Insurance Denied
Denial of insurance claims is well known, but denial of insurance proposal, to prevent you from getting life, health or personal accident policy, is also a reality. Insurers may deny you a policy under the garb of their ‘right to underwrite’. Worse, you have to declare your prior rejection, postponement, premium-loading offer or modification to the policy offered. It puts you in a bind. In our Cover Story, Raj Pradhan highlights numerous real-life examples to help you know what you can expect during insurance purchase. He suggests some steps that you can take to improve your chances of getting a proposal accepted.
 
We have often read about senior citizens being sold toxic financial products. Retirees are unaware of the risks. R Balakrishnan, on page 26, writes about the mistakes retirees make and what they can do to avoid losing their life’s savings. Once the money is invested in the wrong financial products, consumers find it impossible to get back their hard-earned money. In the Crosshairs column, Sucheta highlights two such problems. Her first piece shows how PACL owners are doing fine in Australia while depositors struggle to get the attention of regulator and investigators. Then there are the holders of corporate fixed deposits. Even after Moneylife Foundation highlighted the plight of over 1,100 savers who are struggling to get back their deposits from companies such as Helios & Matheson, Elder Pharmaceuticals and Jaiprakash Associates, government officials are showing no urgency to tackle the issue.
 
The Securities & Exchange Board of India’s (SEBI’s) technical advisory committee (TAC) has now conclusively shown that the National Stock Exchange’s (NSE’s) systems allowed certain entities to make huge profits by giving them faster access. Last year, the NSE tried to silence us by filing a Rs100-crore defamation suit against Moneylife, when we published a whistleblower’s report on it. Sucheta, in Different Strokes, highlights TAC’s findings on the serious lapses on the part of the NSE and its recommendation that SEBI take immediate action. Will it? Or will it let the wrongdoers, inside and outside the NSE, get away?
 

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COMMENTS

sundararaman gopalakrishnan

7 months ago

Please keep up the good work to help the " aam aadmi" from the govenment agencies,bureaucrats that thrive on harassing ordinary folks!!

Disclose all overseas assets to banks: SC tells Mallya
New Delhi : The Supreme Court on Tuesday directed beleaguered liquor baron Vijay Mallya to disclose all the overseas assets held by him and his estranged wife and children to the banks which are seeking the recovery of more than Rs.9,000 crore in the principal and interest, loaned to his now-grounded Kingfisher Airlines.
 
The direction came after the court noted the unwillingness of Mallya to return to India and personally apper before it. 
 
The banks would act on the disclosures in accordance with law, the apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman said, directing the disclosure of the assets Mallya holds abroad. 
 
The court also directed the Bengaluru-based debts recovery tribunal to dispose of the matter pending before it expeditiously, possibly within two months.
 
The court recorded the statement of senior counsel C.A. Vaidyanathan that these assets held by Mallya, his estranged wife and children were not covered under the personal guarantee given by Mallya to the banks to return the loans that the consortium of 13 banks, headed by the State Bank of India (SBI), to his now-grounded Kingfisher Airlines.
 
The court also recorded a submission by Attorney General Mukul Rohatgi, reserving his right to refute the submission made on behalf of Mallya.
 
Mallya had submitted the details of the overseas assets held by him and his estranged wife and children in a sealed cover to the court.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Maruti Suzuki's Q4 net profit down 12 percent
New Delhi : Passenger car major Maruti Suzuki on Tuesday reported a decline of 11.7 percent in its net profit for the fourth quarter (Q4) of 2015-16.
 
The company's net profit stood at Rs.1,133.6 crore for the quarter ended March 31, 2016 from Rs.1,284.2 crore in the corresponding period of 2014-15.
 
"Loss of over 10,000 units due to reservation agitation increased advertising expenses and lower other income slightly impacted profits during the quarter," the automobile manufacturer said in a statement.
 
However, the passenger car major's total income in the quarter under review was higher by 12.33 percent to Rs.15,305.7 crore from Rs.13,624.8 crore in the fourth quarter of 2014-15.
 
The net sales during the quarter under review stood at Rs.14,929.5 crore -- up 12.5 percent from Rs.13,272.5 crore for the quarter ended March 31, 2015.
 
Maruti Suzuki sold 360,402 vehicles during the quarter under review logging a growth of 3.9 percent.
 
For the full financial year 2015-16, Maruti Suzuki reported an increase of 23.2 percent in its net profit.
 
The net profit stood at Rs.4,571.4 crore for the year ended March 31, 2016 from Rs.3,711.2 crore during 2014-15.
 
"Higher volumes aided by successful new model launches and network expansion, lower raw material cost and continued cost reduction initiatives led to growth in profits during the year," the statement said.
 
The company's total income which includes net sales and other operating income in the period under review grew by 15.56 percent to Rs.57,746.3 crore from Rs.49,970.6 crore in 2014-15.
 
Net sales rose by 15.9 percent to Rs.56,350.4 crore in Apr-Mar 2015-16 from Rs.48,605.5 crore.
 
The automobile manufacturer's sales in 2015-16 edged up by 10.6 percent to 1,429,248 vehicles.
 
The company's board recommended a dividend of Rs.35 per share of face value of Rs.5 for 2015-16. 
 
"The board of directors recommended a dividend of 700 percent (Rs.35 per share of face value Rs.5) for 2015-16. The dividend in 2014-15 was at 500 percent. (Rs.25 per share of face value Rs.5)," the statement said.
 
According to the company's chairman R.C. Bhargava the automobile manufacturer will undertake short-tem measures to ramp-up production at its Manesar facility to reduce customer waiting time. 
 
Besides, Maruti Suzuki expects to start production at its Gujarat plant from early next year. Initially, the company plans to manufacture 10,000 units at the new plant. 
 
In addition, the company has set a capital expenditure target of Rs.4,400 crore for 2016-17 from Rs.2,500 crore in 2015-16.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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