Personal finance Thursday

Reliance Life Insurance launches health insurance plan; IDFC launches infrastructure bonds; Bank of India hikes base rate to 8.5%; Honda launches new variant of City

Reliance Life Insurance launches health insurance plan

Reliance Life Insurance has entered health insurance market with the launch of a product for individuals and family members.

The company has launched its first pure reimbursement health insurance plan-Reliance Life Care for You Plan-for individuals and family members.

The policy term under this Plan is three years with the premium fixed for the entire period, irrespective of the claims. The plan offers sum insured of up to Rs10 lakh.
The company along with its third party administrators has created a preferred network of over 6,000 hospitals, among the largest hospital network offered by any insurer, across the country to provide cashless hospitalisation benefit to the customers.

The Plan covers the individual along with his/her spouse, children, parents and parents-in-laws. One is eligible for the Plan if he/she is above 18 years and within 60 years of age. In the case of the family members anyone from three months to 66 years is eligible to enter this Plan.

IDFC launches infrastructure bonds

IDFC Ltd has launched its first infrastructure bonds to the public. The company plans to raise Rs3,400 crore through these infrastructure bonds in one or more tranches during financial year 2011. These infrastructure bonds offer four investment options. The face value of each bond is Rs5,000 and one can apply for a minimum of two bonds and in multiples of one bond thereafter. All the four options have a maturity of 10 years and a lock-in of five years. At the end of five years, one can sell Series 1 and 2 on the stock exchanges. IDFC offers a buy-back facility for Series 3 and 4 at the end of five years. While Series 1 and 2 offer an annual interest rate of 8%, Series 3 and 4 offer a interest rate of 7.5%.
Series 1 and 3, give interest on an annualised basis, while Series 2 and 4 give interest on a cumulative basis. The bonds shall be issued in the demat form only. Hence it is necessary to have a demat account to apply for the same. The issue closes on 18 October 2010. The maximum amount of income not chargeable to tax in case of individuals (other than women assesses and senior citizens) and HUFs is Rs1.6 lakh. In the case of women assesses the limit is Rs1.9 lakh and in the case of senior citizens it is Rs2.4 lakh for financial year 2010. This limit of Rs20,000 per annum is in addition to Sections 80C, 80CCC and 80CCD.

Bank of India hikes base rate to 8.5% 

Bank of India (BoI) has increased its base rate by 50 basis points. The revised base rate now stands at 8.5% per annum from the existing 8% per annum.
With effect from 1st July, interest rates on new loans and advances, including consumer loans, are determined with reference to base rate. The base rate is the minimum rate at which banks can lend loans.

Honda launches new variant of City

Car-maker Honda Siel Cars India has launched a new variant of its flagship model, City, price between Rs9.53 lakh and Rs10.25 lakh (ex-showroom Delhi).
The new variant - Exclusive - of the Honda City will have many additional features vis-a-vis the regular one, such as leather seats and leather steering.
 

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