Veranda Acquires Chennai Race for Online Education Transaction Valued at Rs. 100 Crores

The Kalpathi Group owned, Veranda Learning Solutions today announced the acquisition of Chennai Race, India’s leading coaching institute for Banking, SSC, and PSC exams. The transaction, valued at over INR 100 crores that includes stock and earn out, now leads to the launch of a new brand, called Veranda Race. Veranda Race will initially offer result oriented online training programs for Banking, Staff Selection Commission and TNPSC. The focus of Veranda Race remains firmly on ensuring rigour and discipline amongst enrolled students thereby giving them the best opportunity to get jobs once they appear for written examinations. By December 2021 Veranda Race is planning to launch course content in 11 Indian languages.  

During the financial year 2019-20, Chennai Race recorded sales of about INR 45 crores and has trained over 200,000 students so far backed across the states of Tamil Nadu, Kerala, Karnataka, and Punjab. Beginning in Chennai, Race’s unique ‘6 level practice program’ which, helps students to improve their speed and accuracy in a short span of time, and their resulted oriented, strategic curriculum, developed for each type of competitive exams, has seen Chennai Race students filling up about 60 to 80 percent of Tamil Nadu’s vacancies in the past 4-5 years.

Suresh Kalpathi, CEO, Veranda Learning Solution said “In Race, we see an alignment with our philosophy of rigor and discipline in their education delivery, focus on outcomes and affordability to the real India. We expect Veranda Race to grow significantly in the coming months and years with addition of more products and languages. Race is a great brand to bring under our newly launched venture, as it opens new possibilities in the core areas of our business. The acquisition of Race will bolster our offerings and will further define our position in the sector”.

Talking at the launch of the program Bharath Seeman, Promotor of Chennai Race & Head of Veranda Race, said “the Veranda Race programs are set for rollout nationally, in the coming months, targeting a revenue of INR 50 crores in the first year. By the end of 2021, our content will be available in 11 Indian languages and we would be training around 50,000 to 60,000 students across the country. We have priced our courses around INR 7500/- which includes course materials and mentoring support”. 

“This partnership is an important opportunity for Race as a brand to grow big and take our ‘real result-oriented coaching’ approach to every part of the country. We launched ‘RACE’ in Dec -2012 and created a unique curriculum with focus on helping our students to land PSC and Banking jobs. At Veranda RACE the key metric to assess our success will be ‘number of students getting jobs’, which is the main goal of this venture.” Bharath added.

About Veranda Learning Solution

Veranda Learning Solution the new ed-tech venture from The Kalpathi Group, is India’s first comprehensive 360-degree online education platform. Veranda Learning Solution offers training programs in test preparation for all competitive exams in India and abroad, including IIT JEE, NEET, GRE/TOEFL/IELTS/GMAT, IAS, State PSC, Banking/Staff Selection/RRB, CA/ACS related exams, Medical, K-12, NTSE and Olympiads. Veranda will also offer courses in software development namely databases, languages, development tools, cloud/analytics/big data/AI/ML platform and at an affordable price point. 

Veranda is a unique online platform that combines the best of technology, processes, and methodologies that delivers high-quality content, seeking to be one of India’s first to offer a comprehensive 360-degree education. Focused on academic outcomes for its students, Veranda adopts a multi-modal delivery system backed by a rigorous and disciplined learning framework.

About Chennai Race

Chennai RACE Coaching Institute Pvt Limited is an ISO 9001:2008 certified coaching institution that provides unique training to its students with an aim of achieving 100% results. Race provides best Level coaching for all competitive Recruitment Examinations like Bank Probationary Officers, Clerks, Specialist Officers, Central Government Staff, Insurance Sectors, Railway Officers and TNPSC (State Commission) Exams.

Chennai Race the most awarded coaching institute in India, have filled 78% of the Public Sector Bank state vacancies in Tamil Nadu. Race students are constantly filling up about 60 to 80 % of Tamil Nadu’s vacancies in the past 4-5 years. Race is also the only Private Institute which is also a Govt Certified Exam Centre for various competitive Exams.

