Mar 31, 2007
Reserve Bank Hiked CRR and Repo Rates again to Curb Inflation
Mar 27, 2007
ICRA IPO oversubscribed by whooping 75 times on the final day
Mar 24, 2007
Mar 23, 2007
Advanta IPO Opens on March 26th 2007
Issue Size 33,80,000 Equity Shares
Issue Type 100% Book Building
Face Value Rs. 10/-
Price Range Rs 600/- to Rs. 650/-
Tick Size Re. 1/-
Market Lot 10 shares
Minimum Order Quantity 10 shares
Maximum Subscription Amount for Retail Investor Rs.100000
Profile
Advanta India Ltd, a subsidiary of United Phosphorus Ltd, plans to raise a maximum of 2.20 billion rupees through an initial public offer, mainly to help pay off the dues of its subsidiary, it said on Tuesday.The agronomic seed company has set a price band of 600-650 rupees per share for its 3.38-million share issue.
Pre IPO Placement
The company has already allotted 1.7 million shares at 625 rupees each to a clutch of investors in a pre-IPO placement.The investors include Morgan Stanley Dean Witter Mauritius Co Ltd, Morgan Stanley Investments (Mauritius) Ltd, Citigroup Global Markets Mauritius Pvt Ltd, Deutsche Securities Mauritius Ltd and Emerging Markets South Asian Stars Fund.
Operations
Advanta India, which also has operations in Australia, Thailand and Argentina, plans to expand to Latin American and the CIS countries, Managing Director and Chief Executive Officer V.R. Kaundinya said at a press conference.
Fund Usage
Acquisitions would form part of the company's future growth strategy, he added.
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Mar 22, 2007
Sensex Closing at 10,308 with +362 points
ICRA Limited (an Associate of Moody's Investors Service)
Sensex may touch at New High near Aug-2007
Vimal Oil & Foods Ltd IPO Closing on 23rd March
Mar 20, 2007
Orbit Corporation IPO open Today
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ICRA IPO open Today
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Listing Update for Stocks and Gold Fund
Gold BeES lists at Rs 1000 on NSE vs issue price of Rs 945.76
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Mar 18, 2007
Policy Loans
The corporation grants loans on the security of Life Insurance policies to the person entitled for the same under the Contract.
Even though this facility is offered by the Corporation to its policyholders, it is advisable to take the loan only in dire necessity when no other funds are available, as such loan against the policy partially extinguishes the provision so wisely made.
The agent should advise the policyholder to preserve the original provision, by taking a further policy for the amount equal to the amount of loan availed.
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Women and Life Insurance
One state insurer and thirteen life insurance companies- result- a tough competition. In such a condition the layman gets benefited, as each one of it offers end number of policies to the extent that it is no less than a Herculean task to choose an appropriate one that ranges from endowment, term, whole to ULIP plans. Though these policies are available for men and women both, there are very few policies that exclusively centers on women. Lets find out how many products are actually available for women. To begin with, prior to nationalization (1956), many private insurance companies would offer insurance to women with a payment of some extra premium or on some restrictive terms. But after nationalization, the female life insurance cover came to be reviewed from time to time.
Comparing the ratio, in urban areas, the number of women insured is far less to the ones employed. It may be believed that women are influencers than buyers of insurance. But now, this entire scenario is changing with the growing awareness of insurance and now it can be said that they are both influencers and buyers.
The insurance options available in the market are equally appealing to both men and women; however there are not many women who opt for insurance. Many give up their career after marriage due to uncertainty of jobs; other reasons being, upbringing children and other household bliss. The regular flow of income is unsure which is one main reason that prevents them from opting for insurance.
However, despite these conditions it is important for women to take a fresh look at their investment options with insurance as one of the prime options. 'Jeevan Bharati' is one such policy that Life Insurance Corporation of India offers. It is a Money Back plan for women. It offers free insurance cover for three years if the premium has been paid regularly for the first two years. It also offers the options wherein the policyholder can en-cash the survival benefits besides having the benefit of a premium rebate of 4 % per annum. The minimum and maximum age of entry is 18 and 50 years respectively. The policy term is available for a period of 15-20 years. The minimum sum assured is Rs 50,000 and maximum is
Rs 25,00,000.
For instance, Mrs. Joshi has bought LIC's 'Jeevan Bharti' policy for a term of 15 years. She is 25 years old. Being a money back policy, she will receive 20% of Rs 2,00,000 which is the sum assured. So at the end of 5 years she would get Rs 40,000. This amount would be clubbed with guaranteed additions for the first 5 years and bonus thereafter. The maturity benefit would be 60% of the sum assured which would be 1,20,000. The bonus rates will also be added, besides the principal amount at the annual premium of Rs 17855.
