LIC terminated 195,326 agents during2011-12 (Apr-Dec)

The country's life insurance penetration decreased in 2010-11 from a year ago, although non-life insurance penetration rose marginally, Minister of State for Finance Namo Narain Meena said in the Rajya Sabha today.

"The life insurance penetration has decreased from 4.60 in 2009-10 to 4.40 in 2010-11, whereas the non-life insurance premium has increased from 0.60 in 2009-10 to 0.71 in 2010-11," the minister said in a written reply.

The insurance penetration was impacted by several macro-economic factors such as growth, inflation, interest rates, small savings return and returns of competing financial products offered by banks and mutual funds, he added.

However, the total insurance penetration, which is the ratio of insurance premium as a percentage of GDP, has increased from 2.32 in 2000-01 to 5.10 in 2010-11.

In order to improve awareness among people about insurance policies, the Insurance Regulatory and Development Authority (Irda) runs an education campaign under the brand name 'Bima Bemisaal', the minister said.

Replying to another query, Meena said in the first three quarters of 2011-12 (Apr-Dec), 471,068 life insurance agents were terminated due to various reasons.

LIC terminated 195,326 agents during this period while there additions of 204,554. Thereby it ended with 1,315,413 agents at the end of December, 2011 against an opening balance of 1,306,185 agents, he added.

To check mass exodus of agents in LIC, the minister said proper pre recruitment training was imparted to them along with stipulation that renewal commission is payable across the term of the policy.

Also, insurance regulator Irda has formed a committee on health for senior citizens under K S Sastry, former chairman, National Housing Bank, Finance Minister Pranab Mukherjee said in a separate reply.

"This committee was entrusted, inter-alia, with the task of identifying the problems in extending health insurance to the senior citizens without any age limit and at affordable cost," Mukherjee said.

Group Health Insurance Premiums Set to Rise

Premium rates of group health insurance policies are set to rise, as to curtail losses, Government has asked PSU general insurance companies to either increase premiums or stop renewing group health insurance policies.
At present, the combined ratio-claims paid plus other expenses as a percentage of premium earned-is close to 150%. The combined loss on account of such discounts of four state-run non-life insurers is expected to be around Rs 1,500 crore for FY’12. Therefore, government has issued a directive for PSU general insurers to curve losses.

Public sector general insurers are offering huge discounts to corporate customer to grab wider market share.Since 2007 when prices were freed, PSU general insurers are facing huge underwriting pressure. The overall loss ratio of companies has been over 100%, which means companies are making profit only on their investments.

Government wants to make sure there is audit of individual portfolio so there is no segment vise loss.Health insurance segment is one of the fastest growing segments of general insurers, accounting one-fourth of the total gross premium income. Hence, despite it is acknowledged as the product of inadequate pricing many insurers continue offering discounts for sustained premium inflows.
Government has also asked PSU non-life insurers to cap brokerage and commission at 5% of the premium.Government has also asked PSU insurers to introduce co-payment ratio of 20% that means policyholder has to pay Rs 20 for every claim of Rs 100.
Government has also told insurers to acquire customers of lower age groups.To curve competition-induced losses, government has also directed insurers to obtain No Objection nod from the chairman of the existing insurer before underwriting a new business.
Companies will have to share data on premium, claims and frauds among themselves.
The boards of state-run insurers will need to review their performance every quarter.

Premiums of Travel Insurance Likely to be Increased Soon

It is expected that premium rates of travel insurance will be increased soon as leading general insurance companies are feeling the pressure of depreciating rupee.The claims of outbound travel insurance are paid in foreign currencies while their premiums are collected in Indian currency. And as rupee depreciates it increases the cost for insurers.
Generally April-June quarter is considered as the best quarter for travel insurance, pegged at Rs 250 crore. And at this time it is expected that in near future rupee will touch 60 mark against dollar.
In current year Indian rupee has fallen more than 5% against US dollar, making it the worst performing Asian currency.Depreciating rupee impacts the margins of insurers hence, it is expected that if this depreciation of rupee continues than insurers will increase the premiums of travel insurance

SBI- Minimum Balance in Savings Accounts

As a major step forward towards Customer retention and acquisition, State Bank of India has decided to remove the stipulation of maintaining a minimum Average Quarterely Balance (AQB) for all Personal Segment Savings Bank Account holders across all thier branches. Thus there will be no Service Charge for Non Maintenance of minimum balance stipulations (AQB) in SB account of Personal Segment customers. Branches were advised to use approved publicity material to the effect and to have them displayed prominently on branch premises. In a preceding circular sent only the day before, the bank ordered refund of charges for non-maintenance of minimum balance ‘of personal segment' customers. This was aimed at setting right an earlier order that sought to apply charges for non-maintenance of minimum balances on all eligible accounts for the quarter ended March 31, 2012.

Further, while opening a Savings Bank Account minimum amount to be deposited has also been reduced to Rs 100/- , except in case of ‘No Frills Account’, where the minimum deposit is Rs.50/-.
Average Minimum Balance required
 Sr No Bank      Metro Urban area Rural areas
1 ICICI BANK  10000 5000          2000
2 HDFC BANK 10000 5000          5000
3 AXIS BANK  10000 5000          2500

Dear friends open new SB AC to all your customers and attach NEFT

unclaimed investments in BANKS

unclaimed investments in MUTUAL funds

How to reclaim your money in unclaimed investments in insurance, post office, ppf etc.?

When mutual fund distributor Bajaj Capital found that a certain investor had not made any new investments in mutual funds for a long time, it decided to check up on him. To their surprise, the officials found that the investor had died a few years ago and his wifehad no knowledge about the Rs 2 lakh he had invested in HDFC Mutual Fund.

“The amount had grown to Rs 9-10 lakh. The lady broke down because she was facing financial difficulties and the money would help her tide over the problems,” says Surajit Misra, executive vice-president and national head of mutual funds, Bajaj Capital.