Vi CSR and Nokia Partner for SmartAgri Solution to Enhance Farming Practices and Livelihoods of 50,000 Farmers in India

 

* Vodafone Idea CSR has deployed Nokia’s Worldwide IoT Network Grid (WING) solution to equip farmers in India with precise and practical data to help them achieve better yields

* Deployment of the smart agriculture-as-a-service solution includes soil probes, weather stations, insect traps and crop cameras to help drive productivity of soy and cotton crops

* SmartAgri project aimed at improving the productivity of 50,000 farmers across 100 locations in the states of Madhya Pradesh and Maharashtra in India

* Visit the Vi booth (Hall #3; Booth 3.B) at IMC 2020 from 8-10th December to know more about the program

Vodafone India Foundation, the CSR arm of Vi, in partnership with Nokia has deployed a Smart Agriculture solution that aims at improving the productivity of farmers in India. The pilot project being implemented across 100 locations in the states of Madhya Pradesh and Maharashtra will be benefitting over 50,000 farmers in the region by enhancing their productivity and income.

The SmartAgri project aims to enhance the livelihoods of small farmers through sustainable farming approaches, deployment of IoT solutions and by improving their access to information, using technology. This socially relevant project is in line with the Government’s vision of inclusive growth. It has a huge potential for replication and scale up of this technology across the country.

To demonstrate the impact of technology in transforming agricultural practices in India, Vi CSR chose the agri-heartlands of Madhya Pradesh and Maharashtra, and on-boarded Nokia as the IoT solutions provider, and Solidaridad for field implementation.

The unique CSR initiative will be showcased at Vi booth (Hall #3, Booth 3.B) at IMC 2020 from 8-10th December.

Talking about the program, P. Balaji, Chief Regulatory & Corporate Affairs Officer, Vodafone Idea Limited said, “Vi CSR is committed to leveraging technology strengths to create social impact through sustainable solutions. Smart crop management using Smart IoT and AI based solutions is transforming the prevalent agricultural practices into more ‘intelligent’ ones enabling farmers with smart decision making and helping them improve production and crop quality through better utilization of resources. Our SmartAgri project is unique as it brings an entire ecosystem of stakeholders such as Nokia for its innovative technology, Solidaridad for project management, and also green experts and researchers from University - all under one roof, to positively impact the lives of farmers in India.”

As part of this project, over 400 sensors have been deployed over 100,000 hectares of farmland to collect various data points which are then analyzed by a cloud-based and localized Smart Agriculture app. The app provides local language support as well as weather forecast and irrigation management information. The sensors generate insights that is helping to improve soy and cotton crop yields. Crop management through WING can include smart irrigation, smart pesticide control, and proactive information sharing frameworks on crops and weather, as well as a platform for commodity exchange. The use case can also employ Remotely Piloted Aircraft System (RPAS) technology or drones instead of traditional sensors for crop management.

Ankur Bhan, Head of Nokia WING Business, at Nokia, said: “Our mission for WING is to shape the future of agriculture and other industries, to create a smarter and more connected world. Together with Vi CSR, our managed service offering will help an initial 50,000 farmers and their families, with the aim of rolling out the solution across India.”

Smart Agriculture is a leading use case that India is exploring in the 5G era. The complete end-to-end solution from Nokia WING is supported by deep domain expertise and an agriculture partner eco-system.

Amrut Distilleries Celebrates 10 Years of its Iconic Single Malt - Fusion; Launches the Special Edition Fusion X

Amrut Distilleries, the pioneers of the Indian Single Malt revolution and makers of iconic brands such as the Fusion, Spectrum, Naarangi and Amalgam are celebrating the 10th anniversary of India’s flagship Single Malt Whisky - the Amrut Fusion. To commemorate this landmark day, the Bangalore based distillery is launching a special limited edition Single Malt whisky - the Fusion X (ten) across the world on the 25th of November, 2020.