Among private insurers, Bajaj Allianz offers 'Mahilagain Rider' that can be attached to its other products like InvestGain, UnitGain.
You have to make up your mind to pick a plan that suits your perfectly. It is a must for every woman to have 'insurance' in her investment portfolio. One never knows when the need of insurance would arise. The future is uncertain and no one knows what it holds. Now is the time to show some of that dedication to your own self that you have done being a perfect wife, mother, daughter–in-law, etc.
To make choices simpler, there are other savings-oriented insurance plans such as endowment plans, money-back or ULIP, which can be considered if you already have a term plan.
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Know Your Tax Planning Avenues
The year has wound to an end and as we get close to a new financial year, lets ask ourselves how prepared are we for the coming year. You may see that people around you have suddenly emerged from their hibernation and are making a quick run to their financial advisors for their tax planning and Income Tax returns. When it comes to IT returns, the emphasis moves obviously to 'tax planning'. One needs to outline it well and make maximum use of the benefits offered. Lets find out what options are available to organize your earned cash and avail the tax benefits. One such alternative is 'Insurance'.
For instance, insurance cannot be viewed, as just a tax saving instrument as most of them wrongly think or view it to be like. The insurance protection component cannot be overlooked just to get the tax settlement. Now, if you have made up your mind to invest in insurance then why not choose an appropriate policy that will suit you perfectly. For example you can choose a retirement product if you are nearing the retirement phase or you could plan out an early retirement policy. In the bargain, you have planned your future as well your tax concern.
It is important to note that the conventional tax planning is not the only method of tax saving, within the given limited options available one can explore a lot more other options too. The schemes available under the section 80C are- Life Insurance, Public Provident Fund, Equity Linked Saving Schemes, National Saving Certificate, Kisan Vikas Patra.
Currently, under Section 80C -- "u/s 80CCC, & u/s 80CCD", the following benefits are available at the current year.
· Rs 1 lakh can be invested under this section without any individual sub-limits except in the case of Rs 10,000 in pension funds.
· Deduction in respect of Life Insurance Premia, Contribution to Provident Fund, etc.
· Sections 88, 80L, 80CCC and 80CCD are clubbed in.
Individuals with an annual income of Rs 1,00,000 are exempt from tax; those falling in the income bracket of Rs 1,00,000-Rs 1,50,000 are subject to a tax of 10%. For those earning between Rs 1,50,000 to Rs 2,50,000 a 20% tax is charged and anything above
Rs 2,50,000, a tax of 30% is paid. A relief is provided to the resident individual belonging to lower income group. A resident individual having taxable income up to Rs 100,000 is not subject to paying any income taxes. Such individual will be entitled to rebate equal to the amount of tax payable on taxable income up to Rs 1,00,000.
However, no such rebate will be available to an individual with the taxable income exceeding Rs 100,000. This will adversely affect individuals whose taxable income marginally exceeds Rs 100,000.
Now, the annual budget '06-'07 will welcome the new Exempt Exempt Tax (EET), wherein, individuals claiming income tax benefits under 80C will now have to pay taxes on withdrawals. Withdrawals before the expiry of the term will also be taxed. However for the first time investors will have the option to switch between the savings instruments which are mentioned above and the good news is that no tax will be levied for this switching over between the saving instruments. Gratuity payments and superannuation funds will be exempt from this system. All the long term saving instruments are subject to the EET system. However, Short and medium term savings certificates and infrastructure bonds are expected to be outside the EET umbrella.
The new EET system will be applicable from the new financial year or soon after the budget is announced. So wasting no more time, make a quick decision right now. The clock is ticking; make a run for it now.
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Why LIC needs funds if it is growing @ 60%
LIC is enormous. And continues to grow. The monolith has come a long way from its earlier monopolistic days. It has over ten competitors today gnawing at its market share aggressively – but then LIC has a trump card. Its products come with government guarantee, it has a stronghold in rural areas and enjoys a strong brand equity. While it may take some time for private insurers to match LIC's size and reach, the corporation is already working out strategies to retain and further build marketshare.
But offlate, there are issues to be sorted out. It's the health of the insurance behemoth. Will it continue to be as healthy as it is now? And if the government wants it to continue to remain in the pink of health certain changes need to be brought about at the earliest in the LIC Act 1956. Consultants Deloitte Touche have recommended that the need of the hour is corporatising the organisation. LIC is growing at the rate of 60 percent.
