IndiaFirst Life Partners with InsureNearby to Offer Insurance Khata Plan to Low-Income Brackets

InsureNearby, the insurance arm of PayNearby, India’s largest hyperlocal fintech network, partners with IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, to endorse a unique insurance product called “Insurance Khata Plan”. Specifically designed to serve the low-income bracket, the product not only secures the insured and their family's needs in case of an untimely demise, but also provides a flexible deposit plan that allows them to save and fulfil their dreams. The plan allows complete flexibility to the buyers in choosing the frequency and tenure besides allowing them to pay the premiums as per their convenience. It also functions as an excellent saving product as the beneficiary gets the entire money back at the maturity of the policy. 

With more than 82% of India's workforce engaged in the unorganised sector, over 39 crore workers and their families live under the constant threat of financial setbacks. Lack of a constant income source plays a huge hindrance in paying fixed annual or monthly premiums regularly. This results in an insufficient or non-existent insurance coverage, which often prods them into an inevitable poverty cycle. This set of economically weaker population has unique insurance needs and hence require a customised product that offers flexibility, ease of access and a frequency that adapts to their erratic earnings while providing the security of an insurance cover.

IndiaFirst Life’s Insurance Khata Plan is a non-linked, non-participating, term assurance with return of premium plan. The product has been designed to offer financial protection in the form of a life cover to the family besides offering the provision of returning more than the premium paid in total when unclaimed at the end of the policy term. 

Comprising of 72% of total population of the country, rural India is largely uninsured and unprotected. Through InsureNearby’s 45,000 POS agents, the product will now be made easily available to the country’s masses. InsureNearby will embark on a journey to train their vast network of 8.5+ lakh retail agents, registered under its sister organization PayNearby, to upscale them as credible POS agents. The geographical reach of these last mile retail outlets will enable the company to provide insurance to marginalized customers in the most far flung towns and villages across the country. The unique offering thus creates a force multiplier, where people who have never sold insurance are trained to sell to people who have never before bought the product. The objective is to insure India and make protection available for all.

Commenting on the association, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “With around 3% insurance penetration, Indians have largely been left unprotected to life’s vagaries. Our motto has always been to make safe and secure financial solutions available to our masses and help them move ahead in life. In accordance with our motto, Zidd Surakshit Aage Badhne Ki, this partnership with IndiaFirst allows us to provide a unique life insurance policy to our customers, that not only protects their families in case of a demise, but also provides them the flexibility to gradually plan and build their savings to meet their evolving life goals. We are excited about this partnership and am confident that our distribution capability along with their product innovation will create a force multiplier that will help bridge the huge gap in protection coverage for our citizens. A unique life insurance policy that not only protects their families in case of demise, but also provides a flexible deposit platform for fulfilling their dreams.”

Commenting on the strategic alliance, Rushabh Gandhi, Deputy Chief Executive Officer, IndiaFirst Life Insurance Co Ltd said, “Our alliance, with a like-minded and dynamic institution as, InsureNearby is a strategic leap in line with IndiaFirst Life’s vision to provide life insurance cover at affordable rates to last mile customers in India. Technology and micro products have enabled IndiaFirst Life to reach out to the unorganized, underserved and the under penetrated regions in the country. We have 45,000 qualified retail agents of PayNearby who are certified as POS agents with InsureNearby to sell IndiaFirst Life’s Insurance Khata Plan. For us, this is just the beginning. Together, we are keen to offer more such embedded solutions, which will inculcate the ‘long-term savings and insurance’ culture in India.”

Commenting on this occasion, Murali Iyer, CEO and Principal Officer, InsureNearby remarked, “Our aim has always been to strive for complete inclusivity. We want to gather actionable insights to address the evolving needs of the various types of insurance buyers, especially those in the low income segment, thus offering them the opportunity to lead their lives with as little impact as possible in case of a sudden demise. With Insurance Khata, we aim to bridge the void of accessible life insurance at affordable rates. The product also addresses the savings needs of our target audience, who are looking for safe, flexible deposit plans.”

About Nearby Insurance Broking Services Pvt Ltd (InsureNearby):

Nearby Insurance Broking Services Pvt. Ltd., with an aim and aspiration to “Insure India,” serve the unserved bringing in an era of true financial inclusion through its brand, “InsureNearby”. The company provides simple insurance products pre-underwritten and delivered instantly through mobile app and web services. The cutting edge proprietary technology provides Assisted Insurance Sales and service to crores of Indians in a fast and reliable manner. A subsidiary of Nearby Technologies, a fintech company offering assisted financial/non-financial services to the underbanked and unbanked segment, Nearby Insurance Broking Services seeks to make insurance products accessible at the last mile. 

