Private sector life insurer Max New York Life on Monday launched Shiksha Plus, a unit-linked plan, to facilitate a child's aspirations and goals over different phases of student life. "Shiksha plus is a 360-degree child plan that provides resources for over all development of your child under all uncertain circumstances," said Max New York Life director V Viswanand. Along with addressing the increasing cost of education, the plan also provides an option to secure the future of second child, he said. In case of death of the parent, the nominee or beneficiary is entitled to receive 10% of initial sum assured every year, subject to a maximum of 100% of sum assured, to provide for yearly education expenses of the child, Mr Viswanand said. It provides control over uncertainties of life and inflation, he added. Available with seven investment fund options, the plan has the option for upgrading premium for sibling on birth/adoption of second child, he said, adding, one could also increase the premium option to counter the impact of inflation. With a minimum premium of Rs 5,000, the fund allows partial withdrawal after completion of three years.
WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions. While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application. Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
