ING sells stake in India’s Vysya Life Insurance

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ING sells stake in India’s Vysya Life Insurance
News from Reuters:

AMSTERDAM | Wed Jan 23, 2013 6:17am EST

AMSTERDAM (Reuters) – Dutch banking and insurance group ING (ING.AS) said on Wednesday it has agreed to sell its 26 percent stake in India’s Vysya Life Insurance to its joint venture partner Exide Industries (EXID.NS).

ING said the divestment is part of its sale of all of its Asian insurance and investment management operations.

The sale of Vysya Life Insurance does not impact ING Vysya Bank (VYSA.NS), a listed Indian bank in which ING has a 44 percent stake, nor ING’s fund management operations in India, ING said in a statement.

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Reliance Life Insurance launches new endowment plan
News from New York Daily News:

Mumbai, Jan 24 — Reliance Life Insurance, a unit of Anil Ambani-led Reliance Capital, Thursday launched a new endowment plan that offers guaranteed life cover and maturity benefits.

The new product called Reliance Life Insurance Super Endowment Plan provides life insurance coverage for the full policy term by paying for just half of the selected policy period.

“Reliance Life Insurance Super Endowment Plan has been designed to provide customers, who have a lower investment risk appetite, with the twin-benefits of saving and life cover for the future,” Anup Rau, chief executive officer, Reliance Life Insurance, said in a statement.

“This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents,” Rau said.

The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs.1 lakh. The policy-holder can opt for two policy terms — 14 years or 20 years.

IANS

This article was distributed through the NewsCred Smartwire. Original article © IANS / Daily News 2013

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