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Deadline for filling KYC form by LPG consumers extended till 30th November

In a nationwide exercise to weed out multiple or ghost connections, the government extended the deadline for customers to fill KYC forms by 15 days

 
New Delhi: The government on Friday extended by 15 days the deadline for filling the know your customer (KYC) form by LPG consumers to month-end, reports PTI.
 
In a nationwide exercise to weed out multiple or ghost connections, the government had previously extended the deadline for customers to fill KYC forms by 15 days till 15th November.
 
"Considering the mammoth exercise, the deadline on the request of oil companies has now been extended till 30th November," an oil industry executive said.
 
The drive to weed out multiple connections at same address follows the government decision in September to cap supply of subsidised LPG to six cylinders per household in a year.
 
The official said oil firms are implementing the policy of 'one household, one connection' and have asked consumers to voluntarily give up additional connections.
 
Multiple LPG connections in the 'same name and at the same address' as well as 'husband and wife' owning connections at the same address would be summarily disconnected.
 
In case of multiple connections at same address under different names, distributors have been asked to collect KYC forms to verify genuine users.
 
Consumers in the KYC form have to gives all the necessary details like name, date of birth, father's name, mother's name, spouse name, complete address with pin-code and also an optional information about bank details. They have to submit self-attested photocopies of address and ID proof along with the filled in form.
 
New subsidised LPG connections will be issued after completion of the KYC formalities and multiple connection check.
 
"All LPG consumers are eligible for three subsidised domestic cylinders during the remaining part of the current year ending 31 March 2013," the official said.
 
New subsidised LPG connections will be issued after completion of the KYC formalities and multiple connection check.
 
There is no restriction on the number of domestic non-subsidised cylinders that consumers can avail beyond the three subsidised LPG refills to meet their genuine demand.
 
From 1st April next year, LPG consumers can avail six domestic subsidised LPG refill cylinders in a financial year.
 

User

LIC Direct makes false pitch to sell annuity product, Jeevan Akshay VI

LIC Direct’s emails hard sells its annuity product creating a fear that interest rates in India may drop to 2% to 4% in next 20 years! If LIC is confident about it, then why does its annuity product lock in the rate of 7% to 8% for the lifetime of a customer?

LIC Direct, an alternate distribution route from Life Insurance Corporation of India (LIC), is sending promotional emails with a pitch about India joining the club of developed countries in a few years. As a developed country, interest rates in India after 20 years can be 2% to 4%, it claims. The offer is to buy Jeevan Akshay VI, which has current annuity rates of 7% to 8%. If the interest rates were really going to fall to such lows, LIC should not be taking the risk of locking the customer at high annuity rates of 7% to 8%. Has Insurance Regulatory and Development Authority (IRDA) approved the LIC advertisement?
 

LIC’s sales pitch is mis-selling through false advertisement by fear-mongering about interest rates. The email talks about prevalent interest rates in some developed countries to be 2% to 4%. While it may be true at this time, it does not have to be always true. In the U.S, Fixed Deposits (FD) interest rate for 10 out of last 20 years has given 5% to little over 7% p.a. returns. So, LIC is really making false and misleading statements. That apart, future interest rates in India will depend on lot of factors including inflationary expectations, taxes, risks of investment, consumption, liquidity and so on. Asserting that India is expected to join the club of developed countries in a few years is preposterous.
 

Annuity products give customer fixed returns every year for a lifetime. E.g. A person of age 50 years making a one-time payment of Rs1 lakh to buy Jeevan Akshay VI product will get 7% p.a., which is Rs7,000 per year for lifetime. The insurance company takes the risk of interest rate movements and longevity of the annuitant. Increase in the longevity of Indians and market interest rate’s downward movement means higher risk for an insurance company. If the market interest rates were to drop to 2% to 4%, the annuitant getting 7% to 8% will continue to do so till his lifetime. In that case, LIC should not be taking the risk of offering 7% to 8% annuity as it will make huge losses when market interest rate is only 2% to 4%.
 

