ING Life launches new ULIP; Future Generali to launch in-house cell for health insurance clients; IDFC Mutual Fund launches IDFC Fixed Maturity Plan Eighteen Months Series 7; DSP BlackRock MF unveils DSP BlackRock FMP-3M-Series 23; Kotak Mahindra MF floats Kotak FMP 6M Series 10; Reliance MF introduces Reliance Fixed Horizon Fund-XVI-Series 8; Macquarie Finance gets RBI approval for NBFC registration
ING Life launches new ULIP
ING Life Insurance has launched a new unit-linked insurance product (ULIP)-ING Prospering Life which meets wealth accumulation and protection needs of the customers.
The new ULIP comes with a host of customer benefits, including five fund options to choose from, automatic asset allocation and unlimited switches with partial withdrawals free of charge.
The product offers an annualised premium ranging between Rs48,000 and Rs96,000 and is competitively priced against other long-term investment options. The sum assured is an amount 10 times the annual premium at inception for those below the age of 45 and seven times the annual premium at inception for those above the age of 45. The minimum top up premium is Rs5000.
Future Generali to launch in-house cell for health insurance clients
Future Generali India Insurance Company Ltd will launch Future Generali Health (FGH), an in-house cell for servicing health insurance clients from 1 November 2010. Through its in-house cell in Chinchwad, Pune, Future Generali will directly service its health insurance business, gradually replacing third party administrators (TPAs).
The unit will start with a team of 40 professionals. The team will also consist of medicos and hospital management graduates. The entire health vertical of the company, which includes health call centre, underwriting, claims and networking, will operate from this single location.
KG Krishnamoorthy Rao, CEO, Future Generali said "We have decided to directly service our clients through our in-house servicing unit Future Generali Health (FGH)."
This initiative will help Future Generali in analysing high quality data that will contribute towards product development and pricing. Efficient data management capabilities will also help structure tailor made solutions for corporate clients thereby ensuring a combination of excellent service and cost management.
FGH will start with over 1,000 hospitals. The company is also creating a network of diagnostic centres across country for pre-policy check up.
Recently, Future Generali has revised its flagship product, Health Suraksha. It is a hospitalization expenses product with sums insured ranging from Rs1 lakh to Rs10 lakh and the product has plans with coverage and pricing suitable for rural as well as urban clientele.
IDFC Mutual Fund launches IDFC Fixed Maturity Plan Eighteen Months Series 7
IDFC Mutual Fund has launched IDFC Fixed Maturity Plan Eighteen Months Series 7, a close-ended income scheme. The investment objective of the scheme is to generate income by investing in debt and money-market instruments maturing on or before the maturity of the scheme. The scheme will invest 100% in debt and money-market instruments having low to medium risk.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend option. The scheme closes on 29th October. The exit load for the scheme is nil. The minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore. The scheme has duration of 18 months. The scheme shall mature on 3 May 2012.
CRISIL Composite Bond Fund Index is the benchmark index. The scheme will be managed by Anupam Joshi.
DSP BlackRock MF unveils DSP BlackRock FMP-3M-Series 23
DSP BlackRock Mutual Fund has introduced DSP BlackRock FMP-3M-Series 23, a close-ended income schemes.
The primary investment objective of the schemes is to seek capital appreciation by investing in debt and money-market securities maturing on or before the maturity of the schemes. The schemes have duration of three months.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The schemes offer growth and dividend (payout) options. The schemes open on 26th October and close on 3rd November. The exit load on the schemes is nil. The minimum investment amount is Rs10,000.
CRISIL Liquid Fund Index is the benchmark index. Dhawal Dalal is the fund manager.
Kotak Mahindra MF floats Kotak FMP 6M Series 10
Kotak Mahindra Mutual Fund has launched Kotak FMP 6M Series 10, 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 100% in debt, money-market instruments and government securities having low to medium risk.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend (payout) options. The duration of the scheme is 180 days. The scheme opens on 26th October and closes on 28th October. The exit load for the scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.
CRISIL Short Term Bond Fund Index is the benchmark index. The scheme will be managed by Deepak Agarwal and Abhishek Bisen.
