Insurance
AEGON Religare launches new term insurance plan

The insurance plan from AEGOn Religare also provides life cover up to age of 75 years besides giving an option to add three riders like critical illness, woman care, total and permanent disability rider besides tax benefits

 
Mumbai: Private insurer AEGON Religare Life Insurance (ARLI) on Thursday launched a term insurance plan that provides two death benefit options and an in-built accidental death cover, reports PTI.
 
"With growing uncertainty and diminishing social support systems, term insurance is the most cost effective way to secure the financial future for the family. The AEGON Religare Term Insurance Plan is one more step in offering a comprehensive suite of protection products," ARLI Chief Marketing Officer Yateesh Srivastava said in a release.
 
The minimum age of entry to avail the plan is 20 years and the maximum is 65 years. While the maximum age at maturity is 75 years and the minimum sum assured is Rs10 lakh.
 
The term options under the plan ranges from 10 years to 40 years, or cover up to 75 years of age.
 
The plan also provides life cover up to age of 75 years besides giving an option to add three riders like critical illness, woman care, total and permanent disability rider besides tax benefits.
 
ARLI is a joint venture between AEGON, an international life insurance, pension and investment company, Religare, a global financial services group and Bennett, Coleman & Company.
 

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Air India’s first Boeing 787 Dreamliner to land on Saturday

Air India would get its first Boeing 787 Dreamliner on Saturday, which is to be followed by the delivery of two more within the next few weeks

 

New Delhi: Air India's long wait for the Boeing 787 Dreamliner is finally over, with the first of these long-haul planes set to arrive here on Saturday, reports PTI quoting sources.

 

The national carrier, which had placed orders for 27 of these aircraft six years ago, would get its first Dreamliner on Saturday, which is to be followed by the delivery of two more within the next few weeks.

 

However, the fate of the Delay Compensation Agreement, which was cleared by the Union Cabinet in August and is being fine-tuned by the Union Law Ministry, is still not clear, the sources said.

 

The agreement, supposed to be signed between the airline and Boeing, is to finalise the compensation to be given by the US aircraft major for almost four-year delay in deliveries.

 

The first batch was supposed to be delivered in September 2008 but design and production issues at Boeing delayed deliveries.

 

With these new aircraft, Air India, which intends to get 14 of them by March next year, would launch flights on several long-haul international sectors, including new services to Australia, later this year.

 

For the next few weeks, the Dreamliner would be operated on the domestic sectors, including Delhi-Mumbai, to enable the pilots and crew get accustomed to its landings and take-offs.

 

Air India was the second world carrier to have placed orders for this aircraft. But due to delays in clearing of the agreement further delayed the plane's deliveries to Air India.

 

Those airlines which have inducted and are already operating this aircraft are Japan's All Nippon Airways, Japan Airlines and Ethiopian Airways.

 

The plane is made of carbon composite material, which makes it light-weight and therefore is considered less fuel guzzler. Boeing claims the plane consumes 20% less fuel compared with the similar-sized B-767s and better fuel efficiency implies lower flying costs.

 

According to Boeing, as many as 47 airlines across the world have ordered nearly 900 Dreamliners.

 

The long-range, twin-engine aircraft has four variants, with the longest-range variant capable of flying over 15,000kms non-stop.

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Plan panel cuts annual GDP growth target to 8.2% for 12th Plan

The Commission plans to reduce GDP growth target for the 12th plan to 8.2% from 9% envisaged earlier

 
New Delhi: In view of fragile economic recovery, the Planning Commission has decided to lower annual average economic growth rate to 8.2% in the 12th Five Year Plan (2012-17) from 9% envisaged earlier, reports PTI.
 
"The panel will propose the annual economic growth rate target of 8.2% for the 12th Plan. The issue will come up for discussion at the meeting of the Full Planning Commission, to be presided over by the Prime Minister, on 15th September," a source privy to the development said.
 
As per the proposal, the Commission would aim to achieve gross domestic product (GDP) growth rate of 9% in the terminal year (2016-17) of the 12th Plan.
 
Once, the full Planning Commission approves the growth target, it would be vetted by the Union Cabinet and then it would be placed before the country's apex decision making body National Development Council (NDC) for final approval.
 
The NDC is headed by the Prime Minister with all chief ministers and union cabinet ministers on board. It is the final authority to finalise the five-year policy document.
 
In Approach paper to the 12th Plan, approved last year by the NDC, the Commission had envisaged 9% annual average growth rate during the five-year period. The target is now being lowered in view of the global problems.
 
Showing persistent sluggishness, India's economy grew by 5.5% in the April-June quarter, mainly on account of poor performance of manufacturing, mining and farm sectors.
 
The gross domestic product had expanded by 8% in the April-June quarter of 2011-12.
 
Besides, the economic growth in the January-March quarter last fiscal was at nine-year low of 5.3%.
 
The economic growth rate in 2011-12, the terminal year of 11th Plan, slipped to nine-year low of 6.5%.
 
During the 11th Plan, the average annual economic growth rate has been estimated at around 8% as against the target of 9%.
 

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