Tata AIG Life introduces Series II of funds under InvestAssure Apex Supreme

InvestAssure Apex Supreme is a 5-year limited pay plan with policy term of 10 years

Tata AIG Life Insurance has introduced the second series of funds under its guaranteed NAV unit linked insurance product viz Tata AIG Life Insurance InvestAssure Apex Supreme. 

InvestAssure Apex Supreme is a 5-year limited pay plan with policy term of 10 years and comes with the benefit of Guaranteed Maturity Unit Price (GMUP) that secures the highest NAV achieved under the product during the 100 reset dates. It also provides a Guaranteed Maturity Addition that is payable on maturity. The plan also offers a death benefit. 

The policyholder can opt for additional protection by choosing from four rider options namely Accidental Death Benefit Rider, Accidental Death and Dismemberment (long scale) Rider, Critical Illness (lump sum) Rider and Family Income Benefit Rider that provides Readjustment Income in case of an unforeseen event. This benefit provides an additional 1% of the sum assured every month for 100 months or till maturity, whichever is earlier. 

The policy can be purchased for any individual between the ages of 18 years to 65 years. The premium paid under this plan is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The proceeds of life insurance get tax benefits as per Section 10(10D).

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Bank credit up 20.9%, deposits rise 17.7% in 12 months

According to RBI data, credit offtake during the period stood at Rs41.23 lakh crore against Rs34.10 lakh crore in the same period of the previous year

Credit offtake from banks grew by 20.9% to over Rs41 lakh crore during the one-year period ended 17 June 2011, indicating an upswing in industrial activity.

According to the Reserve Bank of India (RBI) data, credit offtake during the period stood at Rs41.23 lakh crore against Rs34.10 lakh crore in the same period of the previous year.

Meanwhile, deposits went up to over Rs54.94 lakh crore till mid-June this year against Rs46.64 lakh crore as on 18 June 2010. This is a rise of over 17.7% on an annual basis.

In the annual monetary policy 2011-12 announced last month, the RBI had said that credit is likely to rise at a faster pace because of the economy's growth momentum.

“Sustained growth momentum could ... continue to exert pressure on interest rates through high demand for credit,” it had said.

The RBI had projected credit growth to be 19% this fiscal, while deposit growth has been pegged at 17%. During 2010-11, bank credit had increased by 21.5%, while deposits grew by only 15.5%.

In December last year, the apex bank had expressed concern over the widening ratio between the credit and deposit rates of banks. Toward the end of the last fiscal, however, the gap in the credit-deposit ratio stood reduced.

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Singapore Exchange to trade without lunch break

Singapore Exchange said trading would be continuous trading from 9am to 5pm on Monday to Friday

The Singapore Exchange (SGX) said it will scrap the 90-minute lunch break for trading from 1 August 2011 to help investors respond to regional market movements and news flow.   

It said trading would be continuous trading from 9am to 5pm on Monday to Friday, making the local bourse more competitive with its Asian rivals, including the Hong Kong Stock Exchange, which expanded its trading hours earlier this year.

The Korea Exchange, India’s National Stock Exchange and Australian Securities Exchange were already trading without breaking for lunch, while international exchanges such as the New York Stock Exchange, Nasdaq and London Stock Exchange operate continuous trading sessions.  

The Tokyo Stock Exchange was also planning to increase its trading hours to attract more investors, noted the SGX. “Continuous all-day trading will offer all investors more opportunities to trade and manage their risks,” said SGX CEO Magnus Bocker.  

Singapore would make further progress as an international financial hub by embracing trading hours which are aligned with those of other key markets, he said. 

The SGX had first mooted scrapping the lunch hour from 1st March, but that needed regulatory approval and the exchange wanted to give the market more time to adapt.

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