BlackBerry to offer free aptitude test application in India

Around 300 students from over 40 engineering and management colleges competed against each other using BlackBerry smartphones to answer the test

Canada-based smartphone maker Research In Motion will provide free aptitude test application on its BlackBerry phones for students in India in partnership with content providers Ipomo and mobile operator Vodafone.

"We are looking at the way a student can utilise his time for productive work on mobile phones. Hence, we have decided to give students Aptitude Competition for Excellence (ACE) applications free so that he can utilise his time to prepare for competitive exams," Hitesh Shah, director-commercial relationship India, Research In Motion told PTI.

The application and content of ACE has been designed by Ipomo for BlackBerry users, Shah said, adding that initially the content for the test will be available for select examination and grades. It will be expanded and updated gradually.
The three partners are running Aptitude Competition for Excellence (ACE 2011) program in Karnataka and will start it in Pune from January.

"We are going to organise another series of ACE in Pune from second week of January. After completing ACE test in Pune, we will provide access to application on pan-India level. We will not charge anything for the application and content," Shah said.

Today, the three partners jointly announced the first set-of ACE 2011 winners, one each from three different colleges from Bangalore and Mysore.

Around 300 students from over 40 engineering and management colleges competed against each other using BlackBerry smartphones to answer the test, Shah said.

Under the programme, the three partners will jointly provide scholarship worth Rs1 lakh to the winner, Rs50,000 and Rs25,000 to first runner-up and second runner-up.

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India to be 3rd largest market life insurance market by 2015: BRICdata

The report states that the market size of Indian life insurance industry is expected to touch $111.9 billion in 2015 from $66.5 billion in 2011

According to a research report by BRICdata, India is expected to emerge as the third-largest market for life insurance in the world by 2015, only after China and Japan. At present, India stands 12th among the top markets for life insurance.

The report states that the market size of Indian life insurance industry is expected to touch $111.9 billion in 2015 from $66.5 billion in 2011, registering a CAGR (compounded annual growth rate) of 14.1%. Also, the number of policies sold is expected to increase to 85.21 million in 2015 from 53.23 million in 2010.

The report cities, Insurance Regulatory and Development Authority’s proposal to increase the limit on foreign direct investment from 26% to 49% and improved efficiency of distribution channels in smaller cities as some of the major reasons that would enhance the growth of the industry.  

The individual life insurance segment, which comprised 74.8% of the total Indian life insurance industry in 2010, is expected to grow to 79.3% in 2015 on increased investment in individual life insurance products such as term and pension plans.

The unit-linked insurance plans (ULIPs) are expected to be fastest growing product category at CAGR of 21.2% during 2015. The report states that unit-linked pension and annuity products will offer a minimum guaranteed return of 4.5% per annum on maturity.

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Kotak Life Insurance launches two child plans

The two traditional (non unit linked) child plans include Kotak Child Edu Plan and Kotak Child Future Plan

Kotak Mahindra Old Mutual Life Insurance has launched two traditional (non unit linked) child plans viz. Kotak Child Edu Plan and Kotak Child Future Plan.

While Kotak Child Edu Plan addresses the future financial requirements of children aged between 0 (newborns) and 10 years, Kotak Child Future Plan addresses the future financial requirements of children aged between 11 and 15 years. Both plans enable the customer to start saving today to secure their child’s tomorrow.  

Kotak Child Edu Plan provides defined benefits at specific milestones—‘Edu Boosters’ at ages 15, 17, 19 and 21 to support the child’s education and skill development. Premium payment term continues till the child attains 17 years of age.

Kotak Child Future Plan too provides defined benefits at specific milestones–Future Boosters at ages 23 and 25 to financially support the child’s pursuit of career or life goals without any worries. The plan has a fixed premium payment term of 10 years from the date of entry.

Further, both plans also offer enhanced protection in the unfortunate event of death of life insured (parent, grandparent, etc). In such cases, not only do the plans immediately pay out 200% of the sum assured but future premium payment obligation also ceases. Both plans also waive off future premiums in case of accidental disability of life insured. What’s more, guaranteed payouts and the bonuses will be paid as scheduled, to take care of the child’s financial needs at pre-determined ages. There are optional riders which provide additional protection on death, accidental death and permanent disability. Premium rate discount for sum assured of Rs5 lakh or above is also provided.

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