This launch is also timed to celebrate the birthday of our beloved late. Chairman and MD, Shri. Neelaknta Rao Jagdale - the Father of Indian Single Malts.

Tracing our steps back to 2009, it was our late Chairman and Managing Director of N.R. Jagdale Group, Mr. Neelakanta Rao Jagdale, who in his conviction of offering the best possible product for discerning consumers set about creating a new Single Malt.The effort and the launch of the first Indian Single Malt, Amrut, in Scotland and thereafter in most parts of the globe were instrumental in his widespread recognition as the “father of Indian Single Malt Whiskies”. It was he who defined the final character of Amrut Fusion, as he sat in his summer residence in Nilgiris, 7000 feet above sea level.  As Neel kept at mixing peated and unpeated malts in various proportions, the magical formula that he finalized that day went on to become Amrut Fusion Indian Single Malt Whisky, a much appreciated, feted and richly awarded single malt wherever it was launched across the globe.  Clearly, as the architect of Amrut Fusion, Neel well and truly gave a new direction not just to his company but to the Indian Liquor industry itself.

Coming back to the present, we have a reason to celebrate, acknowledge and remember.  Amrut Fusion X is an ode to our past and our vision for the future. The Fusion X whisky is created after further maturing our Amrut Fusion for a period of 4 years in Px-Sherry casks, adding a dimension to the whisky unlike ever before. This limited edition also deserves a special bottling, and hence this exquisite liquid is presented in a collectible porcelain bottle, adorned with a beautiful print and a sketch of Neel, crafted by one of the foremost names in ceramics - Wade, England. The cork too, has been handpicked and shipped from Portugal, while the bottle will be presented in a jacket made of lush velvet.

The Fusion X, also for the first time in India comes with an integrated NFC chip in partnership with Vlinder, which adds a great level of safety to your collectible bottle. Buyers can tap the NFC on the bottle to be indicated on their smartphones if the bottle has ever been opened, and also access a vast array of information about the whisky on a website.

Amrut Fusion X is a very limited bottling with only 1010 bottles worldwide. In India, this rare symphony will be released in Bengaluru (limited to 60 bottles) at a price of around INR 15000 per bottle and will be made available in select retail outlets.

Quote from Rakshit N Jagdale, Managing Director, Amrut Distilleries

“It’s a matter of great pride to us when people call Amrut Fusion the flag-bearer of Indian Single Malts.   Our late CMD and my father Shri Neelakanta Rao Jagdale was in fact the architect of this pathbreaking product and it gives me immense satisfaction to make this special release of Fusion X on his birthday as both a celebration of 10 years of love by consumers around the world and a tribute to his life and legacy.”

Tasting notes:

Prepared by Ashok Chokalingam, Head Distiller - Amrut Distilleries

Colour: Golden Syrup

Nose: An exciting and inviting nose with an array of  tropical fruits and salted caramel transforming into toffee fudge. Then here you go; a wave of vanilla cream followed by almond paste. The phenols are a mere teaser and shy; exhibiting maturity beyond its age.

Taste: A sweet orange note transforming into loads of tropical fruits. Enormously complex on the palate showcasing the notes of dried fruits, vanilla cream, toffee fudge and an inviting oak note.The middle ground is velvety and silky and the phenols are just mesmerising and are lovely.

Finish: Sweet, spicy and phenolic!

About Amrut:

Founded in 1948 by the late Shri. Radhakrishna Jagdale, the history of Amrut Distilleries is as old as independent India itself. The journey started under the name and style of ‘Amrut Laboratories’. In the early years, Amrut was a leading manufacturer  and supplier of Rums, Brandy and Whisky for domestic consumption.

