Thursday, November 24, 2011

Prajna Capital

Prajna Capital

Cigna may tie Up with TTK for Health Insurance Foray

Posted: 24 Nov 2011 05:57 AM PST

 

Cigna International, a US-based health insurance company, is negotiating with Chennai-based TTK group to set up a health insurance company. The partners are expected to announce the joint venture early next week and approach the Insurance Regulatory and Development Authority very soon.


A source close to the development said that the company will start with an initial capital of Rs 100 crore.


Under Indian laws, foreign partners can own 26% of Indian insurers.


A legislation to raise the foreign direct investment limit in the insurance sector to 49% is pending before a parliamentary standing committee. Cigna has been looking to enter the Indian market for some years, but was unable to find a suitable partner.


The TTK group, which offers third party administrator or TPA services, will have to exit from that business.


TPAs act as intermediaries between patients and health insurance companies by processing insurance claims.


TTK's presence in the TPA business could help the company because of its access to a large database.


The health insurance industry is expected to grow by over 20% over the next few years. Only 0.5 % of the population has bought health insurance, while around 8% of the population is covered by government schemes, leaving over 90% of the population with no health insurance cover. The TTK group, set up in 1928, is present in a number of industries such as kitchen appliances, textiles and condoms.

 

ICICI Prudential MIP 25 Fund

Posted: 24 Nov 2011 03:31 AM PST

 

ICICI Prudential MIP 25 Fund is a debt-oriented hybrid fund that primarily invests in debt instruments, with a maximum allowable exposure in equity of up to 30 per cent of the total net assets. The fund was launched in March 2004 and has average assets of `750 crore under management for the quarter ended September.

The fund, managed by Avnish Jain (debt) and Mrinal Singh (Equity), has ranked in the top 30 percentile (Crisil fund rank two) of the monthly income plan (MIP)-aggressive category in the Crisil mutual fund ranking over the last six quarters. The consistency in ranking indicates a blend of consistent performance and disciplined portfolio management.

INVESTMENT PHILOSOPHY

The fund seeks to generate regular income through dividends, along with capital appreciation through a minority investment in equity. At the same time, investors must note that regular dividends are not assured and it is subject to the availability of distributable surplus.

Crisil classifies MIP funds as aggressive and conservative, based on equity allocation. A higher allocation to equity (1530 per cent) is classified as aggressive, and a lower allocation (up to 15 per cent) as conservative. Within the stated allocation, a fund manager may alter a portfolio's exposure based on the prevailing market scenario. ICICI Prudential MIP 25 Fund has been categorised as 'MIP Aggressive'.

PERFORMANCE

The fund has outperformed its benchmark (Crisil MIPEX) and peers across time frames, viz., six months, one year and three years. Over a three-year period, the fund has delivered annualised returns of over 14 per cent, as against a category average of 10.80 per cent for the same period and 10.48 per cent by the benchmark.

Further, an investment of 1,000 in the fund since April 2, 2004 would have grown to 2,000 till date. The same amount invested in a peer group would have returned `1,843, and in the benchmark `1,644.

ACTIVE MANAGEMENT

The fund manager has actively managed the portfolio over the last five years. As compared to peers, the fund has been more aggressive in increasing its duration when interest rates had fallen, and decreasing the maturity of its papers when these rose. As a rule of thumb, when long-term yields fall, the prices of bond securities rise, and bond-portfolio managers increase the maturity of portfolio. The reverse is also true. The exposure in equity and equity-related instruments over the last three years averaged 24 per cent and has varied between 18 and 30 per cent.

The manager has actively managed the equity component in response to the markets, based on attractiveness of valuations. Over the last five years, the fund has increased its exposure during down-market cycles and decreased it during up-market.

REGULAR DIVIDENDS

Barring October and November in 2008 during the global credit crisis, the fund has paid dividends in 46 out of 48 months.

Thus, it has been consistent in terms of dividend pay-outs. The average monthly dividend yield was 0.5 per cent over the same period.

ASSET QUALITY

Majority of the portfolio is invested in the highest-rated debt papers. During the last three years, 81 per cent of the debt portfolio on an average was invested in the highest-rated debt securities i.e. sovereign, AAA/P1+ and equivalent.
 

