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Saturday, November 27, 2010
Thursday, November 4, 2010
European telecom sector faces M&A
- Fitch: High M&A Risk for European Telecoms Sector
Fitch Ratings believes the Europe telecoms sector faces a high risk of M&A in the next three years, as the underlying strategic case for consolidation amongst operators is as strong as at any time since the peak of the dotcom bubble in 2000.
"The European telecoms sector has evolved in a unique way over the past 20 years reflecting the fragmented nature of its licensing and regulatory regimes," says Michael Dunning, Managing Director in Fitch's EMEA telecoms team. "As a result Europe now has too many telecoms operators relative to its population size and, with operator market shares' stagnating, further consolidation looks inevitable."
Fitch believes that the greatest chance for M&A exists in northern European countries where there is most competition. However, there are pockets of exposure in other regions such as Spain and Italy, either as a result of increased maturity of traditional product offerings and/or a lack of further growth prospects.
From a credit standpoint, cross-border acquisitions are higher risk for the acquirer as increased leverage is not usually offset by potential synergies. In-country consolidation may be less negative for the credit profile for an acquirer as there is usually scope for significant cost reductions, and reduced competitive intensity should help reduce leverage in the years after the transaction. Issuers disposing of assets should be able to enhance their credit profiles, providing that cash proceeds are used sensibly to pay down debt and not all returned to shareholders.
For all these reasons, Fitch believes that in-country consolidation is the more likely route in Europe as operators seek to align inefficient corporate structures and concentrate on markets where they can offer triple and quad-play bundled services and benefit most from the synergies on offer from rival operators.
Saturday, September 11, 2010
IDBI Federal launches Wealthsurance Milestone Plan
- To achieve different milestones of life with full confidence
- Insured Wealth Plan with 13 Investment options and 7 Insurance options
The Wealthsurance™ Milestone Plan offers a wide range of Investment options, Insurance options and unmatched flexibility that allows customers to customize a plan suited to their needs. Customers can plan for milestones like completion of school education by a child, a marriage, acquisition of a new house or any other goal. This Plan comes with a wide range of 13 investment options and 7 insurance benefits - all packaged with a low charge structure and unmatched flexibility.
Announcing the launch, Mr G V Nageswara Rao, MD & CEO of IDBI Federal Life Insurance said: “Everyone wants to create wealth, but wealth creation does not happen by chance or accident. It needs a Plan. Wealthsurance™ Milestone Plan offers such a plan, which is very flexible and can be customised to an individual’s needs. The beauty of the Plan is that it can be insured not only against risk of death but against 17 major diseases, hospitalisation, disability, accidental injuries etc so that you can feel confident that your financial goals can be reached despite the surprises life may throw up.”
Wealthsurance™ Milestone Plan offers a comprehensive suite of investment options which are designed to meet the needs of every customer depending upon his or her risk appetite. Conservative customers can choose guaranteed return options which offer fixed, assured returns. Those who can take more risk can opt for capital protected options where the entry NAV is guaranteed and returns depend upon the market. Customers who would like to get potential high returns of equity markets in the long-term and understand the risk can opt for market linked equity options. Wealthsurance™ Milestone Plan offers a unique investment options called Asset Allocator Funds, where the company’s fund managers invest in equity or debt depending upon market conditions. This is a very useful option for customers who do not have the time or expertise to monitor equity market and shift into debt or equity based on market conditions.
IDBI Federal Wealthsurance™ Milestone Plan not only allows its policyholder to invest according to their changing risk appetite; it also provides a host of insurance benefits to protect them against uncertainties, so that they don’t have to break their investment to meet sudden financial demands and their money can keep compounding. The insurance benefits offered by the Plan include Major Diseases Benefit in which lump-sum cash amount upto Rs. 20 lakhs is paid upon diagnosis of any of 17 specified major diseases. These include heart attack, coronary bypass surgery, cancer, stroke, paralysis, coma, brain tumor, renal failure, major organ transplant etc. Another benefit is Hospital Cash Benefit in which daily cash benefit upto a maximum of Rs. 5000 per day will be paid for each day of hospitalisation, irrespective of the amount actually spent. The claim process is simple since no bills have to be submitted but only proof of hospitalisation. Other benefits offered include accidental death and disablement benefit and waiver of all future premiums upon death or disablement.
