The Life Insurance Corporation of India (LIC) has crossed Rs 10 billion mark under the new ULIP plans, pension plus and endowment plus.
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Latest news in India about finance, banking and insurance
Reliance Life launches highest NAV advantage plan
Reliance Life Insurance has launched a new Unit Linked Insurance Plan that addresses the long-term wealth creation and protection needs of customers. The key highlight of Reliance Life Insurance Highest NAV Advantage Plan is that it offers guarantee on maturity with the highest net asset value (NAV) per unit achieved during the entire 15 years policy term, Reliance Life Insurance said in a statement.
Rocket Sale of Endowment Plus
The Chandigarh division of Life Insurance Corporation of India (LIC) has topped among 107 divisions of the firm in the country by selling maximum policies of ULIP-based Endowment Plus, which was launched yesterday. “On the first day of the launch, our (Chandigarh) division sold maximum number of policies of Endowment Plus among our other offices in the country,” LIC (Chandigarh) Senior Divisional Manager Raghupal Singh told reporters here today.
Reliance Life targets Rs12k-cr premium in 5 years
Reliance Life Insurance, a part of Anil Dhirubhai Ambani group, is targeting a new premium income of Rs 12,000 crore in 5-year, a top company official said. “We are growing 20 percent each year. We intend to earn a premium income of Rs 12,000 crore in 5-year time,” president and executive director of Reliance Life Malay Ghosh said.
How has business been in September after the regulatory changes were introduced?
Business has been a bit slow in September. But it was expected. ULIPs were withdrawn. New ULIPs were introduced. It takes about two weeks to train, explain the features and changes to the agents and distributors. For us, even pre-September, there was not much spike. We grew at a normal pace only. We did not sell our policies to people saying that unit-linked policies will not be available before September. We have introduced two ULIPs post-September. Each of them has a regular premium and a single premium option.
IRDA expresses regulatory concerns on infra bonds by insurers
Amid a planned issue of Rs 5,000 crore in infrastructure bonds by LIC, sector watchdog Irda today said there are regulatory concerns on such instruments and favoured imposing restrictions on them.
If you are buying a Ulip, ensure you are invested for long term
Money-back plans, due to their very structure, are conservative investment options aimed at minimizing risk and providing certainty to the policyholder.
Extra Rs6000 savings in Tax
Did you know that you can save up about 6,000 rupees in taxes this year if you invest in Infrastructure Bonds? Starting September 15, 2010, these bonds are available to all tax payers to get an extra deduction of 20,000 rupees in the tax year ending March 31, 2010. Here we share with you all the details you need to know on these bonds and how to invest in them.
28 lakh robbery at HDFC bank
A gang of five armed robbers stormed HDFC Bank in Borivli (West) on Monday and made off with Rs 27.5 lakh. The robbery took just five minutes, said the police and shopkeepers in the area. The theft may have been averted had the burglar alarm, which a staff member pressed twice, gone off.
Bank of India officials in Rs 3.5cr loan scam
In one of the biggest loan fraud reported in recent times, two officials of Bank of India (BoI) have been accused of granting loan of Rs 3.5 crore to as many as 114 people without any collateral security. The incident occurred in Jharkhand’s Khunti district.