INSURANCE TALK: HDFC PREMIUM GUARANTEE PLAN
HDFC Standard Life Insurance Corporation has launched HDFC Premium Guarantee Plan. HDFC Premium Guarantee Plan is an insurance plan that comes with twin advantage of protection and return of premiums* on maturity. The policy caters to investors who wish to get a pure protection plan and also get their money back. The policy allows minimum sum assured of Rs. 3 Lakhs and a minimum premium of Rs.2400 p.a for all frequencies. The minimum policy term will be 10 years and maximum term will be restricted to 30 years. The minimum age limit is 18 years and maximum of 55 years.
Advantages
• High cover at a very nominal cost.
• Flexibility to choose the Sum Assured.
• Return of all your premiums paid on maturity*
• Tax benefits under sections 80C and 10(10D) of Income Tax Act, 1961.
*For more details on risk factors, terms and conditions, please read the Product Brochure carefully and/or consult Financial Consultant before taking a decision.
For more details:
Call- +91-9765 999 467
DEBT COUNSELLING: AN INSIGHT- I
The recent collapse of the major financial institutions & banks, sub-prime crisis had brought the ‘Debt Counselling’ in to lime light. The bankruptcy of the Bear Stearns, AIG, and Washington Mutual are the examples of the excessive credits given to the people. As a result most of the banks & financial institutions have started Debt counselling. Debt counselling is also known as ‘Credit counselling’. Debt counselling is a win- win situation for the banks as well as for its customers.
GLOBAL SCENARIO
There is variety of ways in which debt counselling has been accomplished in different countries. The first debt (credit) counselling agency was created in 1951 in US known as National Foundation for Credit Counselling (NFCC). In US, The Bankruptcy Abuse Prevention and Consumer Protection Act 2005 have made credit counselling a requirement for consumer debtors filling for bankruptcy. The debtor must complete a program within an approved non profit budget and credit counselling agency during 180 days preceding the date of filling for bankruptcy.
INDIAN SCENARIO
Globalization and financial innovation has phenomenally increased retail lending in the commercial banking sector. In recent times consumer loans, housing loans, credit cards & personal loans have registered a tremendous growth. The credit growth in these sectors grew at a Compound Annualised Growth Rate (CAGR) of 43.3% during 2001-06 as compared to overall growth of credit of 23.4% in the same period. Costly medical emergencies, retrenchment from jobs, increased intrest rates have raised debt burdens in some cases. The aggressive marketing of personal loans and credit cards to venerable sections of borrowers leads to over indebt ness and rising NPA’s (Non Performing Assets).
DEFENITION
Debt counselling can e defined as ‘counselling that explores the possibility of repaying debts outside bankruptcy and educates the debtor about the credit, budgeting and financial management’.
OBJECITVES
The debt counselling serves various purposes. They are:
1. (a) It examines the ways to solve current financial problems.
(b) It helps educating people about the cost of misusing the credit.
(c) Benefits and encourages poor and distress people to access the formal financial systems.
2 The objective was to promote financial literacy and help consumers to avoid bankruptcy.
3 It helps proactively to manage their debt via out-of- court procedures based on agreed repayment plans between creditors and the debtors.(…cont.)
IT’S ALL ABOUT MONEY!
The fallout of American economy and ongoing financial crisis had affected every one. As a rescue measure US government has announced a total package worth about 990 billion dollars. Some of the European countries have also announced a bailout package. The collective of US & Europe comes to about 1.8 trillion dollars. In the same way the Black Money of various politicians, diplomats, entrepreneurs deposited in Swiss Banks should be utilized. But you will ask why?Here is the answer. As per Swiss Banking Associations Report on ‘Black Money’ the 5 major countries have their money in Swiss Banks. According to an official of Swiss Bank, the money deposited by Indians is so much that Switzerland’s 10 Five year plans can be completed.
|
Rank |
Country |
Amount($ crores) |
|
1 |
India |
14560 |
|
2 |
Russia |
4700 |
|
3 |
England |
3900 |
|
4 |
Ukraine |
1000 |
|
5 |
China |
960 |