“The Plan comes with attractive tax benefits. Premium contributions are eligible for tax deduction under Sec 80C. All benefits under the Plan are tax-free under Sec 10(10D),” Mr. Rao added
Saturday, October 10, 2009
Post Dost: The changing face of India Post
by Alkesh Tyagi*
For over 150 years post offices have been the most visible and popular face of the Indian Government throughout the country. The concept of e-governance i.e Government at your desktop being advocated and promoted today can trace its genesis in services rendered by Post Offices, when the Postman was the only person delivering mail personally at the doorstep of the people. Now India Post is gearing up to play more comprehensive role by reorienting itself to meet the expectations of future generations.
The Indian economy has scaled new height over the last few years and is still in acceleration mode. Emergence of several significant trends such as: liberalisation and globalisation; demographic shift towards urbanisation leading to increasing internal and external migration requiring to be serviced; monetisation of the economy especially the agricultural sector giving rise to a corresponding demand for financial services by all sections of the population; and government policy to increase funding for weaker section programs has necessitated changes in postal framework.
Services
The four main areas of services offered by India Post are- Communication Services- Delivering letters, post card etc; Transportation Services- Transporting parcels, logistics etc; Financial Services- Facilitating saving bank, money order, insurance etc and Value added Services- Providing speed post service, business post, direct post etc.
Transmission and delivery of mail is India Post’s core business so far. Post Office Savings Bank is the oldest and largest banking institution in the country. Transmission of funds by postal order/money order has been the traditional way of money transfer. Since 1884 onwards Postal Life Insurance (PLI) has been providing life insurance coverage, initially to employees of P&T Department and subsequently to all Government employees. Since 1995 PLI has been extended to the rural population of the country under a new scheme Rural Postal Life Insurance (RPLI).
Responsibilities
Globalization and the deepening of market mechanism in India have brought forward the concept of self sufficiency and social service going hand in hand. India Post is committed to fulfil the Universal Service Obligation for providing basic postal service throughout the country, irrespective of terrain, at an affordable price. India Post fulfils this obligation through the largest postal network of 1, 55,035 Post Offices (as on 31.3.08) in the world. Of these 1, 25, 489 Branch Post Offices cater exclusively to rural areas.
Besides new responsibility of facilitating applications under Right to Information is being shouldered by the post offices.
New Initiatives
To meet the challenges posed by ever changing communication technology especially mobile telephony and World Wide Web, Department of Post is attempting to transform it, striking a balance between its objectives and outcomes of transformation. As the transformation is a multi dimensional process attempt is being made to change the Department at multiple levels.
In order to provide better, faster and satisfactory services to its customers, India Post is focusing on few key areas. Pick up mail facility, electronically enabled services, a dedicated freighter services, the instant money order, and many other similar initiatives have been undertaken to reorient the services for providing greater satisfaction to its customer. At the same time, for self sufficiency, India Post is exploring the role of business facilitator for other organisations.
Dedicated Freighter Service
In an effort to deliver the mail, parcel, speed post and the logistic consignments by the next day in major cities, India Post has added two more aircrafts bringing the total number to three and the process to acquire the fourth is in pipeline. These three aircrafts dedicated to carry only postal cargo touch nine cities every night making possible faster delivery in major cities and their peripheral areas.
Project Arrow
An initiative to transform India Post into a vibrant and responsive organisation is going on under the ‘Project Arrow’. Under the Project 50 Post Offices were modernized in the first phase and 450 in the second phase. Now the third phase is under process for transforming 500 post offices. Selected post offices are undergoing complete overhaul in their look and feel as well as in their core functions and operations. Systematic transformation of post offices in a phased manner will revitalise India Post.
The new logo of India Post reflects this change. The straight lines have been replaced by bold strokes retaining the ‘wings’ element. There is an element of modernity with a conscious effort to maintain an element of continuity. Red and Yellow colours used in its logo convey passion, power and commitment with a pinch of hope, joy and happiness.
IT leads Initiatives
Efforts are on to equip post offices with latest communication means. All the post offices in the country will be computerised during the current five year plan. Major 25,000 post offices have already been computerized and the remaining branch post offices will be taken care during rest of the period. This will make the delivery of information and money order faster.
Recognition
Nation Wide reach of India Post has attracted many private partners. Be it Mutual funds or money transfer business. Since 2001 DOP has been making select mutual fund product available through post offices. Five years ago UTI Mutual Fund and Department of Post joined hands to bring capital markets closer to common man in semi urban and rural areas. India Post provides penetration to the remotest corners of India making mutual fund popular.