Amrut Single Malts were a consequential product of our organisation’s founding principles: Uncompromising Innovation, Unflinching R&D and the Undeterred Courage to always offer exceptional products to our customers. The initial chapters of this journey started when Rakshit was completing his dissertation in the UK; and as part of this project he conducted a market survey to check the acceptance of Amrut Indian Single Malt. The response was very encouraging to say the least - everyone who tried the malt were impressed that fortified our confidence leading to the launch of the brand.

Amrut Indian Single Malt launched in 2004 in Glasgow, Scotland, UK the heart of Scottish whiskies, creating history as the first Indian Single Malt to ever be launched outside India.

The journey was extremely tough and challenging as India’s image producing quality whisky was very bad. We also had to undergo many struggles as our Indian identity did not always lead to favourable conditions in the developed world. However, we were absolutely confident about the quality we had to offer and we continued to strive and pursue endlessly our goal of bringing the Indian Single Malt to the world.

Trend Micro Strengthens Data Sovereignty by Launching Regional XDR Data Lake in India

Trend Micro Incorporated (TYO: 4704), the leader in cloud security, today announced the launch of its regional data lake for XDR in India for its customers, after similar launches in Sydney and Singapore. The company also provides Cloud App Security (for Office 365 environments) and Apex One SaaS (Software as a Service) with local sandbox capability made available out of its data center in India, to address the growing concerns around data localisation and sovereignty issues. This announcement comes at the back of Trend Micro launching its local managed XDR data center service in India last year. 

Trend Micro XDR is the first in the cybersecurity industry that offers the most extensive correlated detection going beyond endpoint detection and response (EDR). It collects and analyses activity data from emails, endpoints, servers, cloud workloads, and networks, enabling security operations center (SOC) teams to detect, investigate, and respond to advanced threats. Powered by cloud data lake, Artificial Intelligence and Machine Learning, XDR reduces alert fatigue and addresses the challenges faced by SOC analysts. 

Speaking on the announcement, Nilesh Jain, Vice President, Southeast Asia and India, Trend Micro said, “When we launched our Managed XDR service in India last year, it was seen as an industry gamechanger. For customers who had detection and response tools but didn’t have the required resources or skillsets to maximize them, it was of great service. To further augment our offering, we have launched our local XDR data lake, Cloud App Security and Apex One SaaS along with sandbox, hosted out of India data center to serve our vast clientele. This is the need of the hour, as data sovereignty and data protection are of utmost importance to our customers and us alike. We at Trend Micro believe that this important step will go a long way in providing peace of mind to enterprises, particularly those who are operating in realm of critical infrastructure, like banking, telecom, government, petroleum and manufacturing organisations.” 

“In India, cloud and endpoint security are the biggest growth drivers seen in the last two years. Customers are looking for a comprehensive endpoint security with advanced protection capabilities that defend and respond to unknown and stealthier threats. With Trend Micro Apex One SaaS, security gaps across any user activity and endpoint can be effectively eliminated using AI based detection, as it provides both EDR and EPP together in a single console. Also, as a majority of attacks like ransomware, phishing, BEC etc. originate from email gateway, our new and enhanced Cloud App Security solution is uniquely positioned to provide email security for our customers in India with local sandboxing,” he further added. 

Trend Micro Cloud App Security sandbox integrates directly with Office 365, Google G Suite and other services using application programming interfaces (APIs) and enforces compliance on cloud file-sharing and collaboration tools, including Box, Dropbox, Google Drive, Microsoft OneDrive for business, Microsoft Teams among others. The Virtual Analyzer cloud sandbox works in conjunction with Trend Micro’s global threat intelligence network, to identify potentially malicious characteristics. It is setup in partnership with Microsoft Azure and helps companies to observe file behaviour in an environment that simulates endpoints on the organisation’s network without any risk of compromising the network. 

