• Offers a wide array of flexible investment options to ensure a comfortable paycheck during retirement
• Guaranteed loyalty additions, Tax benefits
MUMBAI: Targeting the Rs 35,000 crore pension plan market, IDBI Fortis Life Insurance today announced the launch of its innovative RetiresuranceTM Pension plan which will help its customer ensure a comfortable paycheck for themselves post retirement.
Launched only last year, IDBI Fortis Life Insurance, one of the fastest growing life insurance companies in India, has come out with WealthsuranceTM, BondsuranceTM and HomesuranceTM plans which have proved to be instant hits with its customers. With the RetiresuranceTM Pension Plan, the company aims to fulfill the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire.
“With the rising costs of living and fluctuating fortunes, RetiresuranceTM Pension Plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch,” said Mr. G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
“Earlier generations may not have had a formal retirement plan but they had relatively fewer consumption needs. It was rare to find people who had shifted through several jobs in the course of an active career. As a result, pensions and gratuities issued by their employers were deemed sufficient. Times have changed now, and in most contemporary industries, few employers provide for a life long pension,” Mr. Rao explained.
Sounding a note of caution, he said that managing finances during retirement would be extremely tough if one hasn’t planned for retirement. The best way to enjoy the good times even in your golden years would be to build your investments in advance for retirement.
The IDBI Fortis RetiresuranceTM Pension Plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes. It offers a wide choice of investment options to build a retirement corpus, such as equity linked funds for those with a high risk appetite and debt funds for those desiring relative stability. The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions. The plan also offers liquidity through partial withdrawals and surrender. Furthermore, the customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 years to 75 years. All these features are with no additional cost to the customer.
IDBI Fortis RetiresuranceTM Pension Plan also boosts the investment returns for its customers through Guaranteed Loyalty Additions at the end of specific terms as an incentive for making long term investments.
Customers of this plan will enjoy tax savings under Sec 80 CCC. More over, one-third of the retirement corpus can be commuted tax free under Sec 10(10A) as well.
About IDBI Fortis:
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. In just five months of inception, we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2009, the company had collected more than 320 Cr in premiums, through over 85,000 policies and over Rs 2,500Cr in Sum Assured. Do visit www.idbifortis.com to know more.
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 537 branches and more than 915 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 600 branches and 500 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. They operate on the core banking platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Please visit www.federalbank.co.in to know more.
Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
Monday, April 27, 2009
Saturday, April 25, 2009
Kirit Somaiya blows lid off multi-crore sugar scam
BJP leader and party Lok Sabha candidate from Mumbai North East Dr Kirit Somaiya has sought to blow the lid off a multi-thousand crore sugar scam and demanded an impartial probe by CBI.
Sugar prices have been sky rocketing thanks to the “faulty and lopsided” policies of the UPA government, Dr Somaiya pointed out the centre has been non-transparent and manipulative to say the least.
Explaining the dichotomy of the policies, Dr Somaiya explained that the government first allowed export of over 48 lakh tones of sugar last year at Rs 12 to Rs 13 per kg. Over and above, the private exporters were also given a subsidy of Rs 1.45 per hg. This all happened when the self-styled “Shetkari Raja” (King of farmers) declared that India was a sugar surplus country. The total consumption of Sugar is 230 lakh tonnes annually.
Most shockingly, and not too soon after, the govt. decided to import sugar, at a higher price of Rs. 22/- to 24/- per kg claiming shortage of the commodity. Now in February 2009, the Indian Govt. allowed duty free imports of white sugar up to 10 lakh tonnes and also decided to do away with export obligation for import.
All this has resulted in the sugar prices rocketing up from Rs. 18.50 per kg. in July 2008 to Rs. 26/- per kg. in April 2009.
As per the official record of the Consumer Affairs Ministry of the gov ernment of India, Sugar prices over the past few months are:
July 2008 : Rs. 18.50/- per kg
December 2008 : Rs. 21.50/- per kg.
January 2009 : Rs. 22.00/- per kg.
Feb/Mar 2009 : Rs. 24.00/- per kg
11 April 2009 : Rs. 26.00/- per kg.
The current retail price is around Rs 27 a kg.
The UPA government time and again has been claiming to be pursuing the cause of the Aam Admi, but its own ad-hoc policies on sugar have made the sugar “not so sweet” for the common man, Dr Somaiya said.
The sugar scam, coming as it does in the wake of the wheat scam, exposes the faulty policies of the UPA government, he explained. The UPA government stood exposed due to the import of sub-standard wheat causing havoc in the civic distribution system.
It was apparent that somebody somewhere must have reaped the benefit of the export-import scams. This must be thoroughly probed and culprits must be brought to book, whether the government, the sugar lob by or the sugar lobby representative in the government.
The UPA government policies have been helping only a particular section and rulers have shown scant respect for the common man, he said.
Sugar prices have been sky rocketing thanks to the “faulty and lopsided” policies of the UPA government, Dr Somaiya pointed out the centre has been non-transparent and manipulative to say the least.
Explaining the dichotomy of the policies, Dr Somaiya explained that the government first allowed export of over 48 lakh tones of sugar last year at Rs 12 to Rs 13 per kg. Over and above, the private exporters were also given a subsidy of Rs 1.45 per hg. This all happened when the self-styled “Shetkari Raja” (King of farmers) declared that India was a sugar surplus country. The total consumption of Sugar is 230 lakh tonnes annually.
