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The Life Freedom Index will serve as the primary benchmark for indicating how financial free an Indian urban consumer is in terms of her financial awareness and planning
Urban Indians are not very aware about insurance products and their investment planning is not aligned with their current needs, says a survey by private insurer HDFC Life.
"Indian urban consumers' current sense of financial freedom is low," the survey said.
HDFC Life in association with ValueNotes, a market intelligence and research firm, today launched its inaugural Life Freedom Index report where over 1,600 respondents were interviewed across 11 Indian cities.
"The Life Freedom Index will serve as the primary benchmark for indicating how financial free an Indian urban consumer is in terms of her financial awareness, planning, sufficiency and adequacy of planning," HDFC Life Executive Vice President and Head, Marketing and Direct Channel, Sanjay Tripathy said.
The Macroeconomic scenario is yet to be positive as household savings seem to have gone down because families had less money to put away in a year of high inflation, he said.
"The survey reaffirms that Indian urban consumers have realised the necessity of financial planning. They are already chalking out financial plans and are generally disciplined in adhering to them. However, on the flip side, these plans lack comprehensiveness and need to be realigned with their desired financial goals," ValueNotes Managing Director Arun Jethmalani said.
The survey indicates that while 35 per cent of urban consumers rely on their social network of friends and relatives for financial planning advice, only 27 per cent seek professional help, he said.
Given the gaps in financial plans and low awareness levels, it appears that there exists a need for proper professional advice, which will help consumers in ironing out inconsistencies in financial planning and management, he added.
The urban consumers have a long way to go before achieving a complete state of financial freedom. Child education is their primary concern, the sense of financial liberty appears inflated given the inadequacy in their financial planning and awareness levels. But they have realised the necessity of financial planning, according to the survey.
The move comes in the wake of specific directive from the SEBI to start KRAs
The National Stock Exchange (NSE) has launched a know-your-customer registration agency (KRA) through its subsidiary Dotex International.
The move comes in the wake of specific directive from the Securities and Exchange Board of India to start KRAs. "Brokers who have been working with us had approached us to provide them with this additional service, as it will be convenient for them. So, NSE has decided to offer this facility through Dotex," NSE said in a statement.
The initiative by SEBI will benefit investors, as their paper work will be reduced and they have the option of going to another intermediary, without repeating the know your customer (KYC) formalities.
An investor will not have to repeat the KYC, if he has done it through either a broker or a depository participant, or with an asset management company, to invest in a mutual fund.
Tata Megapixel offers a range of up to 900 km with a single tank of fuel
On Tuesday, Tata Motors presented at the 82nd Geneva Motor Show the Tata Megapixel, a new four-seater city-smart global range extended electric vehicle (REEV) concept for the performance-seeking and environment-conscious motorist anywhere in the world. Combining a lithium ion phosphate battery and an on-board petrol engine generator for recharging on the move, the Tata Megapixel offers a range of up to 900 km (with a single tank of fuel), CO2 emission of just 22 gm/km and fuel economy of 100 km/litre (under battery only power).
The class-leading ‘Zero Turn’ drive system of the Tata Pixel (shown at the 2011 Geneva Motor Show) has been taken to an even higher level of manoeuvrability in the Tata Megapixel. The car’s electric drive has four independent electric motors, one at each wheel. When parking, the electric hub motors drive the wheels in opposite directions, while the front wheels are turned at an acute angle, enabling a 2.8 metre turning radius. The at-home charging system is an as innovative induction charging system. The car has simply to be parked over the induction pad for charging to begin.
The integrated lamp and grille graphics sweep back over the front wheel arches to render a dynamic front end. A double-sliding door system and the car’s B-pillar less design make entry/exit easy, besides superb visibility. The battery layout and hub motors maximise the interior package. So, the Tata Megapixel comfortably accommodates four adults with luggage. The front seats are cantilevered on the central tunnel, releasing floor space for additional storage.Light leather trims and rose metal details accentuate the joyous marriage of richness of tradition and innovativeness of technology.