Recognising the crucial role, India Post was facilitated on 24th September 2009 with UTI-CNBC special commendation award in the form of “Financial Advisor Awards 08-09” trophy for effectively utilizing its network to promote financial inclusion in smaller places.
An efficient and reliable communication network is the lifeline of the nation and plays a crucial role in socio-economic development and the integration of the country. For nearly a century and half the Postal System has been the main component of the communication infrastructure for the country. Given the need for a strong communication and financial infrastructure, India Post is preparing to meet both challenges and avail of the opportunities presented by current market conditions. With its efforts India Post will make social, commercial and industrial life possible in the remotest parts of India. Though, traditionally India Post have been the courier of peoples’ emotions and trust but changing with times will make India Post even more attractive and useful because of its reach and credibility.
*Deputy Director (M&C), PIB, New Delhi
For over 150 years post offices have been the most visible and popular face of the Indian Government throughout the country. The concept of e-governance i.e Government at your desktop being advocated and promoted today can trace its genesis in services rendered by Post Offices, when the Postman was the only person delivering mail personally at the doorstep of the people. Now India Post is gearing up to play more comprehensive role by reorienting itself to meet the expectations of future generations.
The Indian economy has scaled new height over the last few years and is still in acceleration mode. Emergence of several significant trends such as: liberalisation and globalisation; demographic shift towards urbanisation leading to increasing internal and external migration requiring to be serviced; monetisation of the economy especially the agricultural sector giving rise to a corresponding demand for financial services by all sections of the population; and government policy to increase funding for weaker section programs has necessitated changes in postal framework.
Services
The four main areas of services offered by India Post are- Communication Services- Delivering letters, post card etc; Transportation Services- Transporting parcels, logistics etc; Financial Services- Facilitating saving bank, money order, insurance etc and Value added Services- Providing speed post service, business post, direct post etc.
Transmission and delivery of mail is India Post’s core business so far. Post Office Savings Bank is the oldest and largest banking institution in the country. Transmission of funds by postal order/money order has been the traditional way of money transfer. Since 1884 onwards Postal Life Insurance (PLI) has been providing life insurance coverage, initially to employees of P&T Department and subsequently to all Government employees. Since 1995 PLI has been extended to the rural population of the country under a new scheme Rural Postal Life Insurance (RPLI).
Responsibilities
Globalization and the deepening of market mechanism in India have brought forward the concept of self sufficiency and social service going hand in hand. India Post is committed to fulfil the Universal Service Obligation for providing basic postal service throughout the country, irrespective of terrain, at an affordable price. India Post fulfils this obligation through the largest postal network of 1, 55,035 Post Offices (as on 31.3.08) in the world. Of these 1, 25, 489 Branch Post Offices cater exclusively to rural areas.
Besides new responsibility of facilitating applications under Right to Information is being shouldered by the post offices.
New Initiatives
To meet the challenges posed by ever changing communication technology especially mobile telephony and World Wide Web, Department of Post is attempting to transform it, striking a balance between its objectives and outcomes of transformation. As the transformation is a multi dimensional process attempt is being made to change the Department at multiple levels.
In order to provide better, faster and satisfactory services to its customers, India Post is focusing on few key areas. Pick up mail facility, electronically enabled services, a dedicated freighter services, the instant money order, and many other similar initiatives have been undertaken to reorient the services for providing greater satisfaction to its customer. At the same time, for self sufficiency, India Post is exploring the role of business facilitator for other organisations.
Dedicated Freighter Service
In an effort to deliver the mail, parcel, speed post and the logistic consignments by the next day in major cities, India Post has added two more aircrafts bringing the total number to three and the process to acquire the fourth is in pipeline. These three aircrafts dedicated to carry only postal cargo touch nine cities every night making possible faster delivery in major cities and their peripheral areas.
Project Arrow
An initiative to transform India Post into a vibrant and responsive organisation is going on under the ‘Project Arrow’. Under the Project 50 Post Offices were modernized in the first phase and 450 in the second phase. Now the third phase is under process for transforming 500 post offices. Selected post offices are undergoing complete overhaul in their look and feel as well as in their core functions and operations. Systematic transformation of post offices in a phased manner will revitalise India Post.
