Aug 21, 2015
Dec 29, 2014
Oct 24, 2013
Nidhi's Prize Winning Drawing Ganeshotsav 2013
Nidhi's Prize Winning Drawing Ganeshotsav 2013
Theme - Ganesh Drawing
Nidhi accepting Awards - 15/08/2013
Nidhi accepting Awards - 15/08/2013 for Drawing & other sports activities
Jul 19, 2013
Finish this sentence: “When I look in the mirror, I . . .
This is the topic for blog - courtesy PLINKY.com
Let me try to complete it..Jun 18, 2013
Married Women's Property Act - 1874
Married Women's Property Act - 1874
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Married Women's Property Act - 1874
How sure are you that your wife and children's future is secured after your death? This question must be haunting all those who are the only source of income for their family. We work hard, save our income, make investments in various instruments. But incase you have a long list of creditors waiting at your doorstep when you die, these investments will be distributed amongst them with a court settlement. What about your wife and your child then? Don't you wish to have an investment, which is free from court attachments, tax attachments and also creditors?
Your wish may come true with the help of Married Women's Property Act (MWP), 1874. The importance of the act is its simple method of creating a benefit for wife and children. Under MWP Act, a trust is created under which the money is absolutely safe. It is free from creditors, court attachments and also tax attachments.
Insurance under Married Women's Property Act
Every married man (which includes a widower) can take out an insurance policy under the provision of the Act (Section 5) for the benefit of wife and/or children. However, Amarjit Kaur, Advocate, High Court informs, "If the insurance is taken under MWP Act, the policyholder (in this case, a married man) will lose all control over the policy except payment premiums from day one and policy will become a trust (wife) property".
The beneficiaries will only be wife and children. For example, in case the policyholder i.e. the husband was in debt before he died, his creditors will get nothing out of this policy, not even with the help of the court. Therefore, the policy becomes free from the vice of policyholder's creditors, court/attachments or even tax attachments etc. "MWP act is applicable for all married women of all the religions. The policy will take care of only the wife and the children completely, " explains Amarjit Kaur.
Trust/ trustee
Policyholder can appoint trust / trustees. It could be his wife or his adult child. The policy becomes the trust property. In the absence of this, official trustee of the state will be the trustee. The policyholder will have no stake in the policy.
The moment the policy is issued it shall insure as a trust, without the requirement of a stamped deed under Indian Trusts Act. There is no need for creating a separate Trust.
Beneficiaries
When a policyholder chooses the beneficiaries as a class, the wife and children surviving with the policyholder till the date of maturity shall be the beneficiaries. Further no changes whatsoever can be effected without the consent of beneficiaries. Only wife and children can be beneficiaries. They can act as beneficiaries either alone or as follows:
Wife alone
Children alone
Wife and children alone
Existing wife by name
Existing children by names
Existing wife and children by names
Disadvantages
According to Amarjit Kaur, there are no disadvantages as such in MWP Act. But she says that the act is just uncommon. "Not many people know about it. Secondly, men who like to have control over the house or who like to take all financial decisions would never opt for this act."
Ideal for:
People running business on borrowed capital.
People who have not made sufficient provision for wife and children financially.
People who consider that it is imperative to make certain amount available for wife and children free from creditors and court attachments.
source : email from my colleague / monycontrol.com
with regards,
Khushal
Khushal
Jun 13, 2013
Preparing for Interview?
Dear Friends,
How did I prepared for my promotional interview?
Since I am PSU Employee, I have not faced many interviews. Even at the time of entering in the organisation, my interview was more like a formality.
Same way, when I prepared for my first interview from Assistant Grade to Officer Grade, vacancies were more than the required no. of persons, so I got the promotion (plus my qualification too helped me) even though I was nervous & fumbled in interview.
However just before my latest promotion, I have appeared for 2 interviews for foreign posting and I failed miserably. There were two rounds in each interview, however I could not qualified for 2nd round in both the cases.
Therefore, before going for my promotional interview, I have decided to have strategy.
I briefly outline my efforts as under:-
I collected & read motivational books to get lead / ways to find the solution of my problem (i.e. how to prepare for my interview). I also "googled" for tips & tricks.I found from one of the book that to talk with the person who are successful / recently passed through the task. I should select any person who has good knowledge about my capability & weakness and ask him to objectively inform me what to do?
I frankly informed that I am unable to prepare for interview properly & fear or uneasiness crept in just before interview. How to dispel my fear & become confident?
The gist of discussions /books / "googled articles" were :-
1) I should be dressed properly (wearing a tie for male is plus point) & reach the interview place in advance.
2) Since all my Appraisal Reports for last 3 years are kept in front of interviewer, I must go through my last 3 years CR and recollect all the works I have done & written in CRs.
3) I have to read atleast for a week, leading daily (newspapers) and note down the important events for preparing general knowledge questions.
4) I should memorise the names of our CMD, GMs & Business Completed, Profit of our Company, RO & DO for office related questions.
5) I should brush up my core area knowledge e.g. miscellaneous insurance to face any questions related to my working.
The above all are basic requirements but the interesting facts which they told me / summarised are :-
By passing department test it is proven that you are intelligent enough to qualify for this post as far as job knowledge is concern. So the question is not about your knowledge but about your preparation for facing the interview.
