Archive: October 31, 2022

Shriram Life’s Premier Assured Benefit Rides on Guaranteed Benefits, Superior Returns & Comprehensive Life Cover Options

HYDERABAD, October 31, 2022: Shriram Life Insurance has launched a new plan called Shriram Life Premier Assured Benefit. The plan is aimed at helping individuals aged 30 days to 50 years meet their recurring needs and achieve their major financial goals in life. This is a non-participating life insurance savings plan that offers attractive guaranteed returns.

The plan comes with Income and Settlement payout options. The unique feature of the plan lies with the ‘Life Plus’ coverage, wherein survival benefits are paid to the family as scheduled even after the life assured’s death. These benefits are paid over and above the Death Sum Assured. This signature cover provides selected payout benefits without any burden of premium payment on the beneficiaries if the life assured dies during the premium paying term.

Speaking at the launch of the Premier Assured Benefit plan, Casparus Kromhout, MD & CEO of Shriram Life Insurance said, “We are thrilled to add this one-of-a-kind Guaranteed Savings Insurance Plan to our ever-expanding product bouquet. This new plan offers tax-free benefits and assists employees, professionals, business persons, and entrepreneurs in achieving their long-term objectives with guaranteed and attractive returns. Given the true purpose of life insurance, this plan provides Life Plus coverage for the entire duration of the policy and ensures the insured family’s financial security even after unexpected and unfortunate events.”

The policyholders can receive payouts in one of three ways: Income, Settlement in a lump sum, or Settlement in installments. They cover a wide range of customers’ needs such as consistent cash flow to meet various recurring financial needs, fulfilling major long-term goals, and those who want their loved ones to achieve their planned goals even in their absence.

To accommodate the ever-changing life needs, the plan also offers the flexibility to switch the applicable payout options anytime as needed. Customers who want to save a large sum of money for major financial goals in life, such as starting a business or purchasing a dream home or saving for financial security, or hedging their investments can choose the Settlement options.

For the decision-making to be simple and need-based, the premium rates have been kept the same for both the Life Cover options – Life & Life Plus. In the event of the policyholder’s untimely death during the policy term, the Death Benefit is paid to the beneficiaries or nominees with the opted Rider benefits, if any as per the Life cover option chosen.

Premier Assured Benefit starts with a minimum premium of INR 60000*, a minimum payment term of 6 years, and a minimum policy term of 10 years. The policy is also available with a Single premium and under PoS channels. Policyholders can avail of the loan facility with just 9% interest per annum for a maximum loan of up to 80% of the surrender value. Tax benefit, as applicable under extant laws, is available.

As a highly flexible policy, with three benefit payouts and two life cover options, the Premier Assured Benefit Plan is likely to be a best-seller among customers.

South Indian Bank Introduces “Remit Money Abroad” Feature in Sib Mirror + App

Mumbai: South Indian Bank has launched a new module in their Mobile Banking Application called “SIB Mirror+” to better facilitate the “remittances to” abroad in foreign currency. The Bank has enabled ‘Remit Money Abroad” through Mobile Banking on the Outward remittances front, ensuring savings on time, convenience, and safety.

‘Remit Money Abroad” facilitates Foreign Outward Remittance through the bank’s “SIB Mirror+” mobile banking application for its NRE and Resident Savings Bank Account customers. South Indian bank provides the same facility in its Internet Banking platform “SIBERNET” also for their Resident Savings Bank Account and NRE Savings Account customers. Customers can transfer foreign currency abroad without visiting the branch and with more convenience in a secure, fast and paperless manner.

Speaking on the launch, Thomas Joseph K, Executive Vice President & Group Business Head, South Indian Bank, said “This is a major milestone in the digital journey of South Indian Bank. Through this newly launched feature, our customers can now initiate foreign outward remittances in more than 100 currencies across the globe. We are certain that this new feature would make foreign remittances a smooth and seamless transaction for all our customers using the mobile platform.”

‘Remit Abroad Feature’ on Mirror +, enables customers to remit money for purposes such as family maintenance, gifting, education, emigration, and travel. This feature helps customers to initiate outward remittance requests 24×7 in USD currency, while remittances in all other currencies can be initiated during market hours. The per day limit for resident customers is USD 10000 and in an FY USD 25000, for NRI daily limit is fixed at USD 25000, and the FY limit is USD 100000, within the LRS limit.