Jeevan Akshay VI, an annuity product, offers 6.89% to 7.48% lifetime lock-in rate for a customer of age 30 to 80 years respectively. Online purchase of the product gives a rebate of 1% by way of increase in the annuity rate. Annuity is taxable in India. The specified rates are for option of purchase price is returned to the beneficiary after the death of the annuitant.

 

 

User

COMMENTS

Parmanand N Jethani

1 year ago

I have not received reply of following question.please send on my
email address.
Thanking you
Regards,
Parmanand N Jethani

Parmanand N Jethani

1 year ago

I HAVE ICICI PRUDENTIAL LIFE INSURANCE POLICY LIFETIME SUPER PENSION.
I HAVE PAID TOTAL PREMIUM AMOUNT Rs 300000/- MATURITY DATE IS 13/03/2017.
I MAY GET ABOUT RS 750000/-AT THE TIME OF MATURITY.
1/3RD AMOUNT WILL BE GIVEN TO ACCOUNT HOLDER IMMMIDIATELY AND REMAINING 2/3RD AMOUNT WILL BE INVESTED IN ANNUITY.
MY DOB IS 05/11/1942.I WANT TO KNOW WHICH IS BEST SCHEME FOR ME & WHICH COMPANY WILL BE BETTER
SUCH AS NPS, LIC,ICICI,HDFC, AVIVA INDIA LTD., ETC.
PLEASE INFORM HOW MUCH APPROXIMATE AMOUNT I WILL GET AS A PENSION AT PRSENT MARKET RATE
THANKING YOU
REGARDS,
PARMANAND JETHANI

Sachin Kaulgud

4 years ago

Have read the arguments in favour and against the product. My simple point is why to permanently lock your capital with a 7% or 8% return, where only your death can unlock it. Instead why not opt for a say 10 year FD with SBI or even longer tenure Govt Bond with assured return (in FD atleast) and 100% liquidity .... Who knows when you yourself may require your own money?

Arun M Purohit

4 years ago

AFTER REVIEWING ALL OF THE COMMENTS , MAY I SAY WHY WE ARE FIGHTING , IN MY POINT OF VIEW " DON'T PUT ALL EGGS IN ONE BASKETS " , IT DEFINATELY GETS BURST IF DO SO., SIMPLE , MAKE AN ASSET ALLOCATIONS AND BE PREPARE OURSELVES AS ,

1. INSURANCE FOR RISK PROTECTION ,I.E. TERM INSURANCE IS THE BEST.
2. HEALTH INSURANCE FOR HEALTH RELATED RISK I.E. MEDICLAIM
3. CRITICAL HEALTH POLICY TO HAVE SEPARATELY.
4. SHARES / MUTUAL FUNDS FOR LONG HORIZONS WHICH BUILTS A WEALTH
5. PROPERTIES / LANDS
6. GOLD I.E. ETF/GOLD SAVINGS FUNDS
7. FOR CONSERVATIE NATURE CAN OPT BANK FDs / DEBT FUNDS / CORPORATE FDs. / POSTAL SAVINGS I.E. MIP / MIS / PPF etc.....

FOR MORE GUIDELINES INVESTOR MUST CONSULT THIER GOOD/ESTABLISHED/TRUSTWORTHY/CERTIFIED ADVISOR , [NOW A DAYS THEY ARE CHARGING FEES].

ADVISOR SCRUTINIZE ALL OF YOUR GOALS / INCOME SOURCE AND SOME OTHER CRITERIA TO DECIDE AN ASSET ALLOCATIONS WHICH TOO REQUIRE UPDATION PERIODICALLY TAKING CARE BY ADVISOR.ALSO NOT TO FORGET , INVESTOR MUST HAVE AN ABILITY TO CONSULT ADVISOR TO GET AN IDEA / ADVISE / REQUIRE CORRECTION-MODIFICATION.

SO , PLEASE BE FRANKIE EACH OTHER , DEVELOP OURSELVES AS TIMES GOES ON. ALL THE BST. ..... HAPPY EARNINGS ,

http://aroonpurohit.blogspot.in

Anand Jathan

4 years ago

There is some element of truth and there is nothing wrong in promoting LIC’s Jeevan Akshay VI. Peoples’ memory is short and they go by what is available today. They neither look at the past nor the future.

