Insurance | Business Upturn

Choice International acquires remaining 50% stake in Choice Insurance for Rs 62.5 crore

Business Desk — Tue, 10 Mar 2026 14:16:17 +0000

Choice International has completed the acquisition of the remaining 50% equity stake in its subsidiary, Choice Insurance Broking India Private Limited, for a total consideration of ₹62,50,20,000. This transaction involved the purchase of 6,60,000 equity shares at a price of ₹947 per share, including a premium of ₹937 per share.

The acquisition received the necessary approval from the Insurance Regulatory and Development Authority of India (IRDAI), allowing Choice Insurance to operate as a wholly owned subsidiary of Choice International. This move aligns with the company’s strategy to capitalise on emerging opportunities in the financial services sector, particularly within the insurance brokerage industry.

Choice Insurance, which operates as an IRDA-registered insurance broker, reported a turnover of ₹8,858.85 lakhs for the financial year ending March 31, 2025. The acquisition was executed on an arm’s length basis and does not constitute a related party transaction, as the shares were acquired from Mr. Awjit Bhagat, who is not related to the company’s promoters.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Bajaj General Insurance underwrites Rs 1,094 crore gross direct premium in February 2026

Business Desk — Mon, 09 Mar 2026 13:52:01 +0000

Bajaj Finserv has disclosed financial performance data for its unlisted insurance subsidiaries, Bajaj General Insurance and Bajaj Life Insurance, submitted to the Insurance Regulatory and Development Authority of India (IRDAI).

Bajaj General Insurance underwrote ₹1,094.04 crore in gross direct premium during February 2026, taking its cumulative figure to ₹21,794.23 crore for the April 2025 to February 2026 period. The premium figures are reported in accordance with IRDAI’s Master Circular on Actuarial, Finance and Investment Function of Insurer, 2024, and a directive issued on 18 October 2024.

Bajaj Life Insurance reported new business premiums of ₹1,281.28 crore in February 2026. Individual non-single premium accounted for ₹694.24 crore, whilst group single premium contributed ₹462.39 crore. For the full April 2025 to February 2026 period, the life insurance subsidiary recorded total new business premiums of ₹12,302.32 crore, comprising individual single premium of ₹834.42 crore, individual non-single premium of ₹6,226.08 crore, and group single premium of ₹4,709.48 crore.

The company noted that the above information is provisional and subject to a limited review or audit by statutory auditors.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Markets Desk before publication.

Medi Assist Healthcare subsidiary announces acquisition of Paramount TPA for Rs 400 crore

Markets Desk — Mon, 26 Aug 2024 12:53:25 +0000

Medi Assist Insurance TPA Private Limited (Medi Assist TPA), a wholly owned subsidiary of Medi Assist Healthcare, has entered into a share purchase agreement to acquire 100% equity stake in Paramount Health Services & Insurance TPA Private Limited (Paramount TPA). The acquisition, valued at an enterprise worth of ₹400 crore, is expected to complete within 4-6 months, subject to regulatory approvals.

The acquisition, finalized on August 26, 2024, is set to bolster Medi Assist TPA’s position in the insurance intermediary market.

Paramount TPA, established in 1996 and licensed by the IRDAI in 2002, is a leading third-party administrator (TPA) in India, with a strong market presence across group, retail, and government segments. In FY24, Paramount TPA managed premiums totalling ₹3,866 crore and reported a revenue of ₹153 crore.

Medi Assist TPA aims to leverage this acquisition to enhance market share, improve operational efficiencies, and solidify its position as a strategic partner to insurers across the country. The combined market share in the group segment will grow to 36.6%, with a 23.6% share across the overall health insurance industry in India.

The acquisition with enable Medi Assist deliver further efficiencies across teams, technology and inpatient/outpatient networks thereby strengthening its proposition as a long-term strategic partner to Insurers (General, SAHI and Life).

A comprehensive guide to investment options

Finance Desk — Sat, 24 Feb 2024 13:34:54 +0000

Investing is a powerful tool that can pave the way to financial success and help transform your dreams into reality. Understanding the diverse investment avenues available is crucial for making informed decisions. Investing offers a myriad of benefits that go beyond the scope of traditional saving. Here are some compelling reasons to choose investment over saving:

Achieving financial goals:

Investing acts as a catalyst for reaching your financial milestones, whether it’s buying a house, funding your child’s education, or planning for retirement. It optimally utilizes your capital to realize long-term objectives.

Beating inflation:

By investing, you safeguard your money against the erosive effects of inflation. Unlike keeping funds in a regular savings account, investments have the potential to provide returns that outpace inflation, preserving the purchasing power of your money.

Earning significant returns:

Investment avenues like stocks and mutual funds offer the potential for considerably higher returns compared to traditional savings accounts or fixed deposits. The risk-reward ratio is tilted towards the potential for wealth creation.

Different types of investments:

Mutual fund investments:

Mutual funds offer a range of options based on risk profiles, investment horizons, and financial goals. Categories include growth/equity funds, liquid/money market funds, fixed-income/debt funds, hybrid/balanced funds, index funds, and tax-saving funds. Utilize tools like an SIP calculator to estimate potential returns.

Stocks (Equities):

Becoming a part-owner of publicly-traded companies by purchasing stocks is a popular growth-oriented investment. While the risk is higher, equities provide a chance for substantial rewards.

Bonds (Fixed-income securities):

Bonds represent a debt instrument where investors lend money to companies or governments in exchange for fixed interest rates. Examples include Treasury bills, municipal bonds, and corporate bonds.

Exchange-traded funds (ETFs):

ETFs combine the attributes of mutual funds and stocks, offering a diversified investment portfolio. They can be actively traded on stock exchanges, providing real-time trading flexibility.

Fixed deposits:

Bank fixed deposits (FDs) are a secure investment option, offering a predetermined interest rate. Ideal for risk-averse investors, FDs provide flexibility and various options.

Retirement planning investments:

Planning for retirement involves options like Senior Citizens Savings Scheme (SCSS), National Pension System (NPS), Public Provident Fund (PPF), bank fixed deposits, etc., depending on an investor’s proximity to retirement.

Cash and cash equivalents:

Cash equivalents, including time deposits, liquid funds, and high-interest savings accounts, offer high liquidity while safeguarding the original investment. Returns may be lower, but they provide stability.

Real estate investments:

Investing in real estate can yield substantial returns, but timing is crucial. Real estate investments may lack liquidity but offer potential in various sectors like commercial, residential, and real estate mutual funds.