Dont underestimate yourself, the person who is taking the interview is interested in knowing you and not in grilling you.
Since we have not made any mistakes by passing exam, we should be full of positive energy to face the next step.
In interview our attitude is counted, we should not be too nervous & anxious & unable to coverse.
To avoid nervousness, we should go for mock interviews with our seniors, friends or any other outside organisation. This will make us familiar with feeling. When you get feeling of "been there, done that", you mentally become ready to face interview.
Our answers to questions should not be YES / NO, i.e. only one word. We should try to give one line or two lines answers.
Whenever any questions are popped up where we are strong, we should build up our conversation around that area and keep on informing our achievements & capabilities on the subject.
In our core area, we can talk positively & confidently and leave a good impression, so we should have proper preparation for that point.
Whenever we dont know about the answers we should say " Sir / Madam, I dont know or I am aware but I am unable to recollect now." In any case, you should not bluff. Even though you have to repeat the above sentence more than 3 times.
However if you keep on repeating the above sentence then you know,... start preparing for next written exam.
Oh.. I should not end in negative..
I strongly believe that if you can pass the written exams, you can easily take on 3 people by your smooth talking.
Therefore..
1) Prepare for interview seriously.
2) Go for mock interviews. Try to polish your english & communcation skill.
3) Prepare list of expected questions & your probable answers. Show to your friends/ Seniors for any suggestions.
4) Remain confident before, during & after interview. Keep a broad smile on your face & everything will turned positive.
GOD helps those who help themselves.
I now await for your success stories.,,
OK.. I have not narrated my actual experience as it is, because even after knowing so many things & preparation, I am not satisfied with my efforts.
I am sure that you all do much better than me.
BEST OF LUCK.
Khushal
13th June, 2013
Jun 11, 2013
Insurance Policies information ...
Life Insurance Policies decoded..
Ø Family Income Policy
Under this policy, life assured's dependents will get an agreed income until the expiry date of the policy, from the date of life assured's death. It is a type of decreasing term assurance where the benefit is payable over a period rather than as a lump sum. Family income benefit may be added as an extension under whole life or endowment policy or separate policy can be taken.
Ø Life Annuity
Life Annuity refers to payment of certain fixed amount annually or more frequently on survival of the life annuitant. When a person wants to provide an income for himself after he retires or at some other time, he can approach Life Assurance Co. and on payment of lump sum amount can purchase an annuity. He can purchase annuity in the form of single payment or annual payment prior to the date of commencement or vesting date of annuity. Annuity is not life insurance but life insurance co. are dealing in it. There are different types of annuities :-
1) Immediate annuity > which would start at once;
2) A deferred annuity > which may start at a date in the future
3) A guaranteed annuity > which is an immediate annuity but will be payable for a minimum guaranteed period (even if annuitant is not alive).
4) A reversionary annuity > provides for the payment to the annuitant, on the death of the spouse (say proponent)
5) A joint and last survivor annuity which is payable while two people, say husband and wife, are alive and, on the death of one, will continue at the same or smaller rate, on the life of the survirvor.
6) Capital Redemption policy > annuity certain – an annuity which would be payable for certain period irrespective of the death of the persons concerned.
Ø Joint Life Assurance / Annuity
Life assurance or annuity may be issued to two or more lives such that the assurance / annuity would be payable on death of one or more lives insured.
Ø Industrial life Assurance
In the UK, there are many industrial life assurance policies in force. There are lower income classes people, who are not keen to take life assurance due to lump sum high amount of annual premium . In order to provide protection to such classes, under Industrial Life assurance, there is a possibility of paying premium in frequent intervals like weekly, bio monthly or monthly. As a result, the premium amount becomes very small and can be easily paid by the assured. Under Industrial Life Assurance, there are Home Representatives, who will call the assured for reminding premium due / or collecting the premium from them.
For the company, industrial life assurance business proves to be very expensive due to small policies and requirement of employing home representatives.
In India, we had several provident societies prior to nationalization of life insurance, which offered smaller life insurance covers. After nationalization, the LIC tried this policy in the form of Janata Policy but it has to wind it up due to problem in premium collections and accounting.
Ø Insured pension scheme
On retirement from the services, employees get pensions. It may be created as under :-
1) Employer maintaining separate fund, where employer's & employees contribution is collected and benefits to eligible members is disbursed. It is known as Self Managed Pension Scheme.
2) The Fund created as mentioned above, may be administered by employer or handed over to another party like a life insurance co or a trustee company.
3) The pension scheme may build up a fund as mentioned in 1) above, and then at the time of retirement or death of the employee, purchase an annuity at the prevailing rates with a life insurance company in order to provide pension
4) Alternatively, the employer may take an insured pension policy, with a life insurance office paying only the periodical premium, thereby passing on the responsibility to disburse pensions to the life insurers.
An employer having a small number of employees would find it more advantageous to have an insured pension scheme.
Many pension schemes are insured by means of group or master policies issued to the employer or to the trustees of the scheme. In addition, the employer may choose to take group life assurance, with a life office providing benefits in respect of those employees who die before the retirement age. Life offices thus perform a vital role in respect of pension scheme. An individual can also purchase pension scheme
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