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Posted: 24 Nov 2011 01:14 AM PST

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Templeton India Corporate Bond Opportunities Fund (TICBOF)

Posted: 23 Nov 2011 06:59 PM PST

Income Fund from Templeton India

Templeton India Corporate Bond Opportunities Fund (TICBOF) is an open-end income fund, which seeks to provide regular income and capital appreciation by focussing on corporate securities.

The fund manager will invest in corporate securities with an optimal liquidity and credit risk. He will follow an active investment strategy taking defensive/ aggressive postures depending on the opportunities available at various points in time. The minimum amount on application is . 5,000. The NFO closes on November 29.

An income fund invests in a mix of corporate bonds as well as government securities. The fund manager has the option to change the maturity profile of the fund based on the interest rate environment. So, in a rising interest rate scenario, the average maturity period of the portfolio is low (typically 1 to 2 years) while in a falling interest rate environment, the average maturity period is high (typically 4 to 5 years). TICBOF will not invest in government securities and the maturity will be capped at 36 months. In a bid to deter short-term investors, the fund charges a steep exit load.

While most income funds have a exit load of 1% for a year, TICBOF will charge an exit load of 3% if the investment is redeemed within 12 months from the allotment date, 2% if redeemed after 12 months but within 24 months, and 1% if redeemed after 24 months but within 30 months.


The Reserve Bank of India has raised interest rates several times in the last one-and-a-half year. With growth moderating in the Indian economy, the interest rate cycle seems close to its peak. Hence, it is likely that the central bank will pause with rate hikes. You can, therefore, lock in your investment at high interest rates at these levels.


The fund has a high exit load. So in case you need your money before 30 months, you will lose out due to the exit load.
 

New IDFC Infrastructure Bond with 9% interest - Nov 2011

Posted: 23 Nov 2011 09:34 AM PST

IDFC issues new Infrastructure bond suitable for Income Tax Exemption under section 80CCF with 9% annual interest and 10 years maturity period.  The issue of New IDFC (Infrastructure Development finance Company Ltd) infrastructure bond opens in the market on 21st November, 2011 and will be closed on 16th December, 2011. Face value of one unit of the infrastructure bond is Rs. 5000.

Maturity Period and Rate of Interest: There is only one maturity period of ten years for the bond with a buy back option after 5 years of the allotment of IDFC infrastructure bond. The lock in period of the bond is 5 years and after 5 years the investor can redeem the bond by using buy back option. But the bond guarantees 9% interest.

Investment Option: The IDFC infrastructure bond is available in annual interest payment option and cumulative interest payment option and both the options are available in buy back option after 5 years, even though the maturity period is ten years for both the interest payment options.

How to Invest: You can buy IDFC infrastructure bond online and also can submit the filled up downloaded forms in collection centers.

Maturity Value: The maturity value of the single unit of IDFC infrastructure bond is Rs. 11840 for cumulative interest option and Rs. 5000 is for annual interest payment option. But the buyback amount of annual interest payment option is Rs. 5000 and cumulative interest option is Rs. 7695 after 5 years of allotment of the bond.

Listing of IDFC infra bond: The IDFC infrastructure bond will be listed in NSE & BSE after 5 years lock in period

Tax Benefit & Tax Liability: The investment up to Rs. 20000 in IDFC infrastructure bond is exempted from Income tax under section 80CCF over Rs. 100000 under section 80C. The interest earned from Infrastructure bond is taxable. In annual interest option the interest will be taxable every year and in compound interest option the margin is taxable under capital gain tax.

Ratings: The ICRA & Fitch rating of the IDFC infrastructure bond is AAA.

The new issue of IDFC infrastructure bond is convenient to invest in and it is more beneficial than other issues of infrastructure bond by providing a slight difference in interest rate of 9%. But now the interest rate of bank deposits also higher than earlier. So the response of investors is not sure right now and can confirm only after closing the issue on 16th December, 2011.

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How to Buy Mutual Funds Schemes Online?

Posted: 23 Nov 2011 08:45 AM PST


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Mutual Fund Application Forms – from all AMCs

Posted: 23 Nov 2011 02:52 AM PST

Download all Mutual Funds from a single location - Application Forms, Additional Purchase Forms, SIP / STP / SWP Forms, ECS Stoppage Forms, and Other Service Forms..