Provident funds:

Employee Provident Fund (EPF) and Public Provident Fund (PPF) form significant parts of retirement planning, providing lump-sum payments during retirement or employee resignations.

Insurance products:

Insurance, including term insurance, life insurance, endowment plans, and child plans, is integral to a financial plan. These products serve specific objectives, such as covering expenses as you age or providing for beneficiaries in case of death.

Investing offers a spectrum of choices, each with its own risk-reward profile. However, it’s essential to consider factors beyond risk and returns, including asset allocation, fees, past performance, and liquidity. Align your investment portfolio with your risk tolerance, financial goals, and time horizon to create a well-balanced and diversified wealth-building strategy.

Top 10 reasons why buying life insurance is essential for financial security

Finance Desk — Sat, 24 Feb 2024 13:28:25 +0000

Life is unpredictable, and ensuring the financial well-being of your loved ones is a responsibility that should not be taken lightly. Despite this, only 10% of Indians are currently insured. In this article, we unravel the importance of life insurance and present ten compelling reasons why it should be a vital component of your financial plan.

Financial safety net for your family:

The primary purpose of life insurance is to provide a financial safety net for your family in the event of your untimely demise. Whether replacing lost income or securing your child’s education, life insurance ensures your loved ones can maintain their standard of living.

Debt protection during crisis:

Life insurance steps in to alleviate the financial burden on your family by covering outstanding debts such as home loans, auto loans, personal loans, or credit card balances. This ensures your family doesn’t face financial liabilities during challenging times.

Long-term goal achievement:

Life insurance serves as a long-term investment tool, helping you achieve financial goals like buying a home or planning for retirement. Different policies offer diverse investment options, allowing you to grow your wealth over time.

Steady retirement income:

Life insurance plans, particularly those with annuity options, act as a pension plan, providing a regular stream of income every month. This financial stability continues even after retirement, ensuring your savings last throughout your lifetime.

Considerations for millennials:

While not every millennial needs life insurance, those with dependents or financial responsibilities should consider it. Insurability is highest when young and healthy, making it an opportune time to secure lower premium rates.

Business continuity:

For business owners, life insurance ensures seamless business continuity. In the unfortunate event of a partner’s demise, life insurance facilitates a buy-sell agreement, allowing the surviving partner(s) to acquire the deceased partner’s share without complications.

Understanding Term vs. Investment-cum-Protection Plans:

Distinguish between term insurance and investment-cum-protection plans. Term insurance provides protection for a specified period, while investment-cum-protection plans offer a lump sum amount on policy completion. Choose the plan that aligns with your financial goals.

Tax savings with insurance premiums:

Life insurance policies offer tax benefits, with premiums eligible for a maximum tax benefit of Rs 1.5 lakh under Section 80C. Additionally, the proceeds are tax-free on death/maturity under Section 10(D) of the Income Tax Act.

Cash value accumulation:

Certain life insurance policies allow cash value accumulation. By paying a higher premium, you can build cash value that can be borrowed against the policy, sold, or used to generate income.

Early purchase for health security:

Life insurance remains in force, even if health deteriorates later in life. Purchasing early allows you to attach riders or benefits to your policy, enhancing its quality and providing additional coverage for critical illnesses.

Death is inevitable, but securing your family’s financial future with life insurance is within your control. Whether for protection, disciplined savings, or meeting various lifecycle needs, life insurance adapts to different stages of your financial journey. Act today to provide your family with the assurance and stability they deserve.

Unlocking financial independence: Essential tips for young professionals in their 20s and 30s

Finance Desk — Fri, 16 Feb 2024 12:36:18 +0000

As college campuses buzz with placement activities, securing a job is a top priority for graduating students. However, it’s equally crucial to be financially savvy once that first paycheck arrives. In this guide, we provide tips for young professionals in their 20s and 30s, embarking on their financial journey.

Investing in equities:

Allocate a portion of your salary to invest in equities, especially in your early career. Financial experts recommend investing 60-80% in equities, leveraging the potential for long-term returns.

Smart living in metro cities:

Living in expensive metro cities like Mumbai or Bengaluru? Learn tricks to save, such as starting a systematic investment plan (SIP) in mutual funds and gradually increasing contributions with annual increments.

Financial assets over real estate:

Consider investing in financial assets rather than real estate in your youth. This provides flexibility for career moves, job changes, or relocations, enhancing financial freedom.

Spending discipline:

Keep spending in check, especially on luxury items. Impulse spending, often on non-essential items, can lead to financial strain. Evaluate needs versus wants and avoid unnecessary borrowing.

Smart borrowing:

While borrowing for education or a home is reasonable, be cautious with discretionary spending. Avoid high-interest loans for non-essential items, as they can harm your credit score.

Emergency corpus:

Build an emergency corpus equivalent to 3-6 times your monthly salary or expenses. Combine regular SIPs in equity funds with investments in debt funds for a well-rounded financial portfolio.

Health insurance:

Prioritize health insurance to cover medical expenses during sickness or hospitalization. Personal medical insurance is essential, even if your employer provides coverage.

Setting long-term financial goals:

Keep your financial plan simple by listing long-term goals, determining required funds, and setting aside a percentage of your salary. Avoid shortcuts and focus on sustainable financial practices.

Professional guidance:

Consider seeking guidance from a mutual fund distributor or a SEBI-registered investment advisor. Online platforms can provide tailored portfolios, but establishing a personal relationship with an advisor is beneficial in navigating market fluctuations.

Embark on your financial journey with these tips, ensuring a secure and independent future in your 20s and 30s.

Valentine’s day financial gifts: Elevate love with lasting prosperity

Finance Desk — Mon, 12 Feb 2024 01:36:46 +0000

As Valentine’s Day approaches, the quest for the perfect gifts intensifies, but why not consider a unique present that enhances both love and financial well-being? Beyond electronics and perfumes, prioritizing financial health is gaining popularity post the COVID-19 pandemic. Explore thoughtful financial gifts that can strengthen your bond and secure a prosperous future.

Financial education: The gift of knowledge and unity

Amid common discord triggers, such as money issues, offering the gift of financial education is invaluable. Understanding assets, liabilities, and shared financial goals is crucial for relationship harmony. Equip your partner with additional financial knowledge to decipher complexities surrounding loans, credit cards, and smart investments.

Long-term investments: Gifts that withstand the test of time

For a gift with enduring impact, consider long-term financial investments like mutual fund units, credit bonds, or fixed deposits. These assets not only bolster financial stability but can also serve as a funding source for future milestones such as weddings or starting a family.

