Bharti AXA General Insurance crosses 1 lakh claims

Bharti AXA General Insurance has consistently focused on improving service delivery mechanisms as a key differentiator to enrich customer experience. As a part of that, the company has paid over 1 lakh claims since inception

North and West together contribute to about 75% of the claims by number, with the bulk of the rest coming from the South. As with other multi-line players, the Motor & Health products contribute to 97% of the claims. In keeping with its strong commitment to taking insurance to every Indian, the Company operates a 24X7 call centre for claims notification and manages claims through a decentralized organisation with empowered personnel & processes in order to ensure prompt decision making at every level.

This enables a customer to claim anywhere irrespective of the branch from where he purchased insurance. In addition to tying up with an extensive network of over 3500 hospitals and 2000+ car garages for cashless settlement of claims, the Company is focusing on streamlining its internal processes through the use of process improvement initiatives such as Six Sigma in order to benefit the end Customer.

The company firmly believes that Information Technology has a huge role to play in delivering superior claims service and is investing more in the development of a customer & partner centric IT platform to achieve this objective. Additionally, the Company continues to leverage AXA’s global expertise to invest in developing the technical and soft skills of its claims staff with a view to resolving claims in a Fast, Friendly & Fair manner.

Keeping the customer at the center Bharti AXA has already paid over 93% of the claims that have been reported while some are under process. As a result of focus on customer centricity the number of all complaints recorded as a percentage of the customer base has been significantly below 1%.

Mr. Rajagopal Gopalan, Head, Operations and Claims, Bharti AXA General Insurance said, “We are extremely excited to reach this landmark in our history and the credit goes to our employees and partners who work tirelessly & passionately to help our customers when they need empathetic support in an adverse situation. We rely strongly on customer advocacy and view each customer as a long-term client. What especially differentiates us is our ability to provide claims consultancy at the very beginning of the client relationship rather than at the occurrence of the loss. With every achievement our responsibility and accountability to our customers & society at large also increases. We are working with added vigour to become the Preferred General Insurance Organization in India by focusing on our core attitudes of being Available, Attentive & Reliable.”

Dr. Amarnath Ananthanarayanan, CEO & Managing Director, Bharti AXA General Insurance, said, “While we are growing as a company and have crossed 550cr of GWP for the year 2010-11 and plan to grow at over 60% this year we continue to focus on Re-defining general insurance in India by delivering superior customer & partner experience.”

Mutual Funds : Unclaimed MF dividends

There are many times when Indian mutual fund (MF) investors fail to claim their dividends. For example, if the address of the investor changed, the cheque is not delivered. Typically, these cheques come back to the mutual fund house.

Some times investors get the cheques but they forget to encash them. According to Indian fund houses estimate that unclaimed dividend is one-tenth of the total pie; the significant problem is dividend that is not claimed or encashed on time.

usually a Cheque is valid for a six months, (From April 2012, it will be 3 month only) the investor can claim the amount during this period.

Now a days as many as investors choose to receive their dividends proceeds by ECS (Electronic Clearing System ). But if they change their bank account. No proper information to fund house the amount goes back to the fund house. Therefore, the fund house sits quiet for a period of six months.

Once the 6/3 month period expires Cheque becomes invalid. As per SEBI's (Securities and Exchange Board of India) rules, the fund house is supposed to invest this money in money-market instrument. For this, SEBI has allowed fund houses to charge up to 0.5% basis points of the unclaimed amount.

If an investor comes forth to claim his share of dividends proceeds, the fund house has to return him the amount as well as the appreciation earned during this period.

After 3 years, the amount continues to be managed, except that SEBI has allowed fund houses to utilize the gains for investor education; a separate fund in which such gains can be transferred. The fund is called investor Fund. Investors who wish to claim their dividends any time after the completion of this three-year period will get their principal plus gains earned in three years.
Some times Mutual fund companies send reminders to investors about unclaimed amounts via mail or postal letters .To avoid this type of problem, practice to claim your dividends on time. and use of the ECS facility and get dividends proceeds directly credited in bank account. Same time you change your bank account, please do intimate fund house.

