State-run firms to remain exempt from Minimum Public Shareholding NormsThe Securities and Exchange Board of India (SEBI) has amended the Securities Contracts (Regulation) Act, 1956 which will exempt Indian state-run companies from the Minimum Public Shareholding (MPS) norm that requires listed companies to maintain a 25% public shareholding.
- These exempted entities will be the government and public sector undertakings (PSUs) that hold together or individually majority stake from the MPS norm.
Key Points:
i.Currently, as per SEBI norms, a company is required to have a MPS of 25% within one year of the merger with/acquisition of a company or three years after listing.
ii.The exemptions from the MPS norm will be valid for a specified period even if there is a change in ownership or control after the exemption is granted
iii.Extending this exemption will encourage more investors to buy stakes in government companies.
IDBI Bank exempted from MPS
Now, with the above changes in the regulations, IDBI Bank will also be exempted from MPS. The exact period of MPS exemption for IDBI Bank will be known to shortlisted bidders when the government shares the draft share purchase agreement (SPA) with them.
Defence Minister Rajnath Singh attended MoU Exchange Ceremony ‘Outreach Programme with MoE & MoSDE’ in New Delhii.On January 3, 2023, Union Minister Rajnath Singh, Ministry of Defence (MoD) attended the Memorandum of Understanding (MoU) Exchange Ceremony ‘Outreach Programme with Ministry of Education (MoE) & and Ministry of Skill Development and Entrepreneurship (MoSDE)’ in New Delhi, Delhi.
ii.The event saw the signing of MoUs and Agreements by MoD, MoE, MoSDE, Indian Army (IA), Indian Navy (IN), and Indian Air Force (IAF) with various stakeholders for the education and skill development of Agniveers.
iii.These MoUs will enable Agniveers to timely complete their education, develop additional qualities and skills while serving in the Armed Forces. These will also provide appropriate skill certificates in accordance with their expertise and experience.
About the Ministry of Defence (MoD):
Union Minister – Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State (MoS) – Ajay Bhatt (Nainital-Udhamsingh Nagar, Uttarakhand)
NTPC Launches India’s First Green Hydrogen Blending Operation in PNG Network
NTPC Ltd. (formerly known as National Thermal Power Corporation Limited), India’s state-owned and largest energy conglomerate, has launched India’s first green hydrogen-blending operation in the piped natural gas (PNG) network of its Kawas township in Surat, Gujarat.
- The project is a collaborative effort between NTPC Ltd and Gujarat Gas Limited (GGL) to decarbonize the cooking sector.
Backdrop
i.Prime Minister Narendra Modi laid the foundation stone for the project on July 30, 2022.
ii.The blending project would provide H2-NG (natural gas) to residents in the Kawas township of Adityanagar, Surat.
- Green hydrogen is generated in Kawas by electrolysis of water utilising power from a 1 MW (megawatt) floating solar project.
Key Points:
i.P. Ram Prasad, Head of the project, Kawas, launched the first molecule of green hydrogen.
- NTPC Kawas also hosted awareness workshops for township residents upon the launch of the blending operation.
ii.The Petroleum and Natural Gas Regulatory Board (PNGRB), has approved a 5% volume/volume blending of green hydrogen with PNG to begin, with the blending level gradually increasing to 20% in a phased manner.
- Green hydrogen, when combined with natural gas, lowers carbon dioxide (CO2) emissions while maintaining the same net heating content.
iii.With this accomplishment, India has joined a select group of nations that includes Australia, Germany, and the United Kingdom (UK) and is now at the centre of the world’s hydrogen economy.
iv.As a result, India would be able to export green hydrogen and green chemicals to the world at large, reducing its dependence on hydrocarbon imports and earning foreign exchange (forex).
About the NTPC Ltd (formerly National Thermal Power Corporation Limited):
Chairman & Managing Director (CMD) – Gurdeep Singh
Established – 1975
Headquarters – New Delhi, Delhi
Manipur: Zeliangrong Community Celebrates Gaan Ngai Festival on 4th January 2023On 4th January 2023, the Zeliangrong or Kabui Community of Manipur celebrates the Gaan-Ngai festival to bring peace, prosperity and unity to the people of Manipur. The festival also marks the beginning of the new year and bids farewell to the old year.
Chief Minister(CM) of Manipur Nongthombam Biren Singh and Governor of Manipur La Ganesan greeted the people of Zeliangrong or Kabui Community on the occasion of the Gaan-Ngai festival.