Reliance MF introduces Reliance Fixed Horizon Fund-XVI-Series 8
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVI-Series 8, a close-ended income scheme.
The primary investment objective of the scheme is to generate regular returns and growth of capital by investing in central and state government securities and other fixed income/debt securities maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The duration of the scheme is 459 days. The scheme offers growth and dividend (payout) options. The scheme opens on 26th October and closes on 27th October. The exit load for the scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs20 crore.
CRISIL Short Term Bond Fund Index is the benchmark index. The scheme will be managed by Amit Tripathi.
Macquarie Finance gets RBI approval for NBFC registration
Macquarie Finance (India) Pvt Ltd (MFIPL) has received the approval from Reserve Bank of India (RBI) to register the company as a non-banking financial company (NBFC).
MFIPL is a wholly-owned subsidiary of Macquarie Group and will provide a range of financing products and services to clients of the Macquarie Group in India.
Macquarie has a significant presence in India. Its business activities include corporate finance and advisory, infrastructure funds management, cash equities sales and research and private wealth management.
The NBFC registration provides Macquarie Group opportunities to start other businesses in India. Activities that can be conducted by RBI registered NBFCs include leasing, corporate and consumer financing, provision of loans and advances.
Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services.
New Delhi: Job seekers in the banking sector would have something to cheer about as public sector lenders are going to recruit around 85,000 people in the next three years to meet the manpower shortage, reports PTI.
"The public sector banks (PSBs) have a tentative plan of recruitment of around 34,000 officers and 51,000 clerks during the next three years for 2010-13," the government said in a background paper for Economic Editors' Conference prepared by the finance ministry.
The system of recruitment through the Institute of Banking Personnel Selection (IBPS) will be transparent, speedier and cost effective, it said.
The government also informed that it has been decided to entrust IBPS the responsibility to conduct the common recruitment examination for PSBs.
The IBPS, established in 1984, is an autonomous body engaged in recruitment of personnel and internal promotion in banks and financial institutions.
During the year 2009-10, IBPS conducted a test for around 60 lakh candidates at 125 centres across the country for recruitment in PSBs.
The Indian Banks' Association (IBA) had recommended to the government that a common recruitment programme in public sector banks should be conducted by the IBPS.
In order to professionalise the human resources of the state-run banks and align them with the new and ever changing requirements of the banking industry, the government had constituted a committee under the chairmanship of A K Khandelwal, former chairman, Bank of Baroda.
The committee presented its report to the government on 30th June this year, making a number of recommendations on the human resources (HR) issues.
New Delhi: The government today ruled out putting controls on foreign institutional investor (FII) inflows into the equity market as of now, but said that the Reserve Bank of India (RBI) may intervene to check the rupee appreciation if needed, reports PTI.
"At this time, I am not thinking of putting cap on FIIs (inflows in equity market)," finance minister Pranab Mukherjee told reporters at the annual Economic Editors Conference here.
This year, the FII inflows have already reached $24.48 billion. Of this, FIIs pumped in $6.11 billion, about 25% of the total inflow so far, in the month of October alone.
The current levels of capital inflows, which exceed financing requirements of the current account deficit, have put pressure on the rupee, resulting in its appreciation over the last few months.
Mr Mukherjee said the rising rupee has implications for exports.
The RBI is keeping an eye on it and will take action if needed, he added.
"We have faced similar situations in the past and have overcome it without taking recourse to some of the more stringent policy measures that are by now well known to discerning analysts," Mr Mukherjee said.
The upward movement of the rupee against the dollar was sharp in recent weeks as the Indian currency has climbed about 5.6% since the beginning of September due to sustained capital inflows.
Mr Mukherjee said high FII inflows help to finance current account deficit.
"I am confident that with FII inflows and forex reserves, we will be able to contain current account deficit at around 3% of the gross domestic product (GDP) (this fiscal)," he said.
The current account deficit is the gap between the amount the country pays to the external world against what it receives from abroad, barring capital movement. It was around 3.6% of GDP in the first quarter of 2010-11.
Mr Mukherjee attributed this to higher non-petroleum imports which reflected in robust customs duty collection.
In first six months of this fiscal, revenue collections from customs jumped 66.8% to Rs63,229 crore as against the year-ago period.