Life insurance: A thoughtful and secure gesture

While it may seem somber, gifting a life insurance policy with your partner as the nominee is a profound display of care. In the unfortunate event of a loss, this ensures financial security for the surviving partner, shielding them from emotional and financial distress, especially when managing expenses with reduced household income.

Systematic Investment Plans (SIPs): Fostering financial discipline

A SIP can be a transformative financial gift, fostering investment growth and cultivating a habit of financial discipline. Overcoming the initial hurdle of starting an SIP, you can ease the process for your partner by handling paperwork and formalities, enabling them to embark on their investment journey sooner.

This Valentine’s Day, go beyond traditional gifts and choose presents that not only express your love but also contribute to lasting financial prosperity. With thoughtful financial gestures, you’re not just celebrating the day but investing in a shared future of financial well-being.

Single and financially fabulous: Elevate your valentine’s day with self-investment

Finance Desk — Mon, 12 Feb 2024 01:31:58 +0000

As Cupid readies his bow, singles can redefine Valentine’s Day by focusing on self-love through financial well-being. This year, embrace the opportunity to set financial goals and invest in yourself, turning this special day into a celebration of self-improvement.

Self-love: Prioritize financial goal-setting

On this Valentine’s Day, go beyond showering affection on others and express self-love by setting financial goals. Take a moment to reflect on saving for an emergency fund, paying off debts, or initiating an investment portfolio. Channel your energy into achievable goals that align with your long-term financial vision.

Track spending: A love affair with budgeting

Don’t let indulgence derail financial progress on Valentine’s Day. Revisit your budget, ensuring spending aligns with financial priorities. Trim unnecessary expenses and consider setting up automatic transfers to savings or investment accounts for a disciplined approach.

Invest in knowledge: Financial education matters

Singles enjoy more time and flexibility, making it the perfect opportunity to invest in financial education. Enroll in online courses or workshops to enhance financial literacy. By expanding your financial knowledge, you’ll make informed decisions about saving, investing, and money management.

Grow your side hustle: Pursue passion and profit

Valentine’s Day is ideal for exploring and nurturing passions that can turn into profitable side hustles. Identify skills, hobbies, or talents with income potential. Whether freelance writing, crafting, or consulting services, develop a strategy to grow and monetize your passion.

Create multiple income streams: Diversify for stability

Use Valentine’s Day to brainstorm and explore ways to build multiple income streams. Consider investing in stocks, real estate, or starting a small business. Diversifying income sources safeguards financial well-being, particularly during uncertain times.

Protect your financial future: Insurance and retirement planning

Valentine’s Day presents an excellent opportunity to secure your financial future. Evaluate insurance coverage, ensuring adequate protection such as health, life, or disability insurance. Prioritize retirement planning by opening or contributing to accounts for long-term growth and potential tax advantages.

Valentine’s Day isn’t solely for couples; it’s a moment for singles to embrace self-improvement and enhance financial well-being. Celebrate love for yourself by investing in financial growth, and watch your goals bloom and flourish.

Empowering Women: A Guide to financial independence in India

Finance Desk — Sat, 10 Feb 2024 13:49:40 +0000

Women in India have long played a crucial role in managing family finances, preserving the importance of saving money despite facing various challenges. Today, as women break barriers and make strides in different fields, achieving financial independence remains a key aspect of their empowerment. While historical barriers may have limited financial opportunities, women are now embracing investment as a powerful tool for securing their financial futures.

Although Indian women have made significant progress in education and careers, the journey towards financial autonomy is ongoing. To achieve this, women need to be aware of financial opportunities and work towards their money goals independently. Here’s what women can do to create wealth:

Financial Literacy:

Understanding the financial landscape is crucial. Women should actively seek opportunities to enhance their financial literacy, empowering them to make informed decisions about budgeting, investments, and debt management. Online platforms and workshops provide valuable resources for building financial acumen.

Career Planning:

Choosing the right career path and setting realistic goals are essential for financial independence. Actively pursuing opportunities aligned with skills, negotiating salaries, seeking promotions, and continuous skill upgrading contribute to a stable financial future.

Disciplined Saving Habits:

Cultivating disciplined saving habits is paramount. Creating an emergency fund, contributing to retirement plans, and allocating income towards investments build a robust financial foundation. Embracing frugality and consistent saving are key steps.

Investment Strategies:

Exploring investment options like mutual funds, stocks, and fixed deposits is essential. Diversifying the investment portfolio helps mitigate risks, and seeking advice from financial experts is crucial for sound decision-making. Mutual funds, with options like systematic investment plans (SIPs), offer an excellent entry point for new investors.

Entrepreneurship:

Encouraging women to explore entrepreneurial ventures contributes significantly to wealth creation. The evolving startup ecosystem in India offers opportunities for women to channel their skills into profitable enterprises, with platforms providing mentorship and financial assistance.

Real Estate Investment:

Investing in real estate can be a prudent strategy for wealth accumulation. Understanding the market, potential locations, and financial implications is crucial before making such investments, providing tangible assets for passive income.

Insurance and Financial Planning:

Securing one’s financial future involves adequate insurance coverage and meticulous financial planning. Health and life insurance protect against unforeseen circumstances, offering financial protection for families and future investments.

Achieving financial independence is not just a personal triumph but also a collective stride towards gender equality. By investing wisely, prioritizing insurance, and engaging in financial planning, women can pave the way for a secure and prosperous future.

Expected impact of union budget 2024 on insurance sector

Finance Desk — Wed, 31 Jan 2024 11:13:30 +0000

The Insurance Regulatory and Development Authority of India (IRDAI) envisions ‘Insurance for all’ by 2047, aiming to ensure that every citizen has comprehensive life, health, and property insurance coverage. As the interim Union Budget approaches, expectations are high for strategic initiatives that will drive inclusive growth in the sector. The government is likely to introduce measures to incentivize individuals to acquire sufficient insurance coverage. Here’s a look at potential areas of focus:

Incentives for first-time health insurance buyers:

Proposal for tax exemptions under chapter VIA for first-time medical insurance buyers, possibly up to 200 percent of the premium paid. Phased reduction to the threshold under section 80D over 3-4 years.

Addressing outpatient treatments:

Incentivizing insurance companies to offer products covering outpatient treatments with a potential announcement of lower GST on such policies.

