PERSONAL FINANCE


Moneylife Digital Team 28 June 2012
Life Insurance Corporation of India (LIC) has launched its first online product, Jeevan Akshay VI, an immediate annuity product. This existing offline product is now being offered online. The product entitles one to annuity from the year after the purchase under any one of the chosen seven...

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Moneylife Digital Team 28 June 2012
IDBI Federal Life Insurance launched the online version of its existing product Termsurance Seniors Insurance Plan. It is a whole life insurance plan with no medical tests and guaranteed acceptance for people in the age group of 50-85 years. The minimum sum assured (SA) is only Rs2,338 and...

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Moneylife Digital Team 28 June 2012
LIC Jeevan Vaibhav is a non-unit linked (traditional) single-premium policy. It is designed as an investment-oriented policy with the insurance cover of only about double your premium. This is far below the requirement of SA to be 10 times the premium for tax benefits at entry or exit of the...

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Moneylife Digital Team 28 June 2012
IRDA has imposed a record penalty of Rs1.18 crore on ICICI Pru Life for several serious violations including an unbelievable 11346% deviation in commission payable to India Infoline Insurance services in 2010-11. There were violations regarding corporate agency guidelines, paying more than...

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Gaurang Damani, social activist and founder of the NGO Karmayogi Prathistan, tells Raj Pradhan   ML: What is your view on IRDA’s draft guidelines on health insurance? GD: I would like to thank the Bombay High Court, Union of India and IRDA. They have accepted 80%-90% of what I had...

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Moneylife Digital Team 28 June 2012
Are highest NAV products on the way out? Are highest NAV life insurance products being banned, as reported? It still seems to be in limbo. At a Moneylife Foundation event, J Hari Narayan, chairman IRDA told the media, “We have issued an exposure draft. We are considering prohibition of...

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Moneylife Digital Team 27 June 2012
The online application process involves verification of key customer details such as Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria   New Delhi: Standard Chartered Bank said it has launched an instant online...

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Moneylife Digital Team 27 June 2012
BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximise savings for their future   Mumbai: Private insurer Birla Sun Life has announced the launch of its new unit-linked whole life plan, BSLI...

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MDT/PTI 27 June 2012
RBI said urban co-operative banks will not be permitted to charge foreclosure charges or pre-payment penalties on home loans on floating interest rate basis   Mumbai: The Reserve Bank of India has asked urban co-operative banks (UCBs) to stop levying penalty on pre- payment of home...

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MDT/PTI 27 June 2012
The top hundred centres, arranged according to the size of deposits accounted for 69.4% of the total deposits   Mumbai: Bank deposits grew 17.3% to Rs5.81 lakh crore in the quarter ended December 2011 from a year ago, data from RBI showed, reports PTI. While, credit over the same...

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Moneylife Digital Team 26 June 2012
Chairman and managing director HS Upendra Kamath inaugurated 100 branches in FI villages of Mandya district in Karnataka   Bangalore: Vijaya Bank has announced opening of 171 ultra small branches in a single day under the Financial Inclusion (FI) villages initiative in different parts...

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Moneylife Digital Team 26 June 2012
Depositors parking money in the 271-364 days maturity will be paid interest of 8.75% per annum against the earlier rate of 8.25%   Mumbai: In a surprising move, the South-based private sector lender Lakshmi Vilas Bank announced a 0.50 percentage point increase in deposit rates in a...

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MDT/PTI 26 June 2012
With the R3 approval in place, Liberty Videocon GIC said it is now getting ready to file documents with the IRDA for approval of its proposed products   Mumbai: New entrant in the private space Liberty Videocon General Insurance Co on Tuesday said it received the final approval from...

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The product covers risks of pregnancy complications, child with congenital disorders, cancer in female organs and death of spouse besides death of the insured covered by regular ULIPs. Ensure that you know the fine prints before buying the product   HDFC Life has launched “Smart...

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While presently the EPFO earns over 9% on its current base corpus of Rs3 lakh crore, this could be enhanced to 12%. Besides, old peoples’ homes could be another avenue of revenues that the government can look at   While speaking at the 29th Skoch Summit earlier this month, UK Sinha,...

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The RBI should also implement measures to avoid UK-like incidents happening here More than 12 million bank customers in the UK were in for a surprise last week when they found that they could not operate their accounts due to malfunctioning of banks’ software, resulting in a chaos at...

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Moneylife Digital Team 25 June 2012
The Finance Ministry expects around 60,000-80,000 white-label ATMs to roll out in the next six to eight months   New Delhi: Non-banking entities, which have been allowed by RBI to operate ATMs on behalf of banks, are expected to open 60,000-80,000 automated teller machines in the next...

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Moneylife Digital Team 22 June 2012
The life insurance plan provides relatively lower premium rates for women and special rates for non-tobacco users, Reliance Life said in a statement   New Delhi: Reliance Life Insurance said it has launched an online plan -- Reliance Life Insurance eTerm -- with a maximum life cover...

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Moneylife Digital Team 21 June 2012
The RBI has given an in-principle approval to Morgan Stanley India to enter commercial banking. So far, Morgan Stanley has been an investment banker in India. The permission is a big coup for Morgan Stanley India chief executive officer Dr PJ Nayak, who is credited with building Axis Bank...

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Moneylife Digital Team 21 June 2012
The RBI said all rural branches of banks will have to impart financial literacy. This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas. “Banks may consider setting up need based FLCs in other...

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