Tuesday, July 12, 2011

3:25 PM

B-Town choreographer Vaibhavi Merchant's first musical captures the essence of culturally rich India




A brilliant mix of dance and drama, choreographer Vaibhavi Merchant's brand new musical Taj Express manages to capture the essence of India, particularly Bollywood, while celebrating a grandiose love affair.
Choreographed by Vaibhavi, the play was produced and directed by Shruti Merchant. Music duo Salim-Sulaiman has done a great job in composing music. The original title track that roars Welcome to the Taj Express is indeed a catchy tune that keeps tantalising you till the end. Sand artist Ronnie Chibber's spellbinding work showcased on the big screen helps to keep the audience glued when the stage has nothing to offer. The costumes and props too reflect sheer dexterity.

Once on board, the Taj Express, in a three-hour-long journey, starting from Mumbai Central, takes one through countless song and dance sequences as we move through Baroda, Agra, Jaisalmer and Benares. The storyline is not a masterpiece on its own. It delves into the traditional Indian theories of karma and destiny, using vibrant props. The music is diverse and powerful as it envelopes the popular Bollywood tracks, local lavani-Marathi flavour, South Indian dance form kooth, as well as the influential tandav.
Talking about her inclination towards theatre, Vaibhavi says, "Choreography, whether film or otherwise, is the expression of the soul in dance form. I have always had a soft spot for theatre, which is why I was so involved with the last theatre production I worked with called the Merchants of Bollywood. Since the this one is directed and produced by my own sister — Shruti, I absolutely had to be a part of the venture."
Clearly, Vaibhavi has borrowed heavily from Bollywood — right from the setup and the theme, to the cliched love saga of a street-smart thief Vasu and his childhood darling Meera. Hence, it is not a surprise that almost every scene reminds you of some Hindi film that resembles closely to it. Though a cliched romantic play otherwise, the energy generated on the stage is enthralling and contagious at the same time. However, the second half of the play looks a little dull for a while till another dance number happens with the peacocks fluttering on the stage.

The Taj Express opened last Sunday on a grand note, and will be soon open to public viewing. It will also travel to other cities before it goes international.
By at No comments:

Monday, July 11, 2011

9:46 PM

Top 10 ways to impress your boss



Everyone who works in a corporate set up has a supervisor or a boss to report to. While it may be important to have friends at work place, it is even more essential to be in the good books of your boss. Here are a few tips that will help you work your way up the ladder:

Be sincere
This holds true in every scenario. In order to grow and succeed, you have to be dedicated and put in that extra effort. Pay attention to what your boss says, do your job sincerely, ask questions if there's something you don't know, and most importantly be true to your job.

Take responsibility
Take responsibility and pitch in with whatever you can during work crisis be it the company's yearly anniversary celebrations or anything else... jump in to offer help. And make sure you do the task right.

Take initiative
It doesn't matter if it is about getting a paper xeroxed or filling in for a sick collegue, take the initiative and be active at work. Step up and take initiative. Give ideas, volunteer to take up projects, organise a fun trip, etc.

Accept your mistakes
God forbid you mess up in an assignment for whatever reasons, the immediate next step should be to apologise. Just accept your mistake and make sure you do not ever repeat it.

Never say no
You have a weekend trip planned with your friends but your boss needs you to be at work. The golden rule here is never say no. No matter how busy you are, if your boss asks you to do something, always take it up. It doesn't matter if it is a small assignment or a big one, your boss will remember that you lived upto their expectation.

Come in early and leave late
This one is legendary and you can never ever go wrong with this. One of the sure shot ways to impress your boss is to come to work early and leave only after your boss has left for the day. While quality is often rated higher over quantity, put in those extra hours a day and see the results.

Always be polite
No matter how friendly you may be with your boss, at the end of the day, he/she is your superior who will be rating you in your appraisals. If you mess up, apologise. If you are not coming in for the day, convey it to him/her. If ever you are pulled up for something that isn't your doing, be calm and explain the situation.

Be casual but professional
While it is okay to be friendly with your boss, it is not okay to expect him/her to be on back-slapping terms with you. Though you may have a rapport with your boss, he/she may not want to be your friend on facebook. Also never send your boss a stupid forward or a text in sms lingo.

Be informed
You are working at a particular place because that is your area of interest. In board and edit meetings when your opinion is asked for, speak sense. Always be informed and read up about a topic before you go in for the meeting. It is always good to be geared up and have some knowledge about what is being discussed.

