iSecure comprises a loan insurance plan, named iSecure Loan, and an increasing sum assured term plan, iSecure More
Bajaj Allianz Life has launched iSecure-a term plan product. It comprises a loan insurance plan, named iSecure Loan, and an increasing sum assured term plan, iSecure More. iSecure Loan is meant for borrowers who wish to cover their liabilities, iSecure More is aimed at young insurance-seekers whose protection needs are likely to go up in tandem with their age and responsibilities.
According to Bajaj Allianz, iSecure Loan presents borrowers with a choice of insurer and product as they will not be forced to buy the product offered by their bank. It is also available with loans other than home loans. The premium paying term of iSecure Loan is limited to 2/3rd of the policy term. The borrower is allowed to select a policy term between five years and 25 years, depending on the tenure of his loan. The interest rate can range from 5% to 20% on the loan, depending on the insured's choice at inception.
iSecure More can cater to those who are convinced that their insurance needs will go up in future and are unable to make a reasonable estimate at present.
"Reserve Bank of India is also watching the situation like the government and collectively it would be possible for us to tackle the problem," finance minister Pranab Mukherjee commented as headline inflation soared to 9.78% in August
New Delhi: Just a couple of days ahead of the Indian central banking system's monetary policy, finance minister Pranab Mukherjee on Wednesday said the government and the Reserve Bank of India (RBI) together will be able to tackle soaring inflation, which he attributed to global price pressures, reports PTI.
"It (inflation) is perilously close to double digit...
Reserve Bank of India (RBI) is also watching the situation like the government and collectively it would be possible for us to tackle the problem," Mr Mukherjee told reporters here.
His comments came as headline inflation soared to 9.78% in August, from 9.22% in the previous month, because of rising prices of food and manufactured items.
Mr Mukherjee attributed the rise in the rate of prices to global factors and said the increase was on expected lines.
"Of course, in the overall environment, all over world it was expected that inflationary pressure would rise in all groups including manufacturing (segment)," he said.
"This is time of stress not only in India but all over world and we shall have to maintain our nerves and we shall have to see how we can overcome the problem," he added.
RBI is scheduled to announce its mid-quarterly monetary policy review on 16th September. It is facing a tough situation of managing high inflation co-existing with moderation in economic growth.
Industrial production fell to a 21-month low of 3.3% in July. The country's gross domestic product (GDP) growth also slipped to 18-month low of 7.7% in April-June period.
The RBI has hiked rates 11 times since March 2010 to tame inflation. However, India Inc has said that the rising cost of credit has slowed down investment, thereby hurting growth.
Experts believe retailers may take undue advantage of the short supply coinciding with the festive season
Amid the high drama of traders from the largest onion-producing state of Maharashtra protesting against the union government's move to impose a ban on onion exports, experts warn that prices in the retail market may rise.
Experts say retailers are taking advantage of this situation, to make out an artificial scarcity during the festive season, and raise prices even after recovering their expenses. While wholesale prices have fallen, farmers are suffering.
Mandis in the onion-producing region of Lasalgaon, in Maharashtra, have remained closed since Friday demanding that the ban be lifted. On Monday, farmers from major onion-growing districts joined the strike, refusing to bring their produce to the APMC (Agricultural Produce Market Committee) market for auction.
Traders have demanded that the ban on exports be lifted as there is considerable production to cater to the domestic demand and seasonal production is expected to be good.
In the Mumbai wholesale market currently, onions cost Rs12-Rs14, whereas in the retail market it is as high as Rs20-Rs22.
Experts warn that the agitation over the ban on exports will not only result in price rise, but the stored crop may also be allowed to rot.
"The APMC market in Nashik is shut due to the protest. The prices may go up in the retail market," said an official with an agricultural institute.
According to a retail vegetable vendor in Mumbai, the price of onions is at about Rs20-Rs24, depending on the produce. "Nothing can be said about the prices till the protest is on. Meanwhile farmers are suffering and losing out on their produce ," he says.
Ashok Walunj, director at the onion and potato market at APMC, Vashi, told Moneylife, "Wholesale prices are already falling. The government has to lift the ban to stabilise prices."
The Mumbai market is now being supplied by the Pune market. Yesterday, 4,600 quintals of onions arrived at the Vashi APMC.
Meanwhile, politicians are trying to grab political mileage on the export ban issue, with Maharashtra's public works minister Chhagan Bhujbal and some Shiv Sena leaders appealing to the prime minister to urgently withdraw the ban.
Bala Nandgaonkar, MLA elected from Sewree in Central Mumbai, thinks the ban on onion exports should be lifted. "There is adequate production, so it has to be rightly used. Once the domestic demand is fulfilled, exports should be allowed," said the member of the Maharashtra Navnirman Sena, which has a strong local focus in its political strategy.