AEGON Religare Life launches term plans
AEGON Religare Life Insurance has launched two term plans —Increasing Term Plan and Decreasing Term Plan. Increasing Term Plan, wherein the sum assured will be bumped up by 5 per cent every year, is targeted at customers whose incomes and lifestyles change yearly. The second plan, Decreasing Term Plan, is designed to cover immediate liabilities, such as loans and mortgages.
UCO Bank cuts benchmark
PLR by 75 bps State-run UCO Bank has cut its benchmark prime lending rate (PLR) by 75 basis points (bps) to 13.25 per cent from November 10.
DLF & PFI joint venture receives Sebi approval
Sebi has granted in-principle approval to US-based Prudential Financial (PFI) to set up the proposed DLF Pramerica Mutual Fund. The new joint venture company, in which PFI holds 61 per cent stake, is expected to be launched in 2009, with the remaining regulatory approvals getting over by then. PFI will invest nearly $45 million over the next few years. The company plans to provide a full range of mutual fund and investment products, including domestic and eventually international mutual funds.
Canara Robeco introduces exit load on gilt fund
Canara Robeco Gilt Fund has introduced an exit load on a prospective basis, with effect from December 1. The fund will not charge any entry load. However, there will be an exit load of 1 per cent if units are redeemed or switched-out of within six months from the date of allotment.
UTI Mutual Fund changes load structure
UTI Mutual Fund has announced changes in the load structure for two of its plans — Master Index Fund and Nifty Index Fund. From November 10 onwards, for all investments of less than Rs 10 lakh, the scheme will charge an exit load of 1 per cent for redemption of units on or before 180 days.