The new logo of India Post reflects this change. The straight lines have been replaced by bold strokes retaining the ‘wings’ element. There is an element of modernity with a conscious effort to maintain an element of continuity. Red and Yellow colours used in its logo convey passion, power and commitment with a pinch of hope, joy and happiness.
IT leads Initiatives
Efforts are on to equip post offices with latest communication means. All the post offices in the country will be computerised during the current five year plan. Major 25,000 post offices have already been computerized and the remaining branch post offices will be taken care during rest of the period. This will make the delivery of information and money order faster.
Recognition
Nation Wide reach of India Post has attracted many private partners. Be it Mutual funds or money transfer business. Since 2001 DOP has been making select mutual fund product available through post offices. Five years ago UTI Mutual Fund and Department of Post joined hands to bring capital markets closer to common man in semi urban and rural areas. India Post provides penetration to the remotest corners of India making mutual fund popular.
Recognising the crucial role, India Post was facilitated on 24th September 2009 with UTI-CNBC special commendation award in the form of “Financial Advisor Awards 08-09” trophy for effectively utilizing its network to promote financial inclusion in smaller places.
An efficient and reliable communication network is the lifeline of the nation and plays a crucial role in socio-economic development and the integration of the country. For nearly a century and half the Postal System has been the main component of the communication infrastructure for the country. Given the need for a strong communication and financial infrastructure, India Post is preparing to meet both challenges and avail of the opportunities presented by current market conditions. With its efforts India Post will make social, commercial and industrial life possible in the remotest parts of India. Though, traditionally India Post have been the courier of peoples’ emotions and trust but changing with times will make India Post even more attractive and useful because of its reach and credibility.
*Deputy Director (M&C), PIB, New Delhi
Monday, July 6, 2009
Fiscal deficit projected at 6.8% of GDP
The Finance Minister Pranab Mukherjee has said that the fiscal deficit as a percentage of GDP is projected at 6.8% as compared to 2.5% of the Budget Estimates for 2008-09 and 6.2% as per the provisional accounts of 2008-09.
Presenting the General Budget for 2009-10 in Lok Sabha today, Mr. Mukherjee assured that the government will address the issue in right earnest to come back the path of fiscal consolidation at the earliest as this level of deficit was a matter of concern.
The Finance Minister informed that the Budget Estimates for 2009-10 provide for a total expenditure of Rs.10,20,838 crore consisting of Rs.6,95,689 crore towards Non Plan and Rs.3,25,149 crore towards Plan expenditure. At this level the Non Plan expenditure marks an increase of 37% over BE 2008-09 whereas the Plan expenditure increases by 34%. The increase in expenditure in 2009-10 BE has been pegged at 36%. The Finance Minister pointed out that the Non Plan expenditure mainly increases on account of implementation of the 6th Pay Commission recommendations, increased food subsidy and higher interest payment arising out of the larger fiscal deficit in 2008-09.
Mukherjee provided a substantially increased Defence outlay of Rs.1,41,703 crore in the budget for 2009-10 as against Rs.1,05,600 crore in BE 2008-09. He informed the Lok Sabha that the total provision for subsidies during 2009-10 has been raised to Rs.1,11,276 crore from Rs.71,431 crore in BE 2008-09.
The Finance Minister told the Lok Sabha that the gross tax receipts are budgeted at Rs.6,41,079 crore in 2009-10 as compared to Rs.6,87,715 crore in BE 2008-09, given the possibility of economic down turned persisting in the current year. He informed that the non tax revenue receipts, is likely to be better at Rs.1,40,279 crore in the current fiscal as compared to Rs.95, 785 crore in BE 2008-09. The revenue deficit is projected at 4.8% of GDP as against 1% in BE 2008-09 on 4.6% as per provisional accounts of 2008-09.
Wednesday, April 29, 2009
ICSA FY 09 Revenues crosses INR 1100 Cr.
Mumbai, April 29, 2009: ICSA India Ltd., which provides embedded technology solutions and Infra structure deployment services for the power sector, is pleased to announce its FY 09 results for the period ended March 31, 2009.
The Profit after Tax (PAT) for FY 09 is up by 51.40 % to Rs. 168.27 Cr. as against Rs 111.14 Cr. for FY 08.
Total Income for FY 09 stood at Rs 1113.09 Cr. as against Rs 678.55 Cr. for FY 08, a growth of 64.03 %
Basic EPS stands at Rs.37.10 per share of Rs.2/- each as compared to Rs.27.57 per share of Rs.2/- each for corresponding previous year.
