PERSONAL FINANCE


Moneylife Digital team 03 February 2012
If you are an account-holder of HDFC Bank, be prepared to pay Rs50 per quarter for a non-operational account of over a year and Rs25 for depositing cash of over Rs1 lakh. The Bank’s order came into effect from 1st January. Though there is no cash-handling fee for deposits of up to Rs1 lakh in a...

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Moneylife Digital Team 03 February 2012
On 10th January, prime minister Manmohan Singh announced a new Pension and Life Insurance Fund (PLIF) for overseas Indian workers that would allow over five million workers, especially those working in the Gulf states, to save money for the future. PLIF, which was recently cleared by the...

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Moneylife Digital Team 03 February 2012
The State Bank of India (SBI) has cut down the processing fee on home loans above Rs75 lakh to Rs10,000 from Rs20,000, while for loans between Rs30 lakh-Rs75 lakh, the fee has been reduced to Rs6,500 from Rs10,000 earlier, a senior SBI official said. The new fee structure became applicable...

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Moneylife Digital Team 02 February 2012
The new Maruti Suzuki Swift DZire is wider, taller, has a larger wheel base and is yet compact as compared to the existing Swift DZire.  The new Swift DZire is more fuel efficient by almost 7% in petrol and 8% in diesel. Car market leader Maruti Suzuki India Limited, unveiled its much awaited...

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The RBI has allowed other private sector banks to handle government business but a few more steps are required to ensure a level playing field for all players for healthy growth of banking in India The Reserve Bank of India (RBI) has just issued a notification whereby private sector banks are...

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Health insurance claims data suggests average cashless amount of Rs45,000 compared to average reimbursement claim amount of Rs25,000. The insurance company trend of going for in-house claims processing is to help in better bargaining with hospitals for procedure rates Insurance companies are...

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Moneylife Digital Team 27 January 2012
If you have already retired or are approaching retirement, what should you do to make yourself safe & smart regarding healthcare, regular income, living space, insurance and financial products? A Moneylife Special Report Retirement is a paradoxical word. It could conjure a vision of...

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Kamalji Sahay, managing director and chief executive officer, Star Union Dai-ichi (SUD) Life ML: Will having a pension annuity product necessarily from the same insurer who serviced the accumulation phase be restrictive? KS: It is not restrictive. It is good for customers if the same company...

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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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