For your information, the original Jeevan Akshay Immediate Pension Plan No. 97, was offering a 12% Guaranteed Pension (Option with Return of Purchase Price on death) till it was withdrawn on 30th June, 2000. Those who invested in this Plan are still receiving the Pension @ 12%.

Interest rates at that time was ranging from 13% to 15% in Banks/Company Deposits. Finance Companies were even offering 18%. People were averse to invest in Jeevan Akshay even at that time, but those who did are enjoying today with a smile as interest rates have fallen to 8% ….. ! !

LIC is the only Life Insurer who has the guts and capacity to offer guaranteed Pension for Life time, without any fine prints or call-back options.

In view of the above, there is nothing wrong in conveying to the public about the bleak future on declining interest rates, as in developed countries. India is a developing economy and interest rates are bound to come down in future. India offers highest interest rates in the world, as can be seen below, and our people are not used to this kind of rates.

WORLD INTEREST RATES

Country Current Rate Previous Rate Change Last Change
Australia
3.50% 3.75% -0.25% June 06 2012
Brazil
7.50% 9% -1.50% Aug 29 2012
Canada
1% 0.75% 0.25% Sep 08 2010
China
6% 6.31% -0.31% Jul 05 2012
Hong Kong
0.50% 1.50% -1% Dec 17 2008
India
8% 8.50% -0.50% Apr 17 2012
Indonesia
5.75% 6% -0.25% Feb 09 2012
Israel
3.25% 2.25% 1% Jul 01 2011
Japan
0.10% 0.30% -0.20% Dec 19 2008
Malaysia
3% 2.75% 0.25% Jul 08 2010
South Africa
5% 5.50% -0.50% Jul 19 2012
Sweden
1.25% 1.50% -0.25% Sep 06 2012
Switzerland
0% 0.25% -0.25% Aug 03 2011
Taiwan
1.88% 1.75% 0.13% Jul 01 2011
United Kingdom
0.50% 1% -0.50% Mar 05 2009
United States
0.25% 1% -0.75% Dec 16 2008

Best Regards,

ANAND A JATHAN, RFC, CII(Award) UK
Chief Life Insurance Advisor
Member of Chairman's Club
Qualifying & Life Member MDRT (USA)
LIC OF INDIA, MDO III/Branch 893
K-3/104, Kishor Darshan
N. Dutta Marg, Four Bungalows
Andheri (West), Mumbai - 400 053
Mobile : 09820056466 / 09920056466
Tel. No. 022 - 26371286/26371210
Telefax : 022 – 26373156
Email: [email protected], [email protected]
Website : http://www.jathananand.com

REPLY

Rakesh

In Reply to Anand Jathan 4 years ago

This an example of two kinds of bias 1. Extrapolation from the past.
Since interest rate has fallen from 18% to 8% it will fall from 8% to 0%.
2. Hindsight Bias: You KNOW NOW that interest rate has fallen. Did you know THEN?

In any case, we are not in the same situation as in the past. Interest rate today is 8%, not 18%.

Now comes the forecast. The only thing that can bring down the interest rate is productivity and efficient use of capital. India is not showing much positive sign on either of these two fronts. As long as the government is the dominant player in the economy, inefficiency will persist and interest rates will not fall beyond a certain level.

Of course, a miracle can happen and 20 years from now we may have 2% interest rates. The point is, can we be certain enough to be put our money on this forecast?

By the way, trends in interest rates are the most difficult to forecast even for experts, forget about the poor guy who buys an LIC policy who does not know any of the things being discussed here

Anand Jathan

In Reply to Rakesh 4 years ago

Then, what is the solution ? When you say “Interest rates will not fall beyond a certain level”, what is that level ?

Why work on guess game ? People have seen the miracles in last 20 years, and no one can predict what is in store for next 20 years. In that scenario, if one gets a guaranteed income for life, he must grab it. I think Rakesh has a clear bias against LIC. He is well advised to read an article “Lessons for Private insurers from LIC’s long term success” in today’s The Indian Express (Journalism of Courage) http://www.indianexpress.com/story-print...