“In an ever-evolving technology landscape, it is important to look at security that goes beyond traditional antivirus. Apex One SaaS leverages a blend of cross-generational threat techniques to provide the broadest protection against all types of threats. It redefines endpoint security with its breadth of capabilities and gives centralised visibility and control across all functions. This offers actionable insights that maximize security for customers,” said Frank Kuo, Vice President, Product Management, Trend Micro. 

With EDR being an important building block for XDR, Trend Micro Apex One delivered as SaaS serves as an added advantage for Indian customers. This solution is an all-in-one streamlined agent that provides automated detection and response with effective and modern technology, including machine learning, behavioural analysis and more, to block the latest threats with the added benefit of the industry’s most timely virtual patching. The endpoint sensor rapidly assesses attacks across email, endpoint, and server by investigating, recording and reporting the system-level activities.  

About Trend Micro 

Trend Micro, a global leader in cybersecurity, helps make the world safe for exchanging digital information. Leveraging over 30 years of security expertise, global threat research, and continuous innovation, Trend Micro enables resilience for businesses, governments, and consumers with connected solutions across cloud workloads, endpoints, email, IIoT, and networks. Our XGen™ security strategy powers our solutions with a cross-generational blend of threat-defense techniques that are optimized for key environments and leverage shared threat intelligence for better, faster protection. With over 6,700 employees in 65 countries, and the world's most advanced global threat research and intelligence, Trend Micro enables organizations to secure their connected world. 

Teradata Named a Leader in the 2020 Gartner Magic Quadrant for Cloud Database Management Systems

* Teradata Vantage Also Ranked Highest in Three Out of Four Use Cases in the 2020 Gartner Critical Capabilities for Cloud Database Management Systems for Analytical Use Cases

Teradata (NYSE: TDC), the cloud data analytics platform company, today announced it has been recognized as a Leader in the 2020 Gartner Magic Quadrant for Cloud Database Management Systems, issued November 23, 2020 by analysts Donald Feinberg, Merv Adrian, Rick Greenwald, Adam Ronthal and Henry Cook. Gartner evaluates vendors placed in the Magic Quadrant for Cloud Database Management Systems on completeness of vision and ability to execute following detailed research.

In tandem, Teradata Vantage – the company’s hybrid multi-cloud data analytics software platform –  was also recognized with the highest scores in three out of four use cases in the 2020 Gartner Critical Capabilities for Cloud Database Management Systems for Analytical Use Cases, issued November 24, 2020 by analysts Henry Cook, Donald Feinberg, Merv Adrian, Rick Greenwald, and Adam Ronthal. Among the 16 vendors evaluated, Teradata ranked highest in three out of four analytical uses cases – Traditional Data Warehouse, Logical Data Warehouse, and Data Science Exploration/Deep Learning – and ranked second in Operational Intelligence.

"Teradata is committed to providing the best enterprise data analytics in the cloud – period. This means offering our customers a modern data analytics platform that can handle the large and complex workloads that Teradata is known for, and flexible deployment options that don't limit choice or lock them in,” said Steve McMillan, CEO, Teradata. “We're the only data warehouse and analytics provider with hybrid multi-cloud offerings across the top three public cloud vendors, providing the same software, features, and experience regardless of environment. This recognition from Gartner validates the strength of our cloud position and further underscores the commitment to our customers to meet them wherever they are on their cloud journey."

Teradata’s unique hybrid and multi-cloud offerings have become critical differentiators in the Cloud Database Management Systems market. According to Gartner, “The capability to work across intercloud, multicloud and hybrid is increasingly important. This will likely become a prerequisite for these systems.”

Gartner defines the Cloud Database Management Systems (DBMS) as a fully provider-managed public or private cloud software system that manages data in cloud storage. These management systems include specific optimization strategies designed for supporting traditional transactions and/or analytical processing covering one or more of the following seven use cases: Traditional and Augmented Transaction Processing; Traditional and Logical Data Warehouse; Data Science Exploration/Deep Learning; Operational Intelligence; and Stream/Event Processing. Data is stored in a cloud storage tier (e.g., cloud object store, HDFS or other proprietary cloud storage infrastructure), and may use multiple data models — relational, non-relational (document, key-value, wide-column, graph), geospatial, timeseries and others.