Dress right
In a corporate set up, you may be required to dress in a certain way. While it is absolutely essential to look neat and presentable, do not over do it. Steer clear of make-up and make sure your clothes are appropriate and your hair in place. Just don't end up looking like a Christmas tree.
By at No comments:

Sunday, July 10, 2011

11:02 PM

Change with Google+

A plus for social networking
Google has a poor record of building social networking sites, but this could change with Google+. Initial user reaction to the service has prompted Facebook to announce plans for a slew of new features to hold off the new kid on the block. We see happy days ahead for social networkers as the tech giants try to outdo each other

When Google+, the latest social networking site from Google, opened for a limited field test 10 days ago, popular blogger Gina Trapani gave the company a simple piece of advice via a tweet: "Google!! Field test the CRAP out of G+ before public release. #rememberbuzz".
Trapani was referring to Buzz, a social networking tool launched by Google last year to take on Twitter. It was criticised by users for being too intrusive. The failure of Buzz came after Wave, a social network launched by Google in 2009, was panned as being too complex even by tech enthusiasts. Now will Google+ or G+ be a third duck in as many years for the search engine giant?
Circle of trust
If initial reaction is anything to go by, the answer is no. Most people who have used the service have found G+ simple to use, with a cool user interface, and well integrated with other Google products like Gmail, Gtalk, and Picasa. Moreover, the G+ mobile app may turn into Android's "killer app" with even the iPhone version being well-received. This is important because mobile devices are the drivers of social networking these days.
But Google will have to do more than just build a great product if it wants to take on Facebook. It has to offer something that is attractive enough for users who have already invested time and effort in building and maintaining relations on Facebook. As Preetham Venkky, business head, KRDS, a Facebook marketing agency and preferred development consultant, points out: "You have Facebook to share data with a select group of contacts. You have Twitter to share data publicly. What problem is G+ solving?"
While G+ seems to serve both the functions that Preetham is referring to, its main draw is a concept called Circles. Instead of treating all contacts in one amorphous manner, G+ wants users to segregate them in different Circles — friends, family, professional acquaintances, etc. Before posting an update, G+ asks users to select one or more Circles. So if you choose to post an update to your 'Friends' Circle, all those in your 'Family' circle will not be able to see it; nor will they see comments made by others on that post. At each stage G+ asks its users to consider who they are divulging their information to.
Facebook users will immediately appreciate the value of Circles. Stories abound of users whose party photos have been viewed by parents or relatives, for instance. It isn't as though Facebook does not allow you to choose who sees your updates. But these settings are not as upfront and simple as they are in G+. Users could also choose to make their updates 'Public', in which case G+ morphs into a Twitter, minus the 140-character limit.
Two other features stand out. The first is Huddle that allows up to 10 people to have a video chat together. The other is Sparks, which helps you discover information through your interest areas and recommendations of people you follow. "I would love to see something like Sparks and Huddle in Facebook. Still, I don't think these are game-changing features," says Preetham.
Facebook's 'launching season'
What Preetham doesn't deny is that in G+, Facebook finally has met a genuine competitor. Word is that Facebook is holding meetings in its offices across the world to assess the threat posed by G+. The company last week announced a partnership with Skype to introduce video chatting on Facebook.
Facebook founder Mark Zuckerberg also indicated that video chat is just the first of a host of new features to be added in the coming months. "We've been busy building stuff for the past six months or so, and today marks the beginning of what we'll call Launching Season 2011," Zuckerberg said. Then there's the hush-hush Project Spartan, a brand new mobile application platform developed by Facebook. If reports are to be believed, the apps are slick and will feature tons of games.
That, in short, will be Facebook's strategy — giving its 750 million subscribers more and more reasons to stay on.
An uphill battle
Google will have to act quickly to make the best of the positive feedback their service is getting — G+ is still not available to people at large. "To attract mainstream users, G+ will need three things: celebrities, games that go viral and a simplification of the on-boarding process," says Mahendra Palsule, editor, Techmeme. "Google needs to do a better job of explaining Circles and Sparks to people," he adds.
G+'s success hinges on how many mainstream users it can convince to sign on. This is not going to be easy. Blogger Robert Scoble notes, "Most 'average users' are locked into Facebook and aren't willing to consider a new social tool until they hear about it from their friends. Since most of the people who are on Google+ so far are geeks, insiders, social media stars, and journalists, the chances that normal people (metaphorically speaking, your mom) won't hear about Google+ from normal users for quite a while. By then I'm sure Facebook will react (ie, copy) Google+'s best features. This will mean that normal users, who aren't really going to get involved at this point in Google+'s life, won't feel the need to switch."
So is G+ doomed to fail? Even Facebook enthusiasts say that there is no wishing away G+. Moreover, Google has an ace up its sleeve — fabulous products such as Gmail, Google Reader, or YouTube. The Google Nav Bar which now appears across all its products is an easy way to notify users about activity on G+, inducing them to spend more time on it. Also, with such a wide product portfolio, rolling out new products will be easier for Google, at least in theory. Facebook on the other hand will need to build partnerships with other companies, as it has with Skype and Microsoft.
Facebook's brand image is another thing Google will target, dented as it is by privacy concerns (see box). "In a recent survey in the US, Facebook was among the top 10 hated brands. If there ever is a big swing in public perception, Facebook could be in trouble," says Palsule.
For now, it looks like the two social networks are going to co-exist. For a user, that may be a good thing. As Facebook and Google try to outdo each other, expect a slew of innovations to come your way.
By at No comments:
10:57 PM

