Health Insurance Portability, a reality from October 1 :Business Line,

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Your health insurance policy will finally become “portable” from October 1. People who want to switch non-life insurer need to apply 45 days prior to the date of renewal. The portability is expected to help you switch to another insurer if you are unhappy with the service, premium rates or coverage offered by your current health policy.

Gift more, overseas

Thinking of transferring multi-bagger shares you hold to dear ones abroad? RBI has just allowed you to show more magnanimity. The central bank has doubled the amount a resident in India can transfer as a gift to a person outside, to $50,000. The gift can be any security, including shares or convertible debentures. However, don't forget to take approval from RBI before doing so.

Deposit rates hiked

If you did not lock your surpluses into fixed deposits when rates moved higher over the last few months, here's yet another chance. Oriental Bank of Commerce has upped the rates on deposits with a maturity period between 1 and 2 years from 9.6 per cent to 9.75 per cent per annum. Allahabad Bank too has raised the rates on term deposits of between 91 and 179 days to 7.3 per cent.

Insurance-cum-savings product

Canara Robeco-HSBC-Oriental Bank of Commerce Life Insurance has come up with a traditional group protection-cum-savings insurance product. Named the Smart Sanchay Plan, the scheme is designed for deposit account holders of all the distributor banks. New depositors and customers of the distributor banks can opt for this product. On maturity, the insured get assured returns on their premium with such returns being equal to savings account return of 4 per cent, besides an insurance cover of up to 10 times the premium in case of demise and double the sum assured on accidental death. So, check with your bank and cash-in on the offer.

Dual-rate housing loan

LIC Housing Finance has launched a dual-rate housing loan scheme. Called ‘New Advantage 5', home loans are offered at a fixed rate of interest for the first five years and floating rates thereafter. For the five year tenure, loan up to Rs 30 lakh is offered at 11.15 per cent ; between Rs 30 and 75 lakh, at 11.40 per cent and loans above Rs 75 lakh, at 11.65 per cent.

Insurance for all reasons

Bajaj Allianz Life Insurance has launched ‘iSecure Loan' Plan, catering to those who seek a cover for their liabilities. A decreasing cover plan, it allows the insured to reduce cover as the loan liability decreases over years. The other product– ‘iSecure More' is an increasing cover term assurance plan. The insured can increase the life cover by 5 per cent of sum assured when the policy premium falls due annually and can increase it a maximum of twice the sum assured at the time of taking the cover.

Meanwhile, ICICI Pru has come out with two unit-linked product offerings – Pru Elite Life and Pru Elite Wealth. The products offer the flexibility of choosing a single pay option or a limited pay option for premium payments over a period of five years. Both these products allow customers to structure their asset allocation by choosing from a wide range of fund options. On maturity, you can choose to receive the maturity benefit as a lump sum or as a structured payout through the settlement option to meet financial goals. Customers are eligible for a loyalty bonus every year from the sixth year.