According to the IRDA, life insurance companies need to maintain solvency margin requirements of Rs 100 crore. And to fulfill statutory norms, LIC will need to set aside around Rs 2000 to Rs 3000 annually considering the size at which it is growing. At present this is being done from surplus funds. But then that cannot be continued for long. Which means either the government will have to pump in funds on a regular basis or the behemoth will have to float a public issue. This will warrant an amendment in the LIC Act which may not be as easy as it sounds. Besides LIC also wants that it be allowed to function on its own – set its own standards, conditions, targets of agents, development officers without any outside interference.
The finance ministry has clearly stated that it is not in favour of LIC going public. Instead it has an even better option. The Finance Ministry may choose to stand guarantee for risk management losses. That way the need for any amendment in the LIC Act would be ruled out. But then what about empowerment to LIC? Only time can say.
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Is investment in ULIPs a risky option?
Has the recent performance of the stock market left you with a regretful feeling for not being a part of the soaring market? Do you have a flavour for the market but also want some wise investment at the same time? If yes, then Unit Linked Insurance Plans (ULIP) is the answer.
ULIPs also known as investment plans is a perfect package that comes with insurance coverage and investment options. So that leaves you with the opportunity of investing in equities. But you do need to keep in mind that the investments in stocks are subject to the vagaries of the market. The volatility in equity markets can keep you uneasy and disturbed since you wouldn't like to see your reserve being affected. You need to know your risk appetite and then make a choice accordingly by choosing an appropriate fund. ULIPs offer you the option to invest in anyone of the four funds. If you are not inclined to take a lot of risk then you can certainly invest in secured or balanced fund.
However the best part of having an investment plan is that you can switch from one fund to another, which you find less risky. For example if Mr. Patil has invested in growth fund and has found that the investment in this particular fund is going to fall then he does have the choice of switching over to another fund which he finds safer, it could be a growth, balanced or any other fund. For example if you choose LIC's 'Jeevan Plus', the policyholder has to choose any one from the four funds, which are Bond, Secured, Balanced and Growth funds. Within a given policy year, four switches are allowed free of charge. After the completion of one year, Rs.100 is charged for per switching of the fund.
Two factors considered responsible for the advent of ULIPs are firstly- the entry of private insurance companies in the insurance sector and the second factor being the decline of assured returns on endowment plans.
Private players proved their innovation with the introduction of ULIPs. The performance of these plans has also been quite impressive with the recent figures revealing that the private insurers have acquired a business of Rs 4,768 crore whereas LIC managed to obtain Rs 2, 758.6 crore.
The performance of stock market especially in the last few months has made ULIPS all the more popular. It is the only option that lets you to be a part of the stock market and at the same time offers insurance cover. It is like the best of two things clubbed into one. And honestly things couldn't get any better when we bring its other features into the limelight.
An innovative aspect of ULIPs is the 'top-up' facility. A top-up is a one-time additional investment that is paid apart from the annual premium of the policy. This feature works well when you have a surplus that you are looking to invest in a market-linked avenue. ULIPs also have the facility that allows you to skip premiums if you have paid your premiums regularly for the first three years. For instance, if you have paid your premiums dutifully for the first three years then you have missed out the payment of fourth year's premium then the insurance company will make the necessary adjustments from your investment surplus and will make sure that the policy remains active. But it is always advisable to pay the premiums regularly to avoid troubles. Such facilities are not available with any other policy. This makes it a differentiating factor when compared to policies like endowment, term or money back policies.
Another important feature is that ULIPs disclose their portfolios regularly. This gives you an idea of how the money is being managed. Another important aspect is its 'liquidity' factor. Since ULIP investments are NAV-based it is possible to withdraw a portion of your investments before maturity. It is possible only after the completion of the lock-in period. Such facility is not available with in a traditional endowment policy. With ULIPs one can also avail the tax benefits which is offered under Section 80C. This is subject to a maximum limit of Rs 1,00,000.
Investment plans are particularly for those looking for security with an inclination for the share market. To make it easier to choose, LIC offers 'Future Plus' and 'Jeevan Plus' which are unit linked plans.
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Gift your spouse a ‘Jeevan Saathi’ policy
One way of letting your spouse know how much you love and care is to shower her with gifts. Keeping this view in mind, an insurance policy could be an ideal gift that will last forever. The Life Insurance Corporation of India offers a joint policy, 'Jeevan Saathi' that is one of its kind and is exclusively meant for couples.
