Bajaj Allianz: First to issue marine certificates online

Bajaj Allianz General Insurance Company Limited has developed a software program that issues its customers valid Marine Policy Certificates through its website. Bajaj Allianz is the first Indian insurance company to issue such certificates online. 


This new service is part of Bajaj Allianz’s strategy to develop IT solutions that can immediately issue policies and deliver efficient customer service over the Internet for a range of its insurance products. The company successfully introduced web-enabled motor policy issuance a year ago.

The online service will enable marine insurance policyholders to obtain policy certificates instantly. In the absence of such an IT system, the waiting period to receive the certificates is 3 to 5 days. 

The marine certificate is a document that has to be attached along with every shipment and is essential for exporters or importers to open Letters of Credit (LCs). Prompt receipt of the certificates helps them in processing the export/import formalities without any delay.

Don't delay your home buying decision because of increase in interest rates

With major banks and housing finance companies (HFCs) raising mortgage rates, a number of home loan customers with floating rates will have to undertake tweaking of the calculation on EMIs (equated monthly installments).

The State Bank of India ( SBI) recently raised its lending rates, taking its effective home loan rate to 10.25 per cent. Similarly, ICICI Bank and HDFC Bank, too, followed suit. After the latest round of rate hikes, SBI's home loan customers would pay 100 basis points (bps) above its base rate of 9.25 per cent; thus the effective rate becomes 10.25 per cent.

In the last two years, interest on home loans has gone up by at least 200 basis points (100 basis points equals 1 per cent), from about 8 per cent to above 10 per cent. A quick back-of-the envelope calculation shows that home loan rates have increased by about 25 per cent.

LIC to invest R45k crore in stock mkts

Mumbai: Life Insurance Corporation(LIC) plans to invest R45,000 crore of its total investment kitty of R2.15 lakh crore in the stock markets this year. LIC has already invested R5000 crore since April.

DK Mehrotra,acting chairman of India’s biggest insurance company says, “Existing regulations stipulate that 50% of the funds have to be deployed in government securities. That apart, we will invest around R45,000 crore in equities, slightly more than the R43,000 crore that we had put in last year.” Mehrotra says LIC booked a profit of close to R17,000 crore during 2010-11 by selling stocks. The corporation, which invested around R1,83,000 crore in 2010-11 in other securities earned income to the tune of R90,000 crore. “We believe the market, after experiencing some volatility, could be stabilising and despite high inflation and rising interest rates, we could add to our portfolio if there is an opportunity,”

World Bank approves $250 mln loan for Philippines

MANILA: The World Bank will lend the Philippines $250 million to support the government's plans to improve governance, reduce poverty and increase economic growth, and said it could make further concessional loans depending on the progress of reforms.
The loan has an interest rate based on LIBOR plus variable spread, and a maturity of 25.5 years, including a 10-year grace period.
"We are pleased to support this reform agenda through this DPL (Development Policy Lending) as well as a broader program under our extended Country Assistance Strategy," World Bank Country Director Bert Hofman said in a statement.

Indian Bank Top To Globle Market

n an informal chat with newspersons after flagging off 104 autorickshaws financed by Indian Bank here, Chairman and Managing Director T M Bhasin said the bank would soon enter the capital market to raise Rs 61.04 crore.

Apart from this, the Bank would avail a loan of One Billion US Dollar, amounting to Rs 4,500 crore, from the International market to fund advances to corporate, farm and small industries sectors.

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