ICICI Pru MF new issue closes on 20th September
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 59-1 Year Plan E, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme.
The new issue closes on 20th September. The minimum investment amount is Rs5,000.
Smart Sanchay Plan is designed for deposit account holders of the distributor banks and is tailor-made for the company’s bancassurance model of distribution
Canara HSBC Oriental Bank of Commerce Life Insurance-a joint venture between two public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings-has launched a traditional group protection-cum-savings product under the name Smart Sanchay Plan.
Smart Sanchay Plan is designed for deposit account holders of the distributor banks and is tailor-made for the company's bancassurance model of distribution. The plan is available to all new depositors who can opt for this product after opening an account, as well as to existing customers who simply need to enrol.
The product provides life cover and accident protection along with fixed returns. The maturity benefit is fixed and is equivalent to the premiums invested at 4% (current savings rate of interest). The premium is deducted directly from the bank account of the account holder.
Key features of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Sanchay Plan include a limited pay product with premium payment term of 5 years and policy term of 10 years. On the tax front the policyholder will get tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act.
i-Life is a pure term insurance policy with death benefit only and no maturity benefit
Aviva India has launched an online term insurance plan called i-Life, the cheapest online term plan in India. Aviva i-Life offers a minimum cover of Rs 25 lakh with no upper limit and a maximum term of 35 years. There are over 100 million people present on the internet in India. With e-commerce domain growing at a fast rate, the online insurance segment in India is also picking up. Online as a medium has a lower distribution cost and has better underwriting rates as the quality of life is considered better.
The biggest advantage of buying an online plan is that it is very cost effective and the process is fairly simple. One thing that should be kept in mind is that the cover and claim settlement process depends on the authenticity and accuracy of the information given when buying the plan.
"Our research with IMRB showed us that protection of family income in case of an unfortunate death is among the top three priorities for 52% of Indians. Hence, keeping in mind the customer need and demand, we have launched Aviva i-Life which can provide a high insurance cover at a low cost," said, Gaurav Rajput-director marketing, Aviva India.