Ajay Kumar Parmar had forgotten all about the Saradar Sarovar Narmada Nigam bonds he had bought 20 years ago when he was living in Ranchi. It was only when he heard about another investor getting a good price for his bonds this year that he recalled his own investment.

Not everyone is as lucky though. An estimated Rs 22,000 crore of investors’ wealth is lying unclaimed with insurance companies, mutual funds, corporate houses, banks and the Employees’ Provident Fund Organisation.
These are investments that were made but never claimed by the owners after maturity. “The investors who put small amounts in a number of instruments often face this problem because the portfolio becomes too unwieldy and difficult to monitor,” says Sandeep Shanbhag, director at Wonderland Consultants Tax & Investment Advisory.

It’s a problem that afflicts almost every investor. Every household will have a dormant bank account, or a long-forgotten insurance policy or expired dividend cheques. In the following pages we tell you how you can reclaim this money.

1) Life insurance policies

This is a major black hole when it comes to investor wealth. The life insurance industry has roughly Rs 1,724 crore unclaimed funds lying with it.

Private sector insurance companies, which started operations only 11 years ago, alone have more than Rs 1,500 crore worth of unclaimed benefits.

These include policy benefits paid out, but not encashed by, policyholders, maturity benefits lying unclaimed or death claims not filed by nominees. LIC, which has been doing business for the past six decades, stands at third place with Rs 218 crore.



The public-sector behemoth has some 1.8 lakh policies for which the maturity benefits have not been claimed. Besides, there are cases where the policyholders have died but the death benefit has not been claimed.

Companies say they hold the unclaimed funds for a long time. V Srinivasan, chief financial officer at Bharti AXA Life Insurance, says, “Irda regulations don’t allow insurers to write off this money for a long time. Currently, long has not been defined.” However, you won’t get more than the due amount because it won’t earn any interest. “We don’t pay any interest because it would incentivise forgetfulness by investors,” says Srinivasan.

It’s best to file death claims as soon as possible. In case the policyholder dies, a delayed claim raises suspicion of foul play or fraud. The insurance company will then have to investigate the cause and circumstances of death. “It becomes a sticky issue. It’s in everybody’s interest to make the claim on time,” adds Srinivasan.



To ensure that your investment in insurance is safe, be sure to inform your family members about all the policies and keep a record. The nominee will be able to claim the amount without any hassles. However, problems crop up when no nominee is listed in the insurance document or if he has not been informed.

2) Bank accounts and deposits

More than Rs 1,700 crore is languishing in dormant accounts and unclaimed bank deposits across India. The SBI and its associate banks alone have unclaimed deposits of Rs 279.7 crore. Concerned about this forgotten treasure trove, the Reserve Bank of India has asked banks to consider launching a special drive to locate the customers or legal heirs of inoperative accounts.

From 1 July this year, all banks will have to list on their websites the names and addresses of customers who have unclaimed deposits and inoperative accounts. The RBI is very clear about how banks should treat this money. The maturity proceeds of unclaimed FDs will earn the savings bank rate of interest. Similarly, the interest on savings bank accounts is to be credited on a regular basis whether the account is operative or not.

If you also have a forgotten fixed deposit, take heart. You can get your money back along with interest. Some banks even offer customers a higher interest than the savings bank rate. “If the investor wants to withdraw the maturity proceeds of the forgotten FD, he will get the savings bank rate from the time of maturity. However, if he agrees to reinvest the proceeds, he will get the applicable FD rate from that date,” says Sunil Pant, chief general manager, financial control, State Bank of India.

This window is open till seven years of maturity. If the investor is not traceable during this period, the money goes into the unclaimed money account. Similarly, a savings account becomes inoperative if there is no activity for two years.

3) Stock investments and dividends

A Mumbai-based investor was pleasantly surprised recently to find out that the value of 500 shares of Diamond Power Trading company that he had bought at Rs 10 apiece in 1995 had grown 6,400% to Rs 3.25 lakh. Not all investing stories have such happy endings. There may be hundreds, even thousands, of investors, who don’t know about the shares they have inherited. Others may have forgotten about the stocks they bought long ago.



The accidental discovery of shares made the above-mentioned investor forget about the dividends declared in the past. Companies send out dividend warrants (or cheques) to shareholders. If these are not encashed by the investor within 30 days, the money is transferred to another account. This is mentioned in the annual report as unclaimed dividend.

This account remains with the company for seven years, after which the money is transferred to the Investor Education and Protection Fund. So, if you have missed out on the dividends declared on your stocks a long time ago, there is hope of getting them back.

4) Income tax refunds

Though income tax refunds are now sent directly to your bank account, the Income Tax Department is continuing with the legacy of refund warrants in the physical form. The income tax staff is notorious for deliberately delaying the refunds so that they can squeeze some money out of the taxpayer.

It is important to note that the refund will not earn any interest after the cheque has been issued. If the cheque takes 1-2 years to reach you, and you spend another 2-3 months to get it revalidated, you will lose out on the interest earned during the period. “You don’t get the interest for the delay if you don’t follow it persistently,” says Sunil Talati, former president of the Institute of Chartered Accountants of India.

Refunds are quicker if you e-file your returns. You get your refund within 45-60 days. If you haven’t already received your refund, write to the Bangalore Central Processing Centre. “If your request goes unheard at the Bangalore CPC, you can approach the assessing officer. If that doesn’t help, take up the matter with the grievance cell or the income tax oOmbudsman’s office,” adds Talati.

5) Mutual fund investments



The mutual fund landscape has changed drastically in the past 10 years. New fund houses have come in, older ones have been merged and some have even closed shop. The Canbank Mutual Fund, for instance, is now called the Canara Robeco Mutual Fund. ABN Amro Mutual Fund became Fortis Mutual Fund in 2008 and was bought by the BNP Paribas Mutual Fund in 2010. Even individual schemes get merged or change names.