The results for the Q4 FY09 show that the total income stood at Rs 287.14 Cr. as against Rs 212.03 for Q4 FY 08, registering a growth of 35.42 %
Similarly, Profit after Tax (PAT) stood at Rs 34.05 Cr. for Q4 FY09 as against Rs 37.45 Cr. for the corresponding quarter last year.
“A sound order book position to the tune of Rs 1915 Cr. and strong commitment from our clients has ensured our journey on the growth path in the transmission and distribution segment.” Mr. G Bala Reddy, CMD, ICSA India Ltd said on Wednesday following the company’s board meeting.
"We continue to come up with innovative solutions and improve our services on the Infrastructure business for the power sector. However, the year that passed by has seen significant changes in APDRP, which stands as the backbone of the power sector reforms in India. The new policies and implementation procedures of rAPDRP, coupled with the nationwide electoral process have affected the reforms in terms of cease on new project releases and prolonged execution of ongoing projects.
The overdue caused due to structural changes proposed through rAPDRP have a systemic effect on all the stakeholders in the radius with out exceptions to ICSA.”
Going forward during this financial year, while we are set to achieve the targets, revenue is expected to see a shift, since the order book has a higher contribution from infrastructure services compared to embedded technologies business group. The delayed rAPDRP have pushed the technology project cycles by almost 2 quarters which might show effect on our overall business performance. This change is likely to be visible in the quarter already in progress.
Some important highlights during the year include:
• The infrastructure business has shown a tremendous increase in the overall business mix for the quarter over the previous quarters.
• ICSA has bagged orders worth Rs. 515 crores from various clients in Q4. Infrastructure orders make up majority.
• The Raw material cost increased marginally due to the inflationary trend in major input costs during the quarter
• Manpower expenses has come down as a percentage of sales
• The effective tax rate for ICSA has reduced due to the benefits claimed by commissioning of 9.6 MW wind power facility during the year
• PAT has shown a variation from the last year due to a combined effect of increase of costs, interests and variation in tax rate and business mix.
About ICSA (India) Ltd.
ICSA (India) Ltd. provides hardware and software to power firms and electricity boards to tackle AT&C losses. Over 95% of its business comes from the power space and the rest from oil & gas, where it provides solutions for monitoring and protecting pipelines. ICSA (India) Ltd. is also in the business of infrastructure deployment services in transmission and distribution segments like erection of substations and lines. The company counts amongst its investors Goldman Sachs, Morgan Stanley and the Government of Singapore.
The company's product line includes: Intelligent Automatic Meter Reading System, Multiplexer Unit, Distribution Transformer Monitoring System, Substation Controller, Micro Remote Terminal Unit, Theft Detection Devices, and Pole Top RTU. The company has developed products suitable for power utilities in the field of Energy Management, Energy Audit, and Control applications and provides versatile Data Acquisition Systems using GSM, CDMA, and RF. ICSA makes products, which primarily detect the where, how and how much are the AT&C losses and feed the impacted institutions. Armed with the vital statistics, affected institutions take the necessary steps to plug loopholes.
ICSA enjoys first mover advantage, having begun in FY 2004. It began developing embedded solutions for identifying and minimizing AT&C losses and monitoring power consumption. Its first product was IAMR or the Intelligent Automatic Meter Reading, followed by other products such as DTMS, TDD, iCAP, etc.
ICSA is addressing a critical segment of the economy, and a pressing concern. For more details visit www.icsa-india.com.
For Further information, kindly contact
Shahab Shaikh | Account Manager
Concept Public Relations Limited
Queen's Mansion | First Floor | Prescot Road | Next to Cathedral School | Fort | Mumbai 400001
D: 022.40558927 | O: 022.40558900 | M: + 91 93208 97525 | F: 022.40558901
E: shahab@conceptpr.com | shahab.conceptpr@gmail.com
www.conceptpr.com
The Profit after Tax (PAT) for FY 09 is up by 51.40 % to Rs. 168.27 Cr. as against Rs 111.14 Cr. for FY 08.
Total Income for FY 09 stood at Rs 1113.09 Cr. as against Rs 678.55 Cr. for FY 08, a growth of 64.03 %
Basic EPS stands at Rs.37.10 per share of Rs.2/- each as compared to Rs.27.57 per share of Rs.2/- each for corresponding previous year.
