According to HDFC Bank, Solitaire will provide unmatched lifestyle offers, its wellness aspects will help women take holistic care of themselves in the midst of a busy career
Private sector lender HDFC Bank, that has launched premium credit cards exclusively for women, said it expects to add 4 million credit card customers in the next two years. The bank has about six million credit card customers. Of this, 1.5 million customers are women.
"We want to hit 10 million credit cards in the next two years and want the women's portfolio to significantly contribute to this with 2 million cards," HDFC Bank country head, (retail assets) Pralay Mondal told reporters.
The bank has launched a special card, Solitaire Premium, with a credit limit of Rs5 lakh for women. The other card Solitaire again introduced exclusively for women has a credit limit of up to Rs2 lakh.
The bank, which is the biggest issuer of credit cards in the country, will come out with new credit card products including co-branded card every quarter.
Talking about the features of the new card, Mondal said while Solitaire will provide unmatched lifestyle offers, its wellness aspects will help women take holistic care of themselves in the midst of a busy career. "We are looking at developing specific products for a complete bouquet for the entire family," HDFC Bank country head, (credit cards) Parag Rao said.
"We felt there was a vacuum in the premium credit card segment for women. We are sure that Solitaire will fulfil a long-standing need of women who are pursuing a successful career, travelling the world and are at the forefront of the global consumption story,” Rao said.
With Solitaire, Infinia and a pack of travel cards, HDFC Bank launched in the last 6 months has now an unparalleled premium bouquet of plastics in India, Rao added.
The government proposes to double investment in infrastructure to USD 1 trillion during the 12th Five Year Plan (2012-17)
State-owned NHAI (National Highway Authority of India) and PFC (Power Finance Company) will raise over Rs14,000 crore by way of infrastructure bond issues by December 15, a finance ministry official said.
"NHAI will raise Rs10,000 crore and PFC will raise Rs4,100 crore. The infra bond issues are likely by December 15," the official told PTI. The official said that Railway Finance Corporation has also got clearance to raise Rs10,000 crore through infra bonds, but it will come out with the issue after assessing demand for the NHAI papers.
With a view to attracting long-term investments for the infrastructure sector, the government has allowed NHAI, Railway Finance Corporation, HUDCO and ports to raise Rs30,000 crore through tax-free bonds in the current fiscal.
"Railway Finance Corporation will take final decision on issuing infra bond after seeing response of NHAI and PFC. The next meeting on infra bond will be held on December 25," the official added.
Earlier, Railway Finance Corporation had said they had received finance ministry clearance to issue tax-free bonds to raise around Rs10,000 crore to tide over the funds crunch. While NHAI’s bond would be tax free, subscribers of the one issued by PFC would get tax exemptions on investments up to Rs20,000. To channelise savings for development of infrastructure sector, the government in 2010-11 introduced the concept of long-term tax savings bond. It provides tax exemption on investments up to Rs20,000 in long-term infrastructure bonds. This is over and above the existing tax saving limit of Rs1 lakh.
Infrastructure bonds should be of 10 years with a minimum lock-in of 5 years. After the expiry of 5 years, the investors would have the option to either sell it in secondary market or seek redemption.
The government proposes to double investment in infrastructure to USD 1 trillion during the 12th Five Year Plan (2012-17).
A host of companies like IFCI, REC and IDFC had raised about Rs 8,000 crore through issue of tax-savings infra bonds in the last fiscal.
It is a strange choice considering that term life is the best insurance. The ULIP comparator can be expanded by IRDA to bring in more value. This is launched just after stringent guidelines for web aggregators which will drive them out of business
The Insurance Regulatory and Development Authority (IRDA) has launched its mobile compatible website www.m.irda.gov.in . This is not a mobile application as widely professed. The mobile compatible website can be accessed by any device with internet connectivity to check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after September 2010. While the IRDA ULIP comparator is a good initiative, it is a bizarre choice considering that term life insurance is the best insurance. Giving a proper term life comparison is of utmost importance as there is three times variation in the premium rates from low to high end even for the vanilla product. Moreover, web aggregators like PolicyBazaar.com and MyinsuranceClub.com are reeling under the tough guidelines which can potentially drive them out of business.
What the ULIP comparator offers –
What it does not offer –
IRDA needs to bring more transparency in ULIP comparator for mortality charges, fund performance, actual returns on investment. Mutual fund performance is transparent as the number of ‘units’ are not subject to manipulation due to charges. The existing form of the ULIP comparator is a good start, but not enough for a savvy investor to make an investment or insurance decision.
The insurance regulator needs to bring out a term life insurance comparator with details of not just premium comparison, but also settlement, pending and rejection ratio of each insurance company.