Joint life policies are similar to endowment policies, which offers maturity benefits to the policyholders, apart form covering the risks as all life insurance policies do. Since it involves larger risks, it is only LIC that has taken the initiative to offer such a plan.
The policy provides a joint life risk cover under a single policy for both husband and wife. If one or both the lives survive till the maturity date, the sum assured, along with the accumulated bonus, is paid to the policyholder. On the death of either husband or wife, the survivor gets the sum assured immediately and future premiums are waived. If the survivor (husband/wife) survives till maturity he/she gets sum assured with full bonus. If the survivor also dies before the maturity term, sum assured along with bonus is paid to the nominee, which are usually children of the couple. The policy also covers accident benefit.
It is available for a minimum term of 15 years and maximum for 30 years. The minimum sum assured is Rs 50,000 with no limit on maximum amount. In case the couple opts for a divorce, the policy does offers a unique option wherein the joint policy can be converted into an endowment policy under one of the partner's name or else the policy can be surrendered and get the sum assured to the extent of the premiums that have been paid.
For example if Mr. Rao has purchased 'Jeevan Saathi' for a term of 20 years at the age of 35 years and his wife is aged 30 years, then he would have to pay a premium of Rs 12,009 that includes an additional amount of Rs 200 per person if he opts for double accident benefit of Rs 2 lakh. At the completion of term, the policyholder will receive a total of Rs 4,16,000. Since he has opted for the accident benefit, he will be covered for it in case an accident occurs.
So grab a policy and gift it to your spouse and make a special beginning of the New Year.
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NRIs- the new attraction for insurers
The life insurance companies are turning more dynamic in nature. The insurers are crossing borders to make its reach even for those staying seven seas away. The policies that are offered cater to Laymen, Corporates to High Net Worth Individuals (HNIs). Now, the latest fad that has caught the attention of the insurers is the Non Resident Indians (NRIs). Not only insurance companies but also the financial institutions have turned their attention to them.
The NRIs spread across the world is quite large. It is estimated that there are around 100 million Indians stretched across the world. It serves as a good reason for insurance companies to come up with products aimed specifically for this creamy layer of the country. The reasons could be multiple when an individual decides to leave his/her own motherland and prefer to stay in a foreign country. The reasons for which an individual chooses a foreign land than his own are mainly vocation, business, employment, etc.
Being financially stable, opting for higher insurance cover becomes possible for this elite group. Not only insuring their lives but also the family becomes important. This holds great business potential for the insurance companies. There are some NRIs who intend on sending their children to India for education, etc. Some may even want to settle down in their own country after retirement. Keeping these views in mind, insurance companies have come up with a host of policies for them. Almost all private insurance companies offer policies to NRIs, sometimes treatment given to them also becomes specialised. For example, ICICI Prudential has set its office in Bahrain, which caters exclusively to the needs of the NRI community situated in the region. Saving a considerable amount is usually the central focus in an NRI's life. The aim on savings and investments makes it easy for them to buy insurance. When they move for vocation, accumulating wealth for future forms a major part of their investment goals.
Keeping their needs in mind, the insurance companies, offer policies ranging from traditional, endowment to unit linked plans. The younger generation has a taste for risk, which is why unit linked plans have attracted the interest of the younger age group. This is mainly because of factors like flexibility, investment in funds that promise good returns, the demand for ULIPs have gone high. Certainly, the number of NRIs opting for insurance is increasing. The insurance mammoth too is not left out in this rat race; the Life Insurance Corporation of India (LIC) offers insurance policies to NRIs as well as the People of Indian Origin (PIO). Now, if you are wondering what PIOs are, they are those who have foreign nationality and reside in foreign countries. A person is considered to be of Indian Origin (excluding countries like Pakistan, Bangladesh or as announced by the state from time to time) if he/she at any time held an Indian passport or he/she or either of his/her parents or any of his/her grandparents was an Indian and a permanent resident in Undivided India at any time. A wife of an Indian Citizen or of a person of Indian Origin is also considered to be of Indian Origin if she may be of non-Indian parentage.
The process of buying an insurance policy is quite simple. Once bought, the person can pay the premiums through cheques drawn on his/her Non-Resident (External) Account or Foreign Currency (Non-Resident) Account with a Bank in India (or Joint Account provided the policyholder is one of the account holders).
NRIs wanting to have financial protection throughout are increasingly opting for insurance. Considering the growing number of NRIs, Life insurance is becoming a popular choice and is being added in the investment portfolios of the Non Resident Indians. In the days to come, there might be more policies that would perhaps be more vibrant in nature that would fit needs more perfectly.
