ICICI Prudential Life launches two life insurance products

ICICI Pru Elite Life and ICICI Pru Elite Wealth that offer customers the flexibility of choosing the frequency of their premium payments

ICICI Prudential has launched two life insurance products, ICICI Pru Elite Life and ICICI Pru Elite Wealth that offer customers the flexibility of choosing the frequency of their premium payments.

The products offer customers the flexibility of either choosing a single pay option or a limited pay option for premium payments over a period of five years, the company said in a statement.

Both these products allow customers to structure their asset allocation by choosing from a wide range of fund options. "The product is aimed at aiding long-term wealth creation and providing significant value to customers. We will continue to build on our product and service offerings that meet the changing requirements of our customers," ICICI Prudential Life Insurance executive director Madhivanan Balakrishnan said.

On maturity of the policy, the customer can choose to receive the maturity benefit as a lumpsum or structured payout through the settlement option to meet one's financial goals, the statement added.

Further, customers would be eligible for a loyalty bonus every year from the sixth year onward. This would be in addition to the maturity benefit payable by the company.


Stricter visa rules in the UK may not affect interest of Indian students to study there

New visa norms to be implemented from April 2012 has closed the post-study route that allowed students access to jobs, two years after completing their course

Natasha Gupta (name changed) is in the last year of her graduation. She plans to pursue her post-graduation in the UK from the University of Sheffield and she has started preparing for it, beginning with advice from counsellors. Despite the student visa norms being made more stringent, she still wants to study in the UK to get an "exposure to learn new things".

In April this year, the UK government announced a host of changes in the criteria for student visas. Experts suggest that this would not impact Indian students who still choose to study there.

Accordingly, the Tier-1, or post-study route will be closed from April 2012. This had provided students an access to the job market for two years after completing a course and allowed them to take up low-skilled jobs. As per the new rule, only graduates having an offer for a skilled job, with a minimum salary of £20,000 a year from a sponsoring employer, will be able to stay on and work, provided the job matches a student's skills. The company, where students would work, also has to be registered to accept overseas workers in the Tier-2 point system.

Another requirement is a higher level of English language at the B2 level, over that in B1. There will also be mandatory accreditation to statutory education inspection bodies and to become highly trusted sponsors by 2012, for the all the UK education institutions wanting to be sponsors.

Experts say that this will have little impact on a student deciding to opt for the UK as their education destination. Many like Natasha have already started preparations.

A UK counsellor from the counselling company Edwise International told Moneylife, "These changes won't have much impact on a student's decision. For, there are other ways through which students can go, like the Tier-2 system. Plus, students from the metros anyway fare well in the English test. A lot of students who want to study in the UK are still coming for counselling," he said.

Another counsellor from a Mumbai-based agency said, "Many of the students want to study and come back. They look for new avenues and exposure, so these changes won't have any impact on the outflow. The UK will remain a popular education destination followed by the US and Canada."

However, there are some who feel that there would be some fall in demand. Richard Lasrado, director, Education Abroad Counselling, says, "There would be a 25%-30% drop in applications. But considering the student outflow to the UK, which is high, the fall in demand won't be much. Such changes in visa norms will mainly affect mid-size universities like Middlesex University and the University of Southampton. But a lot of bright students are the ones to get visas; obviously they choose top class universities and will be able to get a required job."




6 years ago

Article says new visa regulations are to be implemented by the next yer April but all the changes are
already in place only the PSW visa which gives two year enttilement to work to be scrapped by 2012

it has become very tight to get in to private tier institutions and gradually many are to be closed, this does not affect universities at all

From my mobile
contributing editor

Maruti labour unrest takes violent turn, 5 injured in attack

"By such violent acts, the striking workers have polluted the environment in Manesar. Such actions are damaging for the industrial climate in the Manesar belt. This will destroy jobs and prosperity in the region," Maruti Suzuki said in a statement

Gurgaon: The labour unrest at Maruti Suzuki India's (MSI) Manesar plant took a violent turn on Thursday when a group of supervisors were attacked on their way to work, with five of them sustaining injuries, reports PTI.

According to the police, one Dhiraj Soni, a worker at the Manesar plant of the company, has been detained in relation to the incident.

"A medical examination of two injured employees is being carried out now and a first information report (FIR) will be filed after that," a police official told PTI.

Another three supervisors that sustained injuries in the attack were admitted to Artemis Hospital here and later discharged after first aid, the police said.

In a statement, the company condemned the attack on its supervisors, saying, "This was another desperate action by the striking workers, using violence and fear."

"By such violent acts, the striking workers have polluted the environment in Manesar. Such actions are damaging for the industrial climate in the Manesar belt. This will destroy jobs and prosperity in the region," it said.

The incident took place this morning when a group of 11 supervisors were stopped on their way to work by a group of people near the factory of Honda Motorcycle and Scooter India's Manesar plant and were allegedly attacked.

Representatives of the agitating workers at MSI's Manesar plant could not be reached for comments, as repeated calls remained unanswered.

The MSI management and workers have been locked in a standoff since 29th August, when the management prevented workers from entering the factory premises unless they signed a 'good conduct'' bond, after alleged sabotage and deliberate compromise on the quality of cars being produced.

The bond required the workers to declare they would "not resort to go slow, intermittent stoppage of work, stay- in-strike, work-to-rule, sabotage or otherwise indulge in any activity, which would hamper normal production in the factory".

In support of their colleagues at MSI's Manesar plant, workers at three factories operated by two of Japan's Suzuki Motor Corp's subsidiaries located in the Gurgaon-Manesar industrial belt-Suzuki Powertrain India and Suzuki Motorcycle India Pvt Ltd-have been on strike since Wednesday afternoon.


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