Anand Jathan

DEEPAK KHEMANI

In Reply to Anand Jathan 4 years ago

Well written Anandji, I have already pointed out many similar points in my earlier post.

DILIP

4 years ago

Raj, insurance company is not required to take approval from IRDA for the advertisements it choses to release. Suggest you please check your facts

REPLY

raj

In Reply to DILIP 4 years ago

Insurance companies have to adhere to the best practices and comply with the provisions of Advertisement Regulations, Guidelines and Circulars issued by the Authority while releasing insurance advertisements

Joint sale advertisements in the nature of insurance advertisements can be released only after obtaining prior approval from the Authority

http://www.irda.gov.in/ADMINCMS/cms/frmG...

Misleading advertisement can lead to warning or penalty as in following example

http://www.irda.gov.in/ADMINCMS/cms/frmG...

Neville Sequeira

4 years ago

Hi,

Well coming back to the "Mis Selling" tag used to describe the emailer.

I've read the comments but am still not able to understand why are we terming the mailer as mis-selling. They are merely stating "Factual interest rates" which are a reality today. Yes the interest rates are lot more complicated to predict than this analogy,

But i still see a lot of sense in this product. And still unable to understand the miss-selling bit.

REPLY

raj

In Reply to Neville Sequeira 4 years ago

If you feel it is not mis-selling, then it is not mis-selling for you.

The point is that LIC advertisement should not assert that India is expected to join the club of developed countries in a few years and that interest rates after 20 years in India may be 2% to 4%. That is incorrect.

Neville Sequeira

In Reply to raj 4 years ago

1. They are not asserting it they are suggesting it "Expected to Join the club"

2. The Interest rate comparison is based on an assumption which has a logical base. Also pointed out by Anand Jathan.

raj

In Reply to Neville Sequeira 4 years ago

please refer to comment by Rakesh. Hope that help. I cannot explain more.

DEEPAK KHEMANI

In Reply to Neville Sequeira 4 years ago

Ask @Vivek sharma, he seems to be having a problem with anyone who says its not mis selling even when you comment that people should buy it online to get extra 1% assured for life, nobody is putting a gun to anyone's head to force him to buy, its just an email with info on the possibility of interest rates moving south, if someone does not like it he should not bother, period.

DEEPAK KHEMANI

4 years ago

Raj,
I have been a great fan of your articles and have made it a point to read every article because of your excellent analytical skills, but I think that in this article you may have missed a point or two.
As a Financial Planner I recommend every retiree or someone close to retirement, to have some portion of their money in an assured annuity for life. This should not be the ONLY INVESTMENT mind you, people make a mistake of putting all their money in a single product.
As far as interest rates ,that they are going to come down is a certainty, how low they will go is anybody's guess.
Also Raj I would like to inform you that LIC had a Jeevan Akshay their first fixed annuity plan in the earlt nineties,it assured 12 % for life, yes you read it correct 12% for life. Having sold that plan to many a client,these people can not thank me enough especially when in 200-3-05 the bank interest had gone down to as low as 5% nand they even today continue to enjoy 12% pa for LIFE.
If someone buys this plan online they are assured of 8%+ for life, how can that be BAD INVESTMENT PLANNING?
Also the annuity can start as early as next month if you take the monthly mode.
Also many comments by other readers are totally irrelevant to this article I think they should be moderated or deleted.
Deepak R Khemani
Financial Planner
CII-UK, Member MDRT-USA

REPLY

vivek sharma

In Reply to DEEPAK KHEMANI 4 years ago

There is no denying the fact that some of the products of LIC have given excellent return in the past. But so have many other non-LIC products during the same phase. The question is not about whether product will deliver the returns or not. The issue here is how the product is being pitched. Statistics can easily get misused and LIC Direct is an example of the same.

Interest rates undergo cycle across country. If you look at USA, rate of interest in US has undergone various cycles:( http://www.tradingeconomics.com/united-s.... So saying that interest rate will go down is fair, but will go down for ever because a country becomes developed country is totally unfair.

In the last 5 years, because of global recession interest rates have been cut in developed countries. Unfortunately people pitching financial products give sweeping statement.