 

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Franklin India Taxshield

Posted: 23 Nov 2011 12:36 AM PST

Franklin India tax shield is an open ended, ELSS scheme offered by Franklin Templeton mutual fund in India. This scheme is well known for low risk and more than average returns. As this is a tax saver scheme mandatory lock in period is 3 yrs and one can withdraw capital anytime after 3 Years or keep with AMC.

This fund was introduced in April 1999 and Asset under management is just nearer to Rs. 800 Cr.

Portfolio Details of Franklin India Taxshield:

Top 5 sectors in which this fund have highest exposure are

Sector

% Allocation

Financial

16.55

Energy

15.10

Technology

12.30

Communication

11.85

Automobile

8.50

Top 5 Stock Holdings of this fund: 

Stock

% Allocation

Infosys

8.68

Bharti Airtel

8.11

ICICI bank

6.04

Reliance Industries Ltd

4.92

Grasim Industries

4.00

 Returns offered on Lumpsum Investment:

Rs.1 Lac Invested In Franklin Taxshield

Value as on 30/10/11

Fund Returns (CAGR)

Cateogary Returns

Before 5 Yrs

1,67,823

10.91

6.30

Before  3 Yrs

2,05,225

27.08

23.45

Before 2 Yrs

1,30,000

14.02

9.02

Before 1 Yr

95090

-4.91

-13.80

 SIP Returns of the fund:

Rs.3000 pm Invested In Franklin Taxshield

Value as on 30/10/11

Fund Returns (CAGR)

Before 5 Yrs

2,47,995

12.77

Before  3 Yrs

1,41,884

18.53

Before 2 Yrs

76,725

6.23

Before 1 Yr

35,870

-0.36

 
Important thing for ELSS scheme is that being equity oriented maturity amount is tax free in the hands of investors. So anyone in higher tax bracket have a great advantage of it..so if you are looking to save some tax u/s 80c do not forget to think about this plan.
 

Best Mutual Fund Schemes Available to Invest – Invest Online

Posted: 22 Nov 2011 08:23 PM PST

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IDFC starts first tranche of tax-free infra bonds for year 2011 - 2012

Posted: 22 Nov 2011 07:05 PM PST

Infrastructure Development Finance Company (IDFC) announced the public issue of its tax-saving, long-term infrastructure bonds on Monday.

The bond issue is open for subscription from Monday until December 6 for retail investors, the company said.

This issue is the first tranche of bonds from the infra firm. IDFC seeks to raise up to Rs 5,000 crore through infra bonds in the present financial year.

In 2010, the company had received the infra finance company (IFC) status within the non-banking finance company (NBFC) category from the Reserve Bank of India (RBI).

The five-year issue carries a coupon of 9 per cent.

In the past financial year, IDFC had raised Rs 1,451 crore from over 730,000 retail investors.

Issue open from November 21 to December 6
 

Debt Mutual Funds are good Investments during these Volatile Times

Posted: 22 Nov 2011 09:07 AM PST

In India, it is still the institutional investors who mostly invest in fixed income mutual fund products. Retail investor participation in this asset class through mutual funds is negligible. This is counter intuitive considering the vast amount of savings that the Indian investors have in bank fixed deposits. If one looks at the asset allocation pattern of Indian retail investors, it is evident that Indians are predominantly fixed income investors by nature and convention. This anomaly is clearly an opportunity for the mutual fund industry.


In terms of diversity of product offerings, the industry has come a long way. Debt mutual fund products come with different permutations of liquidity (or tenors), credit quality and interest rate-related volatility to address various investment requirements based on an investor's investment objective, risk appetite, and time horizon. The product bouquet encompasses liquid and ultra shortterm funds, which invest in money market securities; fixed maturity plans that invest in securities matching the scheme tenure so as to lock in the yield prevailing at that time; income and gilt funds; capital protection-oriented schemes; and a vast offering of hybrid products with different combinations of equity and debt.

The industry needs to invest in increasing awareness among retail investors so that they can take advantage of a wide array of useful products. The product offerings in debt space today are multifold and designed for retail as well as institutional investors — right from avenues such as gilt funds, which typically provide returns in the form of capital appreciation and interest income by investing in government securities of varying maturities, to various short-term investment avenues such as FMPs designed to lock in yields by buying and holding papers of similar maturity, and shortterm and ultra short-term funds, which are more accrual based meant for short-term deployment of funds. At the same time, we have category of funds known as the monthly Income plans that seek to provide regular income through dividends.

