03 january 2004

vrs for 4 psu general insurance companies staffers
new delhi: the government on friday cleared the much delayed voluntary retirement scheme for class i, class iii and class iv staff of the four public sector general insurance companies - new india assurance, national insurance, oriental insurance and united india insurance. the scheme is effective january 1 and will remain open for the next 60 days.

j&k bank lowers plr to 11 per cent
new delhi: the jammu & kashmir bank has announced reduction of prime lending rate (plr) to 11 per cent effective from january 1, 2004 from the earlier 11.5 per cent while also slashing down interest rates on car loans by 200 basis points . the interest rate on auto loans has come down from 11.5 per cent to 9.5 per cent.

02 january 2004

irda wants 100% equity-driven pension plan out
mumbai: the insurance regulatory and development authority (irda) has asked life insurance companies to withdraw the growth option for pension, gratuity and superannuation funds, where investment in equity is up to 100 per cent. a small note to this effect was sent early this week to life insurance companies. government officials have, however, indicated that the pension reforms will allow for up to 100 per cent investment in equities.
this runs contrary to irda's view, which does not believe that pension plans be allowed to invest up to 100 per cent in equities. hdfc standard life insurance company, which today launched its unit-linked endownment and unit-linked pension plans, has been asked to withdraw the growth option under its existing unit-linked group gratuity plan.

vijaya bank home loans have free nic cover
bangalore: vijaya bank has tied up with national insurance company ltd to offer a free insurance policy to those availing themselves of housing loans from the bank. vijaya home loan suraksha bima covers borrowers against destruction of the property under home loan in a natural calamity and a personal life cover of the borrower.

the bank feels that this value-added feature is likely to boost its home loan portfolio in near term. incidentally, vijaya bank is the first bank in the country to offer bundled insurance policy covering housing property and personal accident of the borrowers.

hdfc standard unveils unit-linked plan, pension product
mumbai: hdfc standard life has launched its unit-linked insurance and pension plans. the premium for both the products will be invested in units of the investment fund, as per the investors' choice.