Parents spend a lot of time researching that perfect, unique name for their child

Recently a friend asked me for suggestions on good Indian baby name sites — feel free to read that as a name site that is a treasure trove of unique, different and unheard of names. It brought back memories of my own experience of trying to find a name for my son eight years ago. Since I obviously didn't know what gender the baby would be, I sat down and made a list of potential names. It was like the most important project of my life — finding a name which was unique, had a personality, and one that was not heard by many. It also had to be a name when told to others would give them the impression of what a well read, intellectual types I was, to be able to come up with a name like that. Yes, I am vain that way. The first task was to decide whether I would go with names that just sounded good, or names that had a deep meaning to go with it while sounding good to the ears, of course.

The husband and I were unanimous in one thing at least, that the baby's name would begin with an A. His/her name would have to be the first in roll call at school. I would, of course, follow celebrity baby name trends too, and I quickly figured that 'A' was the initial for celebrity babies too!
So the search began. What I didn't realise when I started short listing names was that each and every name had the potential to result in a long drawn argument with the husband. This short listing wasn't an easy affair either. I didn't in the slightest have an idea that there could be thousands of baby boy/girl names starting with the letter A. And these were just Hindu names. We hadn't yet attempted searching for unique names around the globe, or numerology compliant names.
On and on we went, running around in circles, at times revisiting the names we had initially rejected. Sometimes if the name selected when said out loud didn't sound correct, we would cancel it from the list. What began as a fun task soon turned out to be one difficult task. Yes I know, many would ask 'What's in a name?' But for the two of us somehow it became an important mission.
We had failed to decide on the name right up to the moment the baby arrived. Once he was born, a decision had to be taken. Finally, after a week of 'no not this', 'this sounds too common', 'too short', 'too long', we finally decided on one name! He did get a name beginning with A, not one but two As. Yes, it was yet another quest to be unique from the rest, only to realise later that most of the parents had done the same — that is spell the name with a double A. Not just that, we were also to realise that there were seven more boys in the grade with the same name. Sigh so much for our well researched name!
Did we do the same in-depth name research when we were expecting our second baby? No. We had learnt our lesson the first time round and we had finally figured the wisdom behind Shakespeare's words 'What's in a name? That which we call a rose by any other name would smell as sweet'. But in spite of no research we managed to find a tongue twister of a name for her too. What are parents for after all?
By at No comments:
10:55 PM

Lord Padmanabhaswami temples asset, Kerala

The Lord of the rings, necklaces and taxes
The Lord Padmanabha temple got its wealth not just from royal donations but also from brutal taxes, such as the 'breast tax', levied by the Travancore kings


The recovery of treasure worth over Rs5 trillion from the vaults of Sri Padmanabhaswamy temple in Thiruvananthapuram has stunned the nation. Thanks to it, in Kerala's libraries, sections devoted to Travancore history are seeing some action after decades. Interestingly enough, there are plenty of records on the wealth that was unearthed.
The story of how so much wealth flowed into the temple vault begins in the 15th century, when the temple administration was controlled by a closed group, recorded as "ettara yogam" (the council of eight and a half) with eight and a half votes. Of these, eight votes went to seven Pootti (a Brahmin sub-caste) families and one Nair family. The Travancore royals held just half a vote.
This powerful council of eight and a half divided the Travancore region into eight provinces, and the eight lords of Ettuveetil Pilla, a powerful Nair family, was put in charge of each. These eight Nair feudal lords soon became more influential than even the royal family. They were also notorious for their cruelty. History textbooks say that they conspired against the royals, and tried to kill young Marthanda Varma, who had to run away from the palace, and hide among the branches of a huge jackfruit tree. In exile, Marthanda Varma, with help from neighbouring kings, raised an army, attacked and killed all the eight lords, and became the king of Travancore.
The king went on to fight and win many civil wars. The losers were fined heavily, and most of the fines collected went into the temple treasury. The wealth of the Travancore kingdom during his rule was found to be almost as much as that of the Bourbon Kings in France around the same period.
Though an excellent strategist, Marthanda Varma lacked the infrastructure to defend the wealth and his kingdom against attacks, and so had to rely on the faith surrounding the temple. Therefore, in 1750, he ceded his crown at the feet of the deity in an officially recorded event, known as 'Tripadidanam'. He basically abdicated his throne in favour of Lord Padmanabha, declaring himself and his descendants to be "Padmanabha Dasa", meaning servants of the Padmanabha who would carry out the God's commands. Doing so essentially meant the transfer of the kingdom's wealth to the temple.
With this brilliant move, Marthanda Varma secured his kingdom from possible attacks by his enemies. The neighbouring kings dared not wage war against Travancore, ruled as it was, by the God himself. Instead, they made generous donations to the temple vaults to mollify Padmanabha.

