The bank plans to roll out an early retirement scheme for senior employees aged 40 or more, who have been with the lender for 10 years or longer. Axis Bank is not the first private institution to offer an early retirement scheme.
Through the Life Insurance Corporation Act passed by the Parliament of India on 1st SeptemberLICI was incorporated and was enjoying monopoly power in the life insurance industry due to absence of other players.
In January the Government of India relaxed the regulations governing the insurance sector and allowed private players to enter the insurance market.
Today there are about 28 players in the market but LICI still enjoys the majority of the market share through decades of service in the insurance industry. Today, the company has a vast customer base of more than million people and is striving to maintain the same service and product pricing in the ever competitive insurance market.
What are Child Plans? Insurance plans designed for the child do not usually insure the child. The life insured under these plans are the parent who has a minor child to provide for.
The underwriting is done on the life of the parent and the details of the child are to be provided in the policy. Child plans have some common features which are given below: Deferment means postponement and is usually applied if the child is the person insured.
Under the deferment clause, the risk coverage under the plan starts after the expiry of a couple of years. In case the child dies during the deferment period, the premiums paid till the date of death are returned because the life cover is not applicable during that period.
The Vesting age is usually 18 years when the child attains majority and becomes the policyholder of the plan.
There is an inbuilt Waiver of Premium Rider in most of the child plans. The rider states that if the parent who is the policyholder and life insured under the plan dies during the tenure of the plan, all future premiums payable under the plan will be waived and paid for by the company.
The plan will continue unaffected and the benefits as promised under the plan will accrue as and when they fall due. For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary.
If the insured dies, the plan will not be terminated. Future premiums will be paid by the company and the money-backs will be paid as and when promised.
Let us take a detailed look at the types of LIC child plans offered and the features and benefits of each. The LIC child plan is a participating plan which is eligible to earn bonuses and the premium is paid for a limited term of the plan For children aged less than 8 years, there is a deferment period under this LIC child plan.
The risk cover will begin one day before the completion of 2 years of the policy commencement or one day before the policy anniversary which coincides with or follows the completion of 8 years of age.Axis Bank has slashed rates on fixed interest home loans for affordable housing to per cent while maintaining the rate at per cent for a tenure of 20 years for properties that do not fall within the definition of affordable housing.
Axis Bank plans VRS to cut flab at top Anita Bhoir, ET Bureau Dec 12, , 00AM IST * (The bank plans to roll out) MUMBAI: Three years after Shikha Sharma took the corner room at Axis Bank, the country’s third-largest private sector lender is making another attempt to cut flab.
Read more about ICICI Bank-Videocon loan case: Things to know about Rajiv Kochhar on Business Standard. Rajeev Kochhar helped ICICI Bank clients in restructuring their foreign loans, Rajiv Kochhar is the brother of ICICI Bank MD & CEO Chanda Kochhar's husband Deepak Kochhar.
Know more on ICICI Bank Videocon loan case. Max Life Future Genius Education Plan is a unit linked insurance plan that helps you secure your child's educational future.
Max Life Future Genius Education Plan / Features-Benefits; Life Insurance accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible. LIC Child Plans. The Life Insurance Corporation of India, LICI, is the oldest and the most trusted Life Insurer in the insurance sector.
Through the Life Insurance Corporation Act passed by the Parliament of India on 1st September , LICI was incorporated and was enjoying monopoly power in the life insurance industry due to absence of other players. Axis Bank plans VRS to cut flab at top Anita Bhoir, ET Bureau Dec 12, , 00AM IST * (The bank plans to roll out) MUMBAI: Three years after Shikha Sharma took the corner room at Axis Bank, the country’s third-largest private sector lender is making another attempt to cut flab.