Yuga Homes launches residential project Chennai

Yuga Homes launches Rs 200-cr residential project

Yuga Homes Ltd, a Chennai-based real estate development firm, announced the launch of its Rs 200-crore residential project, Alta Vida, located on Old Mahabalipuram Road (OMR) in Chennai. The company is planning to complete development of 1.6 million sq. ft with a project cost of Rs 600 crore in next five years.

The first phase of Alta Vida, a 600-apartment project in an area of 600,000 sft, would be completed by the end of 2013.

The company has assigned Chennai-based construction company Consolidated Construction Consortium Ltd (CCCL) for the development activities, while the promoters of CCCL also have a stake in the residential development firm, according to company executives. Celebrity cricketer R. Ashwin will be the brand ambassador for Alta Vida.

The high-end to affordable homes would range between 570 sq. ft. and 1,300 sq.ft., costing Rs.2,499 per sq. ft. Yuga Homes, the apartments, priced from Rs. 15 lakh and above, would consist of one, two and three bedroom options. The facilities include jogger's tracks, gym, ATM, indoor games, swimming pool, clinic and pharmacy, reading room and daily needs store.

Indian Home loan race: SBI Vs HDFC

State Bank of India (SBI), the largest home loan lender in India was able to maintain a bigger retail home loan portfolio than close rival Housing Development Finance Corporation (HDFC) last 2010-11 fiscal.
In terms of year-on-year growth, HDFC ran ahead. At the end of March 2011, State Bank of India’s retail home loan portfolio stood at Rs 86,769 crore, up 22 per cent from a year ago. Same time HDFC’s was up 27% at Rs 85,649 crore.

The Indian home loan market, such, is seeing a slowdown because of interest rate hike. If State Bank of India has raised interest rates. This will affect its portfolio.

Currently, State Bank of India and HDFC have priced their home loans at the same level. Housing loans up to Rs 30 lacks are charged a floating rate interest of 10.25 per cent per year, loans above Rs 30 lakh and up to Rs 75 lakh at 10.50 per cent per year and loans above Rs 75 lakh at 11 per cent per year.

Mr. Suresh Sadagopan, Ladder 7 Financial Advisory Services said,'' HDCF will soon catch up with SBI in retail home loan portfolio unless the latter prices its loans cheaper.State Bank of India might have a higher reach, but look at the paper work involved in taking a home loan from them. They got a higher portfolio only because of their teaser scheme.

State Bank of India has discontinued the teaser scheme beginning this (May) month. The highly successful scheme helped State Bank of India.

At the end of December 31, 2010, the retail home loan portfolio stood at Rs 82,376 crore for State Bank of India, Nearly 11%t higher than HDFC’s Rs 74,155 crore.

Unitech launches Plots in Chennai: 1,800 sq ft.

Indian real estate firm Unitech had announced the launch of “Birch Court” plotted development as a part of their township project at Nallambakkam in Chennai near GST Road and Old Mahabalipuram , Tamilnadu. It is the second phase of plotted development in Uniworld City, a 220 acres integrated township. Aspen Greens, the first phase of plotted development in Uniworld City, Chennai was completely sold out. Uniworld City, Chennai was launched by Unitech as part of its strategy to strengthen company’s footprint in South India, the company said in a statement.

In the statement Unitech Said, ' Uniworld City is in close proximity to GST Road and Old Mahabalipuram which are growing fast into automotive and IT hubs. The newly launched project Birch Court, spread over 6.76 acres, offers exclusive plots ranging from 1,800 sq ft to 4,724 sq ft. Very affordable prices of Rs 30 lakh onwards. The plotted development will have complete infrastructure like internal roads, street lighting, storm water drainage, sewer system,” it said.

Mr.Jaideep Singh, senior vice president, Unitech Limited, said, “ Birch Court gives the liberty to the people of Chennai to make a house of their own, suited to their specification. Also enjoy facilities of an integrated township. The project gives freedom to enjoy the benefits of a gated community and avail common facilities like green open area, club, kids play areas, Delhi Public School. The project is strategically on the Vandalur Kallambakkam highway which has a vast potential towards transforming into the next growth corridor The launch of Birch Court, Chennai is another step towards the overall business plan of Unitech to launch almost 10 million square feet in the next few months.'