Gaan-Ngai festival:
i.Gaan-Ngai festival is one of the biggest cultural and religious post-harvest festivals of the Zeliangrong community that marks the end of the year when the farmers stores their harvest in their granaries.
ii.The festival is celebrated by all non-Christian villages of Zeliangrong tribes which includes, Zeme, Liangmei, Rongmei, Kabui, Inpui and others living in Assam, Manipur and Nagaland.
About the Zeliangrong Naga tribe:
i.Zeliangrong Naga tribe (comprising of Rongmei, Liangmei, Zemei and Pumei) are Tibeto-Burman (Indo-Mongoloid) of the Sino-Tibetan family of the Mongolian race.
ii.They are one of the major indigenous Naga communities living in the tri-junction of Assam, Manipur and Nagaland in India.
iii.The term Zeliangrong was coined on 15 February 1947 in Imphal, Manipur by combining the first syllables of the names of the three sub. ethnic groups: Ze, Liang, and Rong.
iv.It is classified as an ethno-cultural entity.
About Manipur:
Chief Minister– Nongthombam Biren Singh
Governor– La Ganesan
Wildlife sanctuary -Khongjaingamba Ching Wildlife Sanctuary
Zoological park– Manipur Zoological Garden
PM Narendra Modi addresses 108th Indian Science Congress through Video ConferencingOn 3rd January 2023, Narendra Modi, the Prime Minister(PM) of India, virtually inaugurated and addressed the 108th edition of the Indian Science Congress (ISC), also known as ISC 2023, organised at Rashtrasant Tukadoji Maharaj (RTM) Nagpur University, Nagpur, Maharashtra.
- 108th ISC is a 5-day event, held from 3rd January 2023 to 7th January 2023.
- 2023 also marks the centenary celebration of RTM Nagpur University.
The focal theme of the ISC 2023 is “Science and Technology for Sustainable Development with Women Empowerment”.
- The theme will centre on sustainable development, women’s empowerment, and the contribution of science and technology to these goals.
Note: The 108th ISC was scheduled to be held in 2021 and then in 2022, which was cancelled twice due to the COVID-19 pandemic.
Background:
i. The ISC Association was founded in 1914 in Kolkata and held a meeting every year during the 1st week of January. It has a membership of more than 30,000 scientists.
ii. The 1st session of the Indian Science Congress was held from January 15-17 in 1914 at the Asiatic Society in Calcutta (now Kolkata), West Bengal.
Highlights:
i. The key highlight of ISC is sustainable development with inclusive involvement of all sections of society including women.
ii. Narendra Modi emphasised the importance of India’s scientific strength in India’s story of development over the next 25 years.
iii. He highlighted the abundant availability of data and technology in 21st-century India, which has the potential to take Indian science to new heights.
iv. He emphasised the benefits of partnerships with R&D labs and academic institutions for private companies and startups.
Key Points:
i. PM Narendra Modi noted that India is being counted among the top countries of the world as India moved to 40th place in the Global Innovation Index in 2022 from 81st place in 2015.
- India is ranked 3rd in terms of the number of Doctors of Philosophy (PhDs) and startup ecosystems, followed by the United States (US) and China.
ii. The session is focused on sustainable development with inclusive involvement of all sections of society including women, and deliberate on holistic growth, reviewed economics, and sustainable goals.
iii. PM Narendra Modi noted that on the initiative of PM Modi and the proposal of the Government of India, the United Nations(UN) declared 2023 as the International Year of Millets.
ADB, India sign $220 million loan pact to Strengthen Power Sector in Tripura
On January 3, 2023, the Asian Development Bank (ADB) and the Government of India (GoI) signed a $220 million loan pact for Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project.
- The loan amount will be utilized towards improving energy security, quality of supply, efficiency, and resilience of power sector in Tripura.
Signatories:
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance signed for GoI, and Hoe Yun Jeong, Officer-in-Charge of ADB’s India Resident Mission, signed for ADB.
Key Points:
i.The project will support the Government of Tripura’s efforts to strengthen its power sector through replacement of inefficient power plants, strengthen the distribution network and installation of smart meters that will help in increasing generation capacity, reduce distribution losses and to meet the increasing electricity demand.
ii.The Project will also fund the replacement of Rokhia power plant with a highly efficient combined cycle gas turbine that will reduce Greenhouse Gas Emissions (GHGs).
iii.The project will support at least 15 selected women self-help groups (SHGs) under Tripura rural livelihood mission.
iv.The project components will be designed to withstand heavy rainfall, lightning, and storms.
v.The distribution underground cabling will be installed by the horizontal directional drilling method or tunneling method to minimize road openings and reduce socio-environmental impacts during project implementation.