I remember 2001, when an LIC agent told me that if bought money back plan of LIC I will get 8% bonus every year. I refused that plan. Today that plan offers 3.5% return only.So LIC agents have historically being mis-selling products without being accountable.

This is another exmaple.

DEEPAK KHEMANI

In Reply to vivek sharma 4 years ago

There is no need to talk at all about agents pitching this policy, I have clearly said buy online you get 1% extra for life. Also you have missed the most important point in my statements which said that Every retire should have a PORTION of their investments in a fixed annuity and not all his money.
Asset allocation is the key to getting reasonable returns over a period of time

vivek sharma

In Reply to DEEPAK KHEMANI 4 years ago

Retirement planning can be done without any contribution to annuity. There are better products available for retirement planning. This discussion is all about how products are sold using unfair means.

raj

In Reply to DEEPAK KHEMANI 4 years ago

Hi Deepak,

Thanks for your good feedback and appreciation of my writing.

Moneylife cover story on pension plans and Moneylife foundation seminar on life insurance has not talked against annuity products.

Yes, insurance company takes risk of interest rate movement and longevity of annuitant. LIC annuity rates are competitive in the market; its good that more insurers are coming with better rates.

Having said that, the point is that LIC advertisement should not assert that India is expected to join the club of developed countries in a few years and that interest rates after 20 years in India may be 2% to 4%. That is incorrect. They can say that interest rates can get lower or even give example of their Jeevan Akshay I giving 12%.

The other point is that developed countries like US also gave 5% to over 7% in 10 out of last 20 years. Even till 2006-07 fixed deposits in US were giving interest rates of 5.5% to 6%. It's not that just because its developed country, interest rates will be 2% to 4%. That is wrong argument and wrong pitch to hard sell Jeevan Akshay VI.

So, I disagree that interest rates in India will come down with CERTAINTY. It will in coming days and months, but no one can tell about future years.

Unlike FD that you can lock for 9% for next 10 years or buy bonds for even longer term and still have full liquidity, locking in annuity at 7% to 8% has zero liquidity. Annuitant has to die before the purchase price is returned to beneficiary.

Srikanth Shankar Matrubai

4 years ago

As usual, the IRDA will turn a blind eye, after all, it is the LIC.
And, sure enough, gullible investors and semi literate will fall for the LIC name.
LIC agents, enjoy the boom.

MOHAN SIROYA

4 years ago

God save the country and common man. One can imagine how free the private sector /online sellers will be to give false posmises and cheating when the Government undertaking and its arm LIC DIRECT is offering such false hopes ?
And it is not clear from your exposition that if at 50 yrs. age one ineists a sum of Rs. 1 lakh, will he start getting annunity of Rs. 7000 p m. immeditaely or after a certain age ?

REPLY

raj

In Reply to MOHAN SIROYA 4 years ago

after one year

Surendera Bhanot

In Reply to MOHAN SIROYA 4 years ago

You can see the features of this Plan at http://www.licindia.in/jeevan_akshay_pla...

Nilesh KAMERKAR

4 years ago

Anyone buying an insurance product is looking for risk cover or risk protection & not for returns – It is a mistake to call these people as ‘investors’. The sole purpose of an insurer is to offer risk protection, but some kind of return gets added as a sweetener to the insurance product to give it a guise of investment.


Life Insurance is offered for risk protection, whereas an investment is undertaken with an intention of generating income or capital appreciation by putting money at risk. Only a borrower offers guaranteed returns or a coupon rate & Insurance companies are NO borrowers.


But without muddled thinking it seems impossible to sell insurance.

– Now think for yourself.

REPLY

raj

In Reply to Nilesh KAMERKAR 4 years ago

Annuity is an investment. It is opposite of insurance as far as risk cover is concerned. For Insurance product, company has to pay once there is death. For Annuity product, company has to pay till you are alive.

