Life Insurance: Postal Life Insurance Limit Hiked to Rs50 Lakh

To mark the ‘Good Governance Day’, telecom minister Ravi Shankar Prasad announced that the limit of postal life insurance has been raised from Rs20 lakh to Rs50 lakh. He also launched one-month rental-free MTNL broadband and landline combo plans on new bookings.

 

The 21 schemes he announced also included support for international patent protection in electronics and an Internet-based real-time system to provide eServices in rural India.

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Banking: RBI Allows More Time to Exchange Pre-2005 Currency Notes

The Reserve Bank of India (RBI) extended the period to exchange pre-2005 series currency notes to 30 June 2015 from 1 January 2015. The notes can be exchanged for their full value.The old notes will continue to be legal tender until the new deadline, RBI said in a notification on its website.

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Secure Future?

One of the must-have insurance covers is a personal accident (PA) policy which you need in case of disabilities due to accidents. Premiums are low and you get lifelong renewal.

 

But while buying PA, you need to understand the fine print of what is covered and whether the insurer offers flexibility in case your disability does not fall within the pre-defined table. Turn to the Cover Story where our insurance expert, Raj Pradhan, explains all the intricacies of PA in his deeply-researched article.

 

While awareness of term plans is fast increasing, awareness about PA cover is woefully low or absent. Instances of death due to mosquito bite have increased in recent times; but most insurers do not believe death due to mosquito bite can be termed ‘accidental’. Any insurer who wants to be the first to cover it?

 

With the Planning Commission of India being transformed to NITI (National Institution for Transforming India) Aayog, which is expected to be a significantly more powerful, Narendra Modi will have an unfettered opportunity to deal with state chief ministers, especially those from other parties on financial matters, points out Sucheta, in her Crosshairs column. This will have important political and economic implications. In her Different Strokes column, Sucheta reviews various recent decisions of the Modi-led government, including the multiple ordinances, and underlines the need for the government to communicate its plans more effectively.

 

There is no dearth of advice on buying stocks. But advice on selling is rare. Which is why you cannot miss the article by R Balakrishnan in this issue.

 

Moneylife Foundation starts the New Year with a “Back to Basics” seminar on insurance and investing on 10th January. Dr Rajeeva Karandikar, an eminent Indian mathematician, statistician and psephologist, speaks on 23rd January on whether opinion polls really predict the outcome of an election Go to foundation.moneylife.in to register online. As always, keep writing to us with your views.

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