New travel insurance just for students
ICICI Lombard General Insurance Co. Ltd has launched a new variant of their travel insurance plan, called Overseas Student Travel Insurance–Gold Plan, especially designed for students going abroad for further studies.
Like a typical travel insurance policy, it is primarily a health insurance plan that comes along with personal accident and dental treatment covers. It also packs in personal liability and check-in baggage loss insurance.
It provides up to $7,500 (Rs3.5 lakh) if the studies are interrupted due to a medical emergency or any other reason on the family front, such as death of a family member. The plan pays for the return ticket and accommodation expenses if the student wants to fly back to be with the family or to ge a family member visits the student.
Covers, such as sponsors protection (the policy will pay your tuition fees if your sponsor dies), bail bond (it will bail you out in case you are jailed), and repatriation of remains (it will send back your body to your family in case you die) are also available.
The company has introduced a new feature called “find your university” on its website, www.icicilombard.com, which enables a student to check if the insurance plan is in sync with the requirements of the university the student wishes to apply to. The policy is cashless.
— Deepti Bhaskaran
MFs gun for PSUs, the safer investment bets
Mutual funds tend to get cozy with a theme or sector time and again. And as history goes, they do so in a herd. So what’s new this time around? Public sector units (PSU) are the new fancy of mutual funds (MF). Not just equity schemes but MFs are also lining up debt funds that would aim to invest in PSUs.
Religare Asset Management Co. Pvt Ltd recently launched a PSU equity fund, which collected Rs229 crore. Sundaram BNP Paribas Asset Management Co. Ltd, too, launched its PSU fund recently. And now it’s the turn of Baroda Pioneer Asset Management Co. Ltd. Back in business after around a 3-year hiatus, the fund house has launched Baroda Pioneer PSU Bond Fund.
This is a debt fund, though, and will aim to invest in scrips with around two-three years’ maturity bracket. Fund managers claim that public sector companies are comparatively safer avenues to invest in on account of their governmental heritage and because of the fact that they occupy almost monopolistic positions in their respective industries.
— Kayezad E. Adajania
Now, limit credit card spend on add-ons
Banks are coming up with innovative ways to ensure that you don’t spend too much through your credit card. Putting sub-limits on the spend through add-on cards is one of them.
HDFC Bank Ltd credit cardholders can now put sub-limits on their supplementary cards, also known an add-on cards. Under this, the spending limits of add-on cardholders can be fixed. So, now you can give a supplementary card to your child, spouse or even your driver without worry. You will also get an SMS when the add-on cardholder makes a purchase to enable you to control the limit, but also keep a tab on the type of spends.
Most banks offer supplementary cards, through which a person can spend as much as 100% of the primary cardholders’ limit. In fact, most people do not opt for supplementary cards due to fear of overspending. For HDFC Bank cardholders, who do not choose a sub-limit, they get a default limit of 100% of the credit limit.
ICICI Bank Ltd also offers this facility on its credit cards.
— Bindisha Sarang