In the past, Unitech has successfully launched Gardens (Chennai), Unihomes2 (Chennai), Green Wood City (Chennai) projects in Chennai.

Subsidy on Educational Loans: EWS annual income Rs. 4.5 lakh

Central Scheme to provide Interest Subsidy for the period of moratorium on
Educational Loans taken by students from economically weaker sections from
scheduled banks under the Educational Loan Scheme of the Indian Banks’
Association to pursue technical/professional education studies in India.

One of the major concerns of the Government is to ensure that nobody is
denied professional education because he or she is poor. The IBA (Indian Banks’
Association) had formulated a comprehensive model educational loan scheme
for adoption by all Banks, aimed at providing financial support from the banking
system to deserving/meritorious students for pursuing higher education in India and

Government of India has now approved a Scheme to provide full interest
subsidy during the period of moratorium on loans taken by students belonging to
economically weaker sections from scheduled banks under the Educational Loan
Scheme of the Indian Banks’ Association, for pursuing any of the approved courses of
studies in technical and professional streams, from recognized institutions in India.
The broad parameters of the Scheme are :-

A) The Scheme would be only applicable for studies in technical and professional
courses in India. The interest subsidy shall be linked with the existing Educational
Loan Scheme of IBA and restricted to students enrolled in recognized professional
courses (after Class XII) in India in Educational Institutions established by Acts of
Parliament, other Institutions recognized by the concerned Statutory Bodies, Indian
Institutes of Management (IIMs) and other institutions set up by the Central

B) Under the Scheme, interest payable by the student availing of the Educational
Loan Scheme of the Indian Banks’ Association for professional courses for the period
of moratorium (i.e., course period, plus one year or six months after getting job,
whichever is earlier) as prescribed under the Educational Loan Scheme of the Indian
Banks’ Association, shall be borne by the Government. After the period of
moratorium is over, the interest on the outstanding loan amount shall be paid by the
student, in accordance with the provisions of the existing Educational Loan Scheme
and as may be amended from time to time.

C) The benefits under the Scheme would be applicable to those students
belonging to economically weaker sections, with an annual parental income upper
limit of Rs. 4.5 lakh per year.

D) The interest subsidy under the Scheme shall be available to the eligible
students only once, either for the first undergraduate degree course or the post
graduate degrees/diplomas. Interest subsidy shall, however, be admissible for
combined undergraduate and post graduate courses.

E) Interest subsidy under this scheme shall not be available for those students who
either discontinue the course midstream, or for those who are expelled from the
Institutions on disciplinary or academic grounds. However, the interest subsidy will
be available for the actual period of study, only if the discontinuation was due to
medical grounds for which necessary documentation to the satisfaction of the Head
of educational institution will have to be given.

F) There would be a tag/marker on the degree of the student indicating his
repayment liabilities.

G) The National Minorities Development & Finance Corporation (NMDFC) has
an Educational Loan Scheme for individual beneficiaries, which is implemented
through State Channelizing Agencies (SCAs). The National Safai Karamcharis
Finance and Development Corporation under the Ministry of Social Justice and
Empowerment also provides educational loan to the students of the target group for
higher education. Interest on Educational Loan provided under these two schemes, if
the loans are for pursuing professional courses after XII class, shall also be subsidized
for the period of moratorium as per the terms and conditions of this Scheme.

H) The Scheme shall be implemented through Canara Bank, which is the nodal
bank for the Ministry of Human Resource Development. Modalities for
implementation and monitoring mechanism shall be finalized in consultation with the
Canara Bank.

I) The Scheme shall be applicable from the academic year 2009-10.

J) A list of professional courses for which the scheme shall be applicable, shall

be brought out, in consultation with the concerned Ministries/Departments and the
Indian Banks’ Association, and publicised from time to time.

K) A monitoring mechanism shall be evolved to monitor the benefits
accruing to different categories of loanees, such as, the Scheduled Castes, Scheduled
Tribes, Minorities, Disabled etc.

* Income proof shall be required from the students from such public authorities as are
authorised by the State Governments for certification of income status for various
purposes, including Central and State Sector Schemes.

