Insurance Plans Reviews and Articles

Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart ULIP Launched

Posted in insurance by kishosingh on January 26, 2011

Recently, Canara HSBC Oriental Bank of Commerce Life Insurance Company announced the launch of a new unit linked plan. The Unit-Linked Plan aims at providing cover to a child’s future and fulfilling the financial needs.

An online news portal about business and economy – economictimes.indiatimes.com, quotes a statement about the Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart, “The Company has entered into child protection space by launching Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart Plan.”

Further it adds another quotation from the statement, “Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart is a unit linked insurance plan that provides long-term investment opportunity to build a bright future for your child.”

So, it provides long-term investment opportunity to build a bright future for our child. It is an investment plan for the career of the children.

Further the news portal writes, “The Company is owned by Canara Bank (holding 51 per cent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent).”

Mario Perez who is the Canara HSBC OBC Life Insurance Director (Sales, Marketing & Products) said to ET, “Our Future Smart Plan ensures that the future financial needs of a child remain undisturbed even in case of an unfortunate event.”

So, the plan ensures that the future financial needs. The plan helps in case of an unfortunate event.”

About the benefit of the plan, the news portal writes, “The product offers tax benefit to customers on premiums paid under Section 80C and Section 10(10D) respectively, of the IT Act, 1961.

The company also has two more ULIPs in its product basket – Canara HSBC OBC Life Grow Smart Plan and Canara HSBC OBC Life Dream Smart Plan.” The plan is as impressive as Saral Maha Anand New ULIP of SBI Life.

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Life insurers may be allowed to invest in infra bonds

Posted in insurance by kishosingh on June 25, 2010

Recently, a news came from IRDA that Life insurers may be allowed to invest in long-term infrastructure bonds proposed by the India Infrastructure Finance Co. They can invest for refinancing greenfield infrastructure projects. It is the decision of IRDA and the group has decided to allow insurers to invest in India Infrastructure Debt Fund bonds.

About this economictimes.indiatimes.com quotes a statement of R K Nair, “We found the Deepak Parekh Committee recommendations favourable for insurers and have forwarded our views to the government. The Deepak Parekh committee has recommended that insurance companies can invest in the proposed India Infrastructure Debt Fund.”

Further the news portal writes, “Long-term financial instruments will help life insurance companies develop their annuity business. Insurers have so far remained away from investing in greenfield infrastructure projects.

These were considered risky. However, insurance being a long term business, insurers have been looking for long term investment avenues, but there are none available other than 10-year government securities. Insurers are also not too comfortable with investing directly in greenfield infrastructure projects since these have a high rate of failure.

Hence, a mechanism that could take away the risk of failure, could be very helpful for insurers and also cater to their long-term investment requirements. As of now, debt financing for infrastructure projects has been largely confined to commercial banks who are increasingly finding it difficult to provide long-term debt due to their asset-liability mismatch.”

Further the news portal publishes a report of planning commission, “The committee said Rs 20,000 crore could come from domestic insurance and pension funds, while foreign insurance and pension funds may provide another Rs 10,000 crore. Rest would come from other sectors.”

“The planning commission had decided to set up a committee to look into the viability and modalities of creating India Infrastructure Debt Fund under the chairmanship of Deepak Parekh.”

Reliance Life Launched Traditional Investment Plan with Guaranteed Return

Posted in insurance by kishosingh on May 29, 2010

ADAG group company Reliance Life Insurance announced to launch a traditional investment plan. The plan provides life protection and regular savings with annual guaranteed investment returns.

About the insurance plan economictimes.indiatimes.com, an online news portal about business and economy quotes a statement of Life Insurance President Malay Ghosh, “The Reliance Life Traditional Investment Insurance Plan combines life protection and regular savings with complete transparency and flexibility features and advance guaranteed returns.”

So, the Reliance Life Traditional Investment Insurance Plan offers life protection and regular savings. The insurance plan has complete clarity and flexibility with advanced guaranteed returns.

Further the news portal quotes his statement about the plan, “The new scheme is a regular premium plan offering guaranteed investment returns, which are declared at the beginning of every financial year during the product term.”

Further the news portal writes about the availability of the plan, “The plan is available to children aged less than 30 days and senior citizens aged up to 70 years, with monthly, quarterly, half-yearly and yearly payment options available.”

So, the plan is available for almost all age group of customers. It has flexibility of monthly, quarterly, half-yearly and yearly payment option.