Special exemptions for young policyholders:

Introduction of a special exemption under Section VIA for individuals below 30 years old purchasing policies digitally.

Reduction in mortality protection gap:

Consideration of a threshold-based tax exemption for individuals below 30 who purchase term insurance and/or annuity products with a minimum cover threshold relative to annual taxable income.

Encouraging vehicle insurance compliance:

Incentivizing owners of uninsured vehicles with a one-time tax exemption for renewing their insurance policies.

Safeguarding homes against natural calamities:

Proposal for a separate deduction limit of up to Rs 25,000 for property insurance premiums.

Potential direction to Real Estate Regulatory Authority (RERA) to make home insurance compulsory for property buyers.

Integration of travel insurance with leave travel allowance (LTA):

Inclusion of premiums paid for travel insurance under the LTA exemption, encouraging more people to opt for travel coverage.

With these potential initiatives, the Union Budget 2024 aims to create a framework for a more inclusive and resilient insurance landscape in India, aligning with the ‘Insurance for All’ vision by 2047.

Insurers collaborate for seamless ‘Cashless Everywhere’ experience in hospitals

Finance Desk — Thu, 25 Jan 2024 02:26:42 +0000

Medical insurance policyholders can now seek cashless facilities for funding their treatment expenses at any hospital, irrespective of its inclusion in their insurer’s cashless network. General and health insurance companies, in collaboration with the General Insurance Council, have introduced the innovative ‘Cashless Everywhere’ program across hospitals, aiming to enhance cashless coverage nationwide.

This initiative eliminates the need for patients to settle treatment bills with hospitals and later seek reimbursement from insurance companies. About 63% of customers opt for cashless claims, while the others have to apply for reimbursement. This puts a significant amount of stress on their finances and makes the process long and cumbersome. With the backing of regulators, the industry now aspires to achieve a 100% cashless claim settlement, aiming to streamline the claims process and enhance the policyholder’s experience.

The current system restricts cashless facilities to hospitals with agreements signed by insurers. If policyholders choose a hospital without such an agreement, they are denied cashless facilities, compelling them to pursue a reimbursement claim, thereby causing further delays in the claim process, as highlighted in the General Insurance Council statement.

The ‘Cashless Everywhere’ program aims to eliminate this issue by extending cashless coverage to all hospitals, regardless of whether they are included in the insurer’s cashless network or not. This will help policyholders avoid financial stress and make the claims process more efficient. This step would certainly be favourable for the policyholders as well as insurance companies with positive sentiments from the policyholders.

Avoiding insurance claim rejections: Steer clear of the common pitfalls

Finance Desk — Mon, 22 Jan 2024 02:41:17 +0000

Insurance provides a safety net in times of need, but it’s crucial to navigate the claims process carefully to ensure a smooth experience. Unfortunately, many claims get rejected due to avoidable reasons. Let’s understand some of the most common pitfalls that can lead to claim rejections and how you can sidestep them.

Incorrect information:

Filing inaccurate information is a leading cause of rejected insurance claims. It’s vital to diligently fill out all sections of the insurance claim form, including details like income, age, qualifications, occupation, lifestyle choices (smoking/drinking), and previous policy information. Incorrect or incomplete data can be considered fraudulent, potentially resulting in the suspension of policy benefits.

Non-disclosure of medical history:

Full disclosure of medical history is imperative when securing an insurance policy. All existing medical conditions, surgeries, or operations affecting policy premiums should be honestly communicated. Lifestyle choices, such as smoking, significantly impact premium calculations. Additionally, providing accurate health details for family members, especially regarding conditions like cardiovascular diseases, blood pressure, cancers, or hereditary ailments, is crucial to prevent claims rejections.

Delayed notification to the insurer:

Promptly informing the insurer about an incident is essential to prevent claim rejection. Delays in notifying the insurer can lead to complications, so it’s crucial to report any covered events as soon as possible.

Claims for non-covered costs:

Insurance policies come with specific coverage and exclusions. Claims made for costs not covered by the policy will likely be rejected. To avoid this, carefully read the policy document to understand the coverage parameters and exclusions.

Claims made within the waiting period:

Insurance policies often have waiting periods during which certain claims may not be entertained. It’s essential to comprehend these waiting periods before filing a claim to avoid unnecessary rejections. Familiarizing yourself with the policy’s terms and conditions can prevent disappointments during the claims process.

Navigating the insurance claims process requires attention to detail and a thorough understanding of the policy terms. By avoiding common pitfalls policyholders can increase the likelihood of successful and timely insurance claims.

Medi Assist Healthcare Services IPO opens today: Should you subscribe or not?

Finance Desk — Mon, 15 Jan 2024 06:31:42 +0000

The Medi Assist Healthcare Services initial public offering (IPO) has opened today January 15 for subscription. As anticipation builds, the company’s shares are currently trading at a premium of ₹32 in the grey market. Investors are eagerly watching as the subscription period will come to a close on January 17. The company is offering its shares in the range of Rs 397-418 per share with a lot size of 35 shares.

Medi Assist Healthcare Services has emerged as a prominent player in the health-tech and insurance-tech sector. In the ever-evolving landscape of healthcare services, companies that prioritize innovation and accessibility stand out. What makes the issue attractive is the absence of any listed company on Indian stock exchanges with similar business plans.

Medi Assist Healthcare declared a net profit of Rs 22.49 crore, accompanied by a revenue of Rs 312.03 crore for the period ending on September 30, 2023. Notably, the company achieved a net profit of Rs 74.04 crore, coupled with a revenue of Rs 518.96 crore for the fiscal year concluding on March 31, 2023.

The firm’s robust financials and operational capabilities underscore its substantial market footprint and strategic collaborations with prominent insurance companies. Despite these strengths, there are notable vulnerabilities such as a reliance on premium growth for revenue and exposure to risks associated with technology. The Price-to-Earnings (P/E) ratio for the upcoming IPO ranges from 38.86x to 64x. When contrasted with the industry average of 15.16x, it implies a potential overvaluation, prompting investors to consider this aspect carefully.

Makar Sankranti delight: Benefits of free insurance cover on your jewellery purchase

Finance Desk — Mon, 15 Jan 2024 04:14:16 +0000

This Makar Sankranti, there’s an exciting reason to add sparkle to your festivities – free insurance cover on jewellery purchases. The purchased jewellery comes with group insurance policy purchased by the jeweller which insures select gold products for a year.

