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Bloomberg Quint
1M
22
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Money Wise: The Repercussions Of The Air India Tragedy
- A tragic Air India flight crash in Ahmedabad claimed the lives of 229 passengers, 12 crew members, and 5 individuals on the ground.
- Compensation for the families of the deceased is a crucial concern with an interim payment of Rs 1 crore per family announced by Air India.
- Final compensation would be determined under law and might exceed the interim amount, while travel insurance and life insurance coverage also play a role.
- Insurance Brokers Association of India indicates that liability for passenger injury or death is governed by the Carriage by Air Act, 1972.
- Financial planning experts stress the importance of insurance to manage risks and transfer uncertainties, especially for individuals with financial dependents.
- Mutual fund inflows decreased in May despite strong Systematic Investment Plan (SIP) flows, influenced by geopolitical tensions and market fluctuations.
- Long-term investors saw portfolio gains, particularly in mid- and small-cap funds, emphasizing the challenge of predicting short-term market movements.
- Interest rate reductions on loans post a Reserve Bank of India rate cut prompt individuals to explore alternate tax-efficient investment options like mutual funds.
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