ESIC extends medical benefits to superannuated insured persons
New Delhi: The Employees’ State Insurance Corporation (ESIC) on Saturday decided to extend medical benefits to superannuated insured persons with relaxed norms. The decision was taken at the 193rd meeting of ESIC under the chairmanship of Union Minister Bhupender Yadav, a labour ministry statement said. The ESIC approved a proposal to provide medical benefits to the insured superannuating workers who went out of the ESI Scheme coverage due to exceeding the wage ceiling, if the worker was under insurable employment for at least 5 years before superannuation/ voluntary retirement, it stated. The persons who were in the insurable employment for at least 5 years after April 1, 2012 and superannuated/voluntarily retired on or after April 1, 2017 with wages up to Rs 30,000 per month will be benefitted under the new scheme.

Improved performance, effective communication behind LIC rally, says DIPAM Secretary Pandey
Effective communication of improved performance and significant changes in its functioning bolstered LIC’s performance in the Stock Market, DIPAM (Department of Investment and Public Asset Management) Secretary Tuhin Kanta Pandey has said. In an interview to businessline, Pandey said the government is not insisting on maximum dividend from CPSEs (Central Public Sector Enterprises), rather it is focusing on value creation.

LIC's VNB margin growth higher than private life insurers in Q3 FY24
VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.  

LIC raises stake in Navin Fluorine Intl by about 2 percentage points to 7.071 %
Mumbai: Life Insurance Corporation of India (LIC) has increased its shareholding in Navin Fluorine International Ltd (NFIL) from 5.037 per cent to 7.071 per cent of the latter’s paid-up capital.

LIC expects income tax refund of Rs 25,464 cr in Q4
LIC expects income tax refund of Rs 25,464 cr in Q4, says chairman
Business Standard

Travel insurance: How to decode policy fine print
Flight delays and cancellations, particularly during adverse weather conditions, potentially impact travel plans and cause massive inconvenience to travellers. In the light of these potential disruptions, safeguarding travel plans against unforeseen events becomes paramount, making travel insurance the go-to solution. However, navigating the intricacies and fine print of such insurance policies can be challenging. Customers should be aware of essential aspects such as coverage details, exclusions and limitations, cancellation and refund policies, the claim process, and the availability of responsive customer support, among other factors.

New India Assurance Q3 net falls 4.5% y-o-y to ₹715 crore
The New India Assurance Company Limited (NIACL), a listed state-owned general insurer, has reported 4.5 per cent decline in net profit for the quarter ended December 31, 2023, at ₹715 crore (₹749 crore). In the September 2023 quarter, NIACL had recorded a net loss of ₹200 crore.  Net premium earned for the quarter under review grew 14 per cent at ₹8,946 crore (₹7,861 crore). It was also up nine per cent over a net premium of ₹8,206 crore recorded in the September 2023 quarter. 

ICICI Lombard Health AdvantEdge: From benefits to options, all you need to know
ICICI Lombard Health AdvantEdge stands as a health insurance policy provided by ICICI Lombard General Insurance Company Limited. This insurance plan ensures coverage for hospitalisation-related expenses, serving as a safeguard for both savings and healthcare. Designed to promote a happy and fulfilling life for you and your family, ICICI Lombard's Health AdvantEdge Plan offers a robust, comprehensive, and affordable health insurance solution. With highly flexible coverage and an array of features, benefits, and add-ons, the plan caters to the unique medical needs of you and your family.

Better cover but at a higher premium

Individuals above 60 years should opt for senior citizen-specific health insurance policies as they provide coverage for age-related illnesses and higher hospitalisation benefits. Some senior citizenpolicies offer benefits like domiciliary treatment higher ICU charges, and coverage for alternative treatments. In such a policy, the sum insured is not shared with other family members unlike a family floater policy, ensuring that the full amount is available for their health needs.

FinMin rejects proposal to double minimum pension amount under EPS
The Central Board of Trustees (CBT), the apex decision-making body of the Employee Provident Fund Organisation (EPFO), was apprised of the proposal’s rejection during a meeting on Saturday. 
 

EPFO fixes 8.25 pc interest rate on employees’ provident fund for 2023-24
Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for 2023-24.

Large-cap MFs garner Rs 1,287 crore in Jan
New Delhi: Investors flocked to large-cap oriented mutual funds with influx of Rs 1,287 crore in January, making it the highest fund infusion in 19 months, as a significant run-up in small and mid caps prompted them to book profit. This is a huge turnaround following a net outflow of Rs 281 crore in December. Also, the quantum was 80 per cent higher than inflows of Rs 716 crore in January last year. The latest inflow helped push the asset base of large-cap equity category by 26 per cent to Rs 3 lakh crore at January-end from Rs 2.38 lakh crore a year ago. According to latest data by Association of Mutual Funds in India (Amfi), equity mutual funds focused on large-cap received inflow to the tune of Rs 1,287 crore in January. This was the highest level since July 2022, when the category saw an inflow of Rs 2,052 crore.

10 mn in 2016 to 5 mn accounts in just a month; MF industry grows in 8 yrs
Moreover, the monthly contributions have grown over sixfold to Rs 18,800 crore, according to data from the Association of Mutual Funds in India (Amfi).
 

Lighthouse exploring fashion jewellery bet
Lighthouse Funds, a mid-market private equity firm known for its investments in Fabindia, Duroflex, and Wow! Momo, is looking to make its maiden investment in the fashion jewellery space, at least two people aware of the development told VCCircle, seeking anonymity.

In an election year, markets typically flourish, says Arbind Maheswari

About 36 nations, representing 63 per cent of global gross domestic product (GDP), are heading for elections this year. Historically, the markets tend to perform well during election years as governments aim to increase spending and call attention to growth, says ARBIND MAHESWARI, head of India Equities at BofA Securities. In an email interview with Sundar Sethuraman, Maheswari mentions that any potential change in the incumbent government during the upcoming general elections is a key risk.

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FPIs stay glued to Indian debt, selling in equities continues unabated in Feb
Foreign Portfolio Investors (FPI) continued to be net sellers in equities in February so far even while doubling down on Indian debt markets, pumping as much as ₹15,093 crore in first nine days of this month, data with depositories showed.

Sovereign Gold Bond Scheme 2023-24: New series opens for subscription at ₹6,263/gm; apply online for discount
The next tranche of Sovereign Gold Bond opens for subscription on 12 February, with an issue price of ₹6,263 per gram, according to the Reserve Bank of India (RBI). The Scheme will be open for subscription until 16 February. The Sovereign Gold Bond Scheme 2023-24 - Series IV will be open for subscription during February 12–16, 2024.