Insurance
Kotak Mahindra Old Mutual launches new ‘Assured Protection Plan’

Apart from providing death cover under natural circumstances, the plan provides cover against accidental death, a waiver of premium in case of accidental disability and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years

 

Mumbai: Kotak Mahindra Old Mutual Life (Kotak Life Insurance) on Monday launched its 'assured protection plan' that aims to provide long term protection against major eventualities besides lump sum benefit at the end of policy term, reports PTI.

It is a protection cum savings scheme providing cover till the age of 75 years, the company said in a release here.

Apart from providing death cover under natural circumstances, the plan provides cover against accidental death with 200% of sum assured, a waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years, it said.

The benefits are exclusive of each other like even if critical illness and waiver of premium benefits are availed, the maturity amount (basic sum assured) will still be paid full on survival to maturity, the company said.

The minimum age for the plan is 18 years and the maximum is 50 and the premium begins from Rs5,000 per year.

The plan provides flexibility to pay premiums either up to policy anniversary after attainment of 60 years or for 15 years. For policies with higher sum-assured, it offers discounts depending on the premium band chosen.

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual.

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Oil companies raise jet fuel prices by 1.7%

ATF or Jet fuel, which had hit an all-time high peak of Rs71,028.26 per kl in August 2008 had fallen to eight-month low of Rs61,169.08 per kl earlier this month

 

New Delhi: Snapping a three-month trend of price cuts, state-owned oil companies on Monday hiked jet fuel rates by 1.7% in line with firming international oil rates, reports PTI.

The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was hiked by Rs1,039.1 per kilolitre (kl), or 1.7%, to Rs62,208.18, according to Indian Oil Corp (IOC), the nation's largest oil firm.

The hike comes on back of reductions in rates in six fortnights, including a steep 5% (Rs3,260 per kl) cut effected from 16th June and about 2% (Rs1,241 per kl) fall in prices from 1st July.

Jet fuel, which had hit an all-time high peak of Rs71,028.26 per kl in August 2008 shortly after international oil rates touched a record $147 per barrel, had fallen to eight-month low of Rs61,169.08 per kl earlier this month.

In Mumbai, jet fuel will cost Rs63,002.45 per kl from today as against Rs61,933.58 per kl previously.

Jet fuel constitutes over 40% of an airline's operating costs and today's increase in prices will wipe away some of the gain the cash-strapped airlines had made from reductions.

No immediate comments were available from the airlines on the impact of the price hike on passenger fares.

The three fuel retailers -- IOC, Hindustan Petroleum and Bharat Petroleum -- revise jet fuel prices on the 1st and 16th of every month, based on the average international price in the preceding fortnight.

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India to play three ODI matches with Pakistan in December

The ties that were snapped after the 2008 Mumbai terror attacks would be revived this year

 

New Delhi: India-Pakistan bilateral cricket ties are set for revival after a five-year gap with the Board of Control for Cricket in India (BCCI), on Monday deciding to invite the neighbouring team for a three-match one day international (ODI) series in December, reports PTI.

The ties had been snapped after the 2008 Mumbai terror attacks and there have been several attempts by the Pakistan Cricket Board in recent months to convince the BCCI.

The planned series is subject to government approval.

"The government is ready in principle to host the Pakistan team", a top BCCI official said after the Working Committee meeting in the capital.

The Pakistan Cricket Board (PCB) had earlier proposed that either India tour Pakistan or play them at a neutral venue.

Resumption of Indo-Pak bilateral cricket ties got a boost after the foreign secretaries of both the countries asserted that sporting relations should be strengthened.

The thaw in the relations had begun much before that when BCCI invited Pakistan's domestic Twenty20 champion Sialkot Stallions to participate in the Qualifying Tournament of Champions League Twenty20 to be held in South Africa later this year.

During the recent visit of PCB chief Zaka Ashraf to India and at last month's ICC and Asian Cricket Council meetings in Malaysia, there had been discussions between officials of both the Boards on the matter.

India and Pakistan last played in a bilateral series in November 2007, in which the former beat the latter 3-2.

After that, there was no bilateral cricket between the two arch-rivals even though they did face each other in multi-team events like the World Cup.

Although the fixture of the three-match series is yet to be decided, Mohali and Chennai are the likely venues to host the matches. The third venue could be either New Delhi or Bangalore.

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