Teradata Vantage is the leading hybrid multi-cloud data analytics software platform that enables ecosystem simplification by unifying analytics, data lakes and data warehouses. With Vantage, enterprise-scale companies can eliminate silos and cost-effectively query all their data, all the time, regardless of where the data resides – in the cloud, on multiple clouds, on-premises or any combination thereof – to get a complete view of their business. And now, Teradata is the only data warehouse and analytics provider with hybrid multi-cloud offerings across the top three public cloud vendors, offering maximum flexibility and choice to its enterprise customers.

New McAfee Report Eestimates Global Cybercrime Losses to Exceed $1 Trillion

News Highlights:

Global losses from cybercrime now total over $1 trillion, a more than 50 percent increase from 2018

Two-thirds of surveyed companies reported some kind of cyber incident in 2019

Average interruption to operations at 18 hours; the average cost was more than half a million dollars per incident

IP theft and financial crime account for at least 75 percent of cyber losses and pose the greatest threat to companies

Damage to companies also includes downtime, brand reputation and reduced efficiency

56 percent of surveyed organizations said they do not have a plan to both prevent and respond to a cyber-incident.

McAfee Corp. (Nasdaq: MCFE) – McAfee, today, released a new global report titled “The Hidden Costs of Cybercrime,” which focuses on the significant financial and unseen impacts that cybercrime has worldwide. The report, conducted in partnership with the Center for Strategic and International Studies (CSIS), concludes that cybercrime costs the world economy more than $1 trillion, or just more than one percent of global GDP, which is up more than 50 percent from a 2018 study that put global losses at close to $600 billion. Beyond the global figure, the report also explored the damage reported beyond financial losses, finding 92 percent of companies felt effects beyond monetary losses.

“The severity and frequency of cyberattacks on businesses continues to rise as techniques evolve, new technologies broaden the threat surface, and the nature of work expands into home and remote environments” said Steve Grobman, SVP and CTO at McAfee. “While industry and government are aware of the financial and national security implications of cyber-attacks, unplanned downtime, the cost of investigating breaches and disruption to productivity represent less appreciated high impact costs. We need a greater understanding of the comprehensive impact of cyber risk and effective plans in place to respond and prevent cyber incidents given the 100s of billions of dollars of global financial impact.”

The Hidden Costs of Cybercrime

The theft of intellectual property and monetary assets is damaging, but some of the most overlooked costs of cybercrime come from the damage to company performance. The survey revealed 92 percent of businesses felt there were other negative effects on their business beyond financial costs and lost work hours after a cyber incident. The report further explored the hidden costs and the lasting impact and damage cybercrime can have on an organization, including:

System Downtime – Downtime is a common experience for around two thirds of respondents’ organizations.  The average cost to organizations from their longest amount of downtime in 2019 was $762,231. Thirty-three percent of survey respondents stated IT security incident resulting in system downtime cost them between $100,000 and $500,000.

Reduced Efficiency – As a result of system downtime, organizations lost, on average, nine working hours a week leading to reduced efficiency. The average interruption to operations was 18 hours.

Incidence Response Costs – According to the report, it took an average of 19 hours for most organizations to move from the discovery of an incident to remediation. Many security incidents can be managed in-house, but major incidents can often require outside consults with high rates that form a significant portion of the cost of a large-scale incident.

Brand and reputation damage – The cost of rehabilitating the external image of the brand, working with outside consultancies to mitigate brand damage, or hiring new employees to prevent against future incidents is part of the cost of cybercrime. 26 percent of the respondents identified damage to brand from the downtime experienced because of a cyber-attack.

