Archive for March, 2009

LIC credit card launch date March 31 2009

March 30th, 2009

Tomarrow your wait for the LIC credit card will be over most probably.

LIC in calloboration with Karnataka based Corporation Bank launch  its white-labelled credit cards.The bank would be the card issuer for LIC Corp.

LIC would decide the launch-date but it is likely to be either March 30 or 31, Bhat said.

The card was earlier scheduled to be launched in January. The launch was delayed since the card is a white-label credit card which requires some formalities to be completed. But now we have sorted all the issues and have made all the preparations to launch it, Bhat said.

PFRDA New Pension Scheme (NPS) for everybody – Start NPS account & save up for pension

March 30th, 2009

Are you looking for a new pension system ? Your wait is over ! The Pension Fund Regulatory and Development Authority (PFRDA) recently announced a New Pension Scheme (NPS) that allows anybody, irrespective of their employer, to start an NPS account and save up for pension.If this scheme is launched as schdule on  May 1 then any Indian citizen will be able to join NPS with a minimum investment of Rs 6,000 annually.

Even Union government employees who joined service after January 2004 can be part of the scheme.

New Pension System (NPS)

Investment categories: PFRDA is offering only three fund options under the scheme:

Equity (E)
Growth(G)
Conservative(C).

The equity fund is an index fund that will invest in the stocks of the Nifty-50 index. Index funds are passively managed funds that reflect the portfolio and movement of their benchmark index.

Growth fund will predominantly invest in government of India bonds.

conservative funds will invest in debt securities and corporate bonds.

You get a fourth option as well. In default, according to PFRDA’s suggestion, 60% can be invested in equity, 30% in conservative and the rest in growth till the age of 35. When you reach 60, the portfolio won’t have any equity exposure, 80% will be allocated to growth and 20% to conservative fund options.
Rate of return: None of the options guarantee a return. Gaurav Mashruwala, a Mumbai-based financial planner, says: “One can expect 15-17% annualized return from equity over a period of 7-10 years, 6-8% from growth and higher return than G-secs (government securities) in (the) conservative option.”

Charges: There are four kinds of charges under NPS—fund management charges (0.009%), central record-keeping charges (Rs380 as annual maintenance fee per subscriber and Rs6 for every transaction), point of presence charge (Rs40 as registration fees) and custodian charges (0.007%). PFRDA officials say the total cost would not exceed 15-20 basis points. In other words, only 15-20 paise per Rs100 will go as charges.

Tax implication: NPS is currently EET (exempt, exempt, taxed). This means the money is tax-free during the savings and accumulation stage, but taxable when withdrawn.

How to join: PFRDA has appointed 23 entities as point of presence for registration, including State Bank of India (SBI) and Life Insurance Corporation of India (LIC).  (source – livemint.com)

ICICI child insurance plans – education insurance plans

March 21st, 2009

Every parent want the best future for their childs but life is full of uncertainties and even the best-laid plans can go wrong. ICICI child  Education Plans are designed to provide flexibility and to safeguard your child’s future education and lifestyle, taking all possibilities into account.

At what stage you need :

  1. When your will complete Class X, Class XII, graduation and post-graduation.
  2. Unfortunate event of the death of a parent, the child’s education continues unhampered.

Below are the ICICI child insurance plans  choose according to your needs.

Plan Name                                        Plan Type

SmartKid New Unit-linked       Unit Linked
Regular Premium

SmartKid New Unit-linked       Unit Linked
Single Premium

SmartKid Regular Premium       Traditional

So be a smart parent..

Reliance Child insurance plans – Secure your child education future

March 21st, 2009

Reliance provide you four types of Child insurance plans among which you can choose one for your child future.  Definitely education is the most important  need & at that time your kids needs the most of these insurance plans.

  1. Reliance Super InvestAssure Plan
  2. Reliance Child Plan
  3. Reliance Secure Child Plan
  4. Reliance Wealth + Health Plan

Visit the nearest reliance life insurance office for more details.

Bharti AXA Life Bright Stars – Unit Linked Child insurance

March 13th, 2009

If you want a insurance policy for your child bright future then you can opt for Bharti AXA Life Bright Stars -  A Unit Linked Child insurance product.

Bharti AXA Life Bright Stars Key Benefits:

* Get 360` protection in securing your child’s future.
o Payment of sum assured immediately on death;
o Payment of future premiums by the company till maturity;
o Get Policy Fund Value along with Jumpstart benefit at maturity.
* A Jumpstart benefit to boost your maturity proceeds.
* A flexible Policy which adjusts to your financial needs by giving you various options like top ups, choice of investment funds, switch, withdrawals, cover continuance option, decrease in premium and more.
* Choice of 5 policy terms to match your financial goals.
* Get tax benefits on the premiums paid and benefits received as per the prevailing tax laws.

Check more details at http://www.bharti-axalife.com


Also do not forget to download the brouchure in pdf format. If any one know more about this plan please write i comments so that others can get the benefit..