PERSONAL FINANCE


Moneylife Digital Team 25 January 2012
High ticket size of Rs1 lakh This is a single-premium, guaranteed-return product which offers tax benefit at entry under 80C and at exit under 10(10)D. Growth of corpus will be fixed over 10 years for all age brackets. Between ages 8-36, it is 1.90-1.97 times, between 37-47 it is 1.70-1.89...

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Moneylife Digital Team 25 January 2012
Traditional plan; opaque charges Edelweiss Tokio Life Education Plan is a child plan that ensures guaranteed payout on maturity. The idea is that your child’s education should not suffer due to death of the insured. The product pays a lump-sum amount of SA on death of the life insured. The...

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Moneylife Digital Team 25 January 2012
Innovative option, of course, at a price IDBI Federal Life Insurance launched Childsurance Dreambuilder Insurance Plan, for parents to build an education corpus for children aged between one month and 17 years. Child plans offer ‘waiver of premium’ (WoP) wherein the future premiums are...

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LIC Jeevan Ankur is new addition to its existing bouquet of eight child plans. It offers inbuilt income benefit in case of death of the policyholder, paying 10% of the sum assured every year till the end of the policy term LIC (Life Insurance Corporation of India) has launched Jeevan Ankur, a...

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IRDA has approved a product whose brochure does not mention critical information of premium waiver in case of death of policyholder. While the company’s intent may not be in doubt, ambiguity is not good for insurer and the insured Aegon Religare recently launched Educare, a traditional child...

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Will RBI look at some of these banking practices? There is a variety of anti-consumer banking practices that the Reserve Bank of India (RBI) must address. For instance, banks gleefully charge BPLR (benchmark prime lending rate)-linked interest rate to their borrowers, every time the RBI hikes...

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Moneylife Digital Team 19 January 2012
RBI has allowed cooperative and primary urban cooperative banks to fix interest rates on various non-resident deposit schemes. Extending the ambit of its recent decision to deregulate deposit rates, RBI said, “Banks are free to determine their interest rates on both savings deposits and term...

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Moneylife Digital Team 19 January 2012
RBI barred non-banking financial company Money Masters Leasing & Finance (MMLF) from accepting public deposits as well as from selling, creating a charge or mortgage or dealing in any manner with property and assets for six months for violation of directions on deposit acceptance. “It was...

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Moneylife Digital Team 19 January 2012
RBI deregulated interest rate on savings accounts in all state and Central cooperative banks, a move that will fetch better returns for depositors. RBI said the state and Central cooperative banks are free to determine their savings bank interest rate subject to two conditions: each bank will...

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Brokers as Claims Consultants   Insurance Regulatory and Development Authority (IRDA) has permitted insurance brokers to offer limited claim consultancy, for a mutually decided fee which should not be expressed as a percentage of the claim, with a written permission from the client. Broking...

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Moneylife Digital Team 11 January 2012
Almost like an FD. But will you get the tax benefits? Bajaj Allianz’s Guaranteed Maturity Insurance Plan is a low-ticket, low-charge ULIP. The product promises to double your investment in 10 years irrespective of the charges, like policy administration and mortality charge. In simple terms,...

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Moneylife Digital Team 11 January 2012
Zero premium allocation charge but hefty policy admin charge Kotak Mahindra Old Mutual Life Insurance Ltd has launched Kotak Invest Maxima, a unit-linked insurance plan (ULIP). While the plan has zero premium allocation charge, the policy administration charge (PAC) of 0.6%pm (per month) up...

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Apollo Munich has launched Optima Restore, a mediclaim with innovative features of restoring sum insured during policy year and giving 50% no-claim-bonus increase in sum insured for couple of years. Will this optimal product restore faith in hapless mediclaim insured? Apollo Munich Optima...

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Moneylife Digital Team 10 January 2012
Here is a real-life story of legal heirs of a deceased, who successfully managed to claim a matured fixed deposit along with compound interest after 15 years What happens when someone, in absence of a nominee, dies before the fixed deposit is matured? Most of the times, the legal heirs are...

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HDFC Life online term life insurance has premium rates 50% of its offline version, to make it competitive in the market. The online term life insurance market is heating up with more players entering the fray and existing ones planning to take the pricing further down. Is it a race to the...

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After ULIPs fell from grace, traditional plans are selling fast. In another first from Moneylife, Raj Pradhan exposes the terrible returns from traditional plans that customers seem oblivious to My cousin Roshan was facing a dilemma. He wanted to buy term life insurance; but his father, my...

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IRDA had been in news this year with a slew of changes affecting both the life and general insurance industry. It’s been a tumultuous ride for both—the insurer and insured The Insurance Regulatory and Development Authority (IRDA) finally launched mediclaim portability in October this year...

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The claims settlement ratio for new entrants like IndiaFirst and SUD Life has improved and beating even some players who are in life insurance business for over a decade. As expected, IRDA data shows LIC continues to reign The claims settlement ratio for new entrants like IndiaFirst and Star...

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IRDA wants LIC to expedite claims settlement LIC has been reprimanded for delay in settlement of death and maturity claims. It found that LIC had taken more than six months to repudiate the group insurance death claims in respect of 24 cases and complete the investigations in respect of 263...

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Moneylife Digital Team 28 December 2011
Are customers lazy or unaware or both? Mediclaim portability commenced in October 2011. The response from the insured has been lukewarm so far. As expected, despite newspaper advertisements from IRDA extolling the ease and benefits of mediclaim portability, the insured are not biting the bait...

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