Investors need to keep track of these changes so that their money isn’t lost in the maze of new names. Make sure your address, contact details and bank account numbers are correctly notified to the new fund house. “There are many investors who are still holding units of the Alliance New Millennium Fund bought in 1999 at Rs 10,” says Misra of Bajaj Capital.

If you don’t remember your mutual fund investments, you would also not have any inkling of the dividends paid on these investments. Mutual funds have almost Rs 340 crore of unpaid dividends and Rs 113 crore of unclaimed funds lying with them. “Dividend cheques go unnoticed due to changes in address or bank account details. There was no system of ECS in the early 1990s when many schemes were launched,” says Misra.

Mutual funds keep the unclaimed dividend for three months. After the dividend cheque becomes stale, the funds are redeployed in the money market. “The fund house can recover fund management charges of up to 0.5% a year on the dividend amount when the claimant finally withdraws the money,” says Shanbhag.

6) Provident Fund

Every time you change a job, you have the option to either withdraw the provident fund balance or transfer it to the account with the new employer. Many people opt for the third option-not do anything about the PF account with the previous employer because the money will continue to grow. However, it is high time you got the money transferred to the new account otherwise you stand to miss out on interest.

A new rule that came into effect on 1 April 2011 says that no interest will be paid on PF accounts in which there is no deposit for 36 consecutive months. The EPFO estimates that there is roughly Rs 16,000 crore lying in such dormant accounts. It believes this new rule will jolt PF subscribers into action and make them consolidate their two or three PF accounts into one.

7) Post office investments

Post office deposits are another major problem area. The quantum of investment may not be too large because these are generally for small investors, but the sheer number of such forgotten investments with the post office make it a big sum.

The post office, however, is not lenient to the Rip Van Winkles in the investor community. If the interest payable every month on the postal time deposit, recurring deposit and monthly income schemes is not claimed by the depositor, the interest will not earn any additional interest. Also, the total maturity amount will earn interest only for two years.



This will be simple interest and paid depending on the savings bank account rate. A period of less than one month will be ignored. You will be given this interest at the time of repayment and it shall not be deposited in the account.

The strict rules apply even to the Senior Citizens‘ Savings Scheme (SCSS). If the quarterly interest paid on the SCSS is not withdrawn by the depositor, the interest will not earn additional interest. The corpus too will invite the interest rate applicable to savings bank account if not withdrawn on maturity.

Bonds

You can fault an investor if he forgets the fixed deposit he made 2-3 years ago. Can you blame him if the investment was for 15-20 years? Long-term bonds, which typically have terms of 10-20 years, often end up in the unclaimed basket.

These long-term bonds can be RBI Relief Bonds, government securities, corporate debentures and the Nabard Bhavishya Nirman Bonds.

In 10-20 years, the investor may have changed his address or bank and any notification from the issuing company may not reach him. The problem multiplies if you lose the certificate. Before demat became the norm, all bonds were issued in the physical form as certificates.



While unclaimed mutual fund dividends, tax refunds and even bank fixed deposits earn interest for you even after maturity, the bond issuer can refuse to pay more than the maturity amount. “Technically, under bonds, no interest beyond the maturity period is payable. However, for the IDBI bonds we paid the savings bank interest rate for the period beyond maturity,” says RK Bansal, executive director, IDBI Bank.

As in the case of stock dividends, the 7-year time limit is applicable to bonds. After this period, the money is transferred to the Investor Education and Protection Fund. If you approach the company after seven years, it may still get your money back but it will prove to be a time-consuming affair.



How to avoid this situation

Follow these tips to ensure that your investments don’t go unclaimed.

Note it down: Make a file where you note the details of all your investments. Pen down all relevant folio and account numbers.

Keep family in loop: Inform your spouse and other family members about all financial transactions. In this way, you ensure that even if something happens to you, your family will be able to access your investments.

Assign a nominee: Mention a nominee in all financial investments. This ensures that the funds are transferred to the nominee without any hassle.

Remind yourself: Set up reminders for premium payments and maturity dates of investments. This can be done through various websites, your PC and even through mobile phones.

Go for ECS: Give ECS mandates for direct credit of dividends, interest payments and maturity proceeds into your bank account.

End the clutter: Close down bank accounts you don’t use, transfer PF to the new employer and avoid having too many mutual funds and insurance policies. The fewer the investments, the easier they are to track.

Source: Economic Times

vinay mohanty

How alcohol attacks the brain

http://us.mg6.mail.yahoo.com/neo/launch?reason=ignore&.rand=dtvl5f7m9pto0vinay mohanty

Save the Indian Rupee

YOU CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS:-

Please spare a couple of minutes here for the sake of India .

I got this article from one of my friends, but it's true. I can see this in day to day life.

Here's a small example:-

Before 12 months 1 US $ = INR Rs 42
After 12 months, now 1 $ = INR Rs 55.5

Do you think US Economy is booming? No, but Indian Economy is Going Down.

Our economy is in your hands....
What you can do about it?

1. Buy only products manufactured by WHOLLY INDIAN COMPANIES.
2. ENROLL as many people as possible for this cause.....


Each individual should become a leader for this awareness. This is the only way to save our country from severe economic crisis. You don't need to give-up your lifestyle. You just need to choose an alternate product.

All categories of products are available from WHOLLY INDIAN COMPANIES.

LIST OF PRODUCTS

COLD DRINKS:-

DRINK LEMON JUICE, FRESH FRUIT JUICES, CHILLED LASSI (SWEET OR SOUR), BUTTER MILK, COCONUT WATER, JAL JEERA, ENERJEE, and MASALA MILK...

INSTEAD OF COCA COLA, PEPSI, LIMCA, MIRINDA, SPRITE

BATHING SOAP:-
USE CINTHOL & OTHER GODREJ BRANDS, SANTOOR, WIPRO SHIKAKAI, MYSORE SANDAL, MARGO, NEEM, EVITA, MEDIMIX, GANGA , NIRMA BATH & CHANDRIKA

INSTEAD OF LUX, LIFEBUOY, REXONA, LIRIL, DOVE, PEARS, HAMAM, LESANCY, CAMAY, PALMOLIVE


TOOTH PASTE:-
USE NEEM, BABOOL, PROMISE, VICO VAJRADANTI, PRUDENT, DABUR PRODUCTS, MISWAK

INSTEAD OF COLGATE, CLOSE UP, PEPSODENT, CIBACA, FORHANS, MENTADENT.


