TimesofMoney plans to enter mobile, domestic remittance services

TimesofMoney has developed a new tool that helps online merchants increase their trade by up to 40% by tracking those shoppers who have dropped out at the last moment

Online remittance services provider TimesofMoney is planning to enter the mobile and domestic remittance services, TimesofMoney, president, Avjit Nanda, told PTI.

“However, this is under work and we are yet to approach the Reserve Bank of India for permission,” Mr Nanda added.

The firm, which has become one of the top independent inward forex remittance service providers in India, said it has developed a new tool that helps online merchants increase their trade by up to 40% by tracking those shoppers who have dropped out at the last moment.

“The tool has been developed as a part of the firm’s aggressive diversification into providing payment gateway solutions with its flagship service, DirecPay, which is a bank-neutral payment processing platform for online merchants,” Mr Nanda said.

Besides, it has also developed another tool called risk analytic engine that can help merchants detect fraudulent shoppers, he added.

Pegging the e-commerce market at Rs50,000 crore, he said as much as 80% of this comes from ticketing. The domestic e-commerce market has been logging in a CAGR (compound annual growth rate) of 54% since the past five years.

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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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