A Festival of Renewal and Prosperity:

Makar Sankranti marks the transition of the sun into Capricorn, symbolizing new beginnings and the onset of longer, brighter days. What better way to embrace prosperity than by adorning yourself with exquisite jewellery that comes with an added layer of protection.

Understanding the Offer:

Participating jewellery stores are rolling out special promotions this Makar Sankranti, offering free insurance cover on purchases. This means that when you buy that stunning piece of jewellery, you not only get to wear a masterpiece but also enjoy the peace of mind that comes with insurance coverage.

Coverage Details:

Dive into the specifics of the insurance coverage. Does it protect against theft, loss, or damage? Understanding the terms of the insurance policy ensures that you can fully appreciate the added value of your jewellery purchase.

Qualifying Purchases:

Different stores may have varying criteria for qualifying purchases. Some may offer free insurance on any jewellery buy, while others might require a minimum spend. Be sure to check with the jeweller to ensure your purchase meets the eligibility criteria.

Duration of Coverage:

Take note of the duration of the insurance coverage. Some promotions may offer coverage for a limited period, while others might extend it for a more extended period. Knowing how long your jewellery is covered ensures you can plan accordingly.

Claim Process:

Familiarize yourself with the claim process. While we hope you never have to use it, understanding the steps involved in making a claim ensures a smooth process should the need arise.

Exclusions and Limitations:

No insurance coverage is without its limitations. Be aware of any exclusions or limitations in the policy, such as specific circumstances under which the coverage may not apply.

Combining Offers:

Some jewellery stores may allow you to combine the free insurance offer with ongoing promotions or discounts. Maximize your savings by exploring the possibility of combining offers for a truly delightful shopping experience.

Sharing the News:

Spread the word! Share the news of this fantastic offer with friends and family so they too can take advantage of the complimentary insurance cover on jewellery purchases during Makar Sankranti.

This Makar Sankranti, elevate your festive experience by taking advantage of the free insurance cover on jewellery purchases. Embrace the spirit of new beginnings, indulge in the joy of adorning yourself with exquisite pieces, and let the added security of insurance coverage make this festive season even more memorable. Happy Makar Sankranti!

Max Life Insurance invests Rs. 49.5 crore in Capital Small Finance Bank reinforcing growth potential

Viditha Ganji — Mon, 19 Jun 2023 16:14:30 +0000

Max Life Insurance Company Ltd, a subsidiary of Max Financial Services, has acquired a 2.99% stake in Capital Small Finance Bank for Rs. 49.5 crore, marking a significant milestone for the bank. The investment showcases Max Life Insurance’s trust in the growth potential of Capital Small Finance Bank and its commitment to delivering exceptional value to customers. With this move, Max Life Insurance aims to strengthen the bank’s capital position and support its expansion plans.

Sarvjit Singh Samra, the managing director and chief executive officer of Capital Small Finance Bank, expressed his enthusiasm about the investment, stating, “This investment marks a significant milestone for Capital Small Finance Bank and reinforces our commitment to delivering exceptional value to our customers. It is a testament to the strength of our bank and the trust that Max Life Insurance Company Limited has placed in us.”

Capital Small Finance Bank, established in Jalandhar, Punjab, on April 24, 2016, following a conversion from Capital Local Area Bank, has witnessed substantial growth in recent years. The bank’s impressive performance has positioned it well for continued growth in the future. Max Life Insurance’s investment further bolsters the bank’s capital adequacy ratio (CAR), which is expected to reach 20.77%.

As part of the investment, Max Life Insurance has been allotted a total of 1.06 million shares with a face value of INR 10 per share. The investment includes a premium of INR 458 per equity share. The pre-money valuation of Capital Small Finance Bank stands at INR 160.3 crore, while the post-money valuation is estimated at INR 1,652.5 crore.

The infusion of funds from Max Life Insurance will enable Capital Small Finance Bank to expand its lending and deposit base, reinforcing its capital position. This strategic move aligns with the bank’s objective of meeting regulatory requirements and achieving sustainable growth. The investment signifies Max Life Insurance’s confidence in the bank’s potential and its contribution to the banking sector’s development.

The partnership between Max Life Insurance and Capital Small Finance Bank sets the stage for a mutually beneficial collaboration, leveraging the strengths of both entities. As the bank continues on its growth trajectory, the investment by Max Life Insurance will further strengthen its position in the market and fuel its future expansion plans.

Stocks to watch: TCS, IDBI Bank, Paytm, SBI, Tata Motors and more

Aryan Jakhar — Tue, 10 Jan 2023 03:16:51 +0000

The key benchmark indices are expected to open cautiously on Tuesday, mirroring the global mood.

The SGX Nifty January futures were quoted at 18,155 at 07:00 AM, compared to the actual Nifty 50 finish of 18,101 yesterday.

In other news, Sebi has released recommendations for extending trading hours in the event of a stock market disruption. If normalcy cannot be restored by 2:15 p.m., trading hours for that day will be extended until 5:00 p.m.

Meanwhile, the following stocks are expected to trade on Tuesday.

TCS: The IT conglomerate announced a good third-quarter performance. The net profit increased 11% year on year to Rs 10,846 crore, while sales was Rs 58,229 crore, up 19.1% year on year in reported figures and 13.5% year on year in constant currency terms.

IDBI Bank: According to Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, the government will shortly notify the prospective owner of IDBI Bank of the exemption time for meeting the public-shareholding criterion.

So far, the government has received interest from both international and domestic investors in acquiring a majority position in IDBI Bank. It aims to complete the transaction by September or October. Following that, the government would withdraw completely from the Bank once it received the “upside value” on the remaining stock.

Paytm: In December 2022, the digital payments business recorded a 330 percent YoY increase in loan disbursals. In December, it disbursed 3.7 million loans totaling Rs 3,665 crore.

Real estate: Quarterly sales statistics from real estate firms show that demand trends for both residential and commercial divisions remain high. In the December quarter, Macrotech Developers (Lodha) and Sobha reported their highest-ever quarterly bookings.

SBI: According to reports, the state-run bank may sell Rs 10,000 crore in infrastructure bonds in the market this week, with the securities expected to have a 15-year term.

Tata Motors: Jaguar Land Rover’s retail sales increased 5.9 percent year on year in Q3FY23, showing a “gradual improvement in semiconductor supplies,” the firm said in a BSE release. During the same time span, wholesale volume increased by 15%.

Insurance: Following a period of rapid growth in November, life insurers reported a slowing in new business premium (NBP) growth in December. Following a 30% increase in November, NBP growth fell to 10% last month as state-owned Life Insurance Corporation’s premium growth slowed from a peak.

