Retirement
ICICI Prudential Life Insurance launches new policy

The unit-linked pension product is designed to protect the customer’s capital while attracting superior returns offered by equity as an asset class with the funds being invested in a combination of debt and equity

 

Gangtok: ICICI Prudential Life Insurance Company (ICICI Prudential Life) has announced the launch of “ICICI Pru Shubh Retirement”, a new policy for its clients throughout the country including Sikkim to address the growing need for post retirement income, reports PTI.

 

Stating this, Puneet Nanda, executive director, ICICI Prudential Life Insurance, told a gathering of ICICI clients, officials of the bank and other participants here that the Pension plan provides the comfort of capital guarantee and flexibility to customers to choose their investment strategy.

 

He said that this unit-linked pension product was designed to protect the customer’s capital while attracting superior returns offered by equity as an asset class with the funds being invested in a combination of debt and equity.

 

This pension product can be purchased by customers in the age bracket of 35 to 70 years. The maximum maturity age for this product is 80 years and the customers can choose a premium paying term of five or 10 years.

 

According to the ICICI officials, the scheme builds retirement corpus through equity participation, protects savings from market downturns through assured benefit, offers three investment options during the accumulation period and ensures assured income for whole of life and provides option to receive 1/3rd of the accumulated value on retirement as a tax-free lump sum amount.

 

This is the only pension product which offers consumers the flexibility to choose their investment strategy namely, Aggressive, Moderate and Conservative, with varying levels of equity participation based on their risk appetite, they said.

 

This would enable consumers to build a corpus during their working years and receive assured regular pension post retirement.

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Canara Bank revises fixed deposit rates by up to 1%

State-owned Canara Bank has raised fixed deposit rates by up to 1% on select maturities. The new rates come into effect from Friday
 

New Delhi: State-owned Canara Bank on Thursday raised fixed deposit rates by up to 1% on select maturities, reports PTI.

 

However, the interest rate has been brought down by 0.5% on one maturity slab (180-269 days) to 7.5% from 8%.

 

Interest rates on 1-2 years and 3-5 years fixed deposits have been raised by 0.55% to 9.05%, Canara Bank said in a statement.

 

Fixed deposits between 270 days and one year will earn 1% higher interest. The new rate would be 9% against existing rate of 8%, it said.

 

Interest rate on 5-10 years deposits has been raised by 0.55% to 9.05%.

 

The new rates would be effective from Friday.

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States, UTs not to give nod for statues at public places: SC

The order was passed by a SC bench while dealing with an application filed against the Kerala government for granting permission for the erection of a statue of a leader at a particular point on a national highway

 

New Delhi: The Supreme Court today restrained all the state governments and Union Territories from granting permission for erecting statues or construction of any structure at public places which obstructs traffic movement, reports PTI.

 

However, the apex court said that this order would not apply for installation of structures like street lights which facilitate smooth traffic movement.

 

The order was passed by a bench comprising justices RM Lodha and SJ Mukhopadhaya while dealing with an application filed against the Kerala government for granting permission for the erection of a statue of a leader at a particular point on a national highway.

 

“Until further orders, we direct that status quo be maintained where the statue is permitted to be installed,” the bench said.

 

“Henceforth, the state (Kerala) government would not grant any permission for statue or construction of any structure at public places, roads or any places of public utility,” it said.

 

The bench clarified that “this would not apply for installation of traffic utility structures like street lights, etc.”

 

“The above order shall also apply to all other states and Union Territories,” the bench said.

 

The application against the Kerala government was filed in the pending petition in which the Supreme Court had already directed all the state governments to remove unauthorised constructions including places of worships from roads and public places.

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