I got attacked by a lion, bitten by a snake, or contracted malaria, I was protected.
I would rather be safe than sorry and not be stuck with a giant hospital bill.

But, like I said, it’s more than just medical care. Loose a bag? Insurance has you covered. Trip cancelled? Insurance is there. Get something stolen? Insurance is there too.

Travel insurance has more than proved its worth many, many times. It’s the kind of thing you will be very thankful for when you need it but hope you never do. After all, you don’t want to end up like my friend who didn’t have insurance when her computer was stolen and had to pay out of pocket for a new one.

Here is how to avoid getting a bad insurance plan and not be properly covered:

What to look for in a great plan
There are a lot of options out there. This is a billion dollar business and everyone wants their hand in the cookie jar, thus you face a mind-numbing number of choices that can be confusing and overwhelming. And, often, in the fine print, you’ll find that plans aren’t as good as you thought.

When looking for a plan, first make sure they have a high coverage limit on your medical expenses. A good company will provide up to $100,000 in coverage care, though more expensive policies will cover you for higher amounts. The maximum coverage limit you can find is around $1,000,000 USD, though I’m not sure why you would ever need a limit that large. High coverage limits are important because if you get sick, injured, or need serious attention and have to seek professional care, you want to make sure your high hospital bills are covered. The worst thing you can do is go cheap and get a policy with a $20,000 coverage limit, break a leg, and reach that limit before they are done taking care of you. Don’t be cheap with your health. Get minimum coverage of $100,000.

Second, you want to make sure your policy also covers emergency evacuation and care that is separate from your medical coverage. If you are hiking in the woods and you break your leg, your policy should cover your evacuation to the hospital. If a natural disaster occurs and you need to be evacuated to somewhere else, your plan should cover that as well. This protection should cover an expense of up to $300,000 USD.

Additionally, evacuation also should mean from the hospital to your home country. Standard emergency evacuation usually includes this provision but it’s important you double-check a company will cover the cost of your flight back home if you need it.

A great policy will always include the following provisions:

• Cover most countries in the world.
• Some coverage for your electronics (and have the option for a higher coverage limit).
• Cover injury and sudden illnesses.
• Twenty-four hour emergency services and help (you don’t want to call to be told to call back later).
• Cover lost, damaged or stolen possessions like jewelry, baggage, documents, cameras, etc.
• Cover cancellations such as hotel bookings, flight, and other transportation bookings if you have a sudden illness, death in the family, or some other emergency.
• Cover emergencies, strife in the country visited, etc., that cause you to head home early.
• Policies should include personal accident coverage.
• Have financial protection if any company you are using goes bankrupt and you are stuck in another country.

Don’t get a policy that doesn’t cover these bullet points!

A quick note on electronics: most companies only have a small limit, usually up to $500 USD, as part of their basic coverage. You can often buy supplemental insurance to get a higher amount of coverage. For instance, Clements Insurance offers special coverage for your electronics. Prices vary depending on the country you visit (between $145-195 per plan) but they don’t have worldwide coverage. You have to get coverage for your specific country. Moreover, many regular and home insurance companies such as State Farm offer plans that can help you cover your electronics.

What isn’t covered is just as important as what is
Know what is also not covered by your plan. Most policies do not cover accidents sustained while participating in extreme adventure activities such as hang gliding, paragliding, or bungee jumping unless you pay extra. The majority of companies won’t cover you if you injure someone on the road (called third-party liability). Policies do not normally cover alcohol- or drug-related incidents, or carelessness in handling your possessions and baggage. You won’t get reimbursed if the problem happened because you were reckless, and how “reckless” is defined is a matter up to each company. Simply put, if a reasonable person wouldn’t partake in what caused your accident, you won’t be covered.

Moreover, you won’t be covered for pre-existing conditions or general check-ups. For example, if you have diabetes and need to buy more insulin, you won’t be covered. If you want to go see a doctor for a general check-up, you aren’t covered either.