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AGI Greenpac Q2 FY23 Results|| Revenue from Operations stood at ₹513 crore, up by 66%; EBITDA up 17% to ₹87 crore on Y-o-Y basis

Gurugram, India, October 31, 2022: AGI Greenpac Limited, one of the leading Packaging companies in India, today announced its financial results for the second quarter ending September 30, 2022.

Financial Performance Highlights: H1 FY2023

§ Revenue from Operations stood at ₹1034 crore, registering a growth of 72% on a Y-o-Y basis

§ Operating EBITDA stood at ₹180 crores, registering a growth of 35% on a Y-o-Y basis with margins of 17%

§ Net Profit stood at ₹100 crores, registering a growth of 101% with margins of 10%

Financial Performance Highlights: Q2 FY2023

§ Revenue from Operations stood at ₹513 crores, registering a growth of 66% on a Y-o-Y basis

§ Operating EBITDA stood at ₹87 crores, registering a growth of 17% on a Y-o-Y basis with margins of 17%

§ Net Profit stood at ₹34 crores, registering a growth of 9% with margins of 7%

Business Update

In Q2FY23, the company delivered a strong performance and reported Revenue from Operations of ₹513 crores, compared to ₹309 crores in Q2FY22, registering a stellar growth of 66% on a Y-o-Y basis. The sales and profitability improved on a Y-o-Y basis on account of improved efficiencies. The Company delivered EBITDA of ₹87 crores, registering a growth of 17% on a Y-o-Y basis. The company continued to maintain strong EBITDA margins despite a sharp increase in input prices, rising inflation, and an increase in global interest rates. Net Profit stood at ₹34 crores, with margins of 7%.

Q2FY22 includes a one-time receipt of an insurance claim amounting to ₹16 crore which is nil in Q2FY23. Further, the currency fluctuation incurred a foreign exchange loss of ₹6 crores in Q2FY23 compared to a gain of ₹0.2 crores in Q2FY22. Once the impact of one-time receipt of insurance claim and foreign exchange loss is neutralized, the adjusted EBITDA is ₹93 crore in Q2FY23, registering a growth of 59% on a Y-o-Y basis with a margin of 18%.

Commenting on the quarterly results, Mr. Sandip Somany, Vice Chairman and Managing Director, AGI Greenpac Limited said, “AGI Greenpac continues to deliver strong performance despite rising inflation, energy cost, and currency fluctuations owing to our agile business model, improved operational efficiencies and strong connection with our customers.”

He further added, “Despite a challenging macro-economic scenario, we expect the growth in demand for our packaging products to continue. Going forward, we will continue to focus on improving the product mix, and manufacturing high-end and value-added products with high margins. We remain confident in our ability to consistently deliver while growing sustainably across products and business segments.”

Brands Providing Finest Sustainable Packaging Solutions

One of the main categories that generate the maximum amount of waste is the packaging. The majority of packaging and bags are made of plastic, which is neither recyclable nor compostable. Here, we examine four different businesses that are offering sustainable packaging solutions to the brands and changing the packaging landscape.

1. Bambrew: Vaibhav Anant founded Bambrew in 2018, a one-stop shop for cutting-edge solutions for ecological packaging. The brand’s goal is to completely eliminate plastic from the packaging sector. Every product produced by the company is handmade and made from bamboo, sugarcane, and seaweed. Bambrew is managing to eliminate over 1500 tons of plastic from the supply chain every month. Bambrew is catering to brands like Myntra, Amazon, Flipkart, 1mg, Swiggy and others
2. Ecoware: Ecoware was founded in 2010. They convert common crop waste into sustainable alternatives to single-use plastics which have caused untold damage to the environment and adversely impact human health. They offer a range of products in sustainable packaging domain to restaurant chains like a subway. Ecoware is 100% plant biomass such as sugarcane waste and does not contain any binder, lining, adhesive, laminate, or coating. All products will biodegrade naturally in the soil in 90-100 days in the presence of microbes. Works just as well for landfills too.
3. Excellent Exim House: is a manufacturer and exporter of a comprehensive range of jute bags. They manufacture and export Jute Wine Bags, Jute Beach Bags, Jute Ladies Purses, Jute Shopping Bags, Jute Christmas Bags, Jute Promotional Bags, Ornamented Jute Hand Bags, Cotton Canvas Fancy Bags, Non-woven Bags, Supplier of B-Twill sacks, etc. Their jute bags are not only stylish but also strong.
4. Ecotech Papers is renowned as one of the top manufacturers of multilayer Kraft paper. Their paper is 100% recycled and eco-friendly and they have a strict environmental policy. Established in the year 2014 at Kamalpur (Guwahati, Assam). The entire range is checked by their experts as per the set quality standard in order to ensure that the offered products are flawless. Due to their strong business ethics and focused approach in conducting all operations they stand among the top manufacturers of Kraft paper in the industry.

ekincare Appoints Prakash Jain as Head of Finance

Hyderabad, October 31, 2022: ekincare, the AI-integrated OPD benefits and well-being platform for organizations announced the appointment of Mr. Prakash Jain as Head of Finance, effective October 2022.