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Tips to gain control over your ULIPs
Have you invested in the stock market and has the recent downfall of it left you upset? Have you invested in the funds through unit-linked plans? If yes, then it's about time to make use of the 'switching' feature, which the plan offers.
Now, if you have been under the impression that ULIPS have been badly hit because of the negative performance of the stock market then you are probably wrong. You might be surprised to know that such has not been the case with market-linked plans. ULIP investors are still going strong. This can be credited to investors' approach of investing lower prices in equity, which is meant for long term investing and not for short-term gains. Many investors have abided by this fact and it has helped them sail through this rough storm. Sources point out that individuals who have invested in equity schemes with short-term goals have experienced radical fall in their gains. So there is a lesson to learn in every mistake that is made. Being glued to the market with long-term goals is any time better than entering with short-term plans.
Coming back to the 'switching' feature, a unit linked plan offered by the state insurer lets you choose from four funds, which are bond, income, balanced and growth fund. Based on the kind of risk you want to take, select the fund. If you want to gain higher returns you have to take higher risks that will come with the equity natured fund i.e. growth fund. If you are risk averse, you can choose the debt fund. This fund is least affected during the volatile performance of the market. The best part of switching is that many insurers allow upto four switches free of cost, any additional switching is charged by the insurer. With the switching option, you can invest in the fund that best suits the changing situation. Now, if you have invested in the growth fund, read below to know what is the best that you can do in such a scenario.
Be prepared in advance for the worst of situation; keep a check on the performance of your funds at least once in three months. Consider a switch in the funds if there is a change in the level of risk you are willing to take or the performance of the market compels you to do so. The most effective step that you can do is to keep a tab on your funds, estimate the value in comparisons to other funds and then take the decision. If the confusion still persists, consult your insurance advisor, who would be in a better position to guide you through the rough path. Further, unlike other financial products, all life insurance plans come with a 15-day free look feature. This lets you to return the policy if doesn't suit your needs or prospects. So, there's no better deal that can come with a market-linked plan.
So, after having learnt the benefits of the switching feature, do not forget to make the use of it. Whenever the market falls, you can bet on getting least affected by it.
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How risky is it to invest in a ULIP?
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What’s more to ULIPs
When the stock markets are volatile and unpredictability becomes a hindrance to encourage further investment, it leaves the customers perplexed. To top it all if the debt market doesn't attract you because of its low interest rate, investment may seem customary. However, lately banks have been offering an 8% interest rate per annum for investors. A reason good enough to invest in Fixed Deposits (FD). What's more? The investments in FDs qualify for tax benefits too under Section 80 C of the Income Tax Act, 1961, provided the minimum tenure selected is five years.
If the inclination to invest in stock market still persists but are still skeptical, try via Unit Linked Insurance Plan (ULIP) route. It provides cushion to those who are risk averse. ULIPs offer insurance protection along with the option to invest in the stock market. The best part of investing in stocks via ULIPs is that you can choose the funds suiting your risk profile.
If you know that a particular fund is at its high and is performing well, with the switch over option you can move to that fund. You can do that when the fund in which you have invested is performing poorly or you feel the returns are high in some other fund. The funds offered by ULIPs give the investors an exposure to both high and low equity investments. Based on your risk profile, make your pick.
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Why health insurance is a must?
Health insurance has become a necessity today because it plays a major role in health care. This is because one never knows when illnesses may strike. And in such cases hospitalisation and medication expenses can be unaffordable. Health insurance can prove to be a source of support by taking care of the financial burden your family may have to go through.
Advancement in science and technology has brought about a revolutionary change in mans life. It has reduced mortality rates and increased his life span but at the same time has given rise to a number of other ills. Increasing pollution levels especially in metros, stress and strain at workplace, cut throat competition taking its toll are some of the harsh realities.
Pollution levels in certain areas are unimaginably high and the areas are nothing short of gas chambers. An individual going to his place of work has to spend long hours in queues, inhaling the vehicular emissions of poisonous carbon monoxide gases affecting his health in the long run. Besides accidents on roads are a common feature.
In such instances timely affordable medical help is the need of the hour. But this may be easier said than done. Treatment for major illnesses or accidents can be unaffordable and may leave you poorer by thousands of rupees.
It is especially worse when the patient needs specialised care. Expenses are exorbitant and the situation leaves you mentally devastated also burning a deep hole in your pocket. The family balance is affected, all those comforts of life have to be given up and your family has to make up with bare minimum necessities only.