Nilesh KAMERKAR

In Reply to raj 4 years ago

Raj,

My above comment is about how Insurance products are generally offered and sold - and not about annuity.



suresh kumar gupta

4 years ago

Dear sir
your observation is correct. before my termination company has not give me a proper chance to defend me.i am submitting my reply as your pointwise as below.
a) my agency code is 00041214
b) the previous operation officer has blame me as(ki mene uski gardan pakdi. parntu jahan voh bethta hai vah tak mera hath hi nahi pahunch sakta to me uski gardan kaise pakad sakta hun, pl visit personally BALOTRA branch and verify my comments.
c) my former branch manager MR. LOKESH CHAUDHARY AND OPERATION OFFICER MR. HITESH GAUR has the main person to remove me system as they need to do wrong with company. as soon as company has terminate me a BIG FIRE AND THEFT HAS BEEN DONE IN BALOTRA, if you will investigate the both issue you will find great irrregulaties.
d) company response is only one word as there is no change of company decisions.i have not violated any clause of agency agreement. when company has terminate me almost 4 years and 11 months has passed. if one month has passed then company can not stop to give me my renewal commission.
e) i want to HDFC SLIC To activate me CC CORNER Immediately so that i can provide my services to my innocent clients. and cancel my termination and activate my agency agreement.

Regards
Suresh kumar gupta
Rawali gali
BALOTRA RAJ 344022
MOBILE 94141 07928


----- Original Message -----
From: Umesh Gupta
To: SURESH KUMAR GUPTA(PUNJAB KESARI PRESS COROSPONDENT
Cc: Tushar Kelkar ; Sanjay Pujari
Sent: Sunday, September 02, 2012 3:24 AM
Subject: Re: Fw: PL RESOLVE MY ISSUE


D/Suresh,
We are not able to open the attachments in your complaint. If you can describe your complaints in detail, we will be able to direct your complaint to the right department.

As per my understanding (as per the mail below) your agency has been terminated and you were not given sufficient chance to defend yourself. You feel that agency termination has been done because of false complaint of the staff of Balotra branch.

If my understanding is right, please do the following:
a) Mail your agency code.
b) details of all the incidences step wise in the proposal/s..
c) What is your view and which staff has framed you wrongly? What are the wrong things done by them?
d) What has been the company's response? Did anyone talk to you to check details? If yes, who and describe the details.
e) What do you want from HDFC Life now?

To process further, we will require the above details. I am also marking the mail to Tushar Kelkar and Sanjay who take care of complaints and grievances of FC's.

regards
Umesh Gupta | Associate Vice President | Customer Relations | HDFCLife
11th Floor, Lodha Excelus, Apollo Mills Compound,
N. M. Joshi Marg, Mahalaxmi, Mumbai-400011.
Direct: 022 6751 6128 | Board: 022 6751 6666 | Mobile: +91 99209 13009

Integrity |Innovation |Customer Centric |People Care |Team Work |Joy & Simplicity



From: "SURESH KUMAR GUPTA(PUNJAB KESARI PRESS COROSPONDENT"
To: ,
Date: 31/08/2012 02:22 PM
Subject: Fw: PL RESOLVE MY ISSUE



--------------------------------------------------------------------------------



Dear sir
pl read my issue and try to resolve and investigate free and fair conclusion.
Regards
suresh kumar gupta
94141 07928
----- Original Message -----
From: Customer Relations
To: SURESH KUMAR GUPTA(PUNJAB KESARI PRESS COROSPONDENT
Sent: Wednesday, May 30, 2012 3:17 PM
Subject: Re: PL RESOLVE MY ISSUE

Good Morning. Thank you for your e-mail of today's date. I confirm that it has been passed to our Group Financial Crime team and they will be in contact with you shortly.

Mike MacPherson 0131-245-2451.

"SURESH KUMAR GUPTA\(PUNJAB KESARI PRESS COROSPONDENT"


"SURESH KUMAR GUPTA\(PUNJAB KESARI PRESS COROSPONDENT"

30/05/2012 03:39



To


cc


Subject
PL RESOLVE MY ISSUE



Hon sir
I am certified financial consultant of HDFC STANDARD LIFE INSURANCE CO LTD Mumabi.

my code number is 00041214

My request you as under.

1, Company has terminate me on the basis of false complaint of LOCAL STAFF i.e. BALOTRA branch

2. The both person has left the company

3. Due to my termination and lake of services my innocent client has lost almost 20 lakha INR AND POLICY HAS DEACTIVATED.