Previously known as We Care Insurance Broking, Murali Iyer is the CEO and Principal Officer of Nearby Insurance Broking Services, since July 2019. Having almost 30 years of insurance sales experience, Murali is a revered figure in the country’s insurance segment, having been one of the core group members of the team that set up Birla Sun Life Insurance.

About IndiaFirst Life Insurance Company Ltd:

Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 663 crore, is one of the country's youngest life insurance companies. It is promoted by two of India's largest public-sector banks - Bank of Baroda and Union Bank of India, which hold 44% and 30% stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC, New York, United States also holds 26% stake in IndiaFirst Life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced.

Does Huawei eye for stake in Alcatel-Lucent?

China's Huawei Technologies said on Friday it had no plans to buy a stake in Alcatel-Lucent, two days after the French-American telecoms equipment maker's stock jumped on market talk a Chinese rival could acquire it.

"Our customer-centric innovation strategy is driving Huawei's growth and that remains our strategy," Ross Gan, global head of corporate communications at Huawei told Reuters. "Huawei has no plans to take a stake in Alcatel-Lucent," he said.

Alcatel-Lucent's shares rose 16 percent on Wednesday on the market chatter and a rating upgrade by Natixis. By 0820 GMT on Friday, the stock had gained 3.1 percent in a broader market .FCHI up 1.3 percent.

A public relations official at Huawei's domestic rival, ZTE Corp, also said she had no information on any upcoming deal. "I think it is just a rumour," she said.

Huawei and ZTE have been expanding their operations aggressively in overseas markets, but those efforts are being driven mostly by organic growth. Analysts said any acquisitions would face stern regulatory scrutiny.

That scrutiny derailed an attempt by Huawei and partner Bain Capital to buy U.S.-based 3Com in 2007.

"Huawei is keen to expand internationally, so I'm not surprised that this has come up, but I would be surprised if it went ahead," said Damien Bailey, a telecoms specialist at law firm Simmons & Simmons.

"There will undoubtedly be consolidation in the telecoms equipment manufacturing sector, and I think there will probably only be three or four left, with Huawei and ZTE being two of those," he said.

Besides the regulatory concerns, any deal for Alcatel-Lucent would mark a major acquisition as the 2006 merger between France's Alcatel and U.S.-based Lucent Technologies has a current market value of about $9 billion.

For a related analysis on rival Nokia Siemens Networks

Alcatel-Lucent has been struggling to turn a profit since its 2006 merger, which was supposed to help it cut costs and better compete with Chinese gear makers including Huawei and ZTE. ($ = 6.83 yuan)

Agencies

Does Barack Obama plan to take over the internet?

The new version of a US Senate bill allows President Barack Obama to seize temporary control of private sector networks during a cybersecurity emergency. The bill allows the President to "declare a cybersecurity emergency" related to the "non-governmental" computer networks for dealing with cyber threat. The bill is introduced by senator Jay Rockefeller, a West Virginia Democrat, who has spent months preparing the draft.

"I think the redraft, while improved, remains troubling due to its vagueness. It is unclear what authority senator Rockefeller thinks is necessary over the private sector. Unless this is clarified, we cannot properly analyze, let alone support the bill." said Larry Clinton, President, Internet Security Alliance, which counts representatives of Verizon, Verisign, Nortel, and Carnegie Mellon University on its board.

Large internet and telecommunications company representatives have expressed concerns about the bill in a teleconference with Rockefeller's aides. As a source familiar to the bill informed that the primary concern was the electrical grid regarding the consequences of an attack from a broadband connection.

Rockefeller's proposal provides an ease to a broader concern in Washington about the government's role in cybersecurity. President Obama has already acknowledged that the government is "not as prepared" and announced that a new cybersecurity coordinator position would be created inside the White House staff.

After three months, the post remains empty, one top cybersecurity aide has quit, and people are wondering that a government which has failed on the point of cybersecurity, how can they be trusted when they instruct the private sector.