ONGC: The company’s foreign subsidiary, ONGC Videsh, has repurchased a 20% stake in the Sakhalin-1 oil and gas reserves in Russia’s far east.

PVR: According to the company’s Joint Managing Director Sanjeev Kumar Bijli, the multiplex operator wants to run 1,000 screens by the end of FY24 by adding 100 more screens in the next 15 months. PVR announced the opening of three new multiplexes in Jaipur, Bengaluru, and Gurugram on Monday, bringing the total number of screens to 900.

Stocks in F&O Ban: GNFC and Indiabulls Housing Finance are the sole stocks in the F&O embargo period on Tuesday.

Fino Payments Bank partners with Go Digit General Insurance to offer shop insurance policy

News Desk — Thu, 09 Jun 2022 08:45:10 +0000

Fino Payments Bank Limited (“Fino Bank” or “The Bank“) announced today that it has partnered with Go Digit General Insurance Limited, one of India’s fastest growing general insurers, to provide small and medium business owners with shop insurance policies. Fino works as a corporate agent for Go Digit.

The collaboration will allow small and medium-sized businesses to take advantage of Digit’s My Business Policy in the event of a disaster. The one-year policy will cover loss or damage to inventory or stock caused by burglary, earthquake, fire, lightning, storm, flood, and riots, among other things. The policy will also include built-in coverages such as money in a safe, money in transit, and so on.

Fino Bank’s strong customer base and well-established merchant network include many small and medium-sized businesses. Customers of Fino Bank will be able to enrol in the Go Digit policy for an annual premium of Rs 550 (for a sum insured of Rs 3 lakh), which will increase to Rs 2,600 in the future (for a sum insured of Rs 15 lakh). Shopkeepers can enrol in Digit’s My Business Policy (shop insurance policy) in real time, using a paperless process, based on their needs.

Innovation is an Integral part of Fino Bank

Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said. “Innovation through partnerships is an integral part of Fino Bank’s ethos. Along with our own products, we bring partner offerings for the benefit of our customers. Who are largely under banked and do not have access to relevant financial products. Digit’s My Business Policy (shop insurance policy) takes forward our already existing association with Digit Insurance. And is a step in the right direction to offer financial security to small business owners through our extensive distribution network. The technology platforms of both companies will make buying insurance. As well as filing and settling claims a seamless experience for our customers.

Fino Payments Bank partners

Nalini Venkat, Head – Institutional Business, Digit Insurance said. “The benefits of insurance haven’t fully reached smaller cities given the lack of access to the right products. Fino Bank’s extensive rural distribution network will give us an opportunity to take our insurance offerings to these under-penetrated markets. Digit’s quick quote generation, instant policy issuance and tech-enabled claims assessment will give shopkeepers a seamless experience. Our product offers comprehensive coverage to both inventory and contents of the shop. We believe our association with Fino Bank will foster the shopkeepers’ ecosystem and bridge the insurance gap in smaller cities and towns more effectively.”

In collaboration with Digit, the bank, which has nearly 4.6 million customers, already offers motor and group health insurance. The local kirana store, medical shop, dairy outlet, or mobile repair shop are examples of Fino merchant points. They are crucial in the adoption and utilisation of digital banking services. Fino has a network of over 10.2 lakh own and partner network points as local bankers across the country.

Customers can open new bank accounts, deposit and withdraw cash. As well as make money transfers, and pay bills at these local banking locations. Third-party offerings such as gold loans, general insurance, and loan EMIs are also available.

LIC 10th most valued insurance brand in the world: Report

Himanshu Mishra — Wed, 02 Feb 2022 16:18:31 +0000

Life Insurance Corporation, which is on the edge of the nation’s largest share deal by March, is the strongest and the biggest brand in the country with a worth of USD 8.656 billion (around Rs 64,722 crore), which furthermore makes it the third most powerful insurance brand globally, according to a brand valuation report.

According to the London-based Brand Finance, which is a brand consultancy, the market value of LIC will come rise to be of Rs 43.40 lakh crore or USD 59.21 billion by 2022, and Rs 58.9-lakh crore or USD 78.63 billion by 2027.

LIC’s brand value also soared in overall global brand rankings by 32 places to become the world’s 206th most expensive brand in 2021, from 238th slot in 2020. Its worth grew by 6.8 per cent from USD 8.11 billion in 2020, when the price of top 100 insurers decreased by 6 per cent globally.

The firm ranks first in brand strength amongst the competitor set with a score of 84.1 and it indexes at third in brand strength globally after Poste Italiane of Italy and Mapfre of Spain and is also the 10th most valued insurance brand globally, according to the report prepared in November 2021 but is not public yet.

However, in the top 10, the 5 are Chinese insurance companies, with Ping An Insurance coming up as the world’s most valuable insurance brand, even after recording a 26 per cent drop in brand value. The US has two firms in the top 10, while France, Germany, and India have one each in the index.

LIC has surged 151 percent since 2014 scraping at 14 percent annually. LIC percentage across all three pillars continues to be positive between 2020 and 2021 with registering a growth of 11 per cent in brand performance measures. After four years of continuous reduction, the brand strength of LIC increased by nearly 14 percent between 2018 and 2021.

15 Basic Life Insurance terms everyone needs to know about

News Desk — Thu, 18 Nov 2021 07:53:51 +0000

One of the most fundamental necessities for a person today, is to build their finances in a way that sustains them not only in the present but also in the future. Life insurance plans are one of the ways to achieve that security, where a person is able to ensure the protection of those dependent them; by choosing to insure themselves in the event of their death or illness.

Life insurance plans can be defined as an insurance instrument which enable the coverage of the needs of the insured and their dependents through an assured benefit sum in the event of the policyholder’s demise. A standard life insurance policy in India is considered to be one of the most affordable means of securing one’s future where premiums are low and one can customise their coverage by comparing life insurance quotes.

There are several combinations and types of life insurance policies available for a policyholder to choose from; from what is a personal term plan to what is group term life insurance there are many online resources that are evolving with measurement metrics to help compare life insurance quotes across insurance providers and their best life insurance customisable plans. An example of the same is a term life insurance calculator that a person can use these by adding their requirements to get an approximate idea of the plan that is the most suitable for a certain income and lifestyle.

