BSLI Foresight Plan is a medium-term unit linked savings plan apt for a volatile market providing the perfect blend of guarantee, flexibility and liquidity options
Birla Sun Life Insurance, a subsidiary of Aditya Birla Nuvo, has launched BSLI Foresight Plan, a cutting-edge solution that provides customers the upside of market returns while completely shielding their investments from downside risks. This medium-term unit linked savings plan is apt for a volatile market providing the perfect blend of guarantee, flexibility and liquidity options.
Fabien Jeudy, chief actuarial officer, Birla Sun Life Insurance said, "Equity markets have a huge potential towards meeting customer's long-term wealth creation needs. However, many customers tend to stay away from this attractive opportunity due to the lack of knowledge on timing the market and the resultant fear of loosing their money. This behavior brings forth the need for a product offering that can eliminate this fear and give customers the confidence of not just optimizing investments when the markets are low but also locking the gains, when the markets are at a high."
He further adds "Keeping this unfelt customer need in mind, we have designed BSLI Foresight Plan, an innovative investment avenue that addresses this requirement. We are positive that this product will induce many more customers to take their first step towards participating in the equity markets, help them protect their investment downside and lock their gains."
BSLI Foresight Plan provides upside of market related returns while shielding investments from downside risks. The plan offers full freedom to switch from one fund to another-from amongst 10 investment funds under self-managed option. It also offers options-such as increase protection by choosing higher sum assured multiple, option to pay all five years premium in advance, tax benefits under Sections 80C and 10(10D) of the Income Tax Act,1961 and opportunity to invest in New Generation Foresight Fund.
Finance minister says RBI is working out measures to deal with the problem that has been reported by some other banks also
New Delhi: Citibank has recorded the maximum number of frauds in debit and credit cards, and the use of fake cards amounting to Rs1.89 crore between around 2007-08 to December 2010.
"The largest number of such frauds belong to Citibank from 2007-08 to December 2010...The Reserve Bank of India's committee has suggested a number of steps including replacing the magnetic strip on cards by a chip. All these aspects are being looked into," finance minister Pranab Mukherjee told the Lok Sabha during Question Hour today, reports PTI.
While Citibank reported 92 cases, other banks that reported such card frauds are Syndicate Bank, Standard Chartered, Punjab National Bank and Canara Bank (one case each), in 2010, involving a total amount of less than Rs 23 lakh. Bank of India also reported one fraud case in 2007-08, but the amount involved was Rs1.92 crore.
The amounts involved are relatively small and may not be too much of a worry for Citibank, which has huge operations worldwide. In India, Citigroup has 42 branches. Its chief executive Indian-born Vikram Pandit is currently in the country to examine the possibilities for business expansion. It's the first trip he has made to India since taking charge in December 2007.
On the card frauds issue, the finance minister said that criminal investigations had started against people involved in these frauds. Compensation to the victims who lost money in these frauds is another aspect that is being looked into by the banks.
Mr Mukherjee said the Committee, headed by an executive director of the RBI, that is looking into this matter has made various suggestions and a decision would be taken on this soon. The RBI has also issued a series of instructions relating to Know Your Customer (KYC) to banks, so that identification could be authenticated, before issue of debit or credit card, the minister said.
The RBI has issued a master circular on "Credit Card Operations of Banks" recently, advising banks to set up internal control systems to combat frauds and to take pro-active fraud control and enforcement measures, the minister said.
The central bank has advised banks to ensure that credit card operations were run on "sound, prudent and profitable" lines, "Know Your Customer" requirements are fulfilled, the credit risk of customers assessed properly, the terms and conditions specified in clear and simple language, and bills despatched promptly.
While India's crude imports dipped by 22% to 11.28 million tonnes in January despite healthy demand, exports dipped by 44.3% to 2.661 million tonnes, with diesel shipments declining by 70.6% to 501,100 tonnes
New Delhi: India's crude oil imports dipped by 2.2% in January to 11.28 million tonnes, despite fuel demand growing by a healthy 6%, reports PTI.
Asia's third largest economy imported 11.286 million tonnes of crude oil in January, as against 15.123 million tonnes a year ago, official data showed.
Meanwhile, fuel consumption expanded by 6% to 12.045 million tonnes during the month. The expansion was mostly because of healthy 6.3% growth in diesel demand to 5.006 million tonnes and an 8.9% rise in petrol consumption to 1.141 million tonnes.
Reflecting buoyancy in the aviation sector, jet fuel demand was up 12.3% to 446,300 tonnes, while LPG consumption rose by 9.2% to 1.277 million tonnes.
Refiners boosted crude oil processing to a record 15.2 million tonnes in January, 8.7% higher than the achievement in the year-ago period.
Fuel imports jumped by 57.4% to 1.518 million tonnes during January. The inward shipments mostly comprised LPG, with the cargo volume increasing by 46.1% to 490,200 tonnes.
Exports, however, dipped by 44.3% to 2.661 million tonnes, with diesel shipments declining by 70.6% to 501,100 tonnes.