IDBI Federal Life Insurance launches ULIP

IDBI Federal Life Insurance has launched a single premium pension product on the unit-linked platform, dubbed IDBI Federal Retiresurance Milestone Pension Plan

IDBI Federal Life Insurance has launched a single premium pension product on the unit-linked platform, dubbed IDBI Federal Retiresurance Milestone Pension Plan.

The unit-linked pension plan will facilitate wealth building by offering a choice of guaranteed investment options for a secure life after retirement, IDBI Federal Life said in a statement.

IDBI Federal is a tripartite joint venture between state-run IDBI Bank, private lender Federal Bank and the Europe-based global insurance company Ageas.

The product offers a choice of two investment options-guaranteed return funds, which will invest in fixed income instruments, and guaranteed growth funds, which will invest in debt instruments and also a small portion in equity.

"With the increase in life expectancy, many Indians could be spending a good 20 to 25 years of their life in retirement... IDBI Federal visualises the dire need for building wealth to support their standard of living post-retirement as well," the IDBI Federal Life MD & CEO, GV Nageswara Rao, said.

Under the plan, policyholders can receive a part of the maturity benefit as a lumpsum and invest the remaining in an annuity, which will ensure regular income for life.

Alternatively, customers can purchase an annuity with the entire maturity benefit and get a higher and regular income for life.

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Bajaj Finserv to launch mutual fund business by next year

“We are working on the launch--we hope to launch it somewhere next year. I don’t have a date more specific than that,” Bajaj Finserv managing director Sanjiv Bajaj said

Financial services major, Bajaj Finserv, plans to launch its asset management business by next year, a top company official said.

"We are working on the launch--we hope to launch it somewhere next year. I don't have a date more specific than that," Bajaj Finserv managing director Sanjiv Bajaj told PTI today.

The firm will invest Rs50-Rs75 crore in the AMC business with its joint venture partner Allianz, he said.

"The important thing is to build a strong retail business, that's what we are focused on. We think that's the need and that's also the longer term opportunity," he said, adding that the company had not finalised team for the AMC.

The firm is also interested in entering the banking business, he said. "We are still awaiting the new banking guidelines. We will look at it. However, we cannot take a decision unless we see the final guidelines," he said.

Bajaj Finserv plans to disburse loans worth Rs10,000-crore this year, of which loans worth Rs800-Rs1,000-crore would be given to Central Bank of India to the retail and small and medium enterprises (SMEs) under a co-financing arrangement, he added.

Bajaj Finserv and Central Bank of India have partnered to co-finance the retail and SMEs loans. As per the alliance, the retail and SME loans would be partially assigned to Central Bank of India.

The firm has reported a 57 fold increase in its consolidated net profit at Rs140.89-crore for the fourth quarter ended 31 March against Rs2.46-crore in the year-ago period.

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Principal Mutual Fund unveils 91 days fixed maturity plan

Principal Mutual Fund new issue closes on 19th May

Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan Series 91 Days-Series XXIX, a close-ended scheme.

The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities.

The new issue closes on 19th May. The minimum investment amount is Rs5,000. Shobit Gupta is the fund manager.

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