Health insurance takes care of you in such circumstances. It will help you tackle such situations with ease by providing you with timely and adequate medical care. The financial burden of footing huge medical bills is taken care of by health insurance. Besides if the accident causes life long disability to the patient, the earning member of the family, the insurance company will come to the rescue.
Primary health care - a basic necessity and right of every individual, is today only a distant dream. The government has done precious little in this regard for the masses and hence the private sector has taken up the challenge to exploit the potential of the 92,400 crore healthcare industry.
With educational levels going up people are becoming increasingly aware of the need of timely healthcare facilities. But at the same time the high costs of private health care is a major deterrent. The need of the hour is affordable health care for all in order that even the people in remote villages can have access to it.
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Need for Automobile Insurance
Your vehicle may be your long cherished 'Palace on wheels' or one that can barely be called a four-wheeler but the very fact that it has to ply on rough and tough Indian roads, should be reason enough to insure it.
Consider what your vehicle has to endure - potholes, open manholes, puddles, untarred roads, our traffic management system, poor pedestrian management, absence of footpaths for pedestrians, jaywalkers and an increasing number of accidents are few of the stark realities.
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Need for Life Insurance?
The need for life insurance comes from the need to safeguard our family. If you care for your family's needs you will definitely consider insurance.
Today insurance has become even more important due to the disintegration of the prevalent joint family system, a system in which a number of generations co-existed in harmony, a system in which a sense of financial security was always there as there were more earning members.
Times have changed and the nuclear family has emerged. Apart from other pitfalls of a nuclear family, a high sense of insecurity is observed in it today besides, the family has shrunk. Needs are increasing with time and fulfillment of these needs is a big question mark.
How will you be able to satisfy all those needs? Better lifestyle, good education, your long desired house. But again - you just cannot fritter away all your earnings. You need to save a part of it for the future too - a wise decision.
This is where insurance helps you.
Factors such as fewer number of earning members, stress, pollution, increased competition, higher ambitions etc are some of the reasons why insurance has gained importance and where insurance plays a successful role.
Insurance provides a sense of security to the income earner as also to the family. Buying insurance frees the individual from unnecessary financial burden that can otherwise make him spend sleepless nights. The individual has a sense of consolation that he has something to fall back on.
From the very beginning of your life, to your retirement age insurance can take care of all your needs. Your child needs good education to mould him into a good citizen. After his schooling he need to go for higher studies, to gain a professional edge over the others - a necessity in this age where cut-throat competition is the rule. His career needs have to be fulfilled.
Insurance is a must also because of the uncertain future adversities of life. Accidents, illnesses, disability etc are facts of life which can be extremely devastating. Other than the hospitalisation, medication bills these may run up it's the aftermath of the incident, the physical well being of the individual that has to be taken into consideration. Will the individual be in a position to earn as before? A pertinent question. But what if he is not? Disability can be taken care of by insurance. Your family will not have to go through the grind due to your present inability.
Moreover, retirement, an age when every individual has almost fulfilled his responsibilities and looks forward to relaxing can be painful if not planned properly. Have you considered the increasing inflation and taxes? Will your investment offer you attractive returns under such circumstances? Will it take care of your family after you? An insurance policy will definitely take care of these and a lot more.
Insurance today has opened up new vistas for every section of society. Even for the village farmer insurance holds a lot of potential. Considering how dependent our agricultural system is on the monsoon, the farmer sees a dim future. The uncertainty of the monsoon too can be taken care of by insurance. Looking at the advantages of an insurance policy a number of farmers have gone in for insurance. Insurance has become a necessity today. It provides timely financial as also rewards with bonuses.
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Why Life Insurance?
Well you could be wrong. Buying Insurance cannot be compared with any other form of investment. Insurance gives you a life long benefit and the returns will definitely come but only when you need it the most i.e at the right time. Besides buying insurance early in life is one of the wise decisions you could take. Because the premium you would be paying would be comparatively lower.
Insurance is not about how much more it can offer you when the stock market is at its peak. It may not be an attractive investment option. But weigh the pros and cons and consider how much more it offers at a small price.
Most important of all it provides you with that unique sense of security that no other form of investment provides. It gives you a sense of financial support especially during that time of crisis irrespective of the fluctuations in the stock market. Insurance provides for your career goals right from your childhood years.
If the earning member of the family is no more your child's educational needs will not suffer. In fact his higher education too will be provided for. You need not spend sleepless nights thinking about how to save for your child's marriage. Life Insurance will take care of that typical once-in-a-life-time spending on marriages.
An accident or a disability may be devastating but an insurance policy can be of utmost support for the family during such times too. Besides it provides for additional benefits such as bonuses. You need not worry about your retirement years. The rising prices, taxes, and your lifestyle will be taken care of easily. And you can relax and spend your old age in comfort and peace.