TOOTH BRUSH: -
USE PRUDENT, AJANTA , PROMISE

INSTEAD OF COLGATE, CLOSE UP, PEPSODENT, FORHANS, ORAL-B
SHAVING CREAM:-
USE GODREJ, EMAMI

INSTEAD OF PALMOLIVE, OLD SPICE, GILLETE


BLADE:-
USE SUPERMAX, TOPAZ, LAZER, ASHOKA

INSTEAD OF SEVEN-O -CLOCK, 365, GILLETTE


TALCUM POWDER:-
USE SANTOOR, GOKUL, CINTHOL, WIPRO BABY POWDER, BOR OPLUS

INSTEAD OF PONDS, OLD SPICE, JOHNSON'S BABY POWDER, SHOWER TO SHOWER


MILK POWDER:-
USE INDIANA, AMUL, AMULYA

INSTEAD OF ANIKSPRAY, MILKANA, EVERYDAY MILK, MILKMAID.


SHAMPOO :-
USE LAKME, NIRMA, VELVETTE

INSTEAD OF HALO, ALL CLEAR, NYLE, SUNSILK, HEAD AND SHOULDERS, PANTENE

MOBILE CONNECTIONS:-
USE BSNL, AIRTEL ,rcom, tatadocomo

INSTEAD OF HUTCH

Food Items:-
Eat Tandoori chicken, Vada Pav, Idli, Dosa, Puri, Uppuma

INSTEAD OF KFC, MACDONALD'S, PIZZA HUT, A&W

Is LIC India's 'too big to fail' institution?

For now, at least, the insurer is on a strong wicket with robust financials. But if the govt continues to treat it as an extension of its coffers, that strength may not remain forever.

However, a senior LIC executive defended the investments, saying that though it invests in banks from the open market, the opportunity came only when banks decided to issue preferential shares.

When global rating company Moody's downgraded Life Insurance Corporation of India's (LIC) foreign currency insurance financial strength rating from Baa2 to Baa3 with a stable outlook recently, it caused a bit of a stir, though the news was not entirely unexpected.

For, LIC's growing exposure in government bonds and its investments in shares of state-owned enterprises, including banks and corporations, have been a matter of worry for a while. After LIC bought a substantial stake of over 4% in Oil and Natural Gas Corporation (ONGC) in the recent government auction, taking its total stake to 9.48%, an exasperated former finance minister Yashwant Sinha termed it a "daylight robbery".

Sinha got support from former LIC chairman SB Mathur. "LIC believes in picking up a stake whenever there's an opportunity. But it has always been a stake of a couple of percentages and not 4-5%. This is not a prudent way of investing," said Mathur.

However, a senior LIC executive defended the investments, saying that though it invests in banks from the open market, the opportunity came only when banks decided to issue preferential shares. "We invest in public sector companies because we believe in them. If it helps the government, it does not mean that LIC should not invest," he said.

But regular policy holders aren't convinced about LIC's investment strategy, especially in recent times. Its investments in oil marketing company ONGC and public sector banks to prop up a cash-strapped government are, in some sense, a throwback to the US-64 days, when many investors lost their hard-earned money.

In 1990, when the first mutual fund scheme (US-64) collapsed, its state-sponsored manager Unit Trust of India took heavy losses on its investments. And while US-64 isn't exactly comparable with any of LIC's schemes, investors are worried about their money. The US-64 scheme offered above market returns, but carried little transparency with it. Whereas, LIC's unit-linked policies disclose NAVs (net asset value) on a daily basis and offer modest returns on traditional plans, following investment guidelines laid down by the regulator.

"There are significant differences between US-64 and policies offered by LIC. While US-64 was a growth scheme and investors treated it like a fixed deposit, LIC's policies offer returns based on the prevailing interest rates with protection," said Vishal Kapoor, wealth manager with Standard Chartered Bank.

Why is India's top insurer LIC headless for a full year?

Current acting chairman D.K.Mehrotra took charge on May 26, 2011, initially for a period of three months. But rather than choosing a candidate for a longer term, the finance ministry has preferred to continue extending Mr Mehrotra’s tenure by three months each time.
On completing his tenure, Vijayan proceeded on a long leave. As a stop-gap measure, the government appointed Rakesh Singh, additional secretary, Department of Financial Services, to manage LIC. It later nominated Mehrotra as acting chairman.


Although the search committee, comprising senior finance ministry officials and officials Insurance Regulatory and Development Authority (IRDA), zeroed in on the name of Mr. Mehrotra for the position, a final decision is pending with the Appointments Committee of the government.


At a time when there is pressure on LIC to reduce its stake in many listed companies to below 10 per cent to adhere to IRDA norms, and questions being raised on the rationale for subscribing to ONGC shares via the auction route so heavily, the nonexistence of a full-time chairman is only puzzling, to say the least.


The question that now needs to be asked is whether this is just another example of UPA-II’s so-called policy paralysis, or is there something more to leaving the country’s top insurer headless for a full year?

Jeevan Vaibhav a good option to park your surplus

LIC’s new launch Jeevan Vaibhav is a non-unit linked single-premium policy. It is basically designed as an investment-oriented policy and the risk cover will roughly be double your investment. The fixed term of the policy is 10 years and the same risk cover continues throughout the term.

 DEATH AND MATURITY BENEFITS: In case of death during the policy tenure excluding the last policy year, only the basic sum assured is payable. In case of death during the last policy year, the sum assured along with applicable loyalty addition would be payable. If the plan matures, the sum assured along with the loyalty addition will be paid. The sum assured is fixed and depends on single-premium paid by you.