While mutual fund as an investment category cannot guarantee returns, the other aspects of investor's reservation can be dealt with by creating awareness towards debt as an avenue towards safety, liquidity and returns. In this reference, I would like to draw reader's attention to the second half of 2008, which has been known more for the collapse of the global financial system. If one were to look at the returns generated by some of the debt mutual funds during this period, one would certainly be surprised. The point that I am attempting to make here is that different asset classes have outperformed at various points of time, and with the ever-changing investment environment, each asset class will have some uniqueness to offer to an investor's portfolio. This point is especially significant in the current scenario when investors are primarily looking at safety of investment and predictability of returns. They could, therefore, consider debt mutual fund as an investment option.

To sum it up, each asset class has its pros and cons and its suitability would be a function of the prevailing market environment as well as investor's specific situation. In the current context, retail investors can lock in investments at attractive yields by investing in FMPs or open ended mid-market schemes like short-term and regular saving funds. Investors who can take some volatility and have a horizon of two years or more can also look at doing an SIP in income funds between now and March 2012.

With the current volatility in the capital markets, investors can also use debt funds to even temporarily park their investments and switch to equity-oriented funds in a systematic basis.
 

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Posted: 22 Nov 2011 08:12 AM PST

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IDFC Section 80CCF Tax Saving Infrastructure Bonds

Posted: 22 Nov 2011 06:58 AM PST

IDFC has launched their Section 80CCF infrastructure bonds, and these come with a slightly higher interest rate than the other bonds that have been released so far.

They carry a 9% annual interest rate, and IDFC has simplified the issue a little bit by having the option with only one maturity – that of ten years.

Like, the other 80CCF bonds, these will have the the annual interest payment or the cumulative option, and a buyback option after 5 years.

The issue opens on November 21, 2011 and closes on December 16, 2011. In the past they have appeared on online platforms like ICICI Direct and Edelweiss, so that's one way to buy them, or as Austere suggested you can print the forms online and submit it in one of the collection centers.

Here are some other details about the bonds:

Series

1

2

Interest Rate

9%

Cumulative but effectively 9%

Maturity Period

10 years

10 years

Buyback Option

5 years

5 years

Buyback Amount

5,000

7,695

Maturity Amount

5,000

11,840

 

After the lock in period of 5 years, the bond will list on the NSE and BSE.

For whatever it's worth the issue is rated highly by ICRA and Fitch – both of them rated the issue AAA. To me, it doesn't make a lot of sense to apply anything more than Rs. 20,000 and that too only on one of these 80CCF bonds, so if you have applied for something already then you are better off investing your money in any other bank fixed deposit which doesn't have any lock in period and will have a slightly higher interest rate also.

A new question that I see appear a few times with respect to these bonds is if you need to buy it every year to get the tax benefit. I think the source of that question is the confusion between the tax benefit.

Please be cognizant of the fact that the interest is not tax free. The interest will be taxable every year, but the way you get the tax benefit is that the value of bonds that you buy gets reduced from your taxable salary, and that means you have to pay less tax.

The other question that I saw today was would you have to pay tax if you exercised the buyback and the answer to that is that buyback doesn't affect how the bond is taxed.

If you took the annual interest option then the interest will be taxed every year, and if you took the cumulative option then you will be taxed capital gains. The face value of the bond will not be taxed.
 

Mutual Fund Application Forms Online

Posted: 22 Nov 2011 06:34 AM PST

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How to Invest in Mutual Funds Online?

Posted: 22 Nov 2011 04:08 AM PST

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Mutual Funds: What Is A Systematic Investment Plan (SIP)?

Posted: 22 Nov 2011 03:03 AM PST

SIP is a way of investing regularly in mutual fund schemes. Through this, you can invest a fixed amount (as low as `100 and in multiples thereafter) monthly or quarterly for a pre-determined period in a fund. Units are allotted to you at the net asset value existing on the day of investment. Besides mutual funds, some brokerages and gold exchange-traded funds have also started offering this option. With brokerages, you can dedicate a specific amount towards buying pre-decided scrips in tranches each month.

