Insurance
Bajaj Allianz launches life assure insurance plan

Bajaj Allianz's Life Assure is a unit-linked endowment plan which also offers three riders, accelerated critical illness, super premium waiver and extra cover benefit for enhanced protection

 
Mumbai: Private insurer Bajaj Allianz Life Insurance has launched a new market-linked life assure insurance plan that offers the benefit of protection along with financial planning, reports PTI.
 
Life Assure is a unit-linked endowment plan available at a minimum monthly premium of Rs1,000, which is the lowest in the industry, Bajaj Allianz Life said in a release issued here.
 
The plan offers two variants - Life Assure 'Sure' and Life Assure 'More' to cater to varying risk appetites of different customers.
 
It also offers three new unique riders to choose from for enhanced protection - accelerated critical illness, super premium waiver and extra cover benefit.
 
"We believe small savings on a regular basis is the best way to achieve a long-term financial goal, and this is the thought behind Life Assure Insurance Plan. The plan is ideal for those looking to invest in market-linked financial instruments but may not have large surplus funds or the investment know-how," Bajaj Allianz Life Insurance Head of Market Management Rituraj Bhattacharjee said.
 
"With a low monthly premium of only Rs1,000, we believe it will become more accessible to those who may have been apprehensive about doing so earlier," he said.
 
The minimum entry age for the plan is one year and 18 years in case of additional rider benefits, while the maximum entry age is 65 years and 50 years in case of accelerated critical illness rider benefits.
 
Similarly, the minimum age at maturity is 18 years and maximum age at maturity is 75 years in accelerated critical illness rider benefits.
 
The policy term is 10, 15 and 20 years and also provides tax benefits, it added.
 
Bajaj Allianz is a joint venture between Germany's Allianz SE and Bajaj Finserv (recently demerged from Bajaj Auto).
 

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Aviva Life Insurance launches Dhan Samruddhi plan

Aviva Dhan Samruddhi gives a guaranteed addition of 7-9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen

 
Mumbai: Private insurer Aviva Life Insurance has launched Dhan Samruddhi, a traditional money back plan with guaranteed returns, reports PTI.
 
The product has been designed to build a long-term corpus along with the flexibility to fulfil their short-term financial needs, Aviva Life Insurance said in a release.
 
Aviva Dhan Samruddhi gives a guaranteed addition of 7-9% per annum of the annual premium, till the end of the policy term, depending upon the policy term chosen.
 
One also gets a payback of 125% of annual premium as survival benefit every five years.
 
"This product not only enables one to build a corpus for future financial needs, it periodically gives guaranteed money back during the policy term, so that one can continue to meet their ongoing financial requirements with ease," Aviva Life Insurance India CEO and Managing Director TR Ramachandran said.
 
The minimum entry age is 13 years and the maximum is 55 years last, while the maturity age is 23 to 70 years.
 
The policy term for the plan is 10, 15 or 20 years, subject to maximum maturity age and it also provides tax benefits, it added.
 
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group, one of UK-based insurance company.
 

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SEBI fined seven companies in 2012-13 on investors' complaints

During the first five months, SEBI also barred Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries and their respective directors from accessing securities market for not resolving investor grievances

Mumbai: Tightening its noose on the companies that failed to resolve investors' complaints, market regulator Securities and Exchange Board of India (SEBI) has slapped penalties totalling more than Rs21 lakh since the beginning of the current fiscal, reports PTI.

 

As per the latest information available with the SEBI, the regulator has imposed a total monetary penalty of Rs21.35 lakh so far in 2012-13.

 

These penalties have been imposed against seven companies for failure to resolve investor grievances. The number of such companies in the current fiscal so far is higher than a total of five firms against whom penal action was taken by SEBI in the entire previous fiscal, 2011-12, and three in the year before.

 

However, the total penalty imposed in 2011-12 was higher at Rs53.30 lakh and Rs43 lakh in 2010-11. The total penalty in 2010-11 had declined by Rs10 lakh after Securities Appellate Tribunal (SAT) lowered the penalty on one company, Kaleidoscope Films Ltd (formerly known as Gujarat Investment Castings Ltd) from Rs17 lakh to Rs7 lakh.

 

SEBI said it imposed these monetary penalties against the companies "through adjudication proceedings for their failure to redress investor grievances".

 

In the current fiscal, the regulator imposed a fine of Rs10 lakh on Earnest Healthcare this month. Prior to that, SEBI had imposed a fine of Rs five lakh against Gujarat Filaments and and Rs10,000 on Gujarat Aqua Industries.

 

Earlier this fiscal, SEBI had slapped a penalty of Rs75,000 on Raj Irrigation Pipes & Fittings, Rs2 lakh on Satguru Agro Industries and Jord Engineers India each, and Rs1.5 lakh on Simco industries.

 

Additionally, SEBI in the first five months of the current fiscal had barred four companies--Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries and their respective directors from accessing securities market for not resolving investor grievances.

 

The regulator restrained these four companies and their directors "from accessing the securities market and from buying, selling or dealing in securities directly or indirectly, in whatsoever manner, till all the investors' grievances against the company are resolved by them."

 

In August, SEBI had asked all listed companies to register themselves with its online complaint redressal system -- SCORES -- by 14th September, after which they would be required to resolve all grievances within 30 days of their receipt.

 

In case, a company is unable to initiate action for redressal of investor grievances within seven days of receipt in SCORES, the regulator could take necessary enforcement actions.

 

SEBI had launched this online system for handling investor grievances in June 2011.

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