 But the loyalty addition is not guaranteed and depends upon the corporation’s experience. Loyalty addition is declared policy-wise every year after valuation of the surplus. As per previous experience, the corporation has declared a loyalty addition Rs 50 to Rs 100 per Rs 1,000 sum assured for policies with similar term.

 THE LIQUIDITY ASPECT:  Like all other conventional single premium plans, loan is allowed after the completion of one year. The plan can also be surrendered after the same period. But please note that surrendering an insurance policy may eat up a portion of your capital also. So take the policy only if you can stay invested till maturity; surrendering the policy in  middle of the term will not be beneficial at all.

 ENTRY AGE AND MINIMUM-MAXIMUM LIMITS: The policy can be bought for age group of eight years (completed) to 65 years (nearer birthday). The minimum sum assured is Rs 2 lakh, which may be enhanced in multiples of Rs 10,000. The minimum premium for base sum assured, inclusive of service tax and surcharge (approximately @3.09 per cent), will range from Rs 98,500 (approximate) to Rs 1,09,500 (approximate), depending upon the age of the life to be assured. There is no upper limit of investment.

 RETURNS: The guaranteed returns from the plan will vary depending on your age. The effective return is higher at younger age and goes on diminishing as the age goes up – the exact reverse of the banking perception. Nevertheless, it will range between10.34 per cent to 8.25 per cent. But, note that there is rebate of 0.2 per cent on tabular premium when your sum assured is above Rs 3,90,000 and 0.3 per cent if the sun assured is above Rs 5,90,000.

 DRAWBACKS

 The biggest drawback of this plan is that it will not give you full income tax benefits. As per the Finance Bill of 2012, the deduction from your income under Section 80C for premiums paid on life insurance policies issued on or after April 1, 2012, shall be available only to the extent of 10 per cent of the capital sum assured.  Also Section 10(10) D of the Income Tax Act will not be applicable for the same reason and your net earnings will be taxable at the applicable rate. However, the death benefit under any plan is always tax-free under Section 10(10D).

The 'Little Things!' 2

Someone once said that closing a sales is 70% enthusiasm. How could that be?
What about product knowledge, persistence, and all of those closing
techniques? Yes, they are important. But without enthusiasm, they have
little power. They are like the car and enthusiasm is the gas. Nothing gives
gusto to your presentation like sincere enthusiasm.
After all, selling, at its heart, is nothing more than a transfer of feeling
Successful sales professionals are able to get their prospect to have the
same feeling about their product, the same product conviction, and the same
kind of enthusiasm about the product as they themselves do. So, nurture your
excitement. Show your enthusiasm. Learn everything that you can to boost
your own belief and conviction. After all, if you're not enthusiastic about
your product, who will be?
Action Step: Think about how your product or service helps to enrich people
lives. Write it down. Look at it daily. And, you’ll begin to nurture sincere
enthusiasm about your product, your company, and your presentation. And, let
your excitement show.
It's The 'Little Things!'
Like Sending A Monthly Newsletter To Everyone You Know!
"Out Of Site, Out Of Mind" is a deadly mistake for any sales person. If you
want more appointments, more referrals and more sales then you must stay on
touch with everyone you know - EVERY ONE!
RELATIVES:
Aunt, Uncle, Brother, Sister, Cousins, Parents, Grand Parents, In-laws
WHO IS MY:
Accountant, Dentist, Lawyer, Optometrist, Pharmacist, Physician,
Chiropractor, Stock Broker
WHO SOLD ME MY:
Appliances, Car/Tires, Clothes, Furniture, TV/Stereo, House
WHO DO I DO BUSINESS WITH:
Bank Teller, Carpenter, Plumber, Electrician, Notary Public, Contractor,
Editor, Printer, Realtor, Secretary, Surgeon, Art Instructor, Fashion Model,
Lab Technician, Music Teacher, Office Manager, Barber/Hairdresser
I KNOW SOMEONE THAT:
Lives Next Door, Teaches My Kids, Was my Best Man, Goes Bowling with Me, Is
my Former Boss, Was My Teacher, Repaired My TV, Cuts My Grass, Painted My
House, Owns My Apartment, Is in Rotary, Is in Lions, Is in My Book Club, Dry
Cleans My Clothes, Hung My Wallpaper, Sells Me Gasoline, Cleans My House
And Don't Forget... Your existing clients, seminar attendees, people you
didn't close, etc.
Yours in success,
Jeremy, Will and Lew Nason

The 'Little Things!' for agents

Most agents are being led to believe that in order to make big money in this
industry, they must make big changes. They are being told to stop what they
are doing, completely change their market, and focus their efforts on the
big money in the advanced markets!
And, it's easy to convince most agents to change. They want to believe there
is an easier way. 'The grass is always greener on the other side of the
fence.'
However, the truth is that in most cases there is no better market than the
one you are in right now. If you look at industry leaders such as the MDRT
Top Of the Table qualifiers, you'll find that the vast majority of them are
not in the advanced markets. They may run into one of the advanced cases
every now and then, but their main focus is on a 'Bread and Butter' market
where they consistently generate sales.
Top Producers know that it is the 'little things' that make the difference.
It's about continuous learning and continuous improvement. It's learning how
to: ask better questions, close more sales, get more referrals, make larger
sales and make repeat sales!
It's The 'Little Things!'

Soon LIC to have Anytime Anywhere Facility

Soon country’s largest life insurer, Life Insurance Corporation of India (LIC) is going to have ‘Any time Any where’ facility. This facility will enable LIC’s customers to pay or access its services from any where in the country at any time.

