DSP BlackRock MF launches FMP-12M-Series 12; Canara HSBC Oriental Bank of Commerce Life Insurance launches Future Smart Plan; SBI Life launches ULIP plan Smart Horizon
DSP BlackRock MF launches FMP-12M-Series 12
DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-12M-Series 12, a close-ended income scheme.
The primary investment objective of the schemes is to seek capital appreciation by investing in debt and money market securities. It is envisaged that the scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The schemes may also use fixed income derivatives for hedging and portfolio balancing.
The new issue opens on 13th January and closes on 18th January. The minimum investment amount is Rs10,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Dhawal Dalal is the fund manager.
Canara HSBC Oriental Bank of Commerce Life Insurance launches Future Smart Plan
Canara HSBC Oriental Bank of Commerce Life Insurance- a joint venture between two public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Ltd-has entered into child protection space by launching Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan under its SMART Solutions umbrella.
The product is a unit linked insurance plan that provides long-term investment opportunity to build a bright future for your child. Its comprehensive insurance cover ensures fulfillment of securing the child's future along with an opportunity to meet the future financial needs. Future Smart Plan ensures that the future financial needs of a child remain undisturbed even in case of an unfortunate event.
The plan offers lower allocation charges if the customer opts for ECS (electronic clearing service)/SI (standing instructions) for payment of premium, an unbeatable combination of lower costs and increased convenience. The feature of 'milestone withdrawals' facilitates the customer to meet the continuing education needs of the child considering the ever-rising education fee.
The plan offers comprehensive coverage in case of the insured's death. The sum assured is paid immediately, the future premiums are paid by the company and the fund value is paid at maturity of the product.
Some of the key features of this plan are as follows:
The Safety Switch Option enables the customer to move his funds systematically to a relatively low risk liquid fund in the last three years. To ensure that the child gets the best quality preparation to realise his/her dreams e.g. best higher education, this plan offers Milestone Withdrawal feature. If a customer wishes to maintain allocation of his investments in a specific proportion across funds, he can do so through Auto Funds Rebalancing. Once opted, after every three months, it automatically rebalances the allocation of the investments in various funds to the allocation proportions chosen by the customer. If a customer has opted for the Premium Funding Benefit for Total and Permanent Disability (TPD) option, all future premiums will be funded by the company in case he/she has a TPD.
There are five investment funds to choose from and the customer can switch some or all of his investments from one fund to another, any number of times.
The minimum amount that can be switched is Rs10,000. The customer can modify the allocation of future premiums once in a policy year. The revised allocation proportion will be applied to the subsequent premiums. The customer can increase or decrease the sum assured from the 6th policy year, provided all due premiums are paid.
The customer can make partial withdrawal for any unforeseen contingency, from the 6th policy year. Settlement Option provides regular inflow of income for a defined period not more than five years post maturity. The Customer can avail tax benefits on premiums paid and the benefit paid out under the policy under Section 80C and Section 10(10D) respectively, of the Income Tax Act, 1961.
SBI Life launches ULIP plan Smart Horizon
SBI Life on Wednesday introduced a Unit Linked Insurance Product (ULIP)-Smart Horizon-aiming to provide long-term capital appreciation.
"The unique Automatic Asset Allocation feature makes Smart Horizon ideal for many evolving Indian investors who do have the time to make fund allocation decisions on an on-going basis," SBI Life managing director MN Rao said in a statement.
Automatic Asset Allocation (AAA), an algorithm-based active investment allocation mechanism. This IT-based system developed by testing over 5,000 potential scenarios in the Indian equity and bond markets, determines the optimal risk-return combination, it said.
The investment will be made in such a manner that initially there will be higher exposure to equities, followed by increasing exposure to debt and money markets as the plan nears maturity. Thus, AAA mechanism ensures better returns for investors, while protecting their capital, it said.
To avail the benefit of Automatic Asset Allocation facility, the customer can choose either Plan A or Plan B, depending on his risk appetite, it said.
Under Plan A, the equity exposure is higher as compared to Plan B. The product also provides the flexibility to allow the customer to actively manage his investment through a choice of four funds namely, Index, Equity, Balance and Bond Fund. This option is possible under Plan C, it added.
The company, now, has a strong bouquet of six ULIPs that cater to the long term wealth creation needs of varied customer segments.
The other market linked products are HNI-targeted Smart Elite, NAV-Guaranteed Smart Performer, No Medicals ULIP-Saral MahaAnand, Flexible ULIP-Unit Plus Super and Child Plan-Smart Scholar.
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New Delhi: In what could be a coincidence, the two Ambani groups have separately approached the Securities and Exchange Board of India (SEBI) for settlement of probes by the regulator in two separate cases of alleged violation of trading regulations, reports PTI.
A settlement order is likely to be passed soon by SEBI in its probe related to Anil Ambani group firms, Reliance Infrastructure and erstwhile RNRL (which has now merged with Reliance Power), sources said.
When contacted, an Anil Ambani group spokesperson declined to comment on the matter.
On the other hand, elder brother Mukesh Ambani-led Reliance Industries (RIL) group has approached SEBI for the third time for a settlement in the probe involving alleged violation of insider trading norms way back in 2007 in the dealings of shares of now-delisted subsidiary Reliance Petroleum (RPL).
Queries made to an RIL spokesperson were unanswered.
RIL's consent to the settlement appeal in this case has previously been turned down twice as the market regulator did not agree to consent fee that was offered to settle the case, sources said.
The last two appeals were made by RIL in August 2010 and November 2009. SEBI is said to have assessed the illegal gains from the alleged insider trading at over Rs500 crore and had found the offered consent fee very less in those appeals.
It could not be ascertained as how much Mukesh Ambani group offered to pay as consent fees in its latest appeal.
Interestingly, the probes related to both the groups are regarding transactions that occurred way back in 2007 and investigations were initiated by the SEBI in both cases on the basis of anonymous complaints.
SEBI had begun quasi-judicial proceedings against RIL after it found violations in insider trading regulations pursuant to its investigation in the trading pattern in the RPL stock for the period between 1 and 29 November, 2007.
A subsidiary of RIL, RPL was merged with the parent in 2009 and subsequently delisted from the stock market.
SEBI first issued show-cause notices to RIL in this matter in May 2009, while the initial probe began in early 2008.
The other case involves a probe into certain market "dealings" by the two Anil Ambani group companies-Reliance Infrastructure and Reliance Natural Resources.
In this case, R-Infra, RNRL, along with some top group executives including chairman Anil Ambani, were issued notices several times in the second half of 2010 to appear for personal hearing before the SEBI.
While SEBI, in its notice did not clarify what "dealings" by RNRL and R-Infra it was probing into, various agencies, including Enforcement Directorate, have been investigating alleged irregularities in overseas debt instrument transactions by the two companies way back in 2007.