HDFC Life Pension Super Plus is a regular premium unit linked plan while HDFC Life Single Premium Pension Super is a single premium unit linked plan
Kochi: HDFC Life, one of India's leading life insurance companies, has announced the launch of two pension plans in Kerala, reports PTI.
While HDFC Life Pension Super Plus is a regular premium unit linked plan, HDFC Life Single Premium Pension Super is a single premium unit linked plan.
Announcing the schemes, Sanjay Tiwari, Vice President- Strategy and Products-HDFC Life told reporters that they were the first private life insurance company to bring back pension plans to customers under the new regulatory regime.
There has been good response to the schemes so far all over the country, he said adding so far Rs100 crore had been collected as premiums.
The two schemes are designed to build a sizeable corpus for post retirement income and offers assured vesting value with minimum guarantee benefits, he said. Both the plans offer assured benefit on death and vesting.
HDFC Life Pension Super Plus offers assured death benefit of total premiums paid to date accumulated at a guaranteed rate of 6% per annum and an assured vesting benefit of 101% of total premiums paid. HDFC Life Single Premium Pension Super offers assured benefit of 101% of total premiums paid on death and vesting.
HDFC Life has also launched a traditional annuity plan-- HDFC Life New Immediate Annuity Plan. As per IRDA's new guideline, customers need to purchase immediate annuity from the proceeds of the Pension Plan from the same company.
Tiwari said in India there was a paradigm shift in retirement trends and the increase in life expectancy.
Individuals opt for retirement as early as at 40-45 years and go on to live beyond 80-85 years.
This emerging trend is expected to boost the Annuity market substantially in the next few years, he said. The entry age of HDFC's Immediate Annuity Plan ranges from 30-85 catering to the diverse spectrum of customers across all age bands with 11 different annuity options for both individual and joint lives, he said.
The minimum purchase price of Annuity is Rs2 lakh. For customers whose purchase price is Rs2.5 lakh and above will have the benefit of higher annuity rates, he said.
Additional features of LIC Nomura MF's ULIS include free accident cover up to Rs1 lakh, guaranteed maturity bonus of 2.5% to 10% of target amount, no exit load as well as auto cover option besides low-cost life insurance
Mumbai: LIC Nomura Mutual Fund has re-launched its open ended Unit-Linked Insurance Scheme (ULIS) with additional features aiming at Rs500 crore assets under management (AUM) by the end of FY13, with one lakh new investors, reports PTI.
"ULIS has a good track record since 23 years. With additional features, we expect the fund to have Rs500 crore AUM, with one lakh new investors," LIC Nomura Mutual Fund CEO Nilesh Sathe told reporters.
The asset management company has tied up with 14 banks to sell this scheme, he said.
At present, ULIS has Rs140 crore AUM, he said, adding that in three years, it plans to have Rs1,000 crore AUM for the scheme.
The scheme's additional features include free accident cover up to Rs1 lakh, guaranteed maturity bonus of 2.5% to 10% of target amount, no exit load as well as auto cover option, besides low-cost life insurance.
Fund allocation is balanced with 65 to 80% invested in equity and 20 to 35% in debt, he said.
The fund, which has three-year lock-in period, allows partial withdrawal subject to minimum balance requirement and top-up facility.
Investment in ULIS as well as its dividend is tax free.
Associated persons functioning as approved users and sales personnel of brokers and other traders shall obtain certification from NISM for the purpose
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has notified new norms for “associated persons’ working as terminal users and sales personnel of brokers and other traders, making it mandatory for them to get necessary certifications to operate in the equity derivatives market, reports PTI.
The term "associated person" is generally used for permanent or temporary employees of various market entities, including FIIs and other foreign entities, dealing in the Indian securities space.
"...it is notified that with effect from the date of this notification, the associated persons functioning as approved users and sales personnel of the trading members of an equity derivative exchange or equity derivative segment of a recognised stock exchange shall obtain certification for the purpose...," SEBI said in a notification dated 11th January.
The regulator said that these entities would have to clear the 'Equity Derivative Certification Examination (EDCE)' from the National Institute of Securities Market.
SEBI has directed the trading members to ensure that all such employees who are approved users or sales personnel obtain the certification within two years.
Meanwhile, those 'associated persons' who are hired after 11th January, this year, would have to obtain the certification within one year from date of his employment.
However, SEBI has exempted associated persons who have the BSE's Certificate on Derivatives Exchange or the NCFM- Derivative Market (Dealers) Module of National Stock Exchange, from the requirement of obtaining certification.