SBI Life launches Annuity Plus

SBI Life’s Annuity Plus offers a wide range of 14 annuity options enabling annuitants to choose the one that best meets the annuitants’ income needs

SBI Life Insurance has launched a highly flexible immediate annuity plan called Annuity Plus. The plan provides a regular fixed stream of income at regular intervals throughout the life of the policyholder, referred as annuitant.

The annuitant can subscribe to the plan by choosing a lump sum amount or the desired regular fixed income for life referred as annuity instalments. The annuitant has an option to choose the frequency of instalments receipts as monthly, quarterly, half yearly or yearly.

SBI Life’s Annuity Plus offers a wide range of 14 annuity options enabling annuitants to choose the one that best meets the annuitants’ income needs. Some of the attractive annuity options include lifetime income with refund of the entire premium to the nominee upon death of the Annuitant and lifetime income which increases every year by 5%.

In the Life Annuity–Two lives options, the second annuitant, who possibly could be spouse or child or sibling, could continue to receive regular income for the rest of their life even after the death of the primary annuitant. The plan offers additional benefits of incentive of attractive annuity rates for higher premium and optional accidental death benefit rider at an affordable cost. The minimum age for subscription to Annuity Plus is 40 years and maximum of 80 years.

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MetLife introduces Met Deferred Monthly Income Plan

Met Deferred Monthly Income Plan helps you plan for your retirement income by paying when you can and gives you guaranteed monthly retirement income

MetLife India Insurance (MetLife) has launched Met Deferred Monthly Income Plan (DMIP)—a retirement product available in the market. DMIP helps you plan for your retirement income by paying when you can and gives you guaranteed monthly retirement income, with continuous financial protection for your family.

As part of DMIP, you can choose between two premium payment options—5 years or 7 years. Depending upon your age and your monthly income you can choose any level of premium starting from Rs53,000. You get a guaranteed retirement monthly income from year 11 of your policy for up to next 20 years enhanced by regular additional payouts*. You can choose to receive your monthly retirement income for a period of 10, 15 or 20 years.

 DMIP offers excellent protection for the family. In case of an unforeseen event, when the family may need money immediately besides a regular flow of income, DMIP pays an additional benefit of 24 months guaranteed income upfront as a lump sum. In addition to this the guaranteed monthly income starts immediately from the next month.

The monthly income paid under the plan are tax free *under U/S 10(10D). You can also avail tax benefits on your premium paid under U/S 80C of the Income Tax Act 1961.

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RBI hints at another CRR cut; rules out SLR reduction

RBI deputy governor Subir Gokarn ruled out any cut in the SLR saying, “Reducing SLR will not create any additional capacity in the system at this point of time, because of there is surplus. If SLR is close to the limit, then a reduction is possible, and may have created capacity. But given the situation all instruments are on the table”

Mumbai: The Reserve Bank of India (RBI) today hinted at another reduction in the cash reserve ratio (CRR) of banks to ease the severe liquidity in the system but ruled out a cut in the statutory liquidity ratio or SLR, saying that such a move will not create any additional cash flow, reports PTI.

“Space for (more) CRR cut still exists as we need to see significant fall in aggregate deficit,” RBI deputy governor Subir Gokarn told reporters on the sidelines of a function.

He did not indicate any timeline for the cut.

Mr Gokarn, however, ruled out any cut in the SLR saying, “Reducing SLR will not create any additional capacity in the system at this point of time, because of there is surplus. If SLR is close to the limit, then a reduction is possible, and may have created capacity. But given the situation all instruments are on the table.”

On 24th January, the RBI had cut CRR by 0.5 percentage points to 5.5%, releasing Rs32,000 crore into the system.

Since then, the fund crunch has only worsened.

Last Thursday, the strain on the system rose to high of Rs1.02 lakh crore. And going forward it will only increase as by 15th March companies will have to make advance tax payments which will drive out Rs60,000 crore from the system.

Another Rs12,000 crore is likely to go out of banks due to the ONGC auction last week, and a similar amount will be drained out on account of excise duty payment by companies.

Stating that liquidity deficit is partly structural and partly temporary, Mr Gokarn said, “Current call rates suggest that things are relatively stable (since) there is arbitrage in the market.

“Banks which have surplus SLR can borrow at the LAF (liquidity adjustment facility) and lend through call (money) market to banks which do not have excess SLR. So, the fact that SLR is skewed is not a cause of concern.”

Part of the liquidity crunch is temporary and partly structural and the reason why RBI conducting open market operations consistently is to address that, Mr Gokarn said.

“Part of the structural problem has arisen due to currency operation of the past three months...some of that has been offset by OMOs but it is structural and we are conscious of it,” he said.

When asked about his outlook on liquidity as advance tax payment is nearing, Mr Gokarn said, “We are conscious of the advance tax payment-related stress on the liquidity system.”

Even though he expressed the hope that crude will not climb too much given the general slowdown in the global economy, he said that rising oil prices will pose added risk to inflation projections.

“Oil prices going up poses a potential upside risk to inflation. On the other hand, growth has slowed—it is likely that producers don't have the pricing power which they had earlier,” Mr Gokarn said.

He also said that inflation management is the primary driver of monetary policy and that growth is not the core driver of monetary policy.

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