Marthanda Varma renovated the temple and built the massive store rooms under the sanctum sanctorum, which became the vault of the kingdom. Padmanabha thus became the ruler of the land, and his insignia, "Valampiri Shankhu" (a conch-shell) became the state emblem of Travancore.
Taken from the masses
Historical evidence backs the claim that Marthanda Varma was responsible for most of the wealth found in the recent search. True, the bags of gold coins, diamonds, precious stones, 18-feet-long gold necklaces, jewellery weighing many kilograms, and solid-gold statues of gods and goddesses landed in the vault via the king. But in reality, the temple treasury was nourished by the sweat and blood of the masses.
One of the main sources of the royal income was taxes. They were incredibly high for the lower castes, with marriages, childbirth and even death being taxed. Country boats, ploughs, carts, umbrellas, headscarves, why, even a moustache, were taxed. Mothers were allowed to breastfeed their newborns only after they paid the 'mulakaram' (breast-tax) to the local lord, who would then grant permission.
It took a bloody revolution during the time when the Maathoor Panikkers were the landlords of Kuttanad to stop the breast-tax. The bloodiest story of the protest was of a young woman from Cherthala's Kapunthala family. She breast-fed her child without official sanction and the news reached the ears of the landlord. Enraged, he rushed to the Kapunthala house. The young woman faced him fearlessly, irking him further. He ordered her to pay the tax, and she agreed. She went into the house, and returned with her two breasts chopped. She threw them at the feet of the shocked landlord, collapsed and died.
There is a custom that the members of the royal family follow. As Padmanabhadasas, they consider it their duty to keep the wealth of the deity intact. After every temple visit, they vigorously rub off dust stuck on their feet so that Padmanabha does not lose even a grain of dust that belongs to him! While there's no disputing the fact that the Travancore kings were zealous custodians of the deity's wealth, it is undeniable that the loot is coloured not just by faith, but also by defeats, fears, deaths, conquests, and atonements.
By at No comments:
12:54 PM

Drunk driving & young blood a deadly cocktail


Parents violate traffic rules and children follow their example, says senior policeman


The day the Std 12 results are announced is the day that marks the beginning of adulthood. Now, what does a student who has just passed his HSC do now that he has become an adult, especially if he is from a well-to-do family? He goes to his dad and tells him that he wants to drive his car. He gets his friends along, goes to some pub, gets drunk, and then drives and eventually — and perhaps unavoidably — ends up in an accident. These were the trigger for starting the campaign against drunk driving.
June 8, 2007, was the first day that we carried out our campaign against drunk driving between 11pm and 1am and we caught 65 drivers who were drinking and driving. About 90% were 18-year-olds. Most of them had neither a permit to drink nor a license to drive. Drinking and driving makes a deadly cocktail, particularly if coupled with young blood.
Until then, the police would catch about 10-12 drunk drivers per day. In 2005, for instance, the number of drunk driving cases just over 1,050. The first citywide campaign against drinking and driving was conducted on June 20, 2007, between 11pm and 2am. We caught 333 drivers in one sweep.
I think the figures speak for themselves. The majority of the 60, 000-odd people caught are between 18 and 25 years of age. Also, before 2007, those who were caught would deposit Rs2,000 and never had go to courts. But from 2007, we ensured their presence in the courts by serving summons. And they are all summary trials — Section 185 of the Motor Vehicles Act is a summary trials case — where you plead guilty or not guilty. Once you plead guilty, you are fined between Rs1,000-1,500.
When we noticed that the number of accidents were not decreasing, we started pleading with courts to impose imprisonment. As a result, 35,000 drunk drivers have been jailed till today. It is mandatory for the courts that once they convict a person, they have to suspend his license for six months. We started insisting on that. If you are caught the second time and convicted, then the courts have to compulsorily cancel your license. That means, legally you can never drive in India.
Then there is the issue of role models. Everyday I see hundreds of mothers and fathers when they go to drop their children to school. The parents violate all the traffic rules and the children follow their example, as they feel these aberrations are normal. Which is why, the right sort of discipline has to be in-built and the sense of patriotism and respect for our own laws has to be in-built.

