IDBI Federal launches 'Termsurance' for senior citizens

The plan, for people aged 50-85 years, does not require customers to go through any medical tests, submit medical reports or answer any health questions and is for whole of life and is entitled for deduction of tax

Mumbai: Private insurer IDBI Federal Life Insurance on Monday launched its maiden online product, IDBI Federal Termsurance Seniors Insurance Plan, targetted at people in age group of 50-85 years, reports PTI.

"There are a sizable number of people who would have missed taking an insurance cover when young. Termsurance Seniors Insurance Plan is designed to secure the next of kin so they are not left dependent on the next generation. This will help parents become self-reliant. With Termsurance Seniors, it will never be too late to get covered," IDBI Federal Life Insurance managing director and chief executive GV Nageswara Rao said in a release.

The unique plan, for people aged 50-85 years, does not require customers to go through any medical tests, submit medical reports or answer any health questions and is for whole of life and is entitled for deduction of tax.

The premium payment term is till the age of 90 years and the plan is designed to keep the premium same from the start, while the cover will continue for the whole of life of the insured person.

Under the Plan, in case of death of the insured person after two years of commencement of policy, sum insured will be paid to the beneficiary, provided regular payment of premiums have been made.

In case of death of the insured person is within 2 years from the commencement of the policy, the nominee will get 125% of the total premiums paid.

"The unique feature of no medicals in Termsurance Seniors has helped us design a simple and easy three-step online purchase process. Customers have to just calculate the premium, enter nominee details and make the payment to secure a policy," IDBI Federal Life Insurance Head, Marketing and Product Management, Aneesh Khanna said.

IDBI Federal Life Insurance is a joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.

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CID meet mulls on devising mechanism to tackle MLM, MCS cases

In the last few years, scores of companies indulging in MLM and MCS have mushroomed under the cover of land development, sale of health products, e-magazines, consumer durables and even 'watching and grading' of advertisements

Hyderabad: A staggering sum of Rs1 lakh crore is supposedly in transaction in the guise of multi-level marketing (MLM) and money circulation schemes (MCS) across the country, posing a major challenge to the Crime Investigation Departments (CIDs) of various states dealing with white-collar offences, reports PTI.

In the last few years, scores of companies indulging in MLM and MCS have mushroomed under the cover of land development, sale of health products, e-magazines, consumer durables and even 'watching and grading' of advertisements.

It is estimated that more than 10 million gullible people are affected by MLM and MCS in the country and these businesses have inter-state ramifications, according to Additional Director General of Andhra Pradesh's CID SV Ramana Murthy.

The issue was discussed at length at the two-day conference of the chiefs of CIDs of southern state in Hyderabad last week, wherein it was agreed to devise a mechanism to deal effectively with MLM and MCS cases. The states have also agreed to make suitable amendments to the laws to deal with these white-collar crimes.

The issue of "vanishing companies", as complained by the Registrar of Companies (RoC), was also discussed.

"Tackling such fly-by night operators has been a major problem for the Ministry of Corporate Affairs, the Securities and Exchange Board of India (SEBI) as well as the police.

Across the country, directors/promoters of many companies which never undertook any economic activity were able to make good money by cheating the investors through manipulative tactics by floating Initial Public Offers (IPO), collecting crores of rupees and misappropriating the same. It was decided to initiate action against promoters and directors of such companies under the Indian Penal Code (IPC)," Murthy said.

In AP, the RoC reported 18 cases of vanishing companies with the total misappropriated amount running to Rs74 crore. While seven of the cases were under investigation by the CID, one was pending trial. The Hyderabad city police was dealing with nine cases and the Cyberabad police was probing one.

"We have decided to evolve a mechanism for dealing with all such cases so that the culprits are brought to book at the earliest," the CID ADG said.

The other major issue that came up for discussion at the CID chiefs' conference was the counterfeiting of Indian currency that has become "a serious threat to national security from within and outside the country."

"Counterfeit currency in India has become a menace and national concern posing threat to currency management and economic strength. High quality fake currency is manufactured in India by various organizations/agencies and circulated across the country with an aim to destabilize the financial system and cripple the economy," Murthy observed.

It was decided to network with the member states and working out the Source, Transit and Distribution of fake currency.

Many of the accused arrested by the AP Police in West Godavari, East Godavari, Kurnool, Prakasam districts and Hyderabad, Vijayawada and Visakhapatnam cities belong to Malda and Musheerabad districts of West Bengal, according to the ADG.

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COMMENTS

Vikas Gupta

5 years ago

It is high time that these MLM Companies must be completely banned & Their Promoters should be booked to law. I think that North Indian States are not taking any actions against these Nexus particularly. MLMs are also in the field of Forex like Instant Forex.

Parliamentary panel for making Model Code of Conduct part of RP Act

The Parliamentary Standing Committee on Law and Justice said the Model Code of Conduct is a voluntary agreement among the parties for regulating the conduct of political parties and its members during elections and should be made part of the RP Act

New Delhi: Noting that the legal status of the Model Code of Conduct is a "grey area", a Parliamentary panel on Monday recommended making it a part of the Representation of People Act (RP Act), reports PTI.

The recommendation comes months after an internal note of the Group of Ministers (GoM) on Corruption asked the Law Ministry to look into aspects where "executive instructions" of the Election Commission were required to be given statutory shape, stirring a political controversy.

The Parliamentary Standing Committee on Law and Justice, in its latest report on Demands for Grants of the Law Ministry, said the Model Code of Conduct is a voluntary agreement among the parties for regulating the conduct of political parties and its members during elections to assemblies and Parliament.

"Its legal status, is a grey area...the committee feels that the Code, which was voluntary in nature at one time has not remained so after insertion of para 16 A in the Election Symbols (Reservation and Allotment) Order, 1968, which authorises the Election Commission to suspend or withdraw the recognition of political parties in case of violation of Code of Conduct. Besides, some paras in the code attract penal provisions in other laws," the report said.

The report said that the power of cancellation of registration of a political party is "substantive in nature", therefore, it should not be regulated or provided for under an "order" of the Commission.

"It should either be a part of the Representation of People Act, 1951 or the rules framed there under," panel recommended.

It also suggested that the scope of Article 324 also needs to be examined as "many of the aspects which should have been covered under the rules framed under RP Act are presently covered under instructions issued under Article 324 of the Constitution by the Commission."

In February this year, a Department of Personnel and Training note for the GoM had suggested that the Legislative Department (of the Law Ministry) may look into the aspects where "executive instructions" of the EC were required to be given statutory shape.

It noted that Finance Minister Pranab Mukherjee, who also heads the GoM, was of the view that Model Code of Conduct was one of the biggest excuses to stall the development projects, and thus agreed with the request of the Law Minister to flag the issue and its inclusion in the agenda papers.

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