Validus Holdings, Ltd. (NYSE: VR - News) announced the pricing on July 24, 2007 of its initial public offering of 15,244,888 common shares at US$22.00 per common share.
The shares will be listed on the New York Stock Exchange and will trade under the symbol "VR" beginning July 25. The offering proceeds will be used to repay interim financing for the acquisition of Talbot Holdings Ltd., to support the future growth of Validus Re and for general corporate purposes.
Goldman, Sachs & Co. and Merrill Lynch & Co. are joint book-running managers for the offering. Co-managers for the offering include Deutsche Bank Securities, JPMorgan, UBS Investment Bank, Wachovia Securities, Cochran Caronia Waller, Dowling & Partners Securities, LLC, Keefe Bruyette & Woods, ABN AMRO Rothschild LLC, Scotia Capital, Calyon Securities (USA) Inc., Comerica Securities, HSBC, and ING Financial Markets. The underwriters have the option to purchase up to an additional 2,286,733 common shares to cover over-allotments.
A copy of the prospectus for the offering can be obtained from Goldman, Sachs & Co. Attn: Prospectus Department 85 Broad Street, New York, NY 10004 Fax: +1-212-902-9316 Email: prospectus-ny@ny.email.gs.com or from Merrill Lynch & co. Attn: Prospectus Department 4 World Financial Center, New York, New York 10080 Telephone: +1-866-500-5408.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. ("Validus Re") and Talbot Holdings Ltd. ("Talbot"). Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This release or any other written or oral statements made by or on behalf of Validus Holdings, Ltd. and its subsidiaries (collectively, the "Company") may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements involve the Company's current assessment of risks and uncertainties, which may cause actual events and results and prospects to differ materially from those expressed or implied in these statements. Certain information regarding such risks and uncertainties is set forth in the Company's filings with the Securities and Exchange Commission. Such risks and uncertainties include, but are not limited to, the following: unpredictability and severity of catastrophic events; the Company's ability to obtain and maintain ratings, which may be affected by its ability to raise additional equity or debt financings, as well as other factors described herein; adequacy of the Company's risk management and loss limitation methods; cyclicality of demand and pricing in the reinsurance market; the Company's limited operating history; the Company's ability to successfully implement its business strategy during "soft" as well as "hard" markets; adequacy of the Company's loss reserves; continued availability of capital and financing; the Company's ability to identify, hire and retain, on a timely and unimpeded basis and on anticipated economic and other terms, experienced and capable senior management as well as underwriters, claims professionals and support staff; acceptance of the Company's business strategy, security and financial condition by rating agencies and regulators, as well as by brokers and reinsureds; competition, including increased competition, on the basis of pricing, capacity, coverage terms or other factors; potential loss of business from one or more major reinsurance brokers; the Company's ability to implement, successfully and on a timely basis, complex infrastructure, distribution capabilities, systems, procedures and internal controls, and to develop accurate actuarial data to support the business and regulatory and reporting requirements; general economic and market conditions (including inflation, interest rates and foreign currency exchange rates) and conditions specific to the reinsurance markets in which the Company expects to operate; the integration of Talbot Holdings Ltd. or other businesses the Company may acquire; accuracy of those estimates and judgments utilized in the preparation of the Company's financial statements, including those related to revenue recognition, insurance and other reserves, reinsurance recoverables, investment valuations, intangible assets, bad debts, income taxes, contingencies, litigation and any determination to use the deposit method of accounting, which, for a relatively new insurance and reinsurance company like the Company, are even more difficult to make than those made in a mature company because of limited historical information; acts of terrorism, political unrest and other hostilities or other unforecasted and unpredictable events; availability to the Company of retrocessions to manage its gross and net exposures and the cost of such retrocessions; the failure of retrocessionaires, producers or others to meet their obligations to the Company; the timing of loss payments being faster or the receipt of reinsurance recoverables being slower than anticipated by the Company; changes in domestic or foreign laws or regulations, or their interpretations; changes in accounting principles or the application of such principles by regulators; and statutory or regulatory or rating agency developments, including as to tax policy and matters and reinsurance and other regulatory matters such as the adoption of proposed legislation that would affect Bermuda-headquartered companies and/or Bermuda-based insurers or reinsurers. In addition, other general factors could affect the Company's results, including: (a) developments in the world's financial and capital markets and the Company's access to such markets; (b) changes in regulations or tax laws applicable to the Company, including, without limitation, any such changes resulting from the recent investigations relating to the insurance industry and any attendant litigation; and (c) the effects of business disruption or economic contraction due to terrorism or other hostilities. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Thursday, August 2, 2007
Thursday, July 26, 2007
CNA Financial lawsuit over severance pay to go on
A U.S. federal judge has denied CNA Financial Corp.'s (CNA.N: Quote, Profile, Research) request to throw out a case brought against it by former employees over severance benefits, according to a written ruling.
