Current Affairs 4th January 2016

Jeevan Labh plan is introduced by Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) introduced a limited premium paying, non-linked with profits endowment assurance plan 'Jeevan Labh'

About Jeevan Labh Plan:

Jeevan Labh is a limited premium paying endowment plan which means premium paying shall be less than the policy tenure and policyholder’s nominee will receive the maturity benefit together with any other benefits at the end of the policy term or on the death of the policy holder, whichever is earlier.

Features of Jeevan Labh Plan:

• Minimum Sum Assured: Rs. 2 lakh
• Maximum Sum Assured: No Limit
• Minimum Entry Age: 8 Years
• Maximum Entry Age: 59 years for 16 years Policy term , 54 years for 21 policy term , 50 years for 24 years policy term
• Policy Term: 16 years, 21 years, 25 years
• Maximum Maturity Age: 75 years

In case of Death:

If death of the life assured happens during the policy term, the death benefit “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.

The death benefit would not be less than 105% of the total premiums paid as on date of death.

LIC’s Accidental Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium. LIC’s New Term Assurance Rider is also available at the inception of the policy on payment of additional premium and as per rules.

About LIC:

Present Chariman: S. K Roy

Headquarters: Mumbai

Tagline: Yogakshemam vahamyaha

Founded: 1956

RBI imposes Rs 1 cr fine on State Bank of Travancore

RBI has imposed a penalty of Rs 1 crore on an SBI associate bank i.e. State Bank of Travancore violating some of its instructions including report of data to Central Repository of Information on Large Credits (CRILC) which was set up by to collect, store, and disseminate data on all borrowers’ credit exposures.

• Banks are required to report all information including classification of an account as Special Mention Accounts( SMA), on all borrowers having aggregate fund-based and non-fund-based exposure of Rs.5 crore and more than that

Effect of penalty: Shares of State Bank of Travancore have fallen by 1.5% to quote at Rs.402 on the BSE after the RBI slapped a penalty of Rs.1 crore on the bank for violation of some of its instructions.

Amputee mountaineer Arunima conquers Mt Aconcagua in Argentina

Arunima Sinha, the amputee mountaineer who set a record by climbing the Mount Everest, has added another feather in her cap by conquering Mount Aconcagua in Argentina.

she started her mission on the morning of December 12 and hoisted the Indian tricolour on December 25.

About Arunima Sinha:

• She was born in Ambedkar nagar district , Uttar pradesh
• Arunima Sinha had lost her left leg in a train accident in 2011 and she surprised the world by climbing Mt. Everest on May 21, 2013
• She was awarded the Padamshree for her achievement.

About Mount Aconcagua:

• Aconcagua is the highest mountain outside Asia, at 6,960.8 metres
• It is situated in Argentina

VVS Laxman’s 281 awarded the best Test innings in last 50 years

Vangipurapu Venkata Sai Laxman’s (41) masterly innings of 281 against Australia at the Eden Gardens in Kolkata on 14 March 2001 has been voted the greatest Test performance of the last 50 years by a 25-member panel of cricketers, writers, broadcasters, historians and statisticians assembled by the January issue of ESPN’s digital magazine the Cricket Monthly.

About V. V. S Laxman:

• Born at: Hyderabad
• Debut test match: India vs South Africa , Ahmedabad
• ODI debut: India Vs Zimbabwe, Cuttack
• Total test run: 8781
• Total ODI run: 2338

Wipro names Abid Ali Neemuchwala as CEO

India’s third largest IT exporter Wipro Limited on Monday announced the appointment of Abid Ali Z. Neemuchwala as the Chief Executive Officer and Member of the Board of the company. The company also appointed the current CEO T.K. Kurien as the Executive Vice Chairman.

About Wipro:

• Headquarter of WIPRO: Bengaluru
• Full form of WIPRO: Western India Palm Refined Oil Limited
• Founder of WIPRO: M. H Hasham Premji

207th Birth anniversary of Louis Braille celebrated across the world

On 207th birth anniversary of world’s greatest source of inspiration for the blind, an impressive function was organized by the Department of Social Welfare at Residential School for Blinds (RSB) at Roop Nagar.

Chief Guest: Minister for Social Welfare,Forest, Ecology & Environment, Bali Bhagat

Important point: 4th January celebrated across the world as Louis Braille Day

About Louis Braille:

Louis Braille despite being himself blind, struggled greatly and wrote a golden chapter for millions of blind, the developer of Braille Code, was born on January 4 in 1809. The day is celebrated as “World Braille Day”. Louis Braille also developed a set of alphabets for music notations. At present, almost every of language, including Computer languages, has Braille versions