Under the enterprise document management scheme, of 34 crore policies 98% have been scanned and entered into database. And as soon as these policies are found in place in the scheme LIC will begin ‘any time any where’ facility.
vinay mohanty

Top pvt life insurers shut 1,500 branches in 2 years Niladri Bhattacharya / Mumbai May 21, 2012, 0:45 IST

With “profitable growth” replacing “expansion drive” as the buzzword in the sector, the country’s top private life insurers have significantly reduced branches and employees over the last couple of years to cut costs and improve efficiency.
ICICI Prudential, the second largest private life insurer in the country, has reduced its branches by nearly a half from 1,923 to 1,000 in the last two years. The top six private insurers, barring SBI Life, reduced nearly 30 per cent of branches, while the headcount was scaled down 27 per cent in the same period. Interestingly, the profits of all these players doubled over the last two years.
Insurance companies have different takes on the matter, terming it “right sizing” or “smart usage of realty” or “efficient utilisation of space” but the move to rationalise branch networks was a direct fall-out of the stringent regulations introduced by the Insurance Regulatory and Development Authority (Irda) in September 2010. The Irda had raised the lock-in period and the insurance cover on the popular unit-linked products.
Top private life insurance players like Max New York Life, HDFC Life, Birla Sun Life, Aviva Life, Tata AIG Life and Bharti AXA Life all reduced their branch network between
18-250 in the last couple of years. However, in the same period, SBI Life, the second largest private life insurance player increased its branch network to around 714, from 494 as on March 31, 2010.
see this link ;- http://www.business-standard.com/india/email_page.php?autono=474919&tp=

vinay mohanty

Privet Life Insurers cos Shifting Focus on Profitable Growth

Company’s name Net profit or loss in FY’10 Profit or loss in FY’11 Profit or loss in FY’12

ICICI Prudential Life                         260 cr                        810 cr                      1,384 cr

Bajaj Allianz Life                               560 cr                       1,057 cr                    1,311 cr

Max New York Life                           -20 cr                          190 cr                      572 cr

TATA AIG Life                               -400 cr                            52 cr                      107 cr

HDFC Life                                      -280 cr                         -100 cr                      271 cr

Birla Sun Life                                  -435 cr                           305 cr                      461 cr

5 health insurance changes you must know

Thanks mainly to new bunch of health insurance players, things are changing for the better for customers. Be it customer-friendly features, service standards or claim settlement experience - some companies are going all out to please their customers. It remains to be seen if others would join them. But, for the time-being, it is advantage customers, at least in certain areas. Here are some pro-customer steps that the individual health segment has seen in the recent past:

Life-long renewability

With the IRDA refusing to approve new products with a cap on the exit age, most companies have been forced to rejig their product structures to offer life-long cover. However, this move will not benefit the existing policyholders who may have suffered the agony of seeing their renewal request turned down at a time when they need it the most, despite having paid premiums for years. Yet, it is a significant step, as it will shield newer policyholders from such unjust treatment by companies.

Sub-limits out of favour

For long, policyholders have had no choice but to buy policies that incorporate sub-limits, or restrictions within the sum insured, on room rents, doctor's fees, operation theatre charges and so on. Now, companies like Apollo Munich and Tata-AIG have abolished such caps, paving the way for smoother claim settlements sans disputes.

Claim loading gives way to no-claim bonus

Again, some new-age health insurers have chosen not to impose premium hikes merely because of claims made in the previous year. The loading structure is considered unfair by many as it penalises policyholders for taking the very step they have bought the policy for. This apart, some insurers have begun shifting focus from such prohibitive tools to a friendlier practice of offering incentives by way of no claim discounts to ensure effective claim management.

Zone-based premium structure

It is well-known that healthcare expenses in metro cities are far higher than those in smaller towns. In spite of this, those residing in comparatively smaller towns are forced to pay premiums comparable to metro-dwellers. Perhaps to correct this anomaly, companies like New India Assurance, Bharti-Axa and L&T General have come up with zone-based premiums, where residents of smaller cities and towns are offered the choice of paying lower premiums. However, if they decide to undergo treatment at a hospital in a metro (or a city outside their zone), they will have to shell out a certain pre-decided proportion of the claim before the company contributes its share.

Cover replenishment

An innovative feature, it is part of certain policies offered by Star Health, L&T General and Apollo Munich. Essentially, they offer to restore your sum insured if you happen to use up the entire cover in a year. However, there are riders. For instance, L&T's product promises replenishment only in the event of the subsequent claims being related to accidents. On the other hand, the clause will get triggered in Apollo Munich's policy upon any ailment or condition, provided it is not related to the claim made earlier in the year.

Irda bars advance premium payments beyond 30 days

In a bid to prevent money laundering, Insurance regulatory and Development Authority (Irda) has barred insurance companies from accepting premium in advance beyond 30 days. In a circular to chief executives of life insurance companies, Irda said this move would also ensure regular payment of premium by customers. “Collection of advance premium under both, linked and non-linked products, shall not be allowed except in the case mentioned,” the circular said. In case you have opted for monthly premium payment mode, now you will be allowed to pay only three months premium in advance on the date of commencement of the policy.

For example, if your policy commenced on March 1, you will be allowed to pay three months advance premium on March 1 only. At present, a policyholder can make a lumpsum payment of premium before the due date and even avail a nominal interest or some discount on it. “Few insurance companies had allowed their policyholders to pay the annual premium upfront at the time of buying the policy, on which, the insurer gives some discount.

The regulator wants to stop this practice as insurance is a long term financial planning tool, and promotes regular savings habit,” said Suresh Agarwal, executive vice-president and head of distribution and strategic initiatives at Kotak Mahindra Old Mutual Life Insurance. Insurers say that it is sometimes convenient for policyholders to pay in advance. “Insurance companies allowed those policyholders who were leaving country for few years or were not willing to pay regular premium, to pay the lump-sum premium and avail discounts. The number of such policyholders is very low, and this practice was prevalent in traditional life insurance policies only,” said Gorakh Nath Agarwal, chief actuary at Future Generali India Life Insurance.
curtecy degitalfc
vinay mohanty

LIC launches its first online, immediate annuity plan

Life Insurance Corporation of India (LIC) has launched its first online product, Jeevan Akshay VI, an immediate annuity product, on Thursday. While private players have been selling insurance products online for past three years, LIC is taking the first step into online space. On payment of a lump sum, a policyholder is entitled to an annuity from the very next month under any one of the seven annuity options chosen by him.