For Other Loan agreements of ADB with Indian States, Click Here.
ICICI Bank Introduces First-of-its-Kind Digital Solutions for ExportersIn a first-of-its-kind industry initiative, ICICI Bank Limited, a leading private sector bank in India, has launched Digital Solutions For Exporters, a comprehensive set of banking and value-added services on a single platform.
- The initiative intends to improve operational efficiency of exporters by decongesting the current time-consuming manual procedures.
Significance
i.The set of solutions digitizes every stage of the export process, including market research, export financing, foreign exchange (forex) services, and receiving export incentives.
ii.Additionally, the package of solutions provides first-in-the-industry features including Trade APIs (Application Programming Interface) and instant disbursal of Export Packing Credits (Insta EPC).
Key Services and Offerings of the Digital Solutions for Exporters
i.Exporters with an ICICI Bank relationship will benefit from the ease of instant and digital Export Packing Credit (EPC).
- This service is available for export-import transactions through ‘Trade Online’, the flagship digital platform of ICICI Bank.
i.ICICI Bank provides Trade APIs, a future-ready industry-first solution for the seamless handling of export bills.
- APIs include Remittances, Letters of Credit, and Bank Guarantees.
About the ICICI Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Establishment – 1994
Aegon Life Insurance Launches iTerm Prime Insurance Plan Aegon Life Insurance has launched the “iTerm Prime” insurance plan, which will fulfill the requirements of self-employed individuals by offering a special 10% discount (5% discount in addition to the 5% online discount for all) on the first-year premium.
Key Features of iTerm Prime
i.The flagship term insurance plan, iTerm Prime, gives a minimum sum assured for a life cover of Rs. 25 lakhs with no maximum limit on a consumer’s requirement.
ii.The minimum entry age is 18 years, while the maximum age for regular pay is 65 years and 50 years for limited pay.
- In the regular payment mode, the premium must be paid throughout the policy term.
- In limited pay, premiums can be paid for a fixed period of time while receiving policy coverage until the age of 70.
iii.To make the product more affordable to the end user, a special discount and flexible payment options have been provided.
- The product is available for purchase through Aegon Life’s website and its partners in a completely paperless method that requires no documents or uploads.
- Permanent Account Number (PAN), Aadhaar, or a driver’s licence are the only documents required to purchase insurance.
iv.The product also has a “Special Exit Value” (SEV) option, which allows the policyholder to get a refund of all premiums when they reach the age of 55.
- The entry age for this is 40 years, and the policy term is till 70 years.
- The policy provides a 15–30-day grace period for premium payments.
v.Additionally, the policy offers unique add-on features including Critical Illness Rider and Accidental Death Benefit Rider.
Key Points:
i.iTerm Prime is intended to promote life insurance access in emerging India.
ii.It digitizes underwriting and simplifies buying journeys, making insurance available to under-insured self-employed individuals, who make up the majority of India’s working population.
- The number of self-employed people in India stood at 333 million in 2021.
About Aegon Life Insurance:
Aegon Life Insurance Company is a joint venture (JV) between Bennett, Coleman and Co. Ltd. (BCCL), and Aegon NV.
- BCCL is the largest media conglomerate in India and also known as the Times Group.
- Aegon NV is a major international provider of life insurance, pensions, and asset management services.
MD and CEO – Satishwar Balakrishnan
Established – 2007
Headquarters – Mumbai, Maharashtra
GA-ASI partners with Bharat Forge to Manufacture Aerostructures in India
General Atomics Aeronautical Systems, Inc. (GA-ASI), a subsidiary of General Atomics(GA) based in San Diego, California, United States of America(USA), has partnered with Bharat Forge Limited, a part of Kalyani Group, to manufacture aerostructures – main landing gear components, subassemblies, and assemblies of remotely piloted aircraft in India.
About the partnership:
i.The partnership aims to support the development of a manufacturing ecosystem for high-end drones.
ii.The partnership between GA and Bharat Forge aims to enhance the capacity building of both companies and provide momentum to the large unmanned aircraft industry of India.
iii.Under this partnership, GA-ASI will work with Bharat Forge in the critical field of aerospace manufacturing.
iv.Bharat Forger will offer full-service supply capability from concept to product design, engineering, manufacturing testing and validation.
