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.
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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.
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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.

The minimum premium amount is Rs 10,000 each year for both the plans, with a single premium option of Rs 25,000 for the pension plan. The plans are targeted at individuals who want to make their own investment choices. They also have the flexibility of increasing premium contributions in any existing accounts. The endowment plan allows investments in liquid, secure, balanced and growth plans with the equity component rising from 0 to 100 per cent.
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