How to get started?

First, select the scheme, investment amount and the time frame. Next, approach a mutual fund distributor or the fund house with your application and know-your-customer (KYC) documents. You can also invest through an online mutual fund portal. Typically, fund houses mandate investment for a minimum of six months or two quarters. So, you can either give post-dated cheques for the period or opt for the auto debit/electronic clearing system option. Remember, while you can start investing on any day of the month, you will have to pick a date for subsequent investments. That is, each mutual fund specifies dates for SIPs, like the first, seventh, tenth of each month.

What are the advantages?

SIPs are highly recommended as they inculcate a habit of disciplined and regular investing. If you choose the auto debit option, the process is completely hassle-free. The most important advantage is that they follow the rupee cost averaging principle. Say, you invest `1,000 a month. And, the price of the chosen scheme unit is 10 in the first month. You will get 100 units. Next month, the unit price falls to `9and you are allotted 111 units. In the third month, the price drops further to `8, getting you 125 units.

Thus, by investing `3,000 over three months, you have got 336 units. In contrast, had you invested the entire amount in the first month itself, you would have garnered just 300 units. In case of SIPs, the average unit cost is about `8.9 as compared to `10 in case of lump sum investments. Thus, SIPs help lower the average unit cost and buy you more units. All, by eliminating the need to time the market.

How are the investments taxed?

If units of an equity-oriented fund are held for more than a year, any gain arising on their sale is considered as long-term capital gain (LTCG) and, hence, is tax-free. However, if you sell them off within a year, gains, if any, are considered as shortterm capital gains and taxed at a flat rate of 15 per cent. The same rules apply to SIPs accompanied by the first in-first out principle. From a taxation perspective, each SIP instalment is considered a separate investment and must be held for at least a year to be eligible for the LTCG benefit.

 

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Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

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What Is Insurance For Unoccupied Property?

Posted: 21 Nov 2011 11:36 PM PST

Just like a regular insurance cover for the house one is living in, one can also buy a cover for a property likely to remain unoccupied for 30 days or more. This period can vary across different insurers. You could take a cover under property insurance, which covers only damage caused due to a fire. You could also opt for a home insurance package that covers 10-12 scenarios such as fire, burglary, loss of contents, etc. Even if you have purchased a regular home insurance cover and plan to keep your property unoccupied for some time, you are expected to inform the company about it.

Why the need to inform the insurer?

According to insurers, the risks related to unoccupied properties are higher since they may not be maintained in the owner's absence. Companies satisfy claims based on their surveyor's report, which points to the possible causes of the damage. If the property's being vacant for more than the specified period is considered as the cause of the damage, the claim will be rejected. The customer's absence will be considered as concealment of facts, resulting in the consequent damage.

What are the costs involved?

Typically, premiums for unoccupied properties are higher. For instance, if a home insurance cover costs `200 a lakh, the same for unoccupied property will cost `250 a lakh.

When it comes to insurance of an unoccupied property; if one plans to stay away for some time and informs the company about it, there might be a change in the premium, depending on the risks associated with the property. The rise will be done on a pro-rata basis, only for the period the property remains unoccupied. In case the risks are minimised through the installation of safety devices, etc, the premium need not be raised.

What are the exclusions?

The exclusions for occupied and unoccupied properties remain the same. While the scenario of a flood is considered as a natural calamity and covered, there is a deductible against it. So, five per cent of the claim amount, subject to `10,000, will be deducted from the total payable claim amount. Insurers also follow the condition of averages while covering such claims. So, customers get a amount proportionate to the insured value, irrespective of the actual value of the property. If a property is valued at `5lakh and the customer buys insurance just for `1lakh, he has opted for just 20 per cent of the total property value. In case damages cause a loss of `4lakh, the customer will be paid just `80,000, which is 20 per cent.

Tata Capital Builder Fund

Posted: 21 Nov 2011 06:51 PM PST

How to download Mutual Fund Applications?

Posted: 21 Nov 2011 09:21 AM PST

Download Application Forms, Additional Purchase Forms, SIP / STP / SWP Forms, ECS Stoppage Forms, and Other Service Forms for ALL Mutual Funds from this single location.