Harish Baijal
By at No comments:

Saturday, July 9, 2011

11:13 PM

Model byelaws don't have to be adopted as they are

Under the model byelaws, our society is entitled to have five members. However, the general body has elected seven committee members. Is this legal?
Model byelaws prescribing number of committee members should be taken as minimum in the spirit of co-operation. In fact, the model byelaws should not have been drafted in such a rigid manner. Nonetheless, if the general body so desires and more members come forward to participate in the decision-making process and have taken up responsibility by executing the prescribed bond paper, no illegality is committed by the same as such a step only promotes more participation in the management of the co-operative society, which ultimately benefits the society with prejudice to none. It is not necessary to adopt the model byelaws as it is, within the framework of the MCS Act and the MCS Rules, the society is entitled to amend the same before adoption or even thereafter.
I have booked a flat in a redevelopment project. The project has been delayed due to litigations between the society members and the developer. I have paid around 30% of the price on the basis of unstamped letter of allotment. The developer is not entering into an agreement for sale as the commencement certificate has not come for the particular floor.
You certainly have a strong case against the developer. Litigation between the society members and the developer cannot prejudice your rights as a flat purchaser. Before sale of the flat to you, the developer is required to give you inspection of documents of title, which in this case will include development agreement executed between the society and the developer, and your rights will be subject to such development agreement. By law, the developer cannot collect above 20% of the price of the flat without entering into a registered sale agreement with you. Letter of allotment even though unstamped is not an invalid document, but is only defective and the defect can be removed by you by paying proper stamp duty with interest to make it an enforceable document. 

In a redevelopment project in favour of our company, we have taken another company in joint venture and the profits will be shared in the ratio of 70% and 30%. What will be the tax implications?
The impugned joint venture will be taxed in the status of an Association of Persons (AOP). In this case, since both the parties to the joint venture are limited companies the tax rates applicable to the limited companies, being either equal to maximum marginal rate or higher depending upon quantum of total income of the respective companies, will apply to the share of profit attributable to each company. However, the taxable entity will be the joint venture in the status of AOP. The tax will be payable by the AOP itself. Since, in this case, the AOP will attract tax at maximum marginal rate or at a higher rate as applicable to the limited company; therefore, the companies will not be liable to separate tax in their individual cases. However, the share of profit coming in the hands of each company will be added in its computation only for rate purposes.
By at No comments:
11:12 PM

Rating symbols standardisation: A welcome move

The Securities and Exchange Board of India (Sebi) needs to be complimented for its recent move to standardise the rating symbols and definitions across all rating agencies in the country. The market regulator's circular issued on June 15, 2011 requires all credit rating agencies (CRAs) registered with it to use the standardised rating symbols and definitions as specified by it. The initiative deserves even more praise as Sebi is the first market regulator in the world to come up with this investor-friendly regulation. This stipulation makes for uniform meaning and interpretation of a particular rating, easier identification of symbols with the agencies and better comparability of ratings across rating agencies.
Non-uniformity
Currently, there are six CRAs registered with Sebi — Crisil, Icra, Care, Fitch, Smera and Brickworks. While the number of notches in the rating scale is the same across ratings agencies, the rating symbols and definitions vary across agencies. For example the symbols and definitions for an 'A' level rating across agencies (obtained from respective websites) are given below:
lCrisil — 'A' — Instruments rated 'A' are judged to offer an adequate degree of safety, with regard to timely payment of financial obligations. However, changes in circumstances can adversely affect such issues more than those in the higher rating categories.
lIcra — 'LA' — This is the adequate credit quality rating assigned by Icra. The rated instrument carries average credit risk.
lCare — 'Care A' — Instruments with this rating are considered to offer adequate safety for timely servicing of debt obligations. Such instruments carry low credit risk.
lFitch —'A(ind)'— 'A' national ratings denote a strong credit risk relative to other issuers or issues in the country. However, changes in circumstances may affect the capacity for timely repayment of these financial commitments to a greater degree than for financial commitments denoted by a higher rated category.
lBrickworks — 'BWR A' — Instruments with 'A' rating are considered to offer adequate credit quality.
lSmera — Website says 'page under construction'
As can be seen, all rating symbols do not carry the name of the agency making it difficult to identify which agency has assigned a rating. Market participants may know the agency by experience, but this is sub-optimal. The interpretation of the rating varies — some of them have 'timeliness' and others do not, some speak of financial obligations and others do not, some speak of 'credit quality' or 'credit risk' while others do not. Obviously this is not a desirable situation.
Sebi standardisation
Sebi has stipulated the following symbol and definition for the rating level discussed above ('A' rating).
l'A' (prefixed by agency name) — Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
From the symbol itself, the rating agency which has assigned a particular rating can be instantly identified, and it is clear that the rating addresses 'timely' servicing of financial obligations. Thus, it removes ambiguity and brings about uniformity and thus clarity and comparability. Similarly, Sebi has also standardised the rating symbology and rating definitions for short-term (original maturity of less than one year) and securitisation instruments. The regulator has given four months time for full implementation of the new system by the rating agencies.
International scenario
Even though, the credit rating concept is more than 100 years old in the US, there is no such standardisation there. For example, the symbols and definitions for a 'BBB -' level rating across international agencies are given below:
lS&P — 'BBB -' — Considered lowest investment grade by market participants.
lMoody's — 'Baa3' — Obligations rated 'Baa' are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.
lFitch — 'BBB' — It denotes good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are likely to impair this capacity.
The symbols as well as the definitions are widely varying, putting the investor community to inconvenience. In this background, the fact that Sebi has been able to push through such a reform is indeed commendable.
By at No comments:
11:11 PM