Most shockingly, and not too soon after, the govt. decided to import sugar, at a higher price of Rs. 22/- to 24/- per kg claiming shortage of the commodity. Now in February 2009, the Indian Govt. allowed duty free imports of white sugar up to 10 lakh tonnes and also decided to do away with export obligation for import.
All this has resulted in the sugar prices rocketing up from Rs. 18.50 per kg. in July 2008 to Rs. 26/- per kg. in April 2009.
As per the official record of the Consumer Affairs Ministry of the gov ernment of India, Sugar prices over the past few months are:
July 2008 : Rs. 18.50/- per kg
December 2008 : Rs. 21.50/- per kg.
January 2009 : Rs. 22.00/- per kg.
Feb/Mar 2009 : Rs. 24.00/- per kg
11 April 2009 : Rs. 26.00/- per kg.
The current retail price is around Rs 27 a kg.
The UPA government time and again has been claiming to be pursuing the cause of the Aam Admi, but its own ad-hoc policies on sugar have made the sugar “not so sweet” for the common man, Dr Somaiya said.
The sugar scam, coming as it does in the wake of the wheat scam, exposes the faulty policies of the UPA government, he explained. The UPA government stood exposed due to the import of sub-standard wheat causing havoc in the civic distribution system.
It was apparent that somebody somewhere must have reaped the benefit of the export-import scams. This must be thoroughly probed and culprits must be brought to book, whether the government, the sugar lob by or the sugar lobby representative in the government.
The UPA government policies have been helping only a particular section and rulers have shown scant respect for the common man, he said.
Thursday, April 9, 2009
Zzebra bags “Most Promising PR Agency Award” from PRCI
MUMBAI, APRIL 08, 2009: The Public Relations Council of India (PRCI) has bestowed the “Most Promising PR Agency Award” on Zzebra PR Ltd at its 3rd Global Meet in Bangalore.
The two-day global PR meet titled “PRoactive” focused on the role of public relations and corporate communications with special emphasis on social issues, including communal disharmony, terrorism, social intolerance, global warming, female infanticide, financial chaos, corruption, traffic woes, and water scarcity, amongst others.
The five-year old Zzebra PR is part of Concept Communication, India’s largest independent agency group. Concept acquired a majority stake in Zzebra PR in 2008, acknowledging the company’s growth into a well-known brand delivering successful communication campaigns to a large number of corporate clients across industries, and leading events in the entertainment, lifestyle, sports, and social sectors.
CP Thomas, Managing Director, Zzebra PR Ltd said: “We are thankful to the Public Relations Council of India for recognizing the great work that we have delivered in a short span of time to a large number of happy clients. We are grateful to our clients who have provided us with an opportunity to work on their communication campaigns. Without their support we would not have been able to achieve the remarkable growth we have seen over the years. This Award is a tribute to the commitment and passion shown by our team who will now strive harder to attain greater heights.”
Zzebra built its foundation not just as a pure play public relations agency, but an integrated communication company which included research, content management, CSR and media relations as key enablers in delivering reputation management. Zzebra was one of the early providers of Online Reputation Management for corporate clients by launching social media communities as part of the communication strategy.
From a two-member team, Zzebra has now expanded to over 50 people with presence in multiple cities across the country, and has emerged as one of the leading communication agencies with clients who seek deep engagement, innovative ideas and excellent value.
For more details please contact:
Neha Parab: neha@zzebra.net / +91 98921 49465
Piya Dasgupta: piya@zzebra.net / +91 98900 32478
The two-day global PR meet titled “PRoactive” focused on the role of public relations and corporate communications with special emphasis on social issues, including communal disharmony, terrorism, social intolerance, global warming, female infanticide, financial chaos, corruption, traffic woes, and water scarcity, amongst others.
The five-year old Zzebra PR is part of Concept Communication, India’s largest independent agency group. Concept acquired a majority stake in Zzebra PR in 2008, acknowledging the company’s growth into a well-known brand delivering successful communication campaigns to a large number of corporate clients across industries, and leading events in the entertainment, lifestyle, sports, and social sectors.
CP Thomas, Managing Director, Zzebra PR Ltd said: “We are thankful to the Public Relations Council of India for recognizing the great work that we have delivered in a short span of time to a large number of happy clients. We are grateful to our clients who have provided us with an opportunity to work on their communication campaigns. Without their support we would not have been able to achieve the remarkable growth we have seen over the years. This Award is a tribute to the commitment and passion shown by our team who will now strive harder to attain greater heights.”
Zzebra built its foundation not just as a pure play public relations agency, but an integrated communication company which included research, content management, CSR and media relations as key enablers in delivering reputation management. Zzebra was one of the early providers of Online Reputation Management for corporate clients by launching social media communities as part of the communication strategy.
From a two-member team, Zzebra has now expanded to over 50 people with presence in multiple cities across the country, and has emerged as one of the leading communication agencies with clients who seek deep engagement, innovative ideas and excellent value.
For more details please contact:
Neha Parab: neha@zzebra.net / +91 98921 49465
Piya Dasgupta: piya@zzebra.net / +91 98900 32478
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