10 march 2002

lic to launch plan on the lines of ulip
kolkata: life insurance corporation of india (lic) will be launching a product similar to the unit-linked insurance policy of the unit trust of india (uti) - ulip.

lic has already launched an equity-linked policy christened bima plus, but it did not have any unit-linked policy of its own although it had a tax saving mutual fund -- dhanraksha.

lic has been selling dhanaraksha for quite sometime now, but market survey conducted on mutual funds reflected that ulip has outperformed the former.

ulip is a tax saving scheme from uti, that was converted into an open-ended tax saving-cum-insurance plan based on net asset value a few months back. the tenure of the scheme is either 10 years or 15 years with the minimum target amount at rs 15,000 or rs 75,000.

9 march 2002

idbi to buy rs 100 cr of ifci assets
mumbai: the industrial development bank of india (idbi) has agreed to purchase assets worth rs 100 crore from ifci.

idbi has further agreed to provide a total capital of rs 400 crore to ifci against rs 200 crore decided earlier. idbi holds 30 per cent equity stake in the ifci, which is saddled with high non performing asset of over 20 per cent and lower than stipulated capital adequacy ratio.

the finance ministry had asked three key shareholders of ifci - idbi, state bank of india and life insurance corporation - to provide rs 200 crore each as capital in order to shore up its car.

8 march 2002