The revised legislation of Rockefeller's proposal seeks to reshuffle the way the federal government addresses the topic. It seeks a cybersecurity workforce plan from every federal agency, a dashboard pilot project, measurements of hiring effectiveness, and the implementation of a "comprehensive national cybersecurity strategy" in six months, even though its mandatory legal review will take one year to complete.

The issue lies in section 201, which permits the President to "direct the national response to the cyber threat" if necessary for "the national defense and security." The White House is supposed to do a "periodic mapping" of private networks deemed to be critical, and those companies "shall share" requested information with the federal government.

"The language has changed but it doesn't contain any real additional limits. It simply switches the more direct and obvious language they had originally to the more ambiguous versions. The designation of what is a critical infrastructure system or network as far as I can tell has no specific process. There's no provision for any administrative process or review. That's where the problems seem to start. And then you have the amorphous powers that go along with it," said Lee Tien, Staff Attorney, Electronic Frontier Foundation.

So if any company is stated under the term "critical," a new set of regulations start like involving who you can hire, what information you must disclose, and when the government would exercise control over your computers or network.

Agencies

Logica on a hiring spree in India

At a time when adding new jobs is being taken out from the agenda of most of the companies, IT and business services company Logica plans to recruit about 3,000 people by 2009, in which 2000 will be in Chennai. The remaining jobs will be in Philippines, Czech Republic and Morocco, reported The Times of India.

The company provides consulting, outsourcing solutions and services and blended delivery services across many industry verticals. In India, it provides support services like infrastructure management, BPO services and financial accounting outsourcing.

"Logica employs 5,700 people and plans to ramp it up to 8,000 by the end of this year," said Abhay Gupte, CEO, Logica India. Logica's Chennai center has about 900 employees.

Agencies

After Moon, ISRO plans mission to Sun

After the Chandrayaan-I moon odyssey, it's 'Mission Sun' for the Indian Space Research Organisation.

Scientists at ISRO are in the advanced stage of designing a spacecraft, named 'Aditya', to study the outermost region of the Sun called corona.

"That's a mini satellite. In fact, the design is just getting completed," ISRO Chairman G Madhavan Nair told PTI.

Chandrayaan
"During solar maxim...which is happening...we would like to see the type of emissions which are taking place in the Sun and how it interacts with the ionosphere and atmosphere and so on," he said.

According to Dr Jayati Datta, deputy programme director, Space Science Office, ISRO, Aditya is the first space basedSolar Coronagraph intended to study corona.

'Aditya' would be the first attempt by the Indian scientific community to unravel the mysteries associated with coronal heating, coronal mass ejections and the associated space weather processes and study of these would provide important information on the solar activity conditions, she said.

We will have total map of the moon, says ISRO

"A basic understanding of the physical processes and continuous monitoring would help in taking necessary steps towards protecting ISRO's satellites either by switching them off or putting them on a stand-by mode as warranted by the background conditions," Datta aaid.

The temperature of the solar corona goes beyond a million degrees. From the Earth, corona can be seen only during total solar eclipses, mainly due to the bright solar disc and the scattering of the sunlight by the Earth's atmosphere. One has to go beyond the atmosphere to be able to mask the bright solar disc and study the corona.

Chandrayaan may reveal moon mysteries

The space borne coronagraph 'Aditya' in would study the Coronal Mass Ejection and consequently the crucial physical parameters for space weather such as the coronal magnetic field structures, evolution of the coronal magnetic field etc, Datta said.

"Completely new information on the velocity fields and their variability in the inner corona, having an important bearing on the unsolved problem of heating of the Corona, would be obtained," she explained.

Activities towards 'Aditya Mission' have been initiated with the involvement of scientists from ISRO centres and prime national research institutes in the country.

PM sees first pictures from Chandrayaan

ISRO is planning to launch 'Aditya Mission' during the next high solar activity period. However, the exact date/time is not yet confirmed. "Aditya' is an indigenous/Indian mission. So far, there is no plan of putting any foreign payload on board Aditya mission," Datta said, adding that the United States, the European Space Agency and Japan [Images] have flown missions to study Sun and solar corona/activities.

The sun, which is highly turbulent and dynamic, sends out large chunks of charged particles and emits highly energetic electromagnetic radiation in all directions.

These radiations, on reaching Earth, cause severe near-Earth-space disturbances called Geomagnetic storms, which affect communication links, disturb power lines in high altitudes, cause aurora in polar regions and affect satellite systems directly and also indirectly through changes brought about in the near Earth atmosphere.