The options are annuity payable for life at a uniform rate, annuity payable for five, 10, 15 or 20 years certain and, thereafter, as long as the annuitant is alive, annuity for life with return of purchase price on death of the annuitant, annuity payable for life increasing at a simple rate of 3 per cent per annum, annuity for life with a provision of 50 per cent of the annuity payable to the spouse on death of the annuitant. The other two options are annuity for life with a provision of 100 per cent of the annuity payable to spouse in case of the death of the policyholder and annuity for life with a provision of 100 per cent of the annuity payable with the purchase price being returned to the last survivor. The product is available for ages 30 to 85 years.

The product was launched by J Hari Narayan, chairman, Insurance Regulatory & Development Authority (Irda) during the senior divisional managers’ conference of LIC in Mumbai. The Irda chairman remarked that there is a need for more annuity products. LIC’s Jeevan Akshay VI is the only immediate annuity product available in India.
curtesy my disital

IRDA to Relax Surrender Value Norms for Traditional Products

In a slew of changes Insurance Regulatory and Development Authority (IRDA) is set to relax Guaranteed Surrender Value (GSV) norms for traditional products. IRDA has suggested that all traditional policies should acquire surrender value before completing three years.
IRDA said that all regular pay products and limited pay products with the Premium Payment Term (PPT) of ten years or more should acquire a GSV on the receipt of third-year premium. However, for the policies having PPT of less than ten years policy should acquire GSV by the end of second year.

Earlier policyholder had to wait for the completion of the third year to get surrender value.
Surrender value is what a policyholder gets if he terminates or stops paying premiums before the end of tenure. In such case policyholder get 30-35% of total premium paid minus first year’s premium, along with this insurers offer special surrender value which is calculated after considering the current market value of assets held against the policy.

IRDA is also planning to relax surrender value norms on single premium policies. IRDA has recommended that all single premium policies should acquire surrender value at the end of first year. At present payout of the amount is made only after three years.

IRDA has also recommended that minimum PPT which is currently two years should be increased to five years.
IRDA has also suggested capping commissions on limited pay products.
 Posted by Bijay on May 18th, 2012  

HOW TO MOTIVATE PROSPECT TO ACTION

Motivating to action is the aim of every presentation you make. The single
most important attitude for you to carry into your presentation/closing
interview is this one: I will take the initiative and assist my prospect in
making the buying decision. The prospect will seldom ever close the sale. I
must supply the motivation.
• Summarize the key buyer benefits. This is the first step in motivating
prospects to take action now! Frequently, the prospect forgets some of the
reasons for buying -- remind them. Your rapid-fire summation recalls to the
prospect's mind the important things that dictate acceptance of your
proposition.
• Next, ask for any questions the prospect wants answered. You will gain
valuable information answering their questions. Look for buying signs here.
• Move to questions of your own. Your strategic questions should assist the
buyer in making minor decisions in favor of your proposition. These minor
decisions should direct the buyer to make the important decision to buy from
you.
• It is now time to ask the prospect to buy! Assume the prospect is going to
buy from you now. Many buyers say it is amazing how many sales reps seem
unable to bring themselves to ask for the "order." Keep in mind that you may
have to ask the prospect for the "order" several times
2012 - STAMP IT WITH EXCELLENCE!
Good luck and good selling,
Jack and Garry Kinder

vinay mohanty

Jeevan akhsyay 810 redy reckoner (modified)

to diunload anhsaya redy reconer clic in link
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jeevan Akhsay VI 810 (Modified)

Open / click the link to see the circular

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vaibhav lic newplan ppt

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Final RR of Jeevan Vaibhav (809) with LA

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jeevan vaibhav business talk

It has been decided to introduce LIC’s JEEVAN VAIBHAV (Plan No.809), a close ended plan which would be open for sale from 21^st May, 2012 for a maximum period of 120 days.

The Unique Identification Number (UIN) for LIC’s Jeevan Vaibhav plan is 512N269V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.).

1.      Introduction:

LIC’s Jeevan Vaibhav is a single premium non-linked endowment assurance plan which provides for payment of Sum Assured on maturity or on death. Loyalty addition, if any, is also payable on death during the last policy year or on maturity. The benefits and other details of this plan are given below.

2.      Benefits:

a)      Death Benefit:

On death during the policy term, excluding last policy year: Sum Assured shall be payable.

On death during the last policy year: Sum Assured along with Loyalty Addition, if any, shall be payable.

b)     Maturity Benefit:

On maturity, the Sum Assured along with Loyalty Addition, if any, shall be payable.

   

c)      Loyalty Additions:

Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.

3.      Eligibility Conditions and Restrictions

a)      Minimum Entry Age                     : 8 years (completed)

b)      Maximum Entry Age                    : 65 years (nearest birthday)

c)      Mode of Premium Payment          :  Single premium

d)     Minimum  Sum Assured               : Rs.2,00,000/-

e)      Maximum Sum Assured               : No Limit

                  The sum assured shall be in multiple of Rs.10, 000/-

f)       Policy Term                                   : 10 years

Age at entry of the Policyholder is to taken as age nearest birthday except for

minimum age at entry i.e. 8 years.

4.      Premium Rates :

The tabular premium rates (excluding service tax) per thousand Sum Assured are given in Annexure1.

The class – I extra premium rates are given in Annexure 2.

5.      Rebates:

Large Sum Assured Rebate on tabular premium per thousand Sum Assured is as under:

Sum Assured	Rebate (Rs.)
Upto Rs.3,90,000	Nil
Rs.4,00,000 to Rs.5,90,000	2.00
Rs.6,00,000 and above	3.00

6.      Corporate Employees Insurance Scheme (CEIS) Rebate: The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular premium provided policy is not taken through any Agent/ Corporate Agent/ Broker.