The medical portion of travel insurance is more about emergency care than being a replacement for your normal health care. A lot of people purchase insurance thinking it is, then get disappointed when they find out they can’t go get an annual physical with it. Travel insurance is accident insurance. It is there to protect you in case of emergency and, if need be, get you home in a hurry. If you want a global health plan (because, say you now live in Beijing), you need a completely different type of plan.

Making a claim
If you make a claim, remember that any travel insurance company, no matter how good, is there to make money and will try to avoid paying out as much as they can. They are, after all, an insurance company and they don’t make money by paying out to every Tom, Dick and Harry. Be prepared to wait to receive your money because even the best companies drag their feet. In order to ensure that you do get paid your claim, make sure you have all your receipts, necessary forms, and proper documentation – all of it will help make your claim go through a lot quicker.

Major travel agencies like STA Travel and Flight Centre also offer their own plans, though coverage is very limited. While I haven’t used them, many other travel writers I know recommend Medjet and IMG too. Another really good website is Insure My Trip. It compares policies from a number of providers and a wide range of policies at once. It’s like a global insurance search site! It lots of people have success on their site, and I especially like their high age limit as not enough companies cover seniors!

My favorite insurance provider is World Nomads. I’ve been using them since I first started traveling in 2003 and use no one else. They are very reputable, and claims are quickly and fairly processed. I enjoy World Nomads for a number of reasons: I can purchase and renew my insurance policy online in a matter of minutes, they have a very friendly and responsive staff who answer questions and help solve problems via social media, have great customer feedback, and most importantly, they provide a lot of coverage at a good price. If there’s one company I would recommend, I would say go with them.

Still unsure? Here’s what some community members said about travel insurance:

Ref: http://goo.gl/mul5C3

LIC to infuse Rs 143 cr in Corporation Bank

State-owned Corporation Bank  Monday said LIC will infuse Rs 143 crore into the bank by way of preferential equity.

The capital infusion into the bank by LIC will be by way of issue of equity shares on preferential basis to the country's largest insurer, the bank said in a BSE filing Monday.

"The Company (Bank) have received a letter dated September 11, 2015 from Life Insurance Corporation (LIC) of India expressing their intention to infuse capital to the extent of Rs 143 crore into the capital funds of the Bank," it said.

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The bank further said it "proposes to raise funds by way of preferential issue of upto 2,81,60,693 equity shares at a price of Rs 50.78 per share (including premium)".

About the objective of proposed preferential issue to LIC, it said the bank is growing at an average growth rate of around 20 percent over the last many years and it needs funds to expand business.

"In order to meet the growing requirement of funds for expanding the business by way of long term resources and for general lending purposes as may be decided by the Board as also to comply with BASEL-III requirements relating to capital adequacy," it said.

The bank said however that the capital to be raised through this preferential allotment of equity will not be used for making investment, in whatever form, in any of its subsidiaries or joint ventures.

Corporation Bank said it's board has today approved to place LIC's intent of capital infusion in the ensuing extraordinary general meeting scheduled to be held on September 28. "The existing promoters of the bank i.e.

Government of India will continue to vest their control over the bank and there will not be any change in the management/control on the bank as a result of the proposed preferential allotments," it said in the filing. Earlier, in August, the Centre had decided to infuse a capital of Rs 857 crore into the bank.

Among others 12 other public sector banks including SBI  , PNB  , Bank of Baroda  , Canara Bank  will also get the capital infusion from government.

Corporation Bank scrips closed 2.41 percent higher at Rs 46.80 apiece on BSE today.

Corporation Bk stock price

On October 01, 2015, Corporation Bank closed at Rs 43.65, down Rs 0.15, or 0.34 percent. The 52-week high of the share was Rs 78.90 and the 52-week low was Rs 43.55.

The company's trailing 12-month (TTM) EPS was at Rs 6.65 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 6.56. The latest book value of the company is Rs 125.16 per share. At current value, the price-to-book value of the company is 0.35.


Ref: http://goo.gl/yzjH49