DHFL General Insurance launches Online Motor Cover
DHFL General Insurance has launched a customizable online motor insurance policy which offers customers 19 add-on options based on their specific needs.
The product known as COCO Drive, offers many nonstandard add-ons such as enhanced owner, occupant and paid driver personal accident cover, it also offers personal accident cover that can go up to Rs. 35 lakh. Other add-on options include EMI Protector and Outstanding Loan Protector for cars on loan, which will help in vehicle financing in case of accidents during the loan period, the insurer said.
Additionally, apart from providing coverage across India, the product also covers neighboring countries such as Nepal, Bhutan, Pakistan, Bangladesh, Sri Lanka and Maldives.
Star Health Insurance acquisition to get completed by next year :
The transfer process of Star Health Insurance which is being acquired by Safecrop Holdings is likely to be completed by next year. Star Health is the country’s first and largest standalone health venture.
The sale process is underway. Lots of approvals are still to come in. We are closely looking forward to clearance from Insurance Regulatory and Development Authority of India, said Chief Operating Officer, Star Health and Allied insurance.
Recently, the Competitions Commission of India had also approved the acquisition of Star Health Insurance by Safecrop Holdings. The Company in August this year, signed a definitive agreement with the shareholders of Star Health, which include Star Health investments and funds associated with ICICI Venture, Tata Capital and Apis Partners, to purchase their shares in the company.
They syndicate of investors was with us for over seven years, and so it was time for a change, he said, adding that he expects the health insurer to expand its reach and operations as well as valuation with the sale,
So far, in 2018-19. We are growing at about 22 per cent in fresh policy issuances, and our overall premium growth is 35 per cent, he said, adding that the insurer is on track to meet its targets.
HDFC Ergo in talks to buy Apollo Munich Health Insurance :
HDFC Ergo is in advanced talks to acquire Apollo Munich Health Insurance for an approximate valuation of Rs. 2,600 crore, according to sources.
Apollo Munich is the second largest standalone health insurance provider in the country. Munich Re will exit the company after the sale, said sources. “Apollo will own a marginal stake in the merged entity with HDFC Ergo,” sources sai. Ergo, the German insurer that holds 49% of stake in HDFC Ergo, is owned by Munich Re. Arpwood Capital is the exclusive advisor to the proposed deal between HDFC Ergo and Apollo Munich.
In view of the foregoing, the complaint failed to succeed.