Current Affairs Daily Digest – 5 January 2023
Last updated: Fri Jan 06 2023
State-run firms to remain exempt from Minimum Public Shareholding NormsThe Securities and Exchange Board of India (SEBI) has amended the Securities Contracts (Regulation) Act, 1956 which will exempt Indian state-run companies from the Minimum Public Shareholding (MPS) norm that requires listed companies to maintain a 25% public shareholding.
- These exempted entities will be the government and public sector undertakings (PSUs) that hold together or individually majority stake from the MPS norm.
Key Points:
i.Currently, as per SEBI norms, a company is required to have a MPS of 25% within one year of the merger with/acquisition of a company or three years after listing.
ii.The exemptions from the MPS norm will be valid for a specified period even if there is a change in ownership or control after the exemption is granted
iii.Extending this exemption will encourage more investors to buy stakes in government companies.
IDBI Bank exempted from MPS
Now, with the above changes in the regulations, IDBI Bank will also be exempted from MPS. The exact period of MPS exemption for IDBI Bank will be known to shortlisted bidders when the government shares the draft share purchase agreement (SPA) with them.
Defence Minister Rajnath Singh attended MoU Exchange Ceremony ‘Outreach Programme with MoE & MoSDE’ in New Delhii.On January 3, 2023, Union Minister Rajnath Singh, Ministry of Defence (MoD) attended the Memorandum of Understanding (MoU) Exchange Ceremony ‘Outreach Programme with Ministry of Education (MoE) & and Ministry of Skill Development and Entrepreneurship (MoSDE)’ in New Delhi, Delhi.
ii.The event saw the signing of MoUs and Agreements by MoD, MoE, MoSDE, Indian Army (IA), Indian Navy (IN), and Indian Air Force (IAF) with various stakeholders for the education and skill development of Agniveers.
iii.These MoUs will enable Agniveers to timely complete their education, develop additional qualities and skills while serving in the Armed Forces. These will also provide appropriate skill certificates in accordance with their expertise and experience.
About the Ministry of Defence (MoD):
Union Minister – Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State (MoS) – Ajay Bhatt (Nainital-Udhamsingh Nagar, Uttarakhand)
NTPC Launches India’s First Green Hydrogen Blending Operation in PNG Network
NTPC Ltd. (formerly known as National Thermal Power Corporation Limited), India’s state-owned and largest energy conglomerate, has launched India’s first green hydrogen-blending operation in the piped natural gas (PNG) network of its Kawas township in Surat, Gujarat.
- The project is a collaborative effort between NTPC Ltd and Gujarat Gas Limited (GGL) to decarbonize the cooking sector.
Backdrop
i.Prime Minister Narendra Modi laid the foundation stone for the project on July 30, 2022.
ii.The blending project would provide H2-NG (natural gas) to residents in the Kawas township of Adityanagar, Surat.
- Green hydrogen is generated in Kawas by electrolysis of water utilising power from a 1 MW (megawatt) floating solar project.
Key Points:
i.P. Ram Prasad, Head of the project, Kawas, launched the first molecule of green hydrogen.
- NTPC Kawas also hosted awareness workshops for township residents upon the launch of the blending operation.
ii.The Petroleum and Natural Gas Regulatory Board (PNGRB), has approved a 5% volume/volume blending of green hydrogen with PNG to begin, with the blending level gradually increasing to 20% in a phased manner.
- Green hydrogen, when combined with natural gas, lowers carbon dioxide (CO2) emissions while maintaining the same net heating content.
iii.With this accomplishment, India has joined a select group of nations that includes Australia, Germany, and the United Kingdom (UK) and is now at the centre of the world’s hydrogen economy.
iv.As a result, India would be able to export green hydrogen and green chemicals to the world at large, reducing its dependence on hydrocarbon imports and earning foreign exchange (forex).
About the NTPC Ltd (formerly National Thermal Power Corporation Limited):
Chairman & Managing Director (CMD) – Gurdeep Singh
Established – 1975
Headquarters – New Delhi, Delhi
Manipur: Zeliangrong Community Celebrates Gaan Ngai Festival on 4th January 2023On 4th January 2023, the Zeliangrong or Kabui Community of Manipur celebrates the Gaan-Ngai festival to bring peace, prosperity and unity to the people of Manipur. The festival also marks the beginning of the new year and bids farewell to the old year.
Chief Minister(CM) of Manipur Nongthombam Biren Singh and Governor of Manipur La Ganesan greeted the people of Zeliangrong or Kabui Community on the occasion of the Gaan-Ngai festival.
