Personal Finance

Savings account for women

BL Research Bureau | Updated on June 04, 2011 Published on June 04, 2011

Corporation Bank has introduced ‘Corp Mahila Power', a loan-linked savings bank account for working women. Under this, women with income from salary, business or professional income or those receiving regular rentals from property are eligible to open accounts. The account holder is required to maintain a quarterly average balance of Rs 2,500 and is provided with a cheque book and debit card. The bank also offers internet and mobile banking services to these customers.

Policy with dual benefit

HDFC Life has launched Sampoorn Samridhi, a ‘with profit' traditional product that offers dual benefits of an endowment plan and a whole life plan. Policy holders have the option of either receiving an enhanced maturity amount at the end of policy term or a maturity amount with an additional sum assured on death up to the age of 99. The minimum policy term is years and can go up to 40 years. The entry age for the policy is between 18-60 years. The maximum age for maturity of policy is 75 years. Customers who opt for a sum assured of Rs 5 lakh and above can avail a 5 per cent discount on the basic premium. The premium paid will enjoy tax deduction under the present tax laws.

Fly for less

Following a court order, travellers using the Delhi airport are likely to get a temporary breather from the development fee of Rs 200 charged to domestic passengers and Rs 1,300 to international ones. However, whether this fee will remain in abeyance for long remains uncertain as the Court has lobbed the issue to the Airports Economic Regulatory Authority which will have to give its recommendations within 45 days.

Demat account for insurance policies

The days of painful safe-keeping of insurance policy documents will soon be a thing of the past. The insurance watchdog has issued a guideline to form an insurance repository that will store the policies electronically. This will be very similar to the de-mat account for stocks held by NSDL and CDSL. Policyholders can then update any change in their address or other person details centrally and wouldn't be required to go through the KYC procedures every time a new policy is purchased. It is also expected to reduce transaction costs and speed-up the process of policy issue.

ULIPs from Tata AIG Life

Tata AIG Life Insurance has come with two new products - InvestAssure Gold Supreme and InvestAssure Maximizer. Gold Supreme policyholders can avail of life insurance protection for the whole life as also leave a legacy by paying premiums for 5 or 7 years. With the InvestAssure Maximizer, the policyholder can choose a life cover term ranging from 20 to 40 years by paying premiums for 5 or 7 years. In addition, it also offers a choice of two life cover options - Premium Life Cover (where death benefit is the combination of Sum Assured and Fund value) and Standard Life Cover (where death benefit is higher of Sum Assured or Fund value).

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