Kotak Mahindra Mutual Fund floats 370 days plan

Kotak Mahindra Mutual Fund’s new issue closes on 14th February

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 35 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

The new issue opens on 9th February and closes on 14th February. The minimum investment amount is Rs5,000.
 

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DLF Pramerica unveils ‘Shiksha Uday’

DLF Pramerica Life Insurance introduces two protection plans that ensure a child’s uninterrupted school education

DLF Pramerica Life Insurance (DPLI) has introduced 'Shiksha Uday'-a school education protection initiative. Shiksha Uday has been specially designed to help ensure uninterrupted school education for a child in case of untimely death of the bread-winner in the family.

As a part of this initiative, DPLI is partnering with schools to make two simple and affordable term protection plans-DLF Pramerica Fee Protect and DLF Pramerica Fee Protect+-easily accessible to parents during a child's admission into the school, or during other parent-school interactions.

Fee Protect and Fee Protect+ are insurance plans that protect the child's school fees during the term of the plan. The monthly premium is as low as Rs225. Parents have the flexibility to choose the benefit amount they wish to protect. In case of death, this benefit is paid out monthly.

While Fee Protect is a basic plan, Fee Protect+ additionally offers a savings benefit. It has a return of premium (RoP) feature built into the plan that entitles the parent to receive 80% of the premium paid (in case of survival) or payable (in case of death) throughout the policy term. The amount returned at the end of the policy tenure can be utilised as a starter kit for a child's college education.

Both these plans have a 5% inflation feature built in every year that closely mirrors the expected annual increase in school fees. Additionally, in the case of Fee Protect+, the RoP feature acts as a starter fund for the child's college education, in addition to covering school fees.

DPLI is a joint venture between DLF Ltd, a real-estate company in India and Prudential International Insurance Holdings Ltd a fully owned subsidiary of Prudential Financial, Inc a financial services leader headquartered in the US.

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Experian launches new fraud prevention service for India

Experian has launched Hunter, a fraud prevention service that enables businesses to prevent costly application fraud

The global information services company, Experian has launched Hunter, India's first fraud prevention service that enables local and international businesses to prevent costly application fraud. Application fraud occurs when fraudsters use another person's identity to apply for finance they are not entitled to, or when genuine individuals misrepresent their own information in an attempt to obtain financial services they are not entitled to.

Hunter-used by over major institutions around the world to combat fraud-is now available to Indian financial institutions. Axis Bank and ICICI Bank have already signed up to the hosted and pay-as-you-use service.

Experian's Hunter service enables the early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turn around times. Hunter's hosted technology means that Indian businesses can access the service quickly and easily to enhance their defences against application fraud.

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