DLF Pramerica unveils ‘Shiksha Uday’

DLF Pramerica Life Insurance introduces two protection plans that ensure a child’s uninterrupted school education

DLF Pramerica Life Insurance (DPLI) has introduced 'Shiksha Uday'-a school education protection initiative. Shiksha Uday has been specially designed to help ensure uninterrupted school education for a child in case of untimely death of the bread-winner in the family.

As a part of this initiative, DPLI is partnering with schools to make two simple and affordable term protection plans-DLF Pramerica Fee Protect and DLF Pramerica Fee Protect+-easily accessible to parents during a child's admission into the school, or during other parent-school interactions.

Fee Protect and Fee Protect+ are insurance plans that protect the child's school fees during the term of the plan. The monthly premium is as low as Rs225. Parents have the flexibility to choose the benefit amount they wish to protect. In case of death, this benefit is paid out monthly.

While Fee Protect is a basic plan, Fee Protect+ additionally offers a savings benefit. It has a return of premium (RoP) feature built into the plan that entitles the parent to receive 80% of the premium paid (in case of survival) or payable (in case of death) throughout the policy term. The amount returned at the end of the policy tenure can be utilised as a starter kit for a child's college education.

Both these plans have a 5% inflation feature built in every year that closely mirrors the expected annual increase in school fees. Additionally, in the case of Fee Protect+, the RoP feature acts as a starter fund for the child's college education, in addition to covering school fees.

DPLI is a joint venture between DLF Ltd, a real-estate company in India and Prudential International Insurance Holdings Ltd a fully owned subsidiary of Prudential Financial, Inc a financial services leader headquartered in the US.

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Experian launches new fraud prevention service for India

Experian has launched Hunter, a fraud prevention service that enables businesses to prevent costly application fraud

The global information services company, Experian has launched Hunter, India's first fraud prevention service that enables local and international businesses to prevent costly application fraud. Application fraud occurs when fraudsters use another person's identity to apply for finance they are not entitled to, or when genuine individuals misrepresent their own information in an attempt to obtain financial services they are not entitled to.

Hunter-used by over major institutions around the world to combat fraud-is now available to Indian financial institutions. Axis Bank and ICICI Bank have already signed up to the hosted and pay-as-you-use service.

Experian's Hunter service enables the early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turn around times. Hunter's hosted technology means that Indian businesses can access the service quickly and easily to enhance their defences against application fraud.

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CBI gets transit warrant to take Balwa to Delhi

Balwa’s lawyer challenges arrest saying the company is being made a scapegoat 

Mumbai: The Central Bureau of Investigation (CBI) was today allowed two days transit remand of Swan Telecom promoter Shahid Usman Balwa by a Mumbai court to take him to Delhi and interrogate him together with former telecom minister A Raja, who is in the custody of the investigative agency with regard to the telecoms scandal.

Mr Balwa, who was arrested last evening from his Bandra residence in suburban Mumbai, was produced before Special CBI Judge SC Chandak, who allowed the agency two days of transit remand, to produce him before a court in Delhi, reports PTI.

Mr Balwa's lawyer challenged the arrest in court, saying that his company was being singled out and was being made a "scapegoat" despite some other firms also being involved in the case.

The counsel for the CBI countered the argument saying that Mr Balwa sold the licence to Etisalat, a UAE-based company, allegedly for Rs4,200 crore, while he had bought it for just Rs1,537 crore.

After the hearing the two sides, the judge said that since the CBI has Mr Raja in its custody, it may need to confront the former minister and Mr Balwa as the accused may have divulged something during his interrogation. Mr Balwa's arrest comes just two days before the Supreme Court hears the continuing 2G spectrum case.

Sources said that the CBI had some evidence through the income-tax department that Mr Balwa, a close aide of Mr Raja, was instrumental in channelling alleged kickbacks received for the sale of 2G spectrum by the former telecom minister.

According to the sources, Mr Balwa allegedly helped the minister and some of his close confidantes to park the money in the real estate sector.

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