Gaan-Ngai festival:
i.Gaan-Ngai festival is one of the biggest cultural and religious post-harvest festivals of the Zeliangrong community that marks the end of the year when the farmers stores their harvest in their granaries.
ii.The festival is celebrated by all non-Christian villages of Zeliangrong tribes which includes, Zeme, Liangmei, Rongmei, Kabui, Inpui and others living in Assam, Manipur and Nagaland.
About the Zeliangrong Naga tribe:
i.Zeliangrong Naga tribe (comprising of Rongmei, Liangmei, Zemei and Pumei) are Tibeto-Burman (Indo-Mongoloid) of the Sino-Tibetan family of the Mongolian race.
ii.They are one of the major indigenous Naga communities living in the tri-junction of Assam, Manipur and Nagaland in India.
iii.The term Zeliangrong was coined on 15 February 1947 in Imphal, Manipur by combining the first syllables of the names of the three sub. ethnic groups: Ze, Liang, and Rong.
iv.It is classified as an ethno-cultural entity.
About Manipur:
Chief Minister– Nongthombam Biren Singh
Governor– La Ganesan
Wildlife sanctuary -Khongjaingamba Ching Wildlife Sanctuary
Zoological park– Manipur Zoological Garden
PM Narendra Modi addresses 108th Indian Science Congress through Video ConferencingOn 3rd January 2023, Narendra Modi, the Prime Minister(PM) of India, virtually inaugurated and addressed the 108th edition of the Indian Science Congress (ISC), also known as ISC 2023, organised at Rashtrasant Tukadoji Maharaj (RTM) Nagpur University, Nagpur, Maharashtra.
- 108th ISC is a 5-day event, held from 3rd January 2023 to 7th January 2023.
- 2023 also marks the centenary celebration of RTM Nagpur University.
The focal theme of the ISC 2023 is “Science and Technology for Sustainable Development with Women Empowerment”.
- The theme will centre on sustainable development, women’s empowerment, and the contribution of science and technology to these goals.
Note: The 108th ISC was scheduled to be held in 2021 and then in 2022, which was cancelled twice due to the COVID-19 pandemic.
Background:
i. The ISC Association was founded in 1914 in Kolkata and held a meeting every year during the 1st week of January. It has a membership of more than 30,000 scientists.
ii. The 1st session of the Indian Science Congress was held from January 15-17 in 1914 at the Asiatic Society in Calcutta (now Kolkata), West Bengal.
Highlights:
i. The key highlight of ISC is sustainable development with inclusive involvement of all sections of society including women.
ii. Narendra Modi emphasised the importance of India’s scientific strength in India’s story of development over the next 25 years.
iii. He highlighted the abundant availability of data and technology in 21st-century India, which has the potential to take Indian science to new heights.
iv. He emphasised the benefits of partnerships with R&D labs and academic institutions for private companies and startups.
Key Points:
i. PM Narendra Modi noted that India is being counted among the top countries of the world as India moved to 40th place in the Global Innovation Index in 2022 from 81st place in 2015.
- India is ranked 3rd in terms of the number of Doctors of Philosophy (PhDs) and startup ecosystems, followed by the United States (US) and China.
ii. The session is focused on sustainable development with inclusive involvement of all sections of society including women, and deliberate on holistic growth, reviewed economics, and sustainable goals.
iii. PM Narendra Modi noted that on the initiative of PM Modi and the proposal of the Government of India, the United Nations(UN) declared 2023 as the International Year of Millets.
ADB, India sign $220 million loan pact to Strengthen Power Sector in Tripura
On January 3, 2023, the Asian Development Bank (ADB) and the Government of India (GoI) signed a $220 million loan pact for Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project.
- The loan amount will be utilized towards improving energy security, quality of supply, efficiency, and resilience of power sector in Tripura.
Signatories:
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance signed for GoI, and Hoe Yun Jeong, Officer-in-Charge of ADB’s India Resident Mission, signed for ADB.
Key Points:
i.The project will support the Government of Tripura’s efforts to strengthen its power sector through replacement of inefficient power plants, strengthen the distribution network and installation of smart meters that will help in increasing generation capacity, reduce distribution losses and to meet the increasing electricity demand.
ii.The Project will also fund the replacement of Rokhia power plant with a highly efficient combined cycle gas turbine that will reduce Greenhouse Gas Emissions (GHGs).
iii.The project will support at least 15 selected women self-help groups (SHGs) under Tripura rural livelihood mission.
iv.The project components will be designed to withstand heavy rainfall, lightning, and storms.
v.The distribution underground cabling will be installed by the horizontal directional drilling method or tunneling method to minimize road openings and reduce socio-environmental impacts during project implementation.