4. I very humbly request to company to provide the letters/emails/on which basis the company has terminate me but company has not provide the papers.

5.i also pray to company to provide the clause of agency agreement on which basis i have voilete this clouse but company has not replied my a singal word.

Pl help to resolve my issue and reach a free and fa ir investigation in the interest of INNOCENT CLIENTS

the CEO OF HDFC SLIC MR.AMITABH CHAUDHARY mail id is [email protected]

Regards
suresh kumar gupta
rawali gali
BALOTRA 344022
MOBILE 94141 07928 Connect With Us On

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vivek sharma

4 years ago

This advertisement is completely misleading. In 1971, the rate of interest in India was 7% which went up to 16% in early and middle 90s( Refer: http://dbie.rbi.org.in/DBIE/dbie.rbi?sit.... To say that rate of interest will fall and do down to 2% to 4% in next 20 years is completely illogical. Additionally, it is important to note that GOI has a bond offering 8.83% rate of interest upto 2043 which is giving a current yield of around 8%. Banks also offer 9.25% rate of interest but never pitch products like that. This is unfair practice for sure.

REPLY

Surendera Bhanot

In Reply to vivek sharma 4 years ago

In that case it is advisable to invest in Government Bonds.

vivek sharma

In Reply to Surendera Bhanot 4 years ago

A small correction. The year is 2041 .Refer: http://www.rbi.org.in/scripts/Notificati... Regarding investments, it is choice of a specific investor. I am only talking about how the product is being mis-sold by LIC Direct.

Surendera Bhanot

4 years ago

The Big Fish like LIC are eating the life-time savings of the unsuspecting and innocent investors by promising castles.

In past in nineties, Sardar Sarovar, IDBI, UTI and other Government fund managers promised heaven and with fall in interest rates quickly redeemed the offer at the first opportunity, leaving the investors in the lurch. BE CAREFUL and Watch your steps before falling into trap.

Neville Sequeira

4 years ago

With all due respects if LIC has a product that offers a interest rate lock-in of around 7% for life. It does make a lot of sense. How they will do it is debatable but for you guys to mention that this is mis selling is complete blasphemy.

Also as an exercise map India's interest rates for the last 30 years and i'm sure you'll know what the email from LIC is talking about.

REPLY

raj

In Reply to Neville Sequeira 4 years ago

comment from Vivek Sharma will answer your doubt.

BSE Sensex, Nifty still in a downtrend: Friday Closing Report

A reversal would only be seen if the Nifty closes above any previous day’s high

 
The market settled around 1% down on selling pressure in the post-noon session from banking, FMCG and auto stocks. Yesterday we had mentioned that we may see the Nifty consolidating at the day's low and fresh signals would decide its further direction. Today the index, after hitting a high at almost the same level as yesterday in the second half of the trading session, broke yesterday’s intraday low and dropped to 5,560, which is the lowest since 8 October 2012. Today’s move on the index has signalled that the downtrend is still continuing. However, a reversal would only be seen if the benchmark closes above any previous day’s high. The National Stock Exchange (NSE) saw a volume of 73.08 crore shares and an advance-decline ratio of 598:1133.
 
The domestic market witnessed a mixed opening on weak cues from the US. US stocks closed marginally lower on Thursday on mounting opposition to president Obama’s proposed hike in taxes and spending cuts next year. Os the other hand, most markets in Asia were in the positive on hopes that new reforms would ease the slowdown in the region.
 
The Nifty opened six points lower at 5,625 and the Sensex started the day at 18,491, up 20 points from its previous close. The indices soon gained momentum on gains in index toppers like Bharti Airtel and Reliance Industries and private telecom major Idea Cellular. Bank of America Merrill Lynch (BoAML) upgraded the two telecom stocks to ‘Buy’ from its earlier rating of ‘Neutral’ as it sees tariffs going up after the 2G tariff auction.
 
Profit booking in late morning trade saw the market paring its early gains and entering the negative terrain.  But buying in technology, PSU, metal and healthcare stocks pushed the market higher in noon trade with the benchmarks hitting their intraday highs around 1.40pm. At the highs the Nifty went up to 5,650 and the Sensex rose to 18,563. However, range-bound trade amid intense volatility resulted in the indices hovering near their previous closing levels till around 2.30pm.
 
