IDBI Federal Life launches Suvidha Savings Insurance Plan

Suvidha Savings Insurance is a participating endowment plan, which simplifies the process of saving for the long term, with a 3-step process of select, sign and submit

Mumbai: Private insurer IDBI Federal Life Insurance on Tuesday launched 'Suvidha Savings Insurance Plan' that is affordable plan with no medical tests and simple documentation, reports PTI.

"Lifesurance Suvidha Savings is a simple and affordable life insurance product that offers a hassle-free issuance process, with no medical tests. The plan is designed to help customers start their long term savings to meet their responsibilities in life," IDBI Federal Life Insurance managing director and CEO GV Nageswara Rao said in a release.

The plan is a participating endowment plan, which simplifies the process of saving for the long term, with a 3-step process of select, sign and submit.

The simplicity of the plan reduces time taken to acquire a life insurance cover, and ensures double protection along with savings.

"This hassle-free plan is designed to provide a life cover of up to Rs3 lakh till the age of 65 years with guaranteed additions, plus bonuses that may accrue during the policy term. The plan also insures customers against accidental death during the policy term," IDBI Federal Life Insurance Head Marketing and Product Management Aneesh Khanna said.

The plan provides tax benefits for the premiums paid up to a limit of Rs1 lakh per year.

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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Thomas Cook partners with Expedia to offer visa services

Under the partnership, Expedia India has waived the visa processing charges for Thomas Cook customers booking international flights and packages

Mumbai: Thomas Cook's (India) business division Thomas Cook Visa & Passport Services has tied up with online travel company Expedia.co.in to provide a range of visa assistance services to its customers, reports PTI.

"Thomas Cook India's partnership with Expedia India is yet another initiative in addressing customer needs via our travel expertise and innovative product-service range," Thomas Cook (India) Managing Director Madhavan Menon said in a release.

"Our unique visa services portfolio is an ideal fit with Expedia India's online offering and we are delighted to partner with them," Menon said.

Under the partnership, Expedia India has waived the visa processing charge for its customers booking international flights and packages.

It will also enable all registered users of expedia.in to access visa information by obtaining a unique Expedia ID from Thomas Cook India's Visa and Passport Service's knowledge centre.

"India is one of the fastest growing outbound markets and we wanted to simplify the visa procedure for our consumers planning international travel. At Expedia, we are committed to creating a localised product and it will be our constant endeavour to wow the Indian consumer by making their travel simpler," Expedia India Country head Vikram Malhi said.

Indian outbound market is growing at 16%, according to World Tourism Organisation (UNWTO), and is expected to reach 50 million by 2020 from a current 12 million.
 

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No service tax on NRI remittances says Finance Ministry

The clarification follows concerns over reports that there was a move to levy 12% tax on money sent back home by Indians abroad under the changed service tax regime from 1st July

New Delhi: The Indian government on Tuesday said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms, reports PTI.

"The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas," the Central Board of Excise and Customs (CBEC) said.

The clarification follows concerns over reports that there was a move to levy 12% tax on money sent back home by Indians abroad under the changed service tax regime from 1st July.

Emerging as the top recipient among developing nations, India received remittances of $64 billion in 2011, according to the World Bank data.

Chief Ministers of Punjab and Kerala, which are among the states receiving the largest remittances from expatriates, had taken up the matter with Prime Minister Manmohan Singh.

CBEC said, "Concerns have been expressed in various fora regarding the leviability of service tax on the remittance of foreign currency in India from overseas."

It added, "remittance comprises money, the activity does not comprise a 'service' and thus not subjected to service tax."

In case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outside India, the circular issued by the Board said.

The CBEC further clarified that Indian bank or financial institution which charge the foreign bank for the services provided at the receiving end, is not liable to service tax.

Kerala, Punjab, Tamil Nadu and Andhra Pradesh have maximum number of emigrants mostly in the Gulf.

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ROHIT YADAV

4 years ago

YA THEY REALLY A CURSE TO OUR RELATIONS ..THE MAKES US FAKE AND DEVELOP SPLIT PERSONALITY IN A PERSON ..ADDICTED PERSONS BECOME PSYCHOLOGICALLY ILL..THEY MAKE MORE EXPERIMENT ON IT SELF TO GET NOTICED BY THE MASSES ..

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