For Other Loan agreements of ADB with Indian States, Click Here.
ICICI Bank Introduces First-of-its-Kind Digital Solutions for ExportersIn a first-of-its-kind industry initiative, ICICI Bank Limited, a leading private sector bank in India, has launched Digital Solutions For Exporters, a comprehensive set of banking and value-added services on a single platform.
- The initiative intends to improve operational efficiency of exporters by decongesting the current time-consuming manual procedures.
Significance
i.The set of solutions digitizes every stage of the export process, including market research, export financing, foreign exchange (forex) services, and receiving export incentives.
ii.Additionally, the package of solutions provides first-in-the-industry features including Trade APIs (Application Programming Interface) and instant disbursal of Export Packing Credits (Insta EPC).
Key Services and Offerings of the Digital Solutions for Exporters
i.Exporters with an ICICI Bank relationship will benefit from the ease of instant and digital Export Packing Credit (EPC).
- This service is available for export-import transactions through ‘Trade Online’, the flagship digital platform of ICICI Bank.
i.ICICI Bank provides Trade APIs, a future-ready industry-first solution for the seamless handling of export bills.
- APIs include Remittances, Letters of Credit, and Bank Guarantees.
About the ICICI Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Establishment – 1994
Aegon Life Insurance Launches iTerm Prime Insurance Plan Aegon Life Insurance has launched the “iTerm Prime” insurance plan, which will fulfill the requirements of self-employed individuals by offering a special 10% discount (5% discount in addition to the 5% online discount for all) on the first-year premium.
Key Features of iTerm Prime
i.The flagship term insurance plan, iTerm Prime, gives a minimum sum assured for a life cover of Rs. 25 lakhs with no maximum limit on a consumer’s requirement.
ii.The minimum entry age is 18 years, while the maximum age for regular pay is 65 years and 50 years for limited pay.
- In the regular payment mode, the premium must be paid throughout the policy term.
- In limited pay, premiums can be paid for a fixed period of time while receiving policy coverage until the age of 70.
iii.To make the product more affordable to the end user, a special discount and flexible payment options have been provided.
- The product is available for purchase through Aegon Life’s website and its partners in a completely paperless method that requires no documents or uploads.
- Permanent Account Number (PAN), Aadhaar, or a driver’s licence are the only documents required to purchase insurance.
iv.The product also has a “Special Exit Value” (SEV) option, which allows the policyholder to get a refund of all premiums when they reach the age of 55.
- The entry age for this is 40 years, and the policy term is till 70 years.
- The policy provides a 15–30-day grace period for premium payments.
v.Additionally, the policy offers unique add-on features including Critical Illness Rider and Accidental Death Benefit Rider.
Key Points:
i.iTerm Prime is intended to promote life insurance access in emerging India.
ii.It digitizes underwriting and simplifies buying journeys, making insurance available to under-insured self-employed individuals, who make up the majority of India’s working population.
- The number of self-employed people in India stood at 333 million in 2021.
About Aegon Life Insurance:
Aegon Life Insurance Company is a joint venture (JV) between Bennett, Coleman and Co. Ltd. (BCCL), and Aegon NV.
- BCCL is the largest media conglomerate in India and also known as the Times Group.
- Aegon NV is a major international provider of life insurance, pensions, and asset management services.
MD and CEO – Satishwar Balakrishnan
Established – 2007
Headquarters – Mumbai, Maharashtra
GA-ASI partners with Bharat Forge to Manufacture Aerostructures in India
General Atomics Aeronautical Systems, Inc. (GA-ASI), a subsidiary of General Atomics(GA) based in San Diego, California, United States of America(USA), has partnered with Bharat Forge Limited, a part of Kalyani Group, to manufacture aerostructures – main landing gear components, subassemblies, and assemblies of remotely piloted aircraft in India.
About the partnership:
i.The partnership aims to support the development of a manufacturing ecosystem for high-end drones.
ii.The partnership between GA and Bharat Forge aims to enhance the capacity building of both companies and provide momentum to the large unmanned aircraft industry of India.
iii.Under this partnership, GA-ASI will work with Bharat Forge in the critical field of aerospace manufacturing.
iv.Bharat Forger will offer full-service supply capability from concept to product design, engineering, manufacturing testing and validation.
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