Prakash Jain is a Chartered Accountant and a finance leader with 17+ years of experience in Strategic Partnership, Financial Planning, Investor Relations, and Core Financing. With a proven track record of partnering with businesses on their growth journey, Prakash joins ekincare to work closely with the leadership team to scale all areas of the business. Prior to ekincare, Prakash worked as a Sr. Director, Finance for BlackBuck, and held numerous Financial leadership roles in companies like Brillio, SLK Group, EY, and Citibank. Prakash completed his bachelor’s in commerce from St. Xavier’s College, Mumbai.

In addition to this development, Vinay Pawar, COO at ekincare would now be leaving the organization to pursue higher education.

Commenting on the appointment, Kiran Kalakuntla, CEO & Co-founder, ekincare said, “In our current hyper-growth phase, we are constantly looking for great talent and continue to strengthen our leadership team. Prakash’s keen eye for detail will enable us to drive more focus to invest in critical areas of the business as we continue to deliver on the promise of being the best-integrated OPD benefits platform for India. Vinay in the last two years has been instrumental in streamlining our finance and people function processes with our latest Series B funding. We wish him the best in his future endeavors.”

Trailer out now of ZEE5 Original Series and espionage thriller, ‘Mukhbir – The Story of a Spy’

CHENNAI: ZEE5, India’s largest home-grown video streaming platform, announced the trailer of its upcoming espionage thriller series ‘Mukhbir – The Story of a Spy’. Directed by Shivam Nair and Jayprad Desai, ‘Mukhbir – The Story of a Spy’ is an inspiring story of India’s secret agent in Pakistan who rose to the occasion to save the nation and turn the tide of the war in his country’s favor. Punctuated by powerful performances of Zain Khan Durrani, Prakash Raj, Adil Hussain, Barkha Sengupta, Zoya Afroz, Harsh Chhaya, Satyadeep Mishra, and Karan Oberoi, the 8-episodic series will stream on ZEE5 from 11th November 2022.

From the director of Special Ops and Naam Shabana, ‘Mukhbir – The Story of a Spy’ is inspired by true events and is the story of India’s secret agent who led India to evade several aggressive advances from the enemy country by providing intelligence and by helping India win the India-Pakistan 1965 war. Produced by Victor Tango Entertainment, the series is a tribute to those unsung heroes who live in the shadows and give their life for the safety of the country.

Federal Bank offers Group Credit Shield for its Credit Card holders in association with Ageas Federal Life Insurance

New Delhi, 31st October 2022: Federal Bank, one of India’s leading Private Sector Banks, today announced an extension of its partnership with Ageas Federal Life Insurance by offering Group Credit Shield for Federal Bank’s Credit Card holders. Group Credit Shield is an exclusive cover and equals the credit limit, up to a maximum of Rs. 3 Lakh for a term of 1 year.

This hassle-free and innovative sachet product requires no additional documents, no medical examinations, and is a single premium plan. Catering to customers, especially millennials, who desire ease and convenience, while at the same time ensuring safety and security, the Group Credit Shield plan can be bought online within 3 minutes with just a few clicks.

Federal Bank currently has three variants of Credit Cards namely Celesta, Imperio, and Signet in association with Visa, Mastercard, and Rupay respectively. Each card is designed to cater to the needs of different segments of customers.

Commenting on the launch, Mr. Karthik Raman, Chief Marketing Officer, and Head – Products, at Ageas Federal Life Insurance said, “We are delighted to partner with Federal Bank to introduce our Group Credit Shield for Federal Bank’s Credit Card customers. Group Credit Shield provides customers a life insurance cover that will secure their credit spending and protects their loved ones from having to shoulder the burden of repaying the debt in case of an unfortunate incident.”

Ms. Shalini Warrier, Executive Director, of Federal Bank said, “The Group Credit Shield product is designed to enhance Federal Bank’s credit card proposition. The ease & convenience that a completely digital process provides will surely add to customer convenience. By offering such bite-sized, bundled products, we hope to further increase insurance penetration in the country.”