Insurance and Mutual Fund Newsletter – September 26 to 30, 2016

Bank of India sold 18% stake in Star Union Dai-ichi life insurance to Dai-ichi life

Bank of India has informed BSE that upon change in law, Bank of India has sold its 18% stake in Star Union Dai-ichi Life Insurance Company Ltd (SUD) to Dai-ichi Life Insurance Company Limited (DILIC).


51% of health insurance policy holders are underinsured, Apollo Munich finds

Leading standalone health insurer, Apollo Munich Health Insurance has found that 51% of health insurance policyholders in India are underinsured, that is, have purchased low sum insured health insurance policies that would not suffice in medical emergencies.

Apollo Munich studied around 7 lakh health insurance policy holders spread across 82 cities in India, and has found that both men and women across metros, tier 1 and 2 cities and towns are underinsured. At 52% men are more underinsured than women at 46%.

Upbeat Outlook for Moroccan Insurance Industry

Ken Research announced its latest publication on,The Insurance Industry in Morocco, Key Trends and Opportunities to 2019offer insights on the changing trends and potential opportunities within the Moroccan Insurance Industry.  

Domestic News

Cabinet gives ex-post facto approval to VPBY, 2003 and VPBY, 2014

The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 launched on 14th July, 2003 and Varistha Pension Bima Yojana (VPBY) 2014 launched on 14th August, 2014.

The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC during the period of 2003-04 to 2014-15 for VPBY, 2003 and approval to incur expenditure on VPBY, 2003 and 2014 from the financial year 2015-16 onwards.

Cigna TTK launches “Get ProActiv India” on World Heart Day

Cigna TTK Health Insurance, a joint venture between U.S. based global health service leader, Cigna Corporation, and Indian conglomerate, TTK Group, announced the launch of Get ProActiv India’ as part of its ProActiv Living Program.

PPFAS Mutual Fund changes the scheme name

PPFAS Mutual Fund, promoted by Parag Parikh Financial Advisory Services Pvt. Ltd. (PPFAS) has changed the name of its flagship scheme PPFAS Long Term Value Fund with effect from, September 16, 2016. The only scheme offered by PPFAS Mutual Fund will now be known as Parag Parikh Long Term Value Fund.

National Conference on Financing Universal Health Coverage

A National Conference on Financing Universal Health Coverage was organized by PHFI and partners, supported by USAID to disseminate new evidence on how State Governments can facilitate implementation of Universal Health Coverage at sub national level.

SecureNow wins Claims Innovation Award of the Year at the Prestigious Claims Awards Asia-Pacific 2016

SecureNow, a leading brokerage firm in India, won the prestigious Claims Award –Asia Pacific 2016 in the Claims Innovation of the Year category.

ICICI Prudential Life lists at Rs.330 on NSE

ICICI Prudential Life Insurance Company shares got listed at Rs.330 per share on the NSE, at a 1.2% to the issue price of Rs 334. The stock listed at Rs 330, 1.2% lower against its issue price.

Curated from Insurance and Mutual Fund Newsletter – September 26 to 30, 2016

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