News Roll
Now , Earn Rewards For Maintaining Good Health
Aditya Birla Health Insurance Co Ltd ( ABHICL ), the standalone health insurance arm of Aditya Birla Capital Ltd , has announced the launch of Activ Assure , a new health insurance offering that promises rewards for keeping fit .
Activ Assure incorporates ABHICL ’ s Health Returns programme that incentivises customers up to 30 per cent of their premium by tracking and rewarding their health activity regularly . Consumers are rewarded in the form of cash equivalents that can be used for other health-related expenses like medicines , diagnostic tests , day care treatment , outpatient expenses and alternative treatments . The reward can also be used towards the payment of future premiums .
In a family floater policy , Activ Assure offers an additional 150 per cent of the sum insured as reload for unrelated illness . For example , a `15 lakh additional reload for a `10 lakh sum insured policy , in case the cover is insufficient for claims .
“ Activ Assure is an addition to our portfolio of protection solutions . We ’ re confident that with this product we ’ re focusing even more on promoting healthy living ,” said Mayank Bathwal , CEO , ABHICL . “ We expect a deeper penetration into tier-II and tier-III markets which are essentially price-sensitive ,” he added .
The product covers 586 listed day care procedures that require hospitalisation for less than 24 hours , along with treatment under Ayurveda , Unani , Siddha Yoga , naturopathy , and homeopathy . The minimum age to be eligible for the policy is five years , and there is no maximum age . In case of a family floater plan , up to six members ( two adults and four children ) can be covered in a single policy .
MF Folios Rise Despite Volatile Stock Markets
The Assets Under Management ( AUM ) of mutual funds declined marginally to `22.21 lakh crore in February 2018 , as against `22.41 lakh crore in January 2018 . However , the total number of folios increased by 2.3 percent to touch 6.99 crore , according to ratings agency ICRA .
The mutual fund industry added approximately 15.72 lakh new folios in February 2018 , out of which 13.65 lakh were in the equity category ( including Equity Linked Savings Schemes or ELSS ). Approximately 1.8 lakh new folios were added to the balanced funds category .
The total industry AUM for February 2018 was higher by 24.1 per cent when compared to `17.89 lakh crore in February 2017 , as per latest data from Association of Mutual Funds in India ( AMFI ).
The AUM for equity schemes , including ELSS , balanced funds and other ETFs for February 2018 , was `10.21 lakh crore , as against `10.36 lakh crore in the previous month . However , as compared to February 2017 , inflows into equity schemes surged by approximately 60 percent , from `6.37 lakh crore .
AUM under equity ( including ELSS ), balanced funds , other ETFs for February 2018 amounted to `10.21 lakh crore as against `10.36 lakh crore in January 2018 .
Despite the stock markets declining , net inflows into equity mutual funds continued to remain strong , said ICRA . Equity funds ( including ELSS ) saw net inflows of `16,268 crore , which was an increase of 5.7 percent month-on-month and more than 150 percent year-on-year .
The increase was mainly driven by sustained inflows through Systematic Investment Plans ( SIPs ). According to data from AMFI , cumulative SIP contribution has been `53,646 crore so far in FY18 .
Priya Nair
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Outlook Money April 2018 www . outlookmoney . com