U.S. District Judge James Holderman in the Northern District of Illinois declined to throw out two of the three counts pending in the case, saying they must go to trial unless the parties settle, according to the ruling dated Monday.
Holderman, however, dismissed one count and "strongly urged" the two sides to discuss settlement.
Chicago-based CNA, which is mostly owned by New York conglomerate Loews Corp. (LTR.N: Quote, Profile, Research), is one of the largest commercial insurance companies in the United States,
The lawsuit was brought in December 2004 by 90 people who worked for CNA's life business operations unit, according to the ruling.
The plaintiffs worked as sales representatives, selling life insurance, long-term care insurance and annuities. Their positions were eliminated when CNA sold the unit to reinsurer Swiss Re (RUKN.VX: Quote, Profile, Research), according to the ruling.
The plaintiffs, who were fired on April 5, 2004, filed the lawsuit after CNA denied their claims to severance benefits, according to the ruling.
U.S. District Judge James Holderman in the Northern District of Illinois declined to throw out two of the three counts pending in the case, saying they must go to trial unless the parties settle, according to the ruling dated Monday.
Holderman, however, dismissed one count and "strongly urged" the two sides to discuss settlement.
Chicago-based CNA, which is mostly owned by New York conglomerate Loews Corp. (LTR.N: Quote, Profile, Research), is one of the largest commercial insurance companies in the United States,
The lawsuit was brought in December 2004 by 90 people who worked for CNA's life business operations unit, according to the ruling.
The plaintiffs worked as sales representatives, selling life insurance, long-term care insurance and annuities. Their positions were eliminated when CNA sold the unit to reinsurer Swiss Re (RUKN.VX: Quote, Profile, Research), according to the ruling.
The plaintiffs, who were fired on April 5, 2004, filed the lawsuit after CNA denied their claims to severance benefits, according to the ruling.
Sunday, July 22, 2007
Copart to Acquire Century Salvage Sales Limited
) today announced that it has entered into a definitive agreement to acquire Century Salvage Sales Limited, a vehicle salvage disposal company with three facilities located in the United Kingdom. This acquisition will bring the number of salvage facilities in the United Kingdom to 10 and the number of facilities worldwide to 134. The transaction is expected to close on August 1, 2007.
Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through a completely virtual auction-style trading platform, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. Copart operates 134 facilities in the United States, Canada and the United Kingdom. It also provides services in other locations through its network of independent salvage vehicle processors.
