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eServe Newsletter May 2012
Youngsters lack awareness about financial planning:HDFC Life
04-May-2012 | Source : HDFC Life
According to a study conducted by life insurer HDFC Life and market research firm ValueNotes, youngsters in India (age group of 20-30 years) score low on financial awareness and planning. The study said that, the youngsters are not completely aware about the merits of goal-based planning.
The study does not highlight the complete absence of financial planning among youngsters. However, it said that they are not aligned appropriately with their financial goals as there is poor awareness about financial events. The awareness among these youngsters about events stood at 25.8 on a scale of 0-100 which indicates 'extremely poor’. While knowledge and awareness about financial products scored 55.2 on a scale of 0-100.
They are more concerned about expected events, while their awareness on unexpected events is low. Among unexpected events, accident or illness (40%) is the top concern, whereas among macro-economic factors highest importance was given to government regulations (36%). These youngsters are also concerned about certain major responsibilities of their life. These include child’s education, health expenses and retirement. They are also concerned about meeting their lifestyle goals such as family vacations and purchase of durables into their financial plans.
The study pointed out that, 76% of youngsters have started planning for their future but most of them are aware that their plan is not comprehensive enough to cover their immediate and future financial needs. Only 14% of youngsters feel confident of their plans’ ability to cover them against all eventualities. Also, only a quarter of them have consulted financial planners, while the rest prefer to depend on their friends and family for advice.
LIC to sell stakes in good time
26-Apr-2012 | Source : Business Standard | By Niladri Bhattacharya.
Life Insurance Corporation of India (LIC), the largest institutional investor in the country, is not in a hurry to bring down its holdings in unlisted companies to align with the 10 per cent equity exposure cap mandated by the insurance regulator.
According to highly placed sources in LIC, the insurance behemoth has already made its stance clear with the government and the Insurance Regulatory Development Authority of India (Irda), citing the practical hindrances involved. The largest life insurer in the country has also requested the regulator to tweak some of the debt investment norms to allow more flexibility.
To view full story please click on the link below
www.business-standard.com
LIC buys over 2 crore shares of Pipavav for Rs 171 crore
03-May-2012 | Source : PTI
Life Insurance Corporation today increased stake in Pipavav Defence and Offshore Engineering to 5.63 per cent with fresh acquisition of shares worth over Rs 171 crore through an open market transaction.
According to the bulk deal data of stock exchanges, country’s largest life insurer LIC bought 2.15 crore shares of Pipavav at Rs 79.50 apiece, valuing the the deal at Rs 171.21 crore.
With the acquisition, LIC now owns 5.63 crore shares in private shipbuilder Pipavav. Prior to this acquisition, LIC held 3.48 crore shares, or 5.04 per cent stake in Pipavav.
Pension and life insurance fund for overseas workers launched
02-May-2012 | Source : PTI
The Centre Tuesday launched a special life insurance and pension scheme for Indian overseas workers aimed at addressing their social security and resettlement needs.
Launching the "Pension and Life Insurance Fund (PILF)", Overseas Indian Affairs Minister Vayalar Ravi said it combined three important benefits for the expatriate community.
Besides providing for life insurance cover, the scheme, jointly managed by LIC, UTI and Bank of Baroda, mainly targeting workers holding ECR (Emigration Check Required) passport and would help them save for old age and accumulate savings for resettlement.
Prime Minister Manmohan Singh had announced the scheme during the 10th Pravasi Bharatiya Divas in Jaipur last January, fulfilling a long-standing demand of the over five million workers, especially those in the Gulf.
Persons between the age group of 18-50 with ECR passport and having a valid work permit or employment contract in an ECR country can join the scheme, it was stated.