Companies Unprepared for Cyber Incidents

Through the research and analysis, the report found a lack of organization-wide understanding of cyber risk. This makes companies and agencies vulnerable to sophisticated social engineering tactics and, once a user is hacked, not recognizing the problem in time to stop the spread. According to the report, 56 percent of surveyed organizations said they do not have a plan to both prevent and respond to a cyber-incident. Out of the 951 organizations that actually had a response plan, only 32 percent said the plan was effective.

The report concludes with key ways for businesses to deal with cybercrime. These include uniform implementation of basic security measures, increased transparency by organizations and governments, standardization and coordination of cybersecurity requirements, providing cybersecurity awareness training for employees, and developing prevention and response plans.

Download a full copy of the Hidden Costs of Cybercrime report for a complete analysis of the research as well as visual representations of the data.

Methodology

McAfee commissioned independent technology market research specialist Vanson Bourne to undertake the research that this report is based on.

Between April and June 2020, the quantitative study was carried out, interviewing 1,500 IT and line of business decision makers. Respondents came from the US (300), Canada (200), the UK (200), France (200), Germany (200), Australia (200) and Japan (200). Respondents’ organizations have 1,000 or more employees and were from all sectors except construction and property. However, only IT decision makers were interviewed in the Government sector.

Interviews were conducted online using a rigorous multi-level screening process to ensure that only suitable candidates were given the opportunity to participate.

Additionally, CSIS utilized a survey of open source material on losses accompanied by interviews with Government officials, and an estimate adjusted by national income levels using International Monetary Fund (IMF) income data to determine the cost of cybercrime.

Muthoot Finance Partners with Bajaj Allianz to Launch “Muthoot Gold Shield” Gold Jewellery Insurance

Muthoot Finance, India’s largest gold loan NBFC has tied up with Bajaj Allianz General Insurance, India’s leading private general insurer to provide insurance on gold jewellery as part of their new initiative - “Muthoot Gold Shield”, which is backed and powered by Group Affinity All Risk policy of Bajaj Allianz General Insurance.

Muthoot Gold Shield is the Gold Jewellery Insurance Scheme launched by Muthoot Finance, for its customers in partnership with Bajaj Allianz General Insurance. The policy provides insurance coverage of gold jewellery for individuals. This is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of gold loan and release of gold ornaments. It will provide insurance coverage to the customers of Muthoot Finance as a loyalty product.. 

Mr. George Alexander Muthoot, Managing Director, Muthoot Finance said, “Muthoot Finance as a company has always believed in the philosophy of helping people and giving back to society. Going by the initial overwhelming response received to this insurance policy, it has been widely accepted by the customers of the Company. As part of our ongoing customer loyalty programme and social commitment, we are providing customers insurance coverage with an objective to build confidence and help move ahead in life without any fear.”

Speaking on the occasion, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “At Bajaj Allianz General Insurance, our endeavour has always been to offer products to ensure that citizens are safeguarded against exigencies. Gold jewellery is an integral part of our country’s culture and hence we have curated this product specifically for financially shielding customers of Muthoot Finance in case of any unforeseen events, thus making them worry-free about their jewellery.”

The Scheme has the following unique benefits which are exclusive to this Insurance Policy:

1.It is one of the simplest and easiest ways of obtaining gold jewellery insurance coverage

2.Policy covers Burglary, Robbery, theft from insured person’s home, loss-in-transit and 13 other disasters (natural calamities)

3.This is a standalone gold jewellery insurance offering

4.Companies typically provide gold jewellery insurance as part of home insurance along with insurance of other articles at home. Normally, the percentage of insurance coverage for gold jewellery is restricted by some insurance companies to a maximum of 15% of the total home insurance policy sum insured.  For instance, if an individual wants to take a jewellery insurance coverage of 1.50 Lakhs from other insurance companies, he/ she will have to take a home insurance policy of about Rs. 10 Lakhs.

5. Muthoot Gold Shield is provided at a nominal premium, which is lower than industry average

6. ZERO documentation is required and it takes less than 2 minutes to generate a policy.