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ISSUE
III - APRIL 2005 |
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Unit linked
covers continue to be the flavour of the season. And with
more and more individuals going for them insurers have
also launched unit linked pension plans.
The latest to latch on to the bandwagon in case of pension
plans is LIC. Future Plus, LIC’s unit linked pension
plan, say insiders, is doing roaring business mobilizing
business of around Rs 500 crore. But is the Indian customer
matured enough to understand the nuances of a unit linked
product? And should individuals opt for such products
that combine investments with insurance? Opinions differ.
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| By now
you are done with your tax liabilities for this year.
And for the coming year the equations are bound to change
thanks to PC and his Union budget that has shifted the
competition between insurance, mutual funds and other
investment avenues to a different level altogether. Which
means no more will insurance be bought with an aim to
save taxes and mutual funds too will not cry hoarse about
insurance companies selling financial products masqueraded
as risk products. |
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The British
during their reign brought the railways, the telegraph,
and would you believe it even Insurance to India. It was
launched way back in 1818, by setting up ‘The Oriental
Life Insurance Company’ in Calcutta. However as
can be expected it was influenced by imperial prejudices.
They initially only insured European widows and native
Indians were kept out. Later they eventually started insuring
Indian lives, but at a premium that was 15-20 percent
higher than was charged to a European.
It was only in 1870 that the discrepancy was corrected.
Six Indians, angered by this second-class treatment, set
up Bombay Mutual Life Assurance Society, and started insuring
Indian lives at the same cost as British lives. |
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Next
edition:
Independence brings a new dawn…. |
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