Don't delay medical tests after paying premium for a life insurance policy

Recently, we, at Apnapaisa, received a query mentioning the case of Rakesh Shah (name changed), who had paid premium to a life insurance company to buy a cover of `50 lakh. Unfortunately, Rakesh died in a fatal accident within 15 days of paying the premium to the insurance company. On finding premium receipt in Rakesh's file, his wife approached the insurance company for the claim. But the claim was denied. It was only then that she realised that life insurance policy was not in existence as the premium was received only as a deposit (in fact the receipt issued by the insurance company clearly indicated that the money was received as a deposit and that the risk cover had not yet started) and her husband had yet to undergo some specific medical tests required by the insurance company.
His wife only got back the premium amount paid by her husband. So, all the careful planning by Rakesh to take an adequate life insurance for the safety of his family had come to naught simply because of his dilly-dallying approach towards completing the formalities for the life insurance policy.
Let's try to understand why the claim was rejected
Insurance is a contract and a contract will be considered complete only when both parties agree to the terms and conditions of the contract. A contract always involves mutual agreement between the two parties. In case of insurance, the first party is the person, who is willing to be insured and the second party is the insurance company, who will insure the person. When a person is paying premium to the insurance company, then it simply means that the person is proposing the insurance company to cover him. Or to put in simple words, the person is willing to be covered by the insurance company and he shows this willingness by paying the premium. Now it depends upon the insurance company to agree to cover him or not.
The insurance company after receiving the proposal will carry out its underwriting process under which it will study the person's financial and health conditions. Once it is satisfied, then only the insurance company will cover the person and issue a cover note (also called the First Premium Receipt by some Insurance companies) or the insurance policy to the person. The insurance cover starts only from the date of such cover note or insurance policy. In case the insurance company is not satisfied with person's health or any other condition during the underwriting process, it rejects the policy and the premium amount is paid back to the person after deducting some charges.
These days a lot of policies are sold online. One can buy a life insurance or a health insurance product over the internet by making the payment through a credit card or net banking. Once the premiums are paid, the insurance company sends a receipt of the premiums paid through email. This is only a receipt acknowledging the deposit of the amount. Some people may think that the insurance cover has started as the premiums are paid, but actually that is not so in all cases.
Depending on your age, the amount of cover sought and the details filled in by you, the company may require you to submit some further documents and/or go for medical tests. The policy is not issued till these formalities are done and the results are acceptable to the Insurance company. The risk cover starts only from the date mentioned on the insurance policy.
Please make sure that you send all the documents that are requested by the insurance company as soon as you make the payment of premium for the insurance company to issue you a policy on time. In case you buy the policy offline, then you have to submit the documents along with the proposal form at the time of payment of premium.
In case medical tests are needed, it is always advisable to go for the medical tests as soon as possible. Some insurance companies arrange for a person to come to your residence or else you will have to visit a nursing home or a hospital. Most insurance company will require you to go to a specific medical or diagnostic centre near your house but in some cases you can go to any centre accredited to the insurance company. The insurance company will also let you know the list of tests to be done.
In most cases facility of 'pick up' for your reports is provided by the insurance companies, you should make sure these are picked up without any delay and is submitted to the insurance company. Please make sure that you get acknowledgement for the medical reports submitted by you. The insurance company may reject the proposal if they see some additional risks involved with the person. These risks may range from the person being overweight to the person suffering from some disease/condition that came out during the medical tests carried out for the insurance policy or they may ask for additional premium to cover increased risks. If the additional premium is acceptable to you, you will need to provide your consent letter and the first year's additional premium.
The most common mistake people make is of postponing the medical tests even after paying for the policy. The other being of not following up after the medical tests to make sure that the policy has been accepted.
So, make sure you do not make these mistakes, else your premium payment will go in vain, and thus you or your family will be left without getting any benefit from the insurance company.
By at No comments:

Wednesday, July 6, 2011

10:31 PM

From Bailgadi to Buggatti




Sleepy tier-two cities wake up to the roar of super cars!