 

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Transact Mutual Funds Online

Posted: 21 Nov 2011 08:12 AM PST

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Bajaj Allianz Term Plans - iSecure Loan and iSecure More

Posted: 21 Nov 2011 06:50 AM PST

 

Bajaj Allianz Life Insurance has launched new term plans iSecure Loan and iSecure More. iSecure Loan is a decreasing cover plan to cover all kinds of loan liabilities and iSecure More is an increasing cover plan that provides increasing protection every year without increasing the premiums.

 

Salient features of Bajaj Allianz iSecure Loan
1. Single and joint life cover available
2. More value for money with high sum assured rebate
3. Limited premium payment term of 2/3rd of your policy term
4. Pay your future premiums in advance and get appropriate discount
5. Flexibility to:
a) Select your policy term from 5 years to 25 years depending on the tenure of your loan
b) Choose the loan interest rate as appropriate to you, at the inception of the policy from 5% to 20%
c) Alter your premium payment frequency

Salient features of Bajaj Allianz iSecure More
1. Single and joint life cover available
2. More value for money with high sum assured rebate
3. Flexibility to:
a) Select your policy term from 10 years to 25 years
b) Alter your premium payment frequency
c) Pay your future premiums in advance and get appropriate discount
d) Include your spouse at a later date in your existing policy, if you are single at present
e) Choose additional rider benefit(s) for enhanced protection

 

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Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

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Invest in SBI Mutual Funds Online

 

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Religare Gold Fund

Posted: 21 Nov 2011 06:25 AM PST

 

 

Religare Mutual Fund has announced the launch of Religare Gold Fund - an open ended fund of fund scheme. It will invest in the units of Religare Gold ETF.

 

Investment Objective
This fund will invest in Religare Gold ETF. The investment objective of the scheme is to provide returns that closely correspond to returns provided by Religare Gold ETF.

 

Manager
Mr. Nitish Nikand is the fund manager of the scheme. He is a Commerce Graduate and an MBA in Finance. With over 8 years of experience in fixed income markets and product development, Mr. Nikand has worked with ICICI Bank Ltd as product manager, JM Financial Asset Management Company Pvt. Ltd. as fixed income analyst and Citicrop Maruti Finance Ltd. as relationship manager - Treasury. He also manages Religare Credit Opportunities Fund, Religare Mid-Term Bond Fund, Gold ETF and Fixed Maturity Plans.

 

Similar Fund

 

Scheme

 

 Launch Date

 

 Expense Ratio (%)

Axis Gold

 

Oct-11

 

-

HDFC Gold

 

Oct-11

 

-

ICICI Prudential Regular Gold Savings

 

Oct-11

 

-

Kotak Gold

 

Mar-11

 

0.75

Quantum Gold Savings

 

May-11

 

0.5

Reliance Gold Savings

 

Feb-11

 

0.75

SBI Gold

 

Sep-11

 

0.75

 

 

Comparison between a Gold ETF and Gold Fund of Fund
If somebody invests Rs. 50,000 each in Religare Gold ETF & Religare Gold Fund, then

Type of Charges

 

 Religare Gold ETF through Demat mode

 

 Religare Gold Fund through Account Statement Mode

Account Opening Charges

 

NIL

 

NIL

Annual Maintenance charges of Demat Account

 

Rs. 250 - 750

 

NIL

Delivery Brokerage Charges*

 

Rs. 25 - 175

 

NIL

Transaction charges

 

Rs.25

 

NIL

Annual scheme recurring charges

 

Rs.500

 

Rs.750**

Total

 

Rs. 800 - 1450

 

Rs. 750

 

*Delivery brokerages are in the range of 0.05% to 0.35%. They may vary among brokerage houses. **Rs. 500/- (recurring expenses of Religare Gold ETF @ 1%) + Rs. 250/- (recurring expenses of Religare Gold Fund @ 0.50%).

 

Our View
This scheme is well suited for people who do not have a demat account but want to invest in gold. You may invest upto 5 to 10 per cent of your overall portfolio in gold. One should always keep in mind when to get out of such a fund. Hence, ensuring a stop loss in such an investment is very important.

