Reliance Capital Blog

Reliance Capital, India's Berkshire Hathaway

Thursday, December 28, 2006

Reliance Money to unveil 2-way authentication for online share trading

Reliance Money, Reliance Capital Ltd (RCL)’s retail brokerage arm, and an Anil Dhirubhai Ambani Group (ADAG) company, is in the process of introducing the two-way authentication to online share trading.

Though HSBC was the first to introduce the authentication for Internet-based transactions in India, RCL will introduce this in share trading for the first time.

According to sources, Reliance Money customers will be provided with a token (an electronic gadget) that will generate a password, which will be a third level of security in addition to the customer log in and a password provided. The password generated by the token will be valid only for a period of 20 seconds. If the web page expires, for the fresh login, a new password generated by the token will have to be keyed in by the customer.

A few foreign banks operating in the country are also in the process of introducing the concept for e-banking customers. RCL spokesperson said, “The details are being worked out and will be outlined at the time of the launch of the service.”

Other major online share trading players like ICICIdirect.com, Kotak Securities, Motilal Oswaland others are contemplating introducing two-way authentication.

Wednesday, December 27, 2006

Anil Ambani's Reliance Insurance launches health policy

Reliance General Insurance, a subsidiary of Anil Ambani-controlled Reliance Capital, today launched a new health insurance policy.

The new 'Reliance HealthWise Policy' would be available in three plans -- Standard, Silver and Gold -- in which a cover of Rs 1 lakh for a couple would attract a premium of Rs 820, Rs 900 and Rs 1,000 respectively, the company said in a release.

Depending upon the plan, policy holders would be offered variable features that would cover expenses incurred for hospitalisation, day-care treatments and critical illness.

Reliance HealthWise Policy would be available for children above three months and adults below 65 years, the insurer said.

This is the first health policy to cover hospitalisation expenses incurred by a donor in case of a major organ transplant, it said.

In case the insured contracts any of the nine critical illnesses, including cancer, stroke and paralysis, the sum insured under the policy would be doubled (which is separately available apart from basic sum insured), toward meeting hospital expenses, the insurer said.

The 'Family Floater Option', one of the features of the policy, would cover an entire family under a single policy with the sum insured being available to each member in case of an emergency.

The premium paid for the policy is eligible for tax deduction under section 80D of the Income Tax Act. Limits are Rs 10,000 for policyholder, his spouse and children, and Rs 15,000 for senior citizens above 65 years.

Wednesday, December 20, 2006

Reliance Commun Launches Free Term Life Cover for CDMA Subscribers

Reliance Communications Ltd. has launched the 'Free Group Term Life Cover' (TLC) offer for the more than 25 million CDMA subscribers of Reliance Mobile and Reliance Hello. The scheme offers Reliance Communications' customers an insurance cover of up to Rs. 50,000 merely through an SMS without paying any premium.

"The Free Group Term Life cover is a step in line with the constant endeavor of Reliance Communications to enhance the value offering to our many million customers", said S.P. Shukla, President - Personal Business, RCL. "With Reliance Group serving over 50 million consumers in the country, this is the first step in our quest to extend the benefits of the synergy among the group companies to our customers."

Key benefits of the TLC scheme include
- Free Term Life Insurance up to Rs 50,000 based on last 6 months usage
- Minimum of Rs. 5,000 for prepaid and Rs. 10,000 for postpaid subscribers
- No medicals involved
- Simple enrolment via free SMS to 5433 with your town name
- All new and existing subscribers of Reliance Mobile and Reliance Hello are eligible

This Group Term Life Cover is underwritten by Reliance Life Insurance Co. Ltd., an associate company of Reliance Capital Ltd. The minimum cover is Rs. 5,000 for the prepaid and Rs. 10,000 for the post-paid CDMA subscribers. However, the maximum cover is Rs. 50,000 for both types of subscribers.

The cover is valid for a period of six months from the date a subscriber responds to the company by SMS, provided the Master Policy is in force. The cover offered is calculated on the basis of previous six months cumulative recharges for the prepaid subscribers and cumulative bills for the postpaid subscribers.

Subscribers have to just send an SMS from their handsets to 5433 mentioning their city and the Free Group Term Life Cover will be activated on the very same day. They would receive a reply SMS requesting them to visit the COI microsite (relianceadagroup.com/TLP) to download their certificate of insurance. All current, prepaid and postpaid CDMA subscribers of Reliance Mobile or Reliance Hello between the age of 18 and 59 years are eligible under this scheme.

In case of any unfortunate eventuality, the subscriber's nominee will have to get in touch with Reliance Life Insurance to file the claim. However, the claim would be entertained only one month (30 days waiting period) after the cover activation by SMS. The Free Group Term Life Cover is a pure risk cover.

A pilot for Hyderabad via an outbound SMS campaign was launched on August 21, 2006 and after covering the rest of Andhra Pradesh, the nationwide TV commercial was run on October 17, 2006 for the Free Group Term Life Cover. Currently, the TLC scheme only covers CDMA subscribers (GSM & FLP customers are not yet eligible for this limited offer).

Friday, December 01, 2006

Motorola, Rel Capital starts SeedFund for investment

A group of investors including Motorola Ventures and Reliance Capital Ltd, have formed a $10-million fund to make early-stage investments in start-ups, officials said.

SeedFund will typically invest up to $500,000 in each opportunity and target information technology, business process outsourcing, Internet and media sectors, they said.

"There are lot of players ready to invest big amounts in existing firms but not many invests in small start-ups," Vispi Daver, principal of Sierra Ventures, another co-founder of the fund, said on Thursday.

Other investors in the fund include SVP Financial Group, Sierra Ventures and individual investors Kanwal Rekhi, K B Chandrasekhar, B V Jagadeesh and Sridar Iyengar.