The news portal adds about the maturity and cover of the plan also, “Besides the maturity and tax benefits, the plan also offers a health-related cover, which will pay a lumpsum to the customer for as many as 33 specific surgeries including Open Heart, Kidney Transplant, and 25 critical conditions, respectively. These riders can be added by paying an additional premium.”

You can get the benefits of health-related cover also paying a lumpsum with this insurance plan.

In the series of fund investment, Reliance Mutual Fund already has launched fixed maturity plan. DLF Pramerica Life Insurance Dhan Suraksha policy is also one of the best policies like Reliance Life Traditional Investment Plan with Guaranteed Return.

Reliance Mutual Fund Introduces Fixed Maturity Plan

Posted in Mutual Funds by kishosingh on April 14, 2010

Recently, Reliance Mutual Fund unveiled fixed maturity plan. The news came in light through ET online news paper.

The online news portal, economictimes.indiatimes.com, writes about the fixed maturity plan of Reliance Mutual Fund, “Reliance Mutual Fund has come up with a fixed maturity plan —Fixed Horizon Fund – XIV – Series 9. As per the scheme information docu-ment, the primary investment objective is to generate regular returns and growth of capital by investing in central and state government se-curities and other fixed income or debt securities, normally maturing in line with the scheme’s maturity, with the objective of limiting in-terest rate volatility.”

So, the Mutual Fund has come with a fixed maturity plan. It belongs to a series of Fixed Horizon Fund – XIV – Series 9. Reliance Mutual Fund will generate regular returns and growth of capital by fixed maturity plan investing in central and state government securities and other fixed income.

The statement makes the objective of fixed maturity plan very clear. With the fixed maturity plan, Reliance Mutual Fund will try to generate fixed money investing capital in government sectors.

Reliance Mutual Fund unveils fixed maturity plan for a limited period. About the period, ET writes, “The close-ended scheme, which opened for sub-scription from April 7, 2010, will close on April 15, 2010. The mini-mum subscription amount for the scheme is Rs 5,000.”

So, Reliance Mutual Funds offer the fixed maturity plan for just a month only. Subscriber can buy it between the date periods. A subscriber can invest a minimum amount of fund also that is Rs. 5,000 in this scheme.

Reliance Mutual Funds has made the fixed maturity plan very comfortable with Rs. 5,000. The scheme has been launched broadly to attract almost all classes of people.

We already have seen the performance of Reliance Life with Highest NAV Guarantee plan. Now, Reliance Mutual Funds tries to collect some huge money from market by fixed maturity plan.

New ULIP Plan Launched by ICICI Prudential Life Insurance

Posted in insurance by kishosingh on December 29, 2009

Recently, Prudential Life Insurance launched a new ULIP plan that is called ICICI Pru LifeTime Maxima. The insurance policy follows two different portfolio strategies – fixed and trigger portfolio. Fixed portfolio strategy provides an option to choose from any of the seven funds — Opportunities Fund, Blue-chip Fund, Multi-Cap Growth Fund, Multi-Cap Balanced Fund, Income Fund, Money Market Fund and Return Guarantee Fund.

On the other hand, trigger portfolio strategy is a market base portfolio to generate good funds from the market.

If you invest your money in trigger portfolio strategy then your investments will be distributed between two funds: Multi-Cap Growth Fund and Income Fund in 75:25 ratios. In this plan, fund manager maintains the asset allocation between the Multi-Cap Growth Fund and Income Fund at 75:25.

First year premium allocation charge is 7.5% in this investment. Second and 3rd year charge will be only 3% while it is 0% from the fourth year onwards. In this investment, fund management charge would depend upon the choice of funds between 0.75-1.35 percent.

Administration charge for the policy will be necessary for 1st five years in this plan that would be 0.8-0.9 per cent.

The policy offers some good features such as changing of portfolio strategy once a year free of cost, top-up option and partial withdrawals from the sixth year up to a maximum of 20 per cent.

You can withdraw minimum Rs 2,000. You can withdraw your funds in a systematic way yearly, half yearly, quarterly or a monthly basis on maturity. During the settlement period, you can withdraw your entire fund.

You should go in trigger portfolio strategy because it works in a volatile market. Your fund is managed by professional fund manager who understands the vagaries of the stock market.

The analysis is taken from Economic Times. It is nothing but an investment with a secure policy. Basically, it is the market policy. Recently, TATA AIG had also launched Life InvestAssure Superstar ULIP but it was not market based plan.