The market witnessed a sharp decline in late trade on selling pressure in banking, capital goods, fast moving consumer goods, and auto stocks.  The benchmarks dropped to the day’s low almost at the end of the trading session. At that point, the Nifty fell to 5,560 and the Sensex tumbled to 18,267.
 
The market settled marginally off the lows. The Nifty declined 57 points (1.01%) to 5,574 and the Sensex settled 162 points (0.88%) down at 18,309.
 
Among the broader indices, the BSE Mid-cap index declined 0.88% and the BSE Small-cap index dropped 1.13%.
 
The sectoral gainers were BSE TECk (up 0.46%; BSE IT (up 0.43%) and BSE Healthcare (up 0.25%). The key losers were BSE Realty (down 3.36%); BSE Bankex (down 1.61%); BSE Auto (down 1.50%); BSE Capital Goods (down 1.44%) and BSE Fast Moving Consumer Goods (down 1.36%).
 
Six of the 30 stocks on the Sensex closed in the positive. The top gainers were Bharti Airtel (up 3.47%); Infosys (up 2.08%); Dr Reddy’s Laboratories (up 1.83%); Coal India (up 0.85%) and ONGC (up 0.77%). The chief losers were ICICI Bank (down 2.65%); Tata Motors (down 2.64%); Cipla (down 2.33%); Hindustan Unilever (down 2.27%) and State Bank of India (down 2.13%).
 
The top two A Group gainers on the BSE were—Strides Arcolab (up 4.72%) and Apollo Hospitals Enterprise (up 4.63%).
The top two A Group losers on the BSE were—Unitech (down 5.64%) and J&K Bank (down 5.33%).
 
The top two B Group gainers on the BSE were—Vandana Knitwear (up 19.92%) and Sequent Scientific (up 18.93%).
The top two B Group losers on the BSE were—Fact Enterprise (down 18.571%) and KSL & Industries (down 13.04%).
 
Out of the 50 stocks listed on the Nifty, six stocks settled in the positive. The major gainers were Bharti Airtel (up 3.08%); Dr Reddy’s (up 1.88%); Infosys (up 1.77%); ONGC (up 1.20%) and Jindal Steel (up 0.52%). The main losers were IDFC (down 3.61%); Reliance Infrastructure (down 3.53%); Tata Motors (down 3.29%); DLF (down 3.27%) and Kotak Mahindra Bank (down 3.19%).
 
Markets in Asia settled mostly lower on concerns about the policy reforms of the new leadership in China. Resistance to the austerity measures of the Greek government also weighed on the investors. 
 
The Shanghai Composite dropped 0.77%; the KLSE Composite fell 0.15%; the Straits Times shed 0.01%; the Seoul Composite declined 0.53% and the Taiwan Weighted settled 0.19% down. Bucking the trend, the Hang Seng rose 0.24%; the Jakarta Composite climbed 0.44% and the Nikkei 225 jumped 2.20%.
 
At the time of writing, the key European indices were trading lower and the US stock futures were also in the negative.
 
Back home, foreign institutional investors were net buyers of shares totalling Rs46.45 crore while domestic institutional investors were net sellers of equities amounting to Rs381.67 crore.
 
Public sector lender Syndicate Bank has created a separate vertical for the mid-corporate segment at its corporate office in Bangalore which will focus on sanctioning credit proposals of Rs5 crore to Rs75 crore. The stock declined 3.29% to close at Rs119.20 on the NSE.
 
Srei Infrastructure today said that it has received the Certificate of Registration from market regulator SEBI for its infrastructure debt fund. The company, however, did not mention the expected date of launch of the fund and the funds it is going to raise. The stock advanced 1.61% to close at Rs34.70 on the NSE.
 
Infrastructure construction major Gammon India is contemplating hiving off its real estate portfolio in a bid to reduce its debt. The company is looking at reducing its debt by around 22% to Rs 2,500 crore by next year. The stock closed 1.03% higher at Rs39.40 on the NSE.
 

 

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