Things became heated this week when Moneylife, a personal finance magazine based in Mumbai, criticized ING Life for a retirement planning ad, which they said made several false promises to consumers. ING promptly responded to the article; Moneylife then printed a second rebuttal. Among the points in question? ING’s claim that an estimated 5 percent inflation rate over the next 20 years was a conservative one, to which the magazine put forth some pretty hard numbers: as of October 2011, the inflation rate in India was 9.36 percent. Moreover, from 1969-2010, the average inflation rate in India was 7.99 percent.
The groups are working to get the Secure Act out of neutral.
The publicly traded China Oceanwide unit says it needed cash partly because of the state of the economy.
Nassau, the Phoenix Companies Inc. buyer, aims to sell new products, not just administer old products.
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