Since life insurance is an important process and requirement, it helps for first-time policyholders to make an informed choice and find life insurance quotes best suited for their needs and budget. Therefore, let us look at the basic life insurance terms everyone needs to know about before choosing best life insurance plan:

Premiums: A feature that is recurrent in most life insurance and term plans in India, it is the nominal payment that is paid to the insurance provider by the policyholder on a regular basis throughout the policy tenure. This payment maintains the coverage provided by the insurance provider and adds to the payout that is assured to the beneficiary at the end of the policy term. Life insurance quotes are dependent on this figure.
Policy Tenure: it is the tenure of coverage determined and decided upon by the policyholder after consultation with the insurance provider. The policy tenure for a life insurance plan is usually longer than most standard insurance plans. The duration for the best life insurance in India may range somewhere between 25-30 years. The plan reaches maturity once the tenure is completed.
Sum Assured: It is the promised payout amount promised to the beneficiary of the policy in the event of the insured person’s passing. This amount given within the life insurance quotes is usually a financial resource for the beneficiary to maintain their financial obligations after a disturbance in the income patterns.
Policyholder: The person who signs the insurance documents and maintains the recurrent premium payments and any additional policy costs is the policyholder.
Insured: The individual whose life is insured under the term plan is called the insured. It is in the event of this person that the insurance provider is liable to process the assured payout amount to their dependent beneficiaries.
Beneficiary/Nominee: The individual who is designated as the person to receive the assured sum payout in the event of the insured person’s passing is called the beneficiary or nominee. These are usually spouses, children or other family members who may be financially dependent on the insured.
Image Source: Shutterstock
Death Benefit: It is the payout sum paid to the nominee if the insured passes away during the policy tenure. Sum assured and death benefits are not the same, as the latter may be higher than the sum assured or even be equal with some rider benefits.
Maturity Benefit: It is the sum paid to the beneficiaries of the policy at the time of its tenure or maturity.
Riders: With a nominal amount paid over the existing premium plan, a policyholder can expect to secure the additional cover provided under various riders that are made to protect the policyholder from situations apart from death.
There are riders available in term insurance for situations such as Accidental Death, Critical Illness, and Disability.

Free-Look Period: If a potential policyholder is not satisfied or sure about the policy terms and conditions, they have a stipulated time period within which they can return the purchased policy and claim a refund. This time period is called the free-look period, where their risk premium is refunded or incidental costs such as those for stamp duty and medical tests can be compensated for.
Claim Process: In the event the insured passes away, the beneficiary can lodge a claim for the sum assured/death benefit to the respective insurance provider.
Lapsed Policy: If a policyholder is unable to maintain the premium payments, the policy lapses after the grace period is over. This means the policyholder loses all coverage and the best life insurance benefits under the plan.
Grace Period: The time period given by the insurance provider to the policyholder to fulfil their outstanding premium payments before lapse is called the grace period.
Revival Period: After a policy lapses after non-payment of premiums and the grace period, the policyholder is given the option to revive their policy within a specific time period, which is called the revival period.
Exclusions: Certain situations where the insurance provider can deny benefit claims or not provide coverage are called exclusions. It may be any particular illness/injury or death by suicide in some term plans.

Source:

https://www.pwc.in/assets/pdfs/publications/2017/india-insurance-perspective.pdf

PhonePe gets insurance broking license from IRDAI

Shivya Kumar — Mon, 30 Aug 2021 08:34:16 +0000

PhonePe is a forerunner in the computerized instalments space with the most elevated portion of UPI exchanges and more than 300 million enrolled clients. The organization had forayed into monetary administrations in 2017 with the dispatch of Gold furnishing clients with a choice to purchase 24-karat gold on its foundation.

Advanced instalments and monetary administrations fintech PhonePe on August 30 said it has been given an Insurance Broking permit from the Insurance Regulatory and Development Authority of India (IRDAI).

Gunjan Ghai, Vice President & Head of Insurance at PhonePe said, “This licence is a big milestone in our insurance journey. PhonePe is India’s fastest growing insurance and this move to broking will give us further momentum and accelerate our growth in this space.”

“We are building a robust, full-service platform for our deeply engaged customer base through products in partnership with high-quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers,” he added.

Last year, PhonePe had entered the insurance area with a protection corporate specialist permit, which permitted the organization to join forces with just three insurance agencies for every class for example wellbeing, life and general. With this direct broking permit, the organization can convey protection items from all insurance agencies in India.

The new broking permit additionally permits PhonePe to begin offering customized item proposals to its more than 300 million clients, and offering a considerably more different arrangement of protection items for Indian shoppers, the organization said.

Since it entered the protection portion in January 2020 as a corporate specialist, PhonePe has dispatched contributions across broad protection, term protection and medical coverage. The organization said that the staggering reaction to its initial protection item dispatches from clients urged it to apply for an Insurance Broking permit so it can quickly extend its protection presenting for shoppers.

“We have the sole consumer strategy – send money, spend money, manage money and grow money. Send and spend is all that we have achieved so far, that habit has been set. Now, users who have adapted to the platform are ready to manage and grow their money,” Chief Technology officer Rahul Chari had said.

PM Modi: Privatisation of two public sector banks and rise of FDI cap to 75% to boast insurance market

Dhruv Jagtap — Fri, 26 Feb 2021 08:34:31 +0000

Prime Minister Narendra Modi has introduced some policies and changes in tradition to boost the economy of banks, especially in the insurance sector. The PM appreciated the new approach taken by the Finance Ministry, he said 75% growth of FDI in insurance will definitely prevail in a long team.

As per a report, the hike in FDI is a very good thing for life insurance especially. The insurance sector is a highly capital intensive industry and considering the kind of solvency margins that are required, it is necessary that a lot of capital inflow should be maintained in the market. The Indian promoters will have some kind of limitations and competitions as far as their own involvement in this industry is concerned because they are not only insurance companies.

The second thing which is very positive is that a lot of good private players from foreign countries held back because they were concerned about the control and governance issues. Their concerns have been addressed. If we really want to increase the penetration intensity in the country, we need a lot more insurance companies in life as well as in the general sector.

Further, the privatization of two public banks was another topic that was extensively spoken about by the Prime Minister. According to some experts, “This being the scenario, what is there is a public sector bank, except perhaps State Bank of India, and to an extent Bank of Baroda, for a prospective buyer to feel that he has before him a potentially viable asset which can be turned around to become a profitable one?”

First, does the economy need the business model that public sector banks represent? They served a historical purpose but in the business of taking banking to the unbanked, and these have far lower levels of stressed assets than the average commercial bank.

