Edelweiss Tokio Life recently launched Critical Illness insurance product : Edelweiss Tokio Life Criticare+.As name indicates it will provide a insurance cover against 17 mentioned critical illnesses.If policy holder is diagnosed with any mentioned critical illness then lumpsum benefits are payable immediately on diagnosis and if policy holder is survived for 28 days after diagnosis.Please remember that this is not Mediclaim product and so benefit will payable on diagnosis unlike to mediclaim products where hospitalization is needed for claim.
Details of Edelweiss Tokio Criticare+ are as follows:
Cover will be against 17 major critical illnesses :
- Open Chest CABG -Coronery Artery Bypass Graft
- First Heart attack of Specified Severity.
- Open heart replacement or Repair of Heart valves.
- Kidney failure which need Regular dialysis.
- Major Organ transplants – like Kidney,Heart
- Stroke resulting in permanent symptoms
- Arota surgery
- Permanent paralysis of limbs
- Coma of specific severity
- Severe burns
- Total blindness
- Aplastic anaemia
- Cancer of specific severity
- Benign brain tumor
- Major organ transplant – Bone marrow,Liver,lung,pancreas
- Motor neuron disease with permanent symptoms
- Multiple sclerosis.
Please take medical help to understand the meaning of illnesses mentioned above or Refer to broucher Here
Multiclaim Option: This policy have added multiclaim option.Company have categorized illnesses in 03 different groups and one illness under different groups can be claimed .But this facility will come with added premium rate.
Premium of Edelweiss Tokio Criticare+:
Premium rates depends on sum insured, Age and policy term.Premium rates will be higher for more term, age and sum insured.E.g for Sum insured of Rs. 5Lakh individual with age 35 yrs and policy term of 30 yrs premium will be Rs 2575 + Service Tax and surcharges & for individual of 40 yrs , premium will be Rs.3600 + S.T and Surcharge.
Limitations of this plan:
- This is critical insurance plan so claim will be payable only if severity of illness is life threatening.E.g there are certain cases of cancers which are not life threatening .
- Premium rates are fixed for 05 yrs and can be revised thereafter as per experience of company so policy holder need to pay premiums at revised rates to continue the plan.
- Claim payable only if policy holder survives for at least 28 days after diagnosis.
- Max term is available for 30 yrs so for individual of 35 yrs cover will be available up to age of 65 yrs which may not be sufficient.
- As this is pure critical illness plan , there won’t be any survival , maturity or surrender benefits.
Tax benefits:Tax benefits U/S 80d are available for premium paid towards this policy.
Its true that Critical illness may lead to severe loss of income and put pressure on family due to heavy expenses towards such illnesses.But after considering limitations of this plan one can purchase only if he/ she affords to buy after having sufficient exposure towards own retirement corpus and other necessary expenses.
Disclaimer : Author not related to any insurance company
SREI Equipment finance – issue of Secured non-convertible debentures – NCDs will open on April 09,2015.This issue offers different options like – Monthly interest,Annual interest and Cumulative.SREI Infracture is looking to raise Rs.500 crore through this issue.
More details of SREI Equipment finance NCD issue are as follows:
- Issue Open Date: April 09, 2015
- Issue Close Date: April 30, 2015.
About SREI Equipment Finance:
SREI infrastructure finance is Joint venture company between SREI Infrastructure finance – India’s only infrastructure finance NBFC and BNP Paribas – the largest leasing group of Europe having presence in 15 countries.
SREI Equipment finance is engaged in business services like – Equipment & Logistic Solutions,Technology Solutions, Healthcare Equipments,Agricultural Equipment Financing.
- Credit Rating: CARE AA and BWR AA indicates stable issue.
- Minimum application amount : Rs.10,000/-
- NCD listing : At NSE and BSE.NCD holder can sell NCD through secondary market at market yield.
Monthly Interest Payment Option:
As name indicates,interest will paid monthly.
Annual Interest Option:
Interest will paid annually on allotment date each year.
Cumulative Interest Option:
Principle and interest payable at maturity on cumulative basis.
Currently we are in trending down interest rate scenario.Most of the banks have already lowered their interest rates up to 8.50%.We can see good demand in debt market for issues offering fixed interest rates which may be in the range of 10-11%.Credit rating of this issue can be considered as good and invest some part in this issue.
Muthoot Finance – Largest gold loan company has come up with an issue of non-convertible debentures – NCDs which will open on March 25, 2015.Muthoot finance will raise Rs.300 crore through this issue.Issue offers different options like – Monthly Interest payment, Annual interest payment and cumulative.
Muthoot finance offers personal as well business loan backed by security of Gold jewellery.Currently muthoot finance have gold loan market share of 20% and company’s outstanding Gold loan under management stands more than 21,000 Crore.
- Issue Open Date:March 25, 2015
- Issue Close Date:April 27, 2015.
Issue have both secured and Un-secured NCDs.Cumulative NCDs of tenure 81 months are of Un-secured nature and will be treated asTier – II capital.company will not create any charge for unsecured NCDs.While Secured NCDs will be secured through charge on idenfied movable assets and future receivables of company.
Credit Rating : AA- by ICRA indicates stable issue.
Different Options : Monthly interest, Annual Interest and Cumulative.
Monthly Interest Option :
Interest will be paid monthly to investors.
Annual Interest Payment Option:
Cumulative interest option:
81 MONTH Unsecured cumulative Option:
Company’s profit after depreciation and Tax:
Being Gold loan company,external factors like gold rate, currency or RBI regulations can affect company’s performance.As per current regulation Gold loan company can offer loan up to 75% of value which provide allowance for company against immediate fall in Gold rates.One can invest in this issue but should be aware of commensurate credit risk.