lic annuity to be relaunched on feb 1
mumbai: the annuity products of the life insurance corporation of india (lic) -- jeevan dhara, jeevan suraksha and jeevan aksha -- will be reintroduced on february 1, at a reduced interest rate varying between 200 and 250 basis points.

lic will also offer term assurance rider to those taking the revised jeevan dhara product, wherein the policyholder would get life cover through term assurance during the deferment payment period.

the annuity products have been off the shelve since 24 december.

prior to discontinuation, jeevan dhara offered an assured rate of interest varying between 10.7 per cent and 11.3 per cent in accordance to the period of deferment.

the pension products of lic were discontinued on 24 december when the lic found it difficult to meet the high rate of assured returns, given the sharp fall in the rate of returns on government papers.

idbi to offer 26% stake in bank to strategic partner
kolkata: the industrial development bank of india has decided to offer 26 per cent stake in idbi bank to a strategic partner.

idbi - which currently holds 57 per cent of the bank's equity - needs to bring down its stake to 40 per cent before 31 march following the new bank licensing norms.

by divesting 26 per cent stake of the bank to a partner, idbi will be able to bring down its stake in the bank to around 42-43 per cent immediately.

peerless unveils insurance-linked plan
kolkata: peerless general finance & investment ltd (pgfil) has launched its first insurance-linked savings product targeted at expanding its existing four crore customer base with its alliance partner iffco-tokio general insurance ltd (itgil).

pgfil's three-year fixed deposit scheme will now offer free critical illness and accidental death insurance cover through four options titled silver, gold, platinum and royale.

depositors will not be required to undergo medical examination and would receive a peerless savings card along with facilities such as premature withdrawal, loans, nomination and withdrawal in cash or cheque.

19 january 2002

sbi to increase export credit to 12%
new delhi: state bank of india plans to increase export credit to traders. it targets to increase the export credit exposure to 12 per cent of its total credit from the current level of 9 per cent.

sbi claims that it has the lowest rate of interest on export credit in the country at 7.5 per cent, and also has sufficient funds and capabilities to provide finance to the exporters on a timely basis