MF News: Reliance Life Insurance introduces Mobinsure

Reliance Life Insurance introduces Mobinsure

Reliance Life Insurance has announced the launch of unique mobile-based insurance initiative — ‘Mobinsure’ — a mobile portal offering a range of insurance related services on mobile phones. This service would make it easier for the policyholders to track their policies and premiums, do fund switches, pay insurance premium and resolve policy-related queries instantly using their web-enabled mobile handsets. It would be available both on CDMA and GSM platforms, the insurance company said in a statement.

Customers can log on to their Reliance Life Insurance accounts on their mobile handsets and get important information on policies, applications, funds, profile, advisors and also activate online transactions, including premium payments, future allocations and change of address, free of cost. Customers are required to register first time and key in their policy and personal details which will be validated against customer details submitted at the time of new business for security reasons.

Future Generali launches ULIP with NAV guarantee

Future Generali has launched a ULIP which guarantees highest NAV recorded on daily basis during the first seven years of the policy or NAV at maturity date, whichever is higher. Customers can pay premiums with 4 options to choose from being single, 3, 5 and 7 years.

The plan comes with a fixed policy term of 10 years. The minimum annual premium is Rs 39,960 & the sum assured offered is 5-20 times the annual premium for limited premium payment terms based on the age of the customer, the company said in a statement. This ULIP is available for customers in the age group of 8 -60 years. There is no surrender charge beyond four policy years for limited premium and beyond 3 years for single premium payment option terms. The premium allocation charges are in the range of 1-8 % depending on the premium band and the premium paying term.

HDFC Mutual Fund launches Gold ETF

HDFC Mutual Fund has launched an open ended Gold Exchange Traded Fund (ETF), which aims to generate returns in line with the performance of gold. The scheme will invest 90% to 100% in gold bullion. Each unit, which would be approximately equal to one gram of gold, will be issued at a premium equivalent to the difference between the allotment price and the face value.

The new fund offer will be available from 25 June, 2010 to 23 July, 2010. Investors can investment a minimum amount of Rs 5,000. The scheme will not charge any entry and exit load. The scheme will be benchmarked against domestic price of physical gold.

Canara Robeco launches large cap fund

Canara Robeco Asset Management Company has announced the launch of Canara Robeco Large Cap+ Fund — an open-end equity scheme. This large cap fund would aim to seek capital appreciation by predominantly investing in large cap companies.

It will invest in any of the ‘Top 150’ stocks based on the market capitalisation, the company said in a statement. The New Fund Offer (NFO) is open for subscription from June 28, 2010 and will close on 27th July, 2010. The performance of the scheme will be benchmarked to BSE 100. The minimum investment amount for retail investors is Rs 5,000. Under Systematic Investment Plan ( SIP) options, the minimum instalment amount is Rs 1,000 and Rs 2,000 respectively on a monthly and quarterly basis.