Life insurance today plays a major role in ones life at various stages. Considering the benefits it offers one cannot but give a thought to buying an insurance policy at the earliest.
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IT infrastructure for insurance pool to be developed by TCS
The contract for developing the IT infrastructure for creation of a third-party insurance pool has been awarded to Tata Consultancy Services (TCS). Earlier, it was delayed due to some technical and tax issues. Now, it is scheduled to start from April 07.
The pool is a mechanism to merge all the premium mobilized and claims incurred by the industry. It also includes the distribution of the underwriting outcome among various companies in the ratio of their gross premium. The pool would end up with an underwriting loss, which would be shared among industry participants, thus is concerned to the loss-making third-party insurance of commercial insurance.
The pool came as a relief to public sector companies as their percentage of commercial vehicle businesses was disproportionately high compared to their own business. Because the private companies avoided stand-alone third party insurance of commercial vehicles. The pool was a mechanism where they could pass on some of the losses of the business they were forced to pick up to the private players.
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Separate Regulations for Health Insurance Companies
IRDA is working on developing new norms for the standalone health insurance companies in India. At present, the health insurance companies follow IRDA regulations. New norms for health insurance companies will include risk-based capital adequacy norms, investment regulations, market conduct, disclosure issues, etc. These will apply to those companies who do health insurance business, as disclosed by the chairman of IRDA, Mr. Rao.
Incidentally, at present there is only one company in the health insurance market in India, namely, Star Health and Allied Insurance. Apollo Group and Germany-based Deutsche Krankenversicherung have applied for a licence to set up a health insurance company called Apollo DKV Insurance Company. On similar lines, Aetna, a health insurer in USA, has been eyeing Indian market and is expected to enter it. Other companies who have shown interest in Indian health insurance market are United Healthcare, Cigna and Bupa.
The need for new regulations is even more important considering the fact that so many foreign players are targeting the Indian health-insurance market. With the coming of new players, old norms, which govern life and non-life insurance companies, will not suffice and customized regulations, specifically for the health-insurance sector will be needed.
Indian health insurance is expected to have a market potential of Rs. 15,000 crores, of which only 10% was tapped until the end of fiscal year 2004-2005. This leaves a huge void that invariably will be filled by new companies. With better norms, consumer interests will be taken care of and the government can better control companies.
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Private Life Insurance Firms Rake up Huge Losses
16/March/2007
Though private life insurance companies have a growth rate of over 100%, but the downside is that they are raking up huge losses too. The total loss of all life insurance companies put together had grown by 46.3% in 2005-06, and stood at Rs. 3790.81 crores by the end of March '06. This has led to inflow of funds to the tune of Rs. 1538 crores by the respective promoters. This has raised the total investment by investors to Rs. 5886 crores, with Rs. 4500 crores coming from Indian partners.
Commissions for first year premiums as paid by the private sector were 17.54%. In comparison, LIC paid up 25.26% in such commissions. The commission paid by some private insurers went up whereas that paid by LIC went down by 1.11%.
Though companies might be running into losses at present, but that is because the consumer has been provided with ever-low premiums for their policies and lower commissions, thereby improving the return on customer's investment. IRDA has regularized the rates constantly for last 6 years to bring them to their lowest levels today. Though this looks like a situation of loss for the companies but is only short termed, since in the subsequent years, earnings come gradually by the way of premiums.
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ICRA IPO - Opening on March 20 2007
ICRA, a leading provider of investment information and credit rating services in India, is entering capital market with a public issue of 2,581,100 equity shares of Rs 10 each, for cash, at a price to be decided through a 100% book building process through an offer for sale by IFCI ( 18.6 lakh shares), administrator of the Specified Undertaking of the Unit Trust of India (7 lakh shares) and State Bank of India (20,500 shares). This is the second rating agency, which is going to list on stock exchanges.
The price band for the issue has been fixed between Rs 275 to Rs 330 per equity share. The issue opens on March 20, 2007, and closes for subscription on March 23, 2007. The issue size at the higher price band is at Rs 85.17 crore.