Though the opposition has found another topic to drag around the government as privatisation is currently not very well accepted in our country

Policybazaar set to raise $70 million from Abu Dhabi based investment firm

Devanshu Singla — Mon, 15 Feb 2021 05:42:01 +0000

Abu Dhabi investment firm ADQ is looking to invest $70 million in Etechaces Marketing and Consulting Pvt. Ltd, the parent company of Policybazaar, as the the insurance aggregator is planning to go public this year.

The investment will value Etechaces at about $2 billion, sources told the Mint.

“We have had conversations and made significant progress. We can close it sometime this week,” a person involved in the deal-making process said, adding that the investor was ironing out a few bottlenecks ahead of an announcement.

Last July, Policybazaar chief executive Yashish Dahiya has said that the company was aiming to raise $500 million in an initial public offering targeted for September this year.

ADQ is headed by Sheikh Tahnoon bin Zayed Al Nahyan, the national security adviser of the United Arab Emirates.

ADQ did not respond to queries around the proposed investment, the report said.

“We do get a lot of interest from marquee investors such as ADQ, but nothing to share on this one currently,” a PolicyBazaar spokesperson said.

A spokesperson for Policybazaar said the company receives a “lot of interest from marquee investors such as ADQ,” but has nothing to share, it added.

Etechaces turned unicorn in mid-2018 when it raised more than $200 million in a funding round led by SoftBank Group’s Vision Fund. The fintech company has raised $364 million so far.

SoftBank, Tiger Global, Inventus, Temasek, Premji Invest, Info Edge, and Wellington are the prominent investors in Etechaces.

India’s Silicon Valley looking to expand overseas

Arnav Dogra — Mon, 25 Jan 2021 05:18:41 +0000

As the Union Budget remains only a few days from being delivered, Indian tech startups like Paytm, EtechAces Marketing & Consulting (parent company of Policy Bazaar), wait in anticipation for the new tax regime so that the guidelines regarding the listing flexibility are out in the open.

Paytm has already been having company meetings on the issue of expanding to international markets which may include a foreign listing. No conclusion has been come to regarding when and where the company will be releasing its public offer. An insider from Paytm stated that no tentative date/time-period has been fixed as to when the IPO will be issued but that the company is continuously looking at any changes in the rules regarding IPO listing, the Economic Times reported.

Any conclusive decision will only be taken once the Union Budget is out.

EtechAces Marketing & Consulting, the parent company of Policy Bazaar reportedly working on getting an IPO release sometime during October. A recent secondary share sale had happened by which a Dubai-based fund became in investor, valuing the company at a massive $1.5 billion.

In another secondary share sale, SoftBank purchased more stake in the company by putting in $130 million.

Alok Bansal, Policy Bazaar director and co-founder commented that the company was more interested in the domestic listing of the company but will wait for the Union Budget to be released before they make a final decision.

Yes Bank launches wellness themed credit card in partnership with Aditya Birla Wellness

Devanshu Singla — Thu, 14 Jan 2021 06:49:23 +0000

Yes Bank has partnered with Aditya Birla Wellness Private Limited to launch the ‘Yes Bank Wellness’ and Yes Bank Wellness Plus’ Credit Cards for the holistic health, self-care and wellness of consumers. Consumers can avail the complementary health benefits by simply registering on the Aditya Birla Multiply App. The mobile app allows consumers to avail complimentary benefits such as annual health check-up, round the clock doctor or counsellor helpline, in-studio or home-based workout sessions, personalized diet plans, among others, right at their fingertips.

Speaking on the launch, Rajanish Prabhu, Business Head – Credit Cards and Merchant Acquisition at Yes Bank said, “We are pleased to partner with Aditya Birla Wellness and offer consumers a unique wellness credit card with exciting offers and rewards. As we adapt to the new normal, prioritizing the health and well-being as individuals and that of our loved ones has become ever more important. This card has been designed keeping the holistic wellness needs of consumers in mind and it is a compelling value proposition. Yes Bank and Aditya Birla Wellness will leverage each other’s technology capabilities and a strong customer connect to grow our business from this attractive and new market segment.”

“We are pleased to announce our association with Yes Bank for the launch of this unique co-branded wellness credit card, to further our goal of a healthy India,” said Murtuza Arsiwala, Head – Wellness, Aditya Birla Wellness Private Limited, “Our aim is to influence, motivate, and incentivise individuals to accomplish their health and wellness goals while also living a fulfilling life. With the launch of this unique wellness credit card, we want to incentivise customers by providing them access to a holistic platform as well as innovative tools to accomplish their health and wellness goals.”

Paisalo Digital surges 17.85% post acquisition of 9% stake by SBI Life

Devanshu Singla — Mon, 28 Dec 2020 06:05:58 +0000

Paisalo Digital share price surged 17.85% as of 11:30 am post the acquisition of 8.98% stake by SBI Life Insurance.

SBI Life Insurance Company on Thursday announced that it had bought 38,00,000 shares (8.98% of equity) for Rs 186.20 crore of a non-banking finance company Paisalo Digital at an average price of Rs 490 per share.

In the same time, Antara India Evergreen Fund (sold 3.54%), Davos International Fund (sold 0.68%), Elara India Opportunities Fund (sold 2.6%) and Heshika Growth Fund (sold 1.89%) pared their stake in the company at an average price of Rs 490.

Paisalo Digital is a non-banking finance company NBFC incorporated on March 5, 1992. It provides loans to individuals, micro, small and medium enterprises, and to Joint Liability Group (MFI). It has 129 branches across the country.

Paisalo Digital has a market capitalisation of ₹2,204.69 crore as on December 24, 2020. The company’s turnover as of March 31, 2020, was Rs 337.45 crore.

On a consolidated basis, the company’s net profit gained 9.5% to Rs 21.95 crore on a 13.9% fall in net sales to Rs 79.85 crore in Q2 September 2020 over Q2 September 2019.

Universal Sompo General Insurance Company Ltd. makes record-breaking profits on Q1

Aditi Swarup — Tue, 01 Sep 2020 14:23:16 +0000

Universal Sompo General Insurance Company Limited is a public-private joint venture between Indian banks and a company and a Japanese insurance company.

The Indian banks involved are Indian Overseas Bank (nationalized), Karnataka Bank Ltd(private) and Indian FMCG- Dabur Investment Corp. The Japanese stakeholder is Sompo Japan Insurance Inc.
In the first quarter of this fiscal year, Universal Sompo’s profits grew by a staggering 146%.