Sahara Life Insurance had several investment issues but IRDA has not pressed charges after getting clarifications from the insurer. Sahara Life Insurance needs to make several changes to comply with the regulations
The Insurance Regulatory and Development Authority (IRDA) had many observations on investment related issues with Sahara Life Insurance, promoted by Subrata Roy’s Sahara Group. IRDA has not pressed charges after getting clarifications from the insurance company.
There were three violations for which penalty of Rs12 lakh was imposed and several other violations which were let off. Read the first part: Sahara Life Insurance caught for multiple violations; penalised for a mere Rs12 lakh.
Here are more issues which are mostly to do with investments. These were discussed by IRDA with the insurance company:
“The positive response received by our NFO confirms investors’ faith in us,” said IDBI Asset Management managing director and chief executive officer, Debasish Mallick.
Asset management firm IDBI Mutual Fund said its new fund offer (NFO) IDBI
Dynamic Bond Fund has mopped up Rs115 crore. The debt scheme was open between 30 January 2012 and 14 February 2012 and has an exit load of 1% if the redemption takes place within a year. During the launch, the company was aiming for collecting a corpus of at least Rs107 crore from the issue.
“The positive response received by our NFO confirms investors’ faith in us. In the current scenario of economic uncertainties, high accruals and expectations of rate cuts, investment in debt could be viewed as a good and prudent asset allocation strategy,” IDBI Asset Management managing director and chief executive officer, Debasish Mallick said in a statement.
The scheme will invest in portfolio comprising debt instruments like government securities, PSU and corporate bonds and money market instruments. However, the asset allocation in the debt and money market instruments is not predetermined and could vary according to market conditions.
IDBI Mutual Fund, a part of IDBI Bank, commenced its operations in March 2010. It managed assets worth Rs6,101.89 crore at the end of the December 2011 quarter.
Jeevan Vriddhi is a single premium non-linked insurance plan where the risk cover is 5 times of premium chosen by the customer and offers excellent guaranteed returns at maturity: LIC
Life Insurance Corporation of India (LIC) launched a single premium insurance plan ‘Jeevan Vriddhi’.
“This is a single premium non-linked insurance plan where the risk cover is five times of premium chosen by the customer and offers excellent guaranteed returns at maturity,” the country’s largest insurer said in a statement. The plan, which is a combination of insurance and returns, would be available for a limited period, it said.
While there is no upper limit on investment, the minimum entry age for the plan is eight years.
The term under the policy is fixed at 10 years. The minimum premium under the policy is Rs30,000 and will increase in multiples of Rs1,000, LIC said.
In the event of the unfortunate death of the policyholder during the term of the policy, the basic sum assured would be payable which is five times the single premium excluding extra premium, if any, it added.