Cautionary Note About Forward-Looking Statements
Certain statements in this document regarding the pending transaction between Copart and Century constitute "forward-looking statements" as those terms are defined in the U.S. Private Securities Litigation Reform Act of 1995. When used in this document, the words "believe," "anticipate," "should," "intend," "plan," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions or statements that are not historical facts, in each case as they relate to Copart and Century or the proposed transaction are intended to identify those expressions or statements as "forward-looking statements." These statements, and the proposed transaction between Copart and Century, involve substantial risks and uncertainties, many of which are beyond the control of either Copart or Century and which could have a material adverse effect on Copart's business, operating results, and financial condition upon completion of the transaction. Among other factors, these risks include (i) the risk that Copart fails to obtain and retain anticipated synergies from the acquisition of Century and the integration of Copart and Century; (ii) Copart's inexperience at conducting business operations outside North America and its lack of familiarity with local laws, regulations, or business practices; (iii) challenges associated with managing a company on a global scale; (iv) any inability to achieve business and financial objectives of the combined companies; (v) the ability to manage and maintain key customer and supplier relationships and the reliance of both Copart and Century on key supplier relationships; (vi) the ability of Copart to retain key Century employees after the transaction is completed; (vii) delays in obtaining or adverse conditions contained in any regulatory or third-party approvals in connection with the proposed acquisition; (viii) additional capital expenditures or other costs associated with adapting Century's business model and information technology infrastructure to Copart's model and systems; (ix) the ability to manage regulatory, tax, and legal matters and to resolve pending matters within current estimates; and (x) foreign currency exchange risks. In addition, investors in Copart should carefully review the various risks and uncertainties associated with Copart's business, which are described in greater detail in Copart's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission.
Copart, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through a completely virtual auction-style trading platform, principally to licensed dismantlers, rebuilders and used vehicle dealers. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. Copart operates 134 facilities in the United States, Canada and the United Kingdom. It also provides services in other locations through its network of independent salvage vehicle processors.
Cautionary Note About Forward-Looking Statements
Certain statements in this document regarding the pending transaction between Copart and Century constitute "forward-looking statements" as those terms are defined in the U.S. Private Securities Litigation Reform Act of 1995. When used in this document, the words "believe," "anticipate," "should," "intend," "plan," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions or statements that are not historical facts, in each case as they relate to Copart and Century or the proposed transaction are intended to identify those expressions or statements as "forward-looking statements." These statements, and the proposed transaction between Copart and Century, involve substantial risks and uncertainties, many of which are beyond the control of either Copart or Century and which could have a material adverse effect on Copart's business, operating results, and financial condition upon completion of the transaction. Among other factors, these risks include (i) the risk that Copart fails to obtain and retain anticipated synergies from the acquisition of Century and the integration of Copart and Century; (ii) Copart's inexperience at conducting business operations outside North America and its lack of familiarity with local laws, regulations, or business practices; (iii) challenges associated with managing a company on a global scale; (iv) any inability to achieve business and financial objectives of the combined companies; (v) the ability to manage and maintain key customer and supplier relationships and the reliance of both Copart and Century on key supplier relationships; (vi) the ability of Copart to retain key Century employees after the transaction is completed; (vii) delays in obtaining or adverse conditions contained in any regulatory or third-party approvals in connection with the proposed acquisition; (viii) additional capital expenditures or other costs associated with adapting Century's business model and information technology infrastructure to Copart's model and systems; (ix) the ability to manage regulatory, tax, and legal matters and to resolve pending matters within current estimates; and (x) foreign currency exchange risks. In addition, investors in Copart should carefully review the various risks and uncertainties associated with Copart's business, which are described in greater detail in Copart's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission.
