News Roll
Indians Getting Wealthier at a Younger Age : Kotak Wealth Management Report
Nearly 60 per cent of Ultra High Networth Individuals ( UHNIs ) in India today are under 40 years of age as against 47 per cent in 2016 , a study conducted by Kotak Wealth Management states . This implies that Indians are getting wealthier at a younger age . Millennials and techsavvy UHNIs prefer robo-advisory services over traditional wealth management avenues .
The number of Ultra High Networth Households ( UHNHs ) in India increased by 10 per cent to approximately 160,600 in 2017 – a compounded annual growth rate ( CAGR ) of 12 per cent over the previous five years , as revealed by the seventh edition of the wealth management firm ’ s Top of the Pyramid 2017 report . This figure is expected to double to 3,30,400 by 2022 . Indian UHNHs total networth was about `153 trillion in 2017 , which is expected to increase to `352 trillion by 2022 . The pickup in the economy , rising markets , and strong consumption have all contributed to rising disposable incomes , which in turn is reflected in higher allocation towards leisure and allied activities .
Himali Patel
IndiaFirst Life Insurance Goes Hi-Tech To Check Mis-selling
In a bid to curb mis-selling of unit-linked insurance policies ( Ulip ), private life insurer IndiaFirst Life has put in place a technologybased framework to spot such cases and trigger red flags . According to the company , the alerts get activated after the evaluation of insurance proposals on the basis of education levels of policyholders , their annual income , age and so on . As step one , the company makes calls – termed pre-issuance verification calls ( PIVC ) – to customers to ensure that they are aware of product details . Next , the insurer ’ s automated grid also identifies ‘ potential vulnerable customers ’ ( PVC ) on the basis of need analysis . “ PIVC calls ensure that the customer is not fooled or mis-sold a policy . The success of implementation of PIVC and PVC process is validated by a sharp increase of over 10 per cent in persistency ratio ,” says RM Vishakha , MD and CEO , IndiaFirst Life Insurance .
Preeti Kulkarni
New Law on the Anvil to Check Ponzi Schemes
Unsuspecting investors who fall prey to ponzi deposits and chit funds will soon have a legal safeguard against such fraudulent schemes .
The government has decided to introduce the Banning of Unregulated Deposit Schemes Bill , 2018 , in Parliament . The Bill proposes stringent action against offenders who collect money through unregulated deposits .
“ The Bill is aimed at tackling the menace of illicit deposit-taking activities in the country . Companies , or institutions , running such schemes exploit existing
regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings ,” an official release said .
Under the new law , unregulated deposit-taking activities will be banned and running of unregulated deposit schemes , fraudulent default in regulated deposit schemes and wrongful inducement in relation to unregulated deposit schemes will be treated as offences . Punishment and fines will include attachment of property . The Bill also has provisions for disgorgement or repayment of deposits in cases where such schemes manage to raise deposits illegally .
Preeti Kulkarni
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Outlook Money March 2018 www . outlookmoney . com