Sleepy tier-2 cities wake up to the roar of super cars
S EVERAL SOUNDS are associated with small Indian towns. The chatter of housewives across terraces complaining about their daughters-in-law; a knife-sharpener at work; the morning aarti bells at the local mandir and the ringing of a million bicycle bells, almost drowning out the vroom of the V6 turbo-charged Porsche Boxster driving through the streets. Say what?
In the last few years, luxury car sales in towns such as Aurangabad, Raipur, Meerut, Surat etc, have shown a steady rise, turning more than a few heads as they turn those narrow street corners. “About 25-30 per cent of our customers fall outside Delhi, Mumbai, Bangalore, Chennai and Kolkata,“ says Ashish Chordia, chairman of the Shreyans Group, which deals in luxury car brands such as Maserati, Porsche and Ferrari.
In these 393 such cities (with a population of one to 10 lakh, according to the 2001 Census), economic growth has increased spending power, whether it's farmers who have cashed in on the real estate boom or the rise of business barons in mining, food processing etc; or, in some cases, even doctors.
“In tier-2 cities, liberalisation brought exposure to international markets and relationships with foreign clients. People visit the US/EU markets and see these cars.
They also want to flaunt power. Owning a BMW or Mercedes makes you visible in the community. This helps you get even more business. If an Aurangabad businessman picks up a client from Pune in an Audi, it makes a difference,“ says Nawneet Pandey of Raygain Technologies, a market research firm which has studied the growth of the luxury car segment in India. This awareness, combined with the spread of dealerships across India and infrastructure improvements that have made driving conditions for premium luxury cars infinitely better, has meant that people are buying them by the garage full.
Attitudes have also changed. People want to spend money in their own lifetime. “Older generations had a habit of putting the brakes on spending. This has been replaced by a `if you have it, go spend it and it's okay to go spend it' attitude,“ says Radha Chadha, a marketing and consumer insights expert.
So high-end models such as the Mercedes S-class, BMW 7-series, Porsche Cayenne and Audi's sublime R8 are showing up in increasing numbers in various corners of the country. “In an economy where new money is created, expenditure on symbols that demonstrate money and esteem happens. Especially among men, who usually buy watches and cars first,“ adds Chadha.
Numbers support her claim. The overall growth of the Indian car market last year, at 25 per cent, paled in comparison to the 70 per cent growth of the premium car segment.
Sociologists say such ostentatious spending is rooted in the desire to show off social mobility, partly by emulating the upper classes. Vishnu Mathur, director general, Society of Indian Automobile Manufacturers, supports this theory. “People don't know what to do with quick and large sums of money.
Forget cars, they are buying helicopters.“
It seems, for some of them, the sky is literally the limit.
abhijit.patnaik@hindustantimes.com AT 22, JALANDHAR-BASED Arshbir Singh, who has just joined his father's leather exports business, owns two Mercedes S Class cars. One is the latest S350 with an on-road price tag of R85 lakh and the other is an S320 with an on-road price tag of R80 lakh. “The quality of the S class attracted me,“ says Singh. “It is clean, quiet and provides pure luxury.
Its sensors tell the driver about everything, from the tyres to the engine. When I'm behind the wheel, I feel as though I'm flying.“ A shooter who qualified for the Nationals, Singh once represented Uttar Pradesh and aspires to represent Punjab now. “I like driving high-end cars,“ he adds. Jalandhar has more than 400 high-end cars.

SALES OF AUDI'S SPORTS CAR, THE R8, GREW 155% IN 2009-10, WITH 23 SOLD LAST YEAR
`I was always driven by the desire to own high end vehicles' A SELLER OF school uniforms in Raipur for two decades, 51-year-old Javed Pradhan switched to the real estate business around the mid-90s. With success, his craze for premium cars grew. The owner of a Mercedes Benz and a Land Rover, Pradhan can't forget how happy he was when he bought his first car, a second-hand Fiat in 1987. Now, he has eight cars including a Mercedes Benz, a Land Rover, an Innova, and a CRV among others.“I was `It's my passion' HE LOVES WATCHING car HE LOVES WATCHING car races, but is himself a sensible driver. The owner of a Mercedes SLK convertible (his favourite among four high-end cars), exporter Mahin Soleja has been attracted to highspeed luxury cars since he first began travelling abroad on business. Watching the F1 races just added to their aura.
“My convertible Mercedes has a Formula 1 finish that makes it look stunning,“ he says. “And its convertible top opens up in just 22 seconds.
And it has immense power that makes it a pleasure to drive.“
It isn't easy to maintain such a high-end car in such a tiny city where all cars, big or small, crawl bumper to bumper. But Kanpur-based Soleja doesn't care. “I have to send my car to Lucknow for servicing but I don't mind. This is not just a car. It's my passion.“ always driven by the desire to own highend vehicles because of their features and special advantages,“ says Pradhan.
“I don't employ a driver.“ The father of two sons says he wants to own status symbols not to show off, but for a feeling of gratification.
Raipur offers a good potential market to premium auto manufacturers. Luxury cars with prices ranging from R35 to R90 lakh have a market of at least twelve cars per month in Chhattisgarh. As of now, customers from Chhattisgarh travel to other states to procure expensive cars.
Pradhan bought his Mercedes Benz from Kolkata and Land Rover from Hyderabad.
“I travel frequently and drive for several hours every day for business purposes,“ he says. “Even when I go on vacation with my family, I prefer my own car.“





