SBI Life launches variable insurance plan—Flexi Smart Insurance

The product is designed to provide safety for customer’s investment and stable returns to risk-averse customers having preference for non-market linked plans

SBI Life has launched a variable non-participating insurance plan-Flexi Smart Insurance. The product is designed to provide safety for customer's investment and stable returns to risk-averse customers having preference for non-market linked plans. The premiums paid by the policyholder will earn an interim interest rate of 7% during the financial year 2011-12. The interim interest rate will be declared at the beginning of each financial year. Depending on the investment returns in the fund, an additional interest rate may be declared at the end of the financial year, on 31st March, which will be credited along with the interim interest rate to the policy holders' account.

The product is available at a minimum premium amount of Rs1,500 per month. The policyholder can opt to pay premiums at yearly, half-yearly, quarterly or monthly mode of payments.  

The plan also includes premium holiday option. In case of financial problems, the policy holder can take a break from paying premium payments upto three years during the policy term. However, the life cover will continue to be available to the policyholder during this premium-holiday period, without deduction of mortality charge. Further, Flexi Smart Insurance provides the option of investing any surplus money in the form of Top-up premium.

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Bharti AXA Life launches monthly income plan

The policyholder will receive guaranteed tax-free monthly income at the end of the premium payment term

Bharti AXA Life Insurance has launched a traditional participating money-back plan, 'Bharti AXA Life Monthly Income Plan'.

The policyholder will receive guaranteed tax-free monthly income at the end of the premium payment term. In case of the policyholder's death, the nominee receives guaranteed monthly income for the Monthly Income Benefit period. The plan provides policy term options of 15, 25 and 30 years. The policyholder can also opt for premium waiver and critical illness riders.

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Black money issue: SC appoints SIT headed by justice Reddy

The apex court said the issue of black money has to be taken seriously and the state is primarily responsible to make all efforts to bring back into the country such wealth and punish people who have stashed away money in foreign banks

New Delhi: The Supreme Court on Monday appointed a high-level special investigation team (SIT) headed by former apex court judge BP Jeevan Reddy to monitor the investigation and the steps being taken to bring back black money stashed away in foreign banks, reports PTI.

Besides justice Reddy, who will be the chairman of the SIT, the apex court also appointed its former judge, justice MB Shah as the vice-chairman of the panel.

A bench comprising justices B Sudershan Reddy and SS Nijjar directed that the high-level committee (HLC) constituted by the government to look into the issue of black money would 'forthwith' be a part of the SIT.

The bench also directed the government to disclose the names of all the persons who have been issued show cause notices by the authorities in connection with the probe into the black money issue.

The court, however, made it clear that the authorities would not disclose the names of those who have not been investigated in connection with deposits made in foreign banks including Liechtenstein bank.

The court passed the order on a petition filed by eminent jurist Ram Jethmalani and others seeking directions to the government to track black money stashed away abroad and bring it back.

The court also asked the SIT to submit a comprehensive action plan to deal with cases relating to the black money issue.

Justifying its decision to constitute the SIT, the bench said that in previous cases also the court has been passing such orders to fulfil its constitutional obligation.

The court also said that it is not possible for it to be involved in day-to-day investigations in the case as the resources at its disposal were scarce.

The bench said the issue of black money has to be taken with a degree of seriousness and the state is primarily responsible to make all efforts to bring back into the country such wealth and punish people who have stashed away money in foreign banks.

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