Life Insurance News

About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.

Atal Pension Yojana Subscriber Base Reaches 69 Million

APY is a low-cost pension scheme that offers a guaranteed minimum pension of Rs 1,000-5,000 per month from the age of 60 years onwards (depending on the contributions by the subscribers).

In case of death of the subscriber, the same pension will be provided to the spouse till he/she is alive. In the event of death of both the subscriber and the spouse, the entire corpus is given to the nominee.

"Since its inception in 2015, 6.90 crore people have subscribed to the Atal Pension Yojana and a corpus worth Rs 35,149 crore has been accumulated," Sitharaman said at an event to launch the NPS Vatsalya scheme.

Insurtech Startup Healspan Secures Funding from Lead Angels and Others

Bengaluru-based insurance-tech startup Healspan - provider of a disruptive revenue cycle management software enabling hospitals to seamlessly manage all key aspects relating to their health insurance claims settlement and revenue enhancement - has raised an undisclosed amount of seed funding led by financial services and angel investing network Lead Angels. The round also witnessed participation from several other angel investors like Ankitt Jain (founder, Paper Arizona); chief investment officer of a GCC based Investments firm, Srijith Nair (founder & CEO, Gowelnext Solutions); and The Doctorpreneur Academy. Prior to this, Healspan had closed a pre-seed funding round of Rs. 1.2 crore last year.