`This car is for my driving pleasure' FROM A MERE EIGHT SOLD IN 2009, THE NUMBER OF PORSCHE PANAMERAS, PRICED AT R1.8 CRORE, GREW TO 22 IN 2010 `My Audi TT is a real treat to drive'
AT 30, PHAGWARA-BASED Sandeep Singh Wahid (Sunny), a successful industrial tycoon in sugar and power production, owns two highend cars: a Porsche Carrera S and an Audi Q7. The Carrera S is a sports racing car and comes with a price tag of R1.27 crore. Since Wahid customised it to his specifications, the car cost him a total of R1.5 crore.
“This car is for my driving pleasure and I use it only on special occasions,“ says Wahid.
“It's very satisfying to command so much power with just a push of the gas pedal.“
Wahid inherits his love of high-end cars from his father, Jarnail Singh Wahid, and owns quite a fleet, including a Mercedes S class car. His other premium car is an Audi Q7 which, after customisation (including a special sports kit, a Bose music system, bigger wheels and panorama roof), cost him R80 lakh.
Both these cars were purchased in 2011, bringing the total of luxury cars in Phagwara to over 50. “I work for six to seven days a week and put the rest of my time in driving my cars,“ says Wahid. `It was love at first sight' HIS SON LOVES it, but his wife still wants to know why he needed such an expensive car.
However, 38-year-old hotelier Niraj Singh has a very strong reason for buying a Jaguar XJ.
“It was love at first sight,“ he says simply.
Singh saw the car at the Kolkata showroom and booked it instantly. “I had no clue that I was the first customer from East India to purchase the car that my iconic film star Amitabh Bachchan also drives. It's an unusual car. I am still to understand all its salient features.“
Driving this car in a small industrial city like Jamshedpur comes with a price. “I am often stopped by people at clubs, parties, even while travelling in the city, with queries about the car,“ says Singh. He also owns a Skoda Superb, an Endeavour and a Pajero. LUXURY CARS are not a status symbol for Dr AS Prasad. Besides taking them on long drives Dr Prasad, a leading orthopaedic surgeon in Kanpur, uses his Audis to carry his surgery equipment. Dr Prasad's love for sports cars was born when he was in Germany and drove a Porsche. Before long, he bought his own sports car. In 2006, he brought home the Audi TT. “I'm a music buff and the 16-speaker surround Audi Q5 lets me enjoy music in a delightful way,“ says Dr Prasad.
“And my Audi TT is a real treat to drive, especially in the beautiful hills.“
Dr Prasad loves road trips. A year ago, he let his Audi rip at 180 kmph and made it from Allahabad to Kanpur in 90 minutes. His big dream is to drive to Ladakh in his Audi Q5. “I have already researched the route. I bought my Audi Q5 this year just for this.“






BETWEEN 2009 AND 2010, THE NUMBER OF BMW 5-SERIES SOLD IN INDIA DOUBLED TO 2901 CARS `I never let my driver take the wheel'
THIS 28-YEAR-OLD builder bought his BMW III-series last September on Id-ul-Fitr. Shaibi Farooq is passionate about cars and now has his eyes fixed on the sports utility vehicle (SVU) Audi Q7 as a future purchase. “I started driving a Maruti 800 when I was in class 10 and soon got an Esteem fitted with the best of music equipment. Then many more cars came and the BMW is the latest,“ says Lucknow-based Shaibi, the owner of a construction firm and the lifestyle lounge, Blue.
Why this car? “I studied all cars but finally bought this from Delhi. It has a superior front bonnet and attractive grill, making it a head turner. And its interiors are matchless,“ he says. “It's a pleasure to drive. I never let my driver take the wheel.“ FOR YEARS, 52-YEAR-OLD Rakesh Kohli, the Meerutbased chairman of sports goods makers Stag International, has been passionate about highspeed luxury cars. Now he enjoys every second he spends in his Audi, a gift from his younger brother and son on his 25th marriage anniversary.
“We have the same aspirations for these expensive cars as do people of bigger towns, but so far we've been apprehensive of flaunting our wealth,“ he says.
Now, however, he adds, as more and more luxury cars find homes in small towns, people are no longer afraid of being exposed to criminals. HIGH-END CARS are the newest craze among those who can afford them, acknowledges 45-year-old Sanjeev Pratap, a sportsman and real estate dealer in Meerut. Pratap is the proud possessor of a BMW-X5 and a Mercedes C 200.
“I bought these cars because they fascinate me,“ he says. “I love driving and travelling in cars like this.“ Next on his shopping list is a Posche Cayenne. `Speed is another love' HIS TWO-SEATER BMW Z-4 is a dream come true for 28-year-old Meerut-based businessman Daksh Vats.
“I've wanted this car since I was in class 9,“ says Daksh. “Speed is another love!“ Vats, who works in the paper industry, loves the speed, luxury and convertibility of his car. And he is also aware of the effect that a car like this has on the general public. It's a great way to show off, he acknowledges. And that has a tremendous impact on his business.
“I often visit my clients and my high end car acts as a dividend for me,“ he says. “Any meeting begins from the driveway and parking lot of your destination.
So a car means a lot to your business.“
By at No comments: