The new plan is a regular premium plan for parents aged between 20 years to 50 years, for the benefit of their children who fall within the age group of 0–12 years
Sahara India Life Insurance Co Ltd, the life insurance company of Sahara India Pariwar and the first wholly owned Indian life Insurance company in the country, has launched a traditional Plan, ‘Sahara Vatsalya Jeevan Bima’, which is aimed at meeting the education requirements of the children of the policyholder. The new plan is a regular premium plan for parents aged between 20 years to 50 years, for the benefit of their children who fall within the age group of 0–12 years.
As per the policy, once the child (nominee) attains the age of 19 years, the policyholder shall receive an education benefit in the form of 4 annual installments @ 20%, 25%, 25% and 30% of sum assured payable at the end of each of last 4 policy anniversaries, respectively. The policy will mature when the child attains the age of 22 years and at that time, all vested bonuses shall be paid along with the last installment. In case of unfortunate death of the parent (life assured), the sum assured along with the vested bonus shall be paid immediately to the nominee. The future premiums will no longer be payable by the nominee under the policy. Instead, from the next policy year after death of life assured, each annual installment of 10% of sum assured shall be paid to the appointee of the nominee every year, till the child attains the age of 18 years. Further, an ‘Education Benefit’ in the form of 4 annual installments @ 20%, 25%, 25% and 30% of sum assured will be payable at the end of each of last 4 policy anniversaries, respectively.
Accidental benefit and permanent disability benefit rider is also available under the plan. The rider can be added by paying an additional nominal premium. The premiums paid under the policy are eligible for Income Tax benefits under section 80C of the Income Tax Act, 1961.
Kingfisher is curtailing its operations to stop huge losses and also putting up a brave face through press release on its website
Times are certainly bad for the King of Good Times aka Dr Vijay Mallya and his Kingfisher Airlines (KFL). Its flights are getting cancelled, accounts getting frozen due to non-payments, lessors are taking away planes given on rent, IATA agents not booking KFL tickets seamlessly anymore and pilots and employees being deprived their salaries. What more can anyone expect.
All the problems are caused by only one factor, money. The airline neither has any hard cash nor is anyone willing to give it a ‘loan’ or bailing it out. In fact, according to a report by Canadian research firm Veritas, KFL was funding itself at the expense of its employees and the Indian exchequer.
“KFL’s book equity has been wiped out although audited financials pretend otherwise. The airline is burning cash at a rapid rate, we estimate Rs301.10 core ($ 65 million) in the first quarter of 2011-12, is in a business that requires capital perpetually, has no pricing power given six carriers fighting over the major hubs in India, is dependent on the vagaries of the price of oil and the largesse of state-run financial institutions in India, and its parent UB has run out of financial room to accommodate the needs of this capital-starved child," Veritas said in a report.
According to reports from the British media, Dr Mallya has pumped a further £20 million into his Formula One team ahead of the start of the motor racing season in Australia next week. Accounts filed at Companies House for Silverstone-based Force India revealed that Watson, the personal investment vehicle used by Indian tycoon Vijay Mallya, loaned the team nearly £7 million. Mallya’s Kingfisher Airlines and beer and spirit businesses pumped in a further £13 million through sponsorship of the team, which finished in sixth place in the constructors’ championship last season, said a report by Scotsman.com.
And this is when the airline was starving for hard cash to keep running its operations. However, while all the 'bad' things are happening around, the carrier has put up a brave face, at least admitting that something is 'wrong' somewhere.
Here is the latest press release put up by Prakash Mirpuri, vice president for corporate communications, KFL...
Statement From Kingfisher Airlines - Mumbai, March 14, 2012
1.Despite the shortage of crew, Kingfisher Airlines operated 101 flights on 13th March and will operate 101 flights on 14th March.
2.Our prime mission is to maintain schedule integrity by predicting in advance what we can with the sole objective of minimising, if not eliminating guest inconvenience.
3.We try hard 24X7 to inform guests in advance of cancelled or combined flights and to give them the option of travelling on other airlines or to take a full refund.
4.There will, inevitably, be a small number of guests who are inconvenienced partially because we could not access them personally but only via their agents.
5.Kingfisher apologises to all those who were affected.
6.Whilst many of our pilots and engineers have expressed their disappointment, we not only sincerely apologise to them but wish to advise that our chairman will meet the pilot fraternity on Thursday 15th March in Delhi.
