Kotak MF has launched Kotak FMP Series 58, a close-ended debt scheme. The NFO closes on September 26. The duration of the scheme will be for 24 months from allotment. It offers dividend and growth option and will be benchmarked against Crisil Short Term Bond Index. The minimum application amount is R5,000, and in multiples of R10 thereafter.
ICICI Prudential Elite Ulip plans
ICICI Prudential Life Insurance has launched two Ulips—ICICI Pru Elite and ICICU Pru Elite Wealth. An investor can choose from a single or limited-pay options. In the single premium option, a sum assured of a minimum 125% and a maximum of 500% of the premium amount is on offer. In the limited pay, a fixed sum assured ranges between seven and 10 times of the annual premium. Says Madhivanan Balakrishnan, executive director, ICICI Prudential Life Insurance: “We are confident that our customers will be able to utilise them in charting their financial plans.”
Canara-HSBC-OBC insurance plan
Canara HSBC Oriental Bank of Commerce Life Insurance, a joint venture between the two Indian public sector banks and HSBC Insurance, has launched Smart Sanchay Plan. The plan provides life cover and accident protection, along with fixed returns. It is a limited pay product with premium payment term of five years and a policy term of 10 years. The policyholder will get a guaranteed maturity benefit of 137.5% of the premium paid and in his absence, the nominee will get the amount.
Bharti AXA Triple Health Insurance
Bharti AXA Life Insurance has launched Triple Health Insurance Plan where the policyholder can claim 100% sum assured for three unrelated critical illnesses. The plan covers 13 illnesses classified into three groups. It comes with a return of premium option where the policyholder is eligible for surrender and maturity benefits.