The results for the Q4 FY09 show that the total income stood at Rs 287.14 Cr. as against Rs 212.03 for Q4 FY 08, registering a growth of 35.42 %
Similarly, Profit after Tax (PAT) stood at Rs 34.05 Cr. for Q4 FY09 as against Rs 37.45 Cr. for the corresponding quarter last year.
“A sound order book position to the tune of Rs 1915 Cr. and strong commitment from our clients has ensured our journey on the growth path in the transmission and distribution segment.” Mr. G Bala Reddy, CMD, ICSA India Ltd said on Wednesday following the company’s board meeting.
"We continue to come up with innovative solutions and improve our services on the Infrastructure business for the power sector. However, the year that passed by has seen significant changes in APDRP, which stands as the backbone of the power sector reforms in India. The new policies and implementation procedures of rAPDRP, coupled with the nationwide electoral process have affected the reforms in terms of cease on new project releases and prolonged execution of ongoing projects.
The overdue caused due to structural changes proposed through rAPDRP have a systemic effect on all the stakeholders in the radius with out exceptions to ICSA.”
Going forward during this financial year, while we are set to achieve the targets, revenue is expected to see a shift, since the order book has a higher contribution from infrastructure services compared to embedded technologies business group. The delayed rAPDRP have pushed the technology project cycles by almost 2 quarters which might show effect on our overall business performance. This change is likely to be visible in the quarter already in progress.
Some important highlights during the year include:
• The infrastructure business has shown a tremendous increase in the overall business mix for the quarter over the previous quarters.
• ICSA has bagged orders worth Rs. 515 crores from various clients in Q4. Infrastructure orders make up majority.
• The Raw material cost increased marginally due to the inflationary trend in major input costs during the quarter
• Manpower expenses has come down as a percentage of sales
• The effective tax rate for ICSA has reduced due to the benefits claimed by commissioning of 9.6 MW wind power facility during the year
• PAT has shown a variation from the last year due to a combined effect of increase of costs, interests and variation in tax rate and business mix.
About ICSA (India) Ltd.
ICSA (India) Ltd. provides hardware and software to power firms and electricity boards to tackle AT&C losses. Over 95% of its business comes from the power space and the rest from oil & gas, where it provides solutions for monitoring and protecting pipelines. ICSA (India) Ltd. is also in the business of infrastructure deployment services in transmission and distribution segments like erection of substations and lines. The company counts amongst its investors Goldman Sachs, Morgan Stanley and the Government of Singapore.
The company's product line includes: Intelligent Automatic Meter Reading System, Multiplexer Unit, Distribution Transformer Monitoring System, Substation Controller, Micro Remote Terminal Unit, Theft Detection Devices, and Pole Top RTU. The company has developed products suitable for power utilities in the field of Energy Management, Energy Audit, and Control applications and provides versatile Data Acquisition Systems using GSM, CDMA, and RF. ICSA makes products, which primarily detect the where, how and how much are the AT&C losses and feed the impacted institutions. Armed with the vital statistics, affected institutions take the necessary steps to plug loopholes.
ICSA enjoys first mover advantage, having begun in FY 2004. It began developing embedded solutions for identifying and minimizing AT&C losses and monitoring power consumption. Its first product was IAMR or the Intelligent Automatic Meter Reading, followed by other products such as DTMS, TDD, iCAP, etc.
ICSA is addressing a critical segment of the economy, and a pressing concern. For more details visit www.icsa-india.com.
For Further information, kindly contact
Shahab Shaikh | Account Manager
Concept Public Relations Limited
Queen's Mansion | First Floor | Prescot Road | Next to Cathedral School | Fort | Mumbai 400001
D: 022.40558927 | O: 022.40558900 | M: + 91 93208 97525 | F: 022.40558901
E: shahab@conceptpr.com | shahab.conceptpr@gmail.com
www.conceptpr.com
Monday, April 27, 2009
IDBI Fortis launches Retiresurance Pension Plan
• Offers a wide array of flexible investment options to ensure a comfortable paycheck during retirement
• Guaranteed loyalty additions, Tax benefits
MUMBAI: Targeting the Rs 35,000 crore pension plan market, IDBI Fortis Life Insurance today announced the launch of its innovative RetiresuranceTM Pension plan which will help its customer ensure a comfortable paycheck for themselves post retirement.