 

Basic Details:
NFO Opens: November 15, 2011
NFO Closes: November 29, 2011
NFO Price: Rs.10/- per unit
Options: Growth and Dividend
Minimum Application Amount: Rs. 5000/- & in multiples of Re.1/- thereafter
Exit Load: 2% if redeemed/switched out on or before 6 months, 1% after 6 months but before 1 year from the date of allotment.
Benchmark: Price of gold
Fund Manager: Mr. Nitish Sikand

 

 

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Also, know how to buy mutual funds online:

 

Invest in DSP BlackRock Mutual Funds Online

 

Invest in Reliance Mutual Funds Online

 

Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

Invest in L&T Mutual Funds Online

 

Invest in Edelweiss Mutual Funds Online

 

 

 

Health Insurance Portability : Port your policy to new insurer in Simple 5 Steps

Posted: 21 Nov 2011 04:43 AM PST

Step 1
A policyholder, who wants to port his policy to another insurance company, shall have to approach to new insurance company at least 45 days before the premium renewal date of his/her existing policy with old insurer, to enable the new company consider his application. However the new insurer may consider a proposal for portability even if the policyholder fails to approach the insurer at least 45 days before the renewal date.

Step 2
On receipt of an application for porting, the insurance company (new insurer) shall furnish the applicant, the Portability Form with a proposal form and relevant product literature on the various health insurance products which could be offered.

Step 3
The policyholder shall fill in the portability form along with proposal form and submit the same to the insurance company.

Step 4
On receipt of the Portability Form and proposal form, the insurance company shall address the existing insurance company seeking necessary details of medical history and claim history of the concerned policyholder. This shall be done through the web portal of the IRDA within 7 working days of the receipt of the Portability form.

Step 5
Based on the data available on the web portal, the new insurance company will decide whether to accept the proposal and the price at which it will do so. And convey its decision to the policyholder. If the decision is not communicated within a fortnight the new insurer will be bound to accept the proposal.


Frequently Asked Questions
When the insurer is not liable to offer portability?
If policyholder fails to approach the new insurer at least 45 days before the premium renewal date.

Where the outcome of acceptance of portability is still waiting from the new insurer on the date of renewal, what will happen to health insurance cover of the proposer?
1. the existing policy shall be allowed to extend, if requested by the policyholder, for the short period by accepting a pro- rate premium for such short period, which shall be of at least one month and
2. shall not cancel existing policy until such time a confirmed policy from new insurer is received or at the specific written request of the insured
3. the new insurer, in all such cases, shall reckon the date of the commencement of risk to match with date of expiry of the short period, wherever relevant.
4. if for any reason the insured intends to continue the policy further with the existing insurer, it shall be allowed to continue by charging a regular premium and without imposing any new condition.

What is Break in policy?
A break in policy occurs when the premium due on a given policy is not paid on or before the premium renewal date or within 30 days thereof.
 

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Merger of Schemes - ING CUB. and ING Domestic Opportunities Fund

Posted: 21 Nov 2011 03:04 AM PST

 

ING Mutual Fund has decided to merge - ING CUB into ING Midcap Fund and ING Domestic Opportunities Fund into ING Core Equity Fund. The merging schemes will cease to exist with effect from December 24, 2011.


Investors who do not wish to continue with the above merger schemes, may exit at no load. No exit load will be charged on redemptions from these schemes between November 24, 2011 and December 23, 2011.
 

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ICICI Prudential ULIP Plans - Elite Life and Elite Wealth

Posted: 21 Nov 2011 02:18 AM PST

 

ICICI Prudential has launched two unit linked insurance products – ICICI Pru Elite Life and ICICI Pru Elite Wealth. These products offer customers the flexibility of choosing the frequency of their premium payments.

The products offer customers the flexibility of either choosing a single pay option or a limited pay option for premium payments over a period of five years.

Under the single premium option, a sum assured of minimum 125 per cent to maximum 500 per cent of the premium amount is available to customers. In the limited pay option, a fixed sum assured which ranges between seven and 10 times of the annual premium.

On maturity of the policy, the customer can choose to receive the maturity benefit as a lump sum or structured payout through the settlement option to meet one's financial goals.

The customers would also be eligible for a loyalty bonus every year from the sixth year. It will be in addition to the maturity benefit payable by the company.
 

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Invest in IDFC Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

Invest in L&T Mutual Funds Online

 

Invest in Edelweiss Mutual Funds Online

 

 

 
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