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IPO listing date for next week
Astral Poly Technik Limited IPO listing date
Listing On: Tuesday, March 20, 2007
BSE Script Code: 532830
NSE Symbol: ASTRAL
Listing in: B1 Group
ISIN: INE006I01012
Issue Price: Rs. 115 Per share (Face Value of Rs. 10/-)
Abhishek Mills Limited IPO listing date
Listing On: Monday, March 19, 2007
BSE Script Code: 532831
NSE Symbol: AML
Listing in: B1 Group
ISIN: INE004I01017
Issue Price: Rs. 100 Per share (Face Value of Rs. 10/-)
Jagjanani Textiles Limited IPO listing date
Listing On: Monday, March 19, 2007
BSE Script Code: 532825
NSE Symbol: JAGJANANI
Listing in: B1 Group
ISIN: INE702H01018
Issue Price: Rs. 25 Per share (Face Value of Rs. 10/-)
Lawreshwar Polymers Limited IPO listing date
Listing On: Monday, March 19, 2007
BSE Script Code: 532829
NSE Symbol: LEHAR
Listing in: B1 Group
ISIN: INE976H01018
Issue Price: Rs. 16 Per share (Face Value of Rs. 10/-)
AMD Metplast Limited IPO listing date
Listing On: Monday, March 19, 2007
BSE Script Code: 532828
NSE Symbol: AMDMET
Listing in: B1 Group
ISIN: INE005I01014
Issue Price: Rs. 75/- Per share (Face Value of Rs. 10/-)
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Jagjanani Textiles Limited IPO Allotment status
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Raj TV IPO allotment status
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Vimal Oil and Foods IPO and Rights Issue opening from march 14 2007
Vimal Oil and Foods, an edible-oil manufacturer, plans to raise as much as Rs 29 crore (USD 6.5 million) by selling additional shares.The company plans to sell 9.67 million new shares at Rs 30 per share starting March 14 , the Ahmedabad-based company said.
The founders will buy 2.5 million shares of the offer at Rs 30 per share, reducing the net public offer to 7.17 million shares.Vimal Oil, whose shares are traded on the Bombay Stock Exchange and the Ahmedabad Stock Exchange, also plans to raise Rs 6.82 crore by offering three shares for every five held by existing shareholders at Rs 25 per share.
Posted by rupya at 11:09 PM
March 12, 2007
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Astral Poly technik IPO allotment status
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AMD Metaplast ltd IPO allotment status
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Mar 17, 2007
Money plus unit link plan by LIC
Mar 16, 2007
LIC info Helpline Number to know your policy details, call up on 1251
011 - 2332 9595
Mumbai
022 -2612 5555
Kolkata
033 - 23341765,23211893/94/95
Chennai
044 - 28602626/28602929
Hyderabad
040 - 2323 6687
Bangalore
080 - 22485210
Pune
020 - 2553 6161
Ahmedabad
079 - 2550 7777
pay LIC premiums by using Net Banking
Bank of India
Union Bank of India
Punjab National Bank
State Bank of India
State Bank of Indore
HDFC Bank
ICICI Bank
UTI Bank
Citibank
IDBI Bank
Centurion Bank of Punjab (erstwhile Centurion Bank)
Centurion Bank of Punjab (erstwhile Bank of Punjab)
IndusInd Bank
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Kotak Bank
LIC has been awarded the "NDTV Profit Business Leader in Insurance" award at New delhi
Dena Bank ties up with Life Insurance Corporation of India to launch
Mediclaim Policy for Health protection
Brief Description :Mediclaim Insurance is a cover which takes care of medical expenses following Hospitalisation/Domiciliary Hospitalisation of the Insured in respect of the following situations: (A) In case of a sudden illness (B) In case of an accident (C) In case of any surgery which is required in respect of any disease which has arisen during the policy period.
Covered Risks :This cover is a hospitalisation cover and reimburse the medical expenses incurred in respect of covered disease /surgery while the insured was admitted in the hospital as an in patient.The cover also extends to pre- hospitalsation and post- hospitalisation for periods of 30 days and 60 days respectively
Major Exclusions :Any pre-existing disease,any expense incurred during first 30 days of cover except injury due to accident,all expenses incurred in respect of any treatment relating to pregnancy and child birth. Treatment for Cataracts,Benign prostatic hypertrophy,Hysterectomy, Menorrhagia or Fibromyoma, Hernia,Fitula of anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric or Psychosomatic disorders are excluded from the scope of the cover
LIC's new Child Career Plan
Child Future Plan from LIC
Mar 13, 2007
Money Plus Unit Plan by LIC
For More detail on LIC's Money Plus ULIP Plan or Getting NAV of Money Plus Visit here
Mar 11, 2007
National Savings certificate (NSC)
Save Tax upto 1,00,000
GET 15 lac
get 40,000/- tax rebat + 15 lac. maturity amount after 20 येअर्स + 2 lac accident risk cover by एलआईसी