7.There is a lot of sensational speculation and assumption about us.
8.We request one and all to appreciate the serious handicaps we face not only because of our frozen accounts but because of the operating environment. We are working hard to resolve the issues that confront us given the current environment.
9.We would like to confirm that we are curtailing our wide body overseas operations that are bleeding heavily. To this end we have already returned one Airbus A 330-200 to the lessor in the UK. Positive and immediate action is being taken on all fronts to cut costs.
10.We are trying to protect the interests of our valuable employees. We share their pain caused by unpaid salaries and we are also trying to protect their jobs apart from paying salaries.
11.Whatever the schedule we operate, we would like to assure our valued customers that your flights will depart as shown and on time.
12.The suspension of our ICH and BSP accounts with IATA resulted from the freeze of our IATA accounts by the tax authorities.
13.We have, obviously suffered as guests are not able to book seamlessly through IATA travel agents as before. This serious handicap has been partially mitigated by encouraging our travel partners to establish booking arrangements on their individual platforms. Nevertheless, this greatly influences our ability to operate certain flights and it is, therefore, incorrect to assume that pilots are solely responsible.
14.We continue to work with the tax authorities to arrive at a solution to de-freeze our accounts as early as possible.
15.We are also working with our bankers to realise the urgent interim working capital as approved in the bankers consortium meeting held on 17th February. This is not dependant on State Bank of India as widely reported.
16.We fully understand that State Bank of India can only consider additional facilities once our account with them is standard and this has been debated and minuted at the last consortium meeting.
17.The government's final verdict on removing the restriction on investment by a foreign airline within the existing FDI limit of 49% is awaited. We can confirm that there is interest from prospectives on this basis.
18.Finally, we wish to assure all guests, employees and all stakeholders that we are doing our very best.
Vice President - Corporate Communications
Kingfisher Airlines Ltd.
New announcements every year is what rail passengers from Mumbai feels on the Rail Budget. However, they keep wondering about what happened to last year’s announcements
Railway minister Dinesh Trivedi, announcing his maiden railway budget, made a host of promises for Mumbai. Additional 75 train services, elevated corridors from Churchgate to Virar on the Western Line, 12-coach rakes for the Harbour Line were among the prominent ones. Experts, however, have lambasted the minister for ignoring and not updating on the slew of promises made last year by his party chief and the then minister Mamata Banerjee. They called it a “disappointing budget” for Mumbai.
“The minister neither gave any update on the last year’s promised projects nor the balance sheet. He made new announcements. This year 75 new train services are promised for the suburban section. But is there any rake available? Out of 32 additional trains promised last year, for the Central line, only two have started. There is no announcement on safety measures like giving compensation to victims of local train accidents. He talked about development of stations through PPP (public-private partnership). This promise was made last year, as well. Even there is no rationale behind fare hike. Thankfully local commuters won’t be much affected by the hike,” said Madhu Kotian, president, Mumbai Rail Pravasi Sangh.
“There were promises of running anti-collision device on three grounds, a bullet train to Baroda, Gujarat. What happened to these promises?” he asked.
Passenger fares have been increased by 2 paise per km for suburban and ordinary second class; 3 paise per km for mail/express second class; 5 paise per km for sleeper class; 10 paise per km for AC Chair Car, AC 3 tier and First Class; 15 paise per km for AC 2 tier and 30 paise per km for AC I. Minimum fare and platform tickets will now cost Rs5.
Subhash Gupta, president, Yatri Sangh Mumbai told Moneylife that, “What is the use of hiking train fares when a little revenue will be generated from it. The minister announced some projects which are good for Mumbai. But the bigger question of implementing all the projects remains unanswered. Last year, the minister announced that the ministry will form a committee to look after implementation of various projects. This year, he did not mention anything about it.”
Passenger associations have, however welcomed the announcement of developing a new coach complex near Panvel in Navi Mumbai and coach maintenance complex at Kalamboli.
Mumbai-based transport experts feel that the essential requirements of Mumbai’s train commuters are not covered in the budget. “Considering the commuter population of Mumbai, the budget should have adequate allocation for providing escalators for commuters, quick disbursement from the station, medical assistance for victims of train accidents within three minutes of the occurrence of such an event and raising the platform height at par with the coach and platform for easy boarding. Nothing was mentioned about these things in the budget,” Sudhir Badami, a transport export told Moneylife.