Friday, July 13, 2007
INSURANCE NEWS
insurance
Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme. To know more, read the Key Benefits of Life InsuranceLife insurance, especially tailored to meet financial needs Need for Life InsuranceToday, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.Let us look at these unique benefits of life insurance in detail. Asset ProtectionFrom an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer. Goal based savingsEach of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.The table below gives a general guide to the plans that are appropriate for different life stages. Life Stage Primary Need Life Insuarance Product Young & Single Asset creation Wealth creation plans Young & Just married Asset creation & protection Wealth creation and mortgage protection plans Married with kids Children's education, Asset creation and protection Education insurance, mortgage protection & wealth creation plans Middle aged with grown up kids Planning for retirement & asset protection Retirement solutions & mortgage protection Across all life-stages Health plans Health Insurance To find out, which ICICI Prudential plan will best suit your requirements, play the Wheel of Fortune game by clicking hereWhat is your Human Life Value?Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings. Why should you calculate your Human Life Value?You should calculate your Human Life Value so you can accordingly invest in insurance plans that provide your family with adequate finances and hence security even in your absence. How do you determine your Human Life Value?Your Human Life Value is determined by 3 factors: 1. Your age 2. Current and future expenses 3. Current and future income As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income. Of course, the exact amount of your investment should be determined by the number of people who depend on you, your existing investments and your life stage. For example, if you are 30 years of age and have two children and parents to provide for, the amount you invest should be reflective of your requirements. Calculate your Human Life Value NOW Use our quick and easy Human Life Value Calculator to determine your Human Life Value and the corresponding amount you should invest. Start right away! All through your life, several significant events the birth of your child, moving to a larger home, his or her education and wedding, buying a new car, retiring from work will occur at various stages and demand your financial commitment. If you plan in advance for these events, you will quite naturally be prepared when they occur. Life insurance is an effective tool that assists you to plan for your future such that you are financially equipped to meet all your goals. Our special tool, the Life Stage Profiler, assists you to plan for a secure financial future. Please use the tool, right away! Which important goals should you plan for in advance? 1) Your family's protection - so that your loved ones are secure should an unfortunate event happen to you. Life insurance can guarantee that your family receives a lumpsum that safely tides them over any financial crises that might occur in your absence.2) Child's education: As parent, your primary responsibility is to guarantee your children's future. Our Education Insurance plans ensure your child receives money at key stages of his or her education even in your absence. 3) Savings: Savings plans allow you to steadily save towards a pre-decided goal in a secure manner. These plans provide you with a host of benefits. You can choose the premium, the underlying fund in which you want to invest your money, the ratio between protection and investment as per your requirements.4) Retirement: Retirement plans help you secure guaranteed income for your retired life. During the Accumulation phase, you systematically save while you are working. When you retire, the Payout stage of the plan begins. You then purchase an annuity, which will serve as a steady stream of income, for the rest of your life.6) Health: An integral part for financial planning is protecting oneself against any medical emergencies as well. Hence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any major illnesses.ICICI Prudential offers 3 comprehensive benefit-based products that cover major critical illnesses. Types of Insurance Plans - Traditional or Unit Linked Insurance Plans - At a glanceBroadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments:Unit Linked Insurance ProductULIPs have gained high acceptance due to attractive features they offer. These include:Flexibility Flexibility to choose Sum Assured. Flexibility to choose premium amount. Option to change level of Premium /Sum Assured even after the plan has started. Flexibility to change asset allocation by switching between funds Transparency Charges in the plan & net amount invested are known to the customer Convenience of tracking one’s investment performance on a daily basis. Liquidity Option to withdraw money after few years (comfort required in case of exigency) Low minimum tenure. Partial / Systematic withdrawal allowed Fund Options A choice of funds (ranging from equity, debt, cash or a combination) Option to choose your fund mix based on desired asset allocation Traditional PlansThese are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:Steady Investment Major chunk of investible funds are in debt instruments Steady and almost assured returns over the long term Features Death benefit is Sum Assured + guaranteed & vested bonus Helps in asset creation as they are for a long tenure Premium to Sum Assured ratios are fixed for each plan and age. Generally withdrawals are not allowed before maturity Life Insurance Plans Call toll free (MTNL/BSNL)1800-22-2020 On the basis of which life stage you are in and the corresponding insurance needs, ICICI Prudential plans can be categorized into the following three types:Education Insurance Plans Wealth Creation Plans Premium Guarantee plans Protection Plans One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided.ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future.Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans. Plan Name SmartKid New Unit-linked Regular PremiumSmartKid New Unit-linked Single PremiumSmartKid Regular Premium Plan Type Unit LinkedUnit LinkedTraditional
Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme. To know more, read the Key Benefits of Life InsuranceLife insurance, especially tailored to meet financial needs Need for Life InsuranceToday, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.Let us look at these unique benefits of life insurance in detail. Asset ProtectionFrom an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer. Goal based savingsEach of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.The table below gives a general guide to the plans that are appropriate for different life stages. Life Stage Primary Need Life Insuarance Product Young & Single Asset creation Wealth creation plans Young & Just married Asset creation & protection Wealth creation and mortgage protection plans Married with kids Children's education, Asset creation and protection Education insurance, mortgage protection & wealth creation plans Middle aged with grown up kids Planning for retirement & asset protection Retirement solutions & mortgage protection Across all life-stages Health plans Health Insurance To find out, which ICICI Prudential plan will best suit your requirements, play the Wheel of Fortune game by clicking hereWhat is your Human Life Value?Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings. Why should you calculate your Human Life Value?You should calculate your Human Life Value so you can accordingly invest in insurance plans that provide your family with adequate finances and hence security even in your absence. How do you determine your Human Life Value?Your Human Life Value is determined by 3 factors: 1. Your age 2. Current and future expenses 3. Current and future income As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income. Of course, the exact amount of your investment should be determined by the number of people who depend on you, your existing investments and your life stage. For example, if you are 30 years of age and have two children and parents to provide for, the amount you invest should be reflective of your requirements. Calculate your Human Life Value NOW Use our quick and easy Human Life Value Calculator to determine your Human Life Value and the corresponding amount you should invest. Start right away! All through your life, several significant events the birth of your child, moving to a larger home, his or her education and wedding, buying a new car, retiring from work will occur at various stages and demand your financial commitment. If you plan in advance for these events, you will quite naturally be prepared when they occur. Life insurance is an effective tool that assists you to plan for your future such that you are financially equipped to meet all your goals. Our special tool, the Life Stage Profiler, assists you to plan for a secure financial future. Please use the tool, right away! Which important goals should you plan for in advance? 1) Your family's protection - so that your loved ones are secure should an unfortunate event happen to you. Life insurance can guarantee that your family receives a lumpsum that safely tides them over any financial crises that might occur in your absence.2) Child's education: As parent, your primary responsibility is to guarantee your children's future. Our Education Insurance plans ensure your child receives money at key stages of his or her education even in your absence. 3) Savings: Savings plans allow you to steadily save towards a pre-decided goal in a secure manner. These plans provide you with a host of benefits. You can choose the premium, the underlying fund in which you want to invest your money, the ratio between protection and investment as per your requirements.4) Retirement: Retirement plans help you secure guaranteed income for your retired life. During the Accumulation phase, you systematically save while you are working. When you retire, the Payout stage of the plan begins. You then purchase an annuity, which will serve as a steady stream of income, for the rest of your life.6) Health: An integral part for financial planning is protecting oneself against any medical emergencies as well. Hence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any major illnesses.ICICI Prudential offers 3 comprehensive benefit-based products that cover major critical illnesses. Types of Insurance Plans - Traditional or Unit Linked Insurance Plans - At a glanceBroadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments:Unit Linked Insurance ProductULIPs have gained high acceptance due to attractive features they offer. These include:Flexibility Flexibility to choose Sum Assured. Flexibility to choose premium amount. Option to change level of Premium /Sum Assured even after the plan has started. Flexibility to change asset allocation by switching between funds Transparency Charges in the plan & net amount invested are known to the customer Convenience of tracking one’s investment performance on a daily basis. Liquidity Option to withdraw money after few years (comfort required in case of exigency) Low minimum tenure. Partial / Systematic withdrawal allowed Fund Options A choice of funds (ranging from equity, debt, cash or a combination) Option to choose your fund mix based on desired asset allocation Traditional PlansThese are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:Steady Investment Major chunk of investible funds are in debt instruments Steady and almost assured returns over the long term Features Death benefit is Sum Assured + guaranteed & vested bonus Helps in asset creation as they are for a long tenure Premium to Sum Assured ratios are fixed for each plan and age. Generally withdrawals are not allowed before maturity Life Insurance Plans Call toll free (MTNL/BSNL)1800-22-2020 On the basis of which life stage you are in and the corresponding insurance needs, ICICI Prudential plans can be categorized into the following three types:Education Insurance Plans Wealth Creation Plans Premium Guarantee plans Protection Plans One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided.ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future.Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans. Plan Name SmartKid New Unit-linked Regular PremiumSmartKid New Unit-linked Single PremiumSmartKid Regular Premium Plan Type Unit LinkedUnit LinkedTraditional
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