PERSONAL FINANCE


The concept may sound contradictory, but four insurers charge a higher premium of anywhere between 10% to 32% for a cover of Rs40 lakh sum assured than they would on a cover of Rs50 lakh SA. Insurers claim that mandatory medical check up for a higher sum assured reduces their risk and allows...

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Moneylife Digital Team 25 May 2012
About 25.75 lakh families will be covered under the 'Rani Lakshmi Bai Pension Scheme that would benefit mainly women head of families   Lucknow: The Uttar Pradesh government decided to launch a pension scheme covering 25.57 lakh families which would be given Rs400 per month, reports...

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AEGON Religare has been cautioning the masses against ending up with a low insurance cover. But then why does it insist on selling you a lower insurance cover at a higher premium? Pradip Kumar Paul, age 43, with an annual income of Rs5,10,024 made an online purchase of Rs50 lakh sum...

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Moneylife Digital Team 24 May 2012
The  Central government has launched a special life insurance and pension scheme for Indian overseas workers aimed at addressing their social security and resettlement needs. Launching the ‘Pension and Life Insurance Fund (PILF)’, overseas Indian affairs minister Vayalar Ravi said it combined...

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Moneylife Digital Team 24 May 2012
Moving a step closer to getting into banking business, the Department of Posts (DoP) has started scouting for a consultancy firm to prepare a road map for the proposed ‘Post Bank of India’ (PBI). The Department has already carried out a feasibility study for setting up the PBI and has invited...

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Moneylife Digital Team 24 May 2012
To attract inflows in view of a falling rupee, the Reserve Bank of India (RBI) raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3%. RBI said, “Interest rate ceiling on Foreign Currency Non-Resident FCNR (B) deposits of banks has been raised from 125 basis points...

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Moneylife Digital Team 24 May 2012
The government increased interest rates on Special Deposit Scheme and State Provident Funds for FY13 to 8.8% from 8.6%   New Delhi: The Indian government has increased interest rates on Special Deposit Scheme (SDS) and State Provident Funds for the year 2012-13 to 8.8% from 8.6%...

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G Venkatesh 18 May 2012
They help CEOs cope with change enabling them to keep their ear on the ground As leaders move up the ladder, they have fewer touch points within the organisation with staff at junior/senior level. They can lose touch with the reality. In professionally-managed organisations, this risk...

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IRDA has been watching benignly even though New India Assurance has been stalling queries, confusing issues and has decided to offer refund only to a fraction of the policyholders For the last 40 months, New India Assurance has tried hard to stall Anant Meghji Nandu, who blew the whistle...

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Moneylife Digital Team 17 May 2012
Tata AIG General Insurance Company has launched MediPrime health insurance offering competitive premiums for individual and family floater options. The product offers no sub-limit for inpatient hospitalisation as well as no co-pay. There is no loading on renewal in case of a claim. MediPrime...

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Moneylife Digital Team 17 May 2012
HC Raps IRDA The Lucknow Bench of the Allahabad High Court issued a contempt notice to the chairman of Insurance Regulatory and Development Authority (IRDA) for not ensuring the mention of the nominee in the personal accidental insurance policies issued to motor owners by insurance...

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Kamalji Sahay, managing director and chief executive officer, Star Union Dai-ichi (SUD) Life, speaks to Raj Pradhan of Moneylife ML: How was business in Jan-Feb-Mar which is supposed to be a lucrative period for enticing tax-savers? KS: Business was dull. We got saved by one...

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About 0.15 million Indians died on the roads and over 0.3 million were permanently disabled in 2010. Life and physical abilities are irreplaceable but personal accident insurance, available at a low price in India, can at least relieve the monetary burden—as long as you have the right cover....

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Moneylife Digital Team 15 May 2012
Life insurance is plagued with several issues of mis-selling by intermediaries and even more by banks. Moneylife Foundation has handed over a memorandum to IRDA which highlights the citizens' concerns     Insurance Regulatory and Development Authority (IRDA) has the task of keeping...

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Moneylife Digital Team 15 May 2012
Health insurance is a cause of concern for everyone. There are several issues that need regulatory intervention and direction. IRDA has been handed over a memorandum by Moneylife Foundation highlighting the actions for each consumer concerns   The Insurance Regulatory and Development...

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New India Assurance admitted that a software glitch resulted in overcharging mediclaim premium, but has dragged its feet on providing information. It now says that it gave a wrong date for refund eligibility on its website. New India’s mantra seems to be “If you cannot convince them, confuse...

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Where is corporate governance in all this? A prominent Sound Bite in Moneylife (issue dated 19 April 2012) quotes Amitabh Chaudhry, CEO & MD, HDFC Life, as saying: “A lot more needs to be done about traditional insurance plans. The commissions are much higher, the products lack...

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Is New India Assurance sitting on crores of extra premium collected due to a software glitch? It does not even know how many policyholders paid excess premium and is stonewalling all questions Is New India Assurance trying every trick in the book to avoid returning crores worth of...

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Moneylife Digital Team 10 May 2012
State Bank of India (SBI) launched a ‘virtual’ electronic debit card for e-commerce transactions. It can be created by a customer using the SBI’s Internet banking facility. The product allows the user to create a virtual card for any online transaction. The customer is not required to share...

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Moneylife Digital Team 10 May 2012
South Africa-based financial services group, FirstRand Bank said it has entered into retail and commercial banking operations in India by opening of a branch in Mumbai. The Bank hopes to introduce some technology-based products in the country in the near future. It will tie up with various...

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