Launched only last year, IDBI Fortis Life Insurance, one of the fastest growing life insurance companies in India, has come out with WealthsuranceTM, BondsuranceTM and HomesuranceTM plans which have proved to be instant hits with its customers. With the RetiresuranceTM Pension Plan, the company aims to fulfill the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire.
“With the rising costs of living and fluctuating fortunes, RetiresuranceTM Pension Plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch,” said Mr. G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
“Earlier generations may not have had a formal retirement plan but they had relatively fewer consumption needs. It was rare to find people who had shifted through several jobs in the course of an active career. As a result, pensions and gratuities issued by their employers were deemed sufficient. Times have changed now, and in most contemporary industries, few employers provide for a life long pension,” Mr. Rao explained.
Sounding a note of caution, he said that managing finances during retirement would be extremely tough if one hasn’t planned for retirement. The best way to enjoy the good times even in your golden years would be to build your investments in advance for retirement.
The IDBI Fortis RetiresuranceTM Pension Plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes. It offers a wide choice of investment options to build a retirement corpus, such as equity linked funds for those with a high risk appetite and debt funds for those desiring relative stability. The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions. The plan also offers liquidity through partial withdrawals and surrender. Furthermore, the customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 years to 75 years. All these features are with no additional cost to the customer.
IDBI Fortis RetiresuranceTM Pension Plan also boosts the investment returns for its customers through Guaranteed Loyalty Additions at the end of specific terms as an incentive for making long term investments.
Customers of this plan will enjoy tax savings under Sec 80 CCC. More over, one-third of the retirement corpus can be commuted tax free under Sec 10(10A) as well.
About IDBI Fortis:
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. In just five months of inception, we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2009, the company had collected more than 320 Cr in premiums, through over 85,000 policies and over Rs 2,500Cr in Sum Assured. Do visit www.idbifortis.com to know more.
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 537 branches and more than 915 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 600 branches and 500 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. They operate on the core banking platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Please visit www.federalbank.co.in to know more.
Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
• Guaranteed loyalty additions, Tax benefits
MUMBAI: Targeting the Rs 35,000 crore pension plan market, IDBI Fortis Life Insurance today announced the launch of its innovative RetiresuranceTM Pension plan which will help its customer ensure a comfortable paycheck for themselves post retirement.
Launched only last year, IDBI Fortis Life Insurance, one of the fastest growing life insurance companies in India, has come out with WealthsuranceTM, BondsuranceTM and HomesuranceTM plans which have proved to be instant hits with its customers. With the RetiresuranceTM Pension Plan, the company aims to fulfill the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire.
“With the rising costs of living and fluctuating fortunes, RetiresuranceTM Pension Plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch,” said Mr. G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
“Earlier generations may not have had a formal retirement plan but they had relatively fewer consumption needs. It was rare to find people who had shifted through several jobs in the course of an active career. As a result, pensions and gratuities issued by their employers were deemed sufficient. Times have changed now, and in most contemporary industries, few employers provide for a life long pension,” Mr. Rao explained.
Sounding a note of caution, he said that managing finances during retirement would be extremely tough if one hasn’t planned for retirement. The best way to enjoy the good times even in your golden years would be to build your investments in advance for retirement.
The IDBI Fortis RetiresuranceTM Pension Plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes. It offers a wide choice of investment options to build a retirement corpus, such as equity linked funds for those with a high risk appetite and debt funds for those desiring relative stability. The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions. The plan also offers liquidity through partial withdrawals and surrender. Furthermore, the customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 years to 75 years. All these features are with no additional cost to the customer.
IDBI Fortis RetiresuranceTM Pension Plan also boosts the investment returns for its customers through Guaranteed Loyalty Additions at the end of specific terms as an incentive for making long term investments.
Customers of this plan will enjoy tax savings under Sec 80 CCC. More over, one-third of the retirement corpus can be commuted tax free under Sec 10(10A) as well.
About IDBI Fortis:
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. In just five months of inception, we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2009, the company had collected more than 320 Cr in premiums, through over 85,000 policies and over Rs 2,500Cr in Sum Assured. Do visit www.idbifortis.com to know more.
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 537 branches and more than 915 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 600 branches and 500 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. They operate on the core banking platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Please visit www.federalbank.co.in to know more.
Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
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