Wednesday, Mar 27, 2002
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By Our Corporate Reporter
CHENNAI, MARCH 26. Small investors in the savings sector are not entirely protected. At a time when lot of concessions available to small savings were withdrawn small investors prefer investing their funds in various schemes of residuary non-banking finance companies. The Kolkata based Peerless General Finance and Investment Company (formerly Peerless General Insurance and Investment Company) is one such company with a strong base in residuary non-banking finance sector. To attract small investors the company has come out with two new products — Peerless Multi Protector scheme and a Daily Deposit scheme. The multi-protector scheme has been launched in arrangement with IFFCO-Tokio General Insurance company, a joint venture between Indian Farmers Fertilizer Cooperative, Krishak Bharati Cooperative (Kribhco), Indian Potash (IPL) and Tokio Marine & Fire Insurance Co. (Japan's largest insurance major). The multi-protector scheme has critical illness insurance cover up to Rs. 1 lakh and an accidental death insurance cover up to Rs. 50,000 besides offering a comfortable maturity amount. Under this scheme four options are available with a minimum tenor of one and maximum of three years as lock-in periods. The insurance benefits referred to above are available under all options. All those between 3 to 62 years are eligible to enter the scheme and neither the medical examination nor hospitalisation is mandatory for getting the benefit. The second one — Daily Deposit Scheme — is mainly targeted at small-time investors such as daily wage earners, self-employed, petty shop owners in the urban and city segments. The minimum daily deposit is Rs. 20 and 25 days deposit will have to be made in a cycle of 30 days in a month for 36 months. The maturity period is 42 months and the maturity value payable will be Rs. 20,000. To make this scheme more attractive, the company has provisions of extending loans up to 75 per cent of the deposit value at times of emergency. Peerless was founded in 1932 and has on its rolls four crore depositors with a fund base of Rs. 8,000 crores.
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