** For better statistical reference and collation of data, information pertaining to
beneficiaries shall be maintained in respect of the categories to which they belong,
namely, Scheduled Castes, Scheduled Tribes, Minorities, Other Backward Classes,
and Others; along with sub-classification in terms of gender, differently-abled/ persons
with disabilities as well as the disciplines/programmes of study, year of enrolment
and programmes as also the specialisation of study, institutions, locations, State-wise
and Bank-wise.

Src: Government of India
Ministry of Human Resource Development
Department of Higher Education


Awards for MARG

MARG Limited, an infrastructure development company, bagged three awards under the categories-  India's most admired Infrastructure Company 2011; Excellence in Social Service, and the Innovative CEO of the Year for G.R.K. Reddy, CMD, MARG Group, at the India Leadership Conclave 2011.

The ‘India Leadership Conclave 2011' was organised by Indian Affairs in association with Indo-American Chamber of Commerce (IACC).

AEGON Religare Life Insurance’s Health Plan

Everyone wants to be healthy and this is why we say health is the greatest wealth in the world. Apart from a balanced meal, exercise, and so on, we also need to have a health insurance.

To get a better medical care, it is very important to have a good health insurance plan. For this purpose, AEGON Religare has introduced a Health Plan. The plan is simple and cost effective and includes minimum paperwork.

Main benefits

• AEGON Religare Health Plan provides comprehensive coverage guaranteed; covering all kinds of surgeries including 240 day care treatments and 10 critical illnesses.

• You get a guaranteed fixed amount of money, irrespective of the actual hospital bill.

• You get a guaranteed amount in addition to the payment you would have received from other medical plans.

• You are guaranteed a health cover up to 85 years of age, one of the highest in the country.

• You can avail of the Cashless facility (no need to pay any money for the treatment) in more than 3,000 key hospitals across the country.

• You benefit from a guaranteed fixed premium rate for 3 years. This means even if you have a claim in year 1 or 2, the premium will not increase.

• Your benefit amount increases by 10% for every no claim year (the maximum increase will be capped at 50%).

• You can upgrade to higher level of coverage and include additional family members (wife & children) at any point of time during the policy duration.

• 24 hours hospitalization is not required for most of the surgeries.

• If you are under the age of 50 and in good health, no medicals are required for sum assured upto Rs.3,00,000.

The major cost components during an admission to a hospital are the cost of the room, medicines and nursing and the cost of the surgery. AEGON Religare Health Plan ensures you get a fixed amount to cover each of the above expenses irrespective of the actual hospital bill.


Parameter: Eligibility Criteria

Entry Age: Min. Max.

Primary & Secondary Life Insured: 18 years 70 years

Child: 90 days 17 years

Critical illness: 18 years 65 years

Maximum age at maturity: 85 years, Critical illness: 75 years

Premium Payment Frequency Single, Yearly & Half Yearly*

Sum Assured Rs.2,00,000; Rs.3,00,000;
Rs.4,00,000; Rs.5,00,000

Policy Term Regular Premium: 15 years

Single Premium: 3 years

* Modal factor for Semi annual mode will be Annual Premium * 0.512

Benefit Structure:

The plan is split into four benefit structures: Silver, Gold, Diamond and Platinum. Each designed to suit your various needs. Here’s how you benefit:

Daily Hospitalisation Cash Benefit (DHCB)

- You will get a fixed amount of money for each day spent in the hospital

Intensive Care Unit Benefit (ICUB)

-In case you are admitted to the ICU for more than 8 hours and that day is eligible for DHCB, you will get a fixed amount over and above the Daily Hospitalisation Cash Benefit

Surgical Cash Benefit (SCB)

- ARLI covers all kinds of surgeries. These surgeries have been classified under 6 categories, depending on the type and severity
-A guaranteed amount is paid for each type of surgery

Critical Illness Benefit:
 The plan covers 10 critical illnesses. These are as below:
Alzheimer’s Disease, Blindness, Muscular Dystrophy, Cardiomypathy, Cancer, Stroke, Paralysis, Coma, Aplastic Anaemia, Kidney Failure

In event of diagnosis of any of critical illness a one time fixed amount will be paid and the benefit will cease to continue for lifetime


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