Birla Sun Life MF unveils 180 days fixed maturity plan

Birla Sun Life Mutual Fund new issue opens on 16th June and closes on the same day

Birla Sun Life Mutual Fund has launched Short Term FMP-Series 17, a close ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 180 days.

The new issue opens on 16th June and closes on the same day. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager.

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Tata AIG Life launches Gyan Kosh

Gyan Kosh offers two protection options to customers to ensure the protection of their financial goals—Security Net and Safety Net

Tata AIG Life Insurance has launched Tata AIG Life Insurance Gyan Kosh, a non-participating unit linked endowment insurance plan. The plan comes with in-built benefits to ensure financial protection of one's goals for children's education, important milestones of life like marriage, providing funds for setting up a business etc.

The plan offers two protection options to customers to ensure the protection of their financial goals-Security Net and Safety Net. Both these options have inbuilt waiver of premium benefit that waives all future premiums payable under the plan in case of death or total permanent disability of the insured.

In case of Safety Net a sum assured is paid to the nominee on death of the life assured, future premiums are waived and the policy benefits continue.

In case of Security Net, in addition to the sum assured getting paid to the nominee on death of the life assured and future premiums getting waived, the inbuilt "Family Income Benefit" also gets triggered. The "Family Income Benefit" pays a re-adjustment income of 1% of sum assured to the family for the next 100 months or end of the policy term, whichever is earlier, in case of death or total permanent disability of the insured.

Under both the options, the Total Fund Value is paid to the policyholder (in case of total permanent disability and survival till maturity) or the nominee (in case of death of life assured) on maturity.

Gyan Kosh offers the investor the opportunity to choose from a wide range of seven investment funds as per their risk profile. In addition, they can also benefit from Tata AIG Life's portfolio strategies-SMART (Systematic Money Allocation & Regular Transfer) to optimize ones returns due to rupee cost averaging or AAA (Automatic Asset Allocation) to benefit from age appropriate allocation of assets.

On survival to the end of the policy term Guaranteed Maturity Addition of 1.5% to 3% of Regular Premium Fund Value (depending on the policy term) is paid to augment the maturity corpus.

The policy can be purchased by an individual at any age ranging from 18 years to 50 years. Tax benefits are available as per Income Tax Act, 1961.

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74% of Indians are financially prepared for retirement: Survey

Indians are second best in Asia Pacific with 74% ‘feeling’ adequately financially prepared to handle their retirement, Canara HSBC Oriental Bank of Commerce Life Insurance survey states

Indians have the lowest concern about financial hardship in retirement, according to survey done across 17 countries by Canara HSBC Oriental Bank of Commerce Life Insurance.

Indians are second best in Asia Pacific with 74% 'feeling' adequately financially prepared to handle their retirement and 69% of the respondents see themselves as being better off in their later life than their parents, the survey said.

However, 51% respondents in India are worried about being able to cope financially in old age, with one in ten people in India expecting to continue working in later life to provide income for themselves, it said.

India currently enjoys the fortunate position of relatively high savings rates. Further, it does not face the immediate demographic challenges of most of its peers.

However, this will not last, said Canara HSBC Oriental Bank of Commerce Life Insurance CEO John Holden.

With the looming demographic time bomb, in the long term, India is likely to face the same pressure as its peers, he said.

Over the next 30 years, a higher proportion of the population will be of working age and when they retire, India too, will face the challenges of an ageing, non-working population. As life expectancy increases, the number of years spent in retirement is expected to get greater, he added.

The study further noted that those with a financial plan for the future enjoy several benefits over those who do not. It is called 'planning premium' and these benefits are both 'hard' and 'soft', including not only greater and more diverse retirement savings, but also a more positive outlook and fewer worries about later life, it said.

Individuals who undertake financial planning are not only likely to be better off in retirement, but also are more likely than non-planners to associate retirement with positive ideas such as freedom and less likely to associate it with negative ones such as financial hardship, it added.

According to the study, a key challenge in encouraging households to start planning remains the need to raise basic levels of financial literacy.

The survey had a sample size of 1,028 in India. Of this 778 men while 250 women across various age-group were surveyed.

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