7.      Commission For Agents / Corporate Agents / Brokers And D.O. Credit:

Commission to Agents, Corporate Agents and brokers is payable @ 2% of the Single Premium received.

Credit to Development Officers will be @ 5% of the Single premium.

8.      Guaranteed Surrender Value

The Guaranteed Surrender Value will be available after expiry of one policy year. The Guaranteed Surrender Value shall be 90% of the Single premium paid excluding extra premium, if any.

9.      Special Surrender Value

Special surrender value will be payable, if it is more favorable to the policyholder.The Special Surrender Value will be the discounted value of the Sum Assured. The discount factors shall be the special surrender value factors used for LIC’s Endowment Assurance plan, which will depend on the policy term and the duration elapsed since commencement of the policy.

The Special Surrender Value factors per Rs. 100 Basic Sum Assured for duration 1 and 1.5 years are 44.52 and 45.97 respectively.

10.  Loans

Loan facility is available under this plan after completion of one policy year subject to following conditions:

a)      Loan can be granted after completion of one policy year subject to a maximum of 70% of Surrender Value.

b)      The rate of interest to be charged on loans granted under this plan will be 10.25% p.a. compounding half-yearly and the same would be subject to review from time to time by the Corporation.

c)      No foreclosure action should be taken under this plan even if there is a default in payment of loan interest.

11.  Underwriting, Age proof and Medical Requirements :

U & R Department will issue instructions.

12.  Suicide Clause:

The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of (i) 90% of the single premium paid excluding any extra premium paid or (ii) third party’s bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.

13.  Service Tax:

Under this plan, the amount of service tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any.

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.

The instructions regarding issues related to service tax will be issued by Finance & Accounts Department, Central office, separately.

14.  Normal requirements for claim:

The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be the claim forms accompanied with original policy document, proof of title, proof of death, medical treatment prior to death, school / college / employer’s certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.

On maturity or on earlier surrender, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, if the age is not admitted earlier.

15.  Cooling-off period:

If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy. 

The refund of single premium to the policyholder subject to following deductions:

1.      Stamp duty on policy;

2.      Actual cost of medical examination and special reports, if any;

3.      Mortality charges as per c.o. circular ref: Actl/1819/4 dated 23.08.2002. For substandard lives, the mortality charge shall be increased by multiplying with the factor given in above said circular.

16.  Back-dating interest :

The policies can be dated back within the financial year, as usual. Back-dating interest will be charged at the rate of 10% p.a., at the time of completion of policy, for dating back in excess of one month. The interest shall be charged even where the policy is back dated to a lean month.

17.  Policy stamping :

Policy stamping charges will be 20 paisa per thousand Sum Assured under this Plan.

18.  Reinsurance

Normal procedure for Reinsurance will apply.

19.  Assignments/Nominations

It should be ensured that a nomination is made in the policy at the proposal stage necessarily. However, on a subsequent assignment or change of nomination, the notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where the policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.

20.  Accounting of Income and Outgo :

Instructions regarding the accounting procedure to be followed under the plan shall be issued separately by Finance & Accounts Department, Central office.

21.  Proposal Form :

Proposal Form No. 300 or 340, as the case may be, shall be used under this plan

22.  Policy Document :

The specimen Policy Document will be sent by the Corporate Communications Department, Central Office.

 Executive Director (Marketing/Product Development)

Encl: Annexure 1 & 2

"Look for experiences that will allow you to grow

REMOVE LIMITATIONS
The finer Japanese restaurants typically put multicolored fish in small
ponds. They are like giant goldfish and are beautiful to watch. These
colorful fish are referred to as "Japanese carp," but are more properly
known as koi.
The interesting thing about the koi is that if you keep it in a small fish
bowl, it will grow to be two or three inches long, at most.
However, When placed in a huge lake where it can really stretch out its
territory, this unique fish will grow to more than three feet in length!
Discipline yourself to think big. Improve your performance. Remove any
limitations you have placed on yourself that keep you from growing.
2012 - STAMP IT WITH EXCELLENCE!
Good luck and good selling,
Jack and Garry Kinder


vinay mohanty

HSBC Likely to Exit from Indian Insurance Market No Comments Posted by Akanksha on May 11th, 2012

HSBC likely to become the second foreign company to exit from Indian insurance market as it is evaluating possible ways to exit from its Indian insurance joint venture.Earlier this New York Life sold its entire stake in Max New York Life to Mitsui Sumitomo.

HSBC which does not run any insurance company anywhere in the world, has three-way joint venture in India called Canara HSBC Oriental Bank of Commerce Life Insurance Company. In this joint venture Canara bank and Oriental Bank of Commerce (OBC) together hold 74% stake and HSBC holds remaining 26% stake.

Global insurance companies are exiting Indian market partly due to problems in home markets and partly due to delay in increasing Foreign Direct Investment (FDI) cap in insurance sector. Global insurers are waiting that FDI cap should be raised to 49 % from current 26%. These woes coupled with falling growth rate due to change in regulations on Unit-Linked Insurance Plan (ULIPs) have forced companies to revisit their strategies.

In March this year, HSBC has sold its general insurance business to Axa group of France and QBE insurance group of Australia for $914 million in cash.HSBC has decided to divest its non-core assets such as life insurance, general insurance and consumer finance across the world and focus on its core banking business as a part of its global cost-cutting strategy.

Canara HSBC OBC life launched its operations in June 2008. Currently it has paid up capital of Rs 925 crore. As of 31 March 2012 Company’s total assets under management stood at Rs 4,289 crore.It operates on the bancassurance model and sells products through 989 branches of three banks.

IRDA Set to Alter Minimum Sum Assured on Life Insurance Products

To make sure that policyholders are adequately covered, Insurance Regulatory and Development Authority (IRDA) has asked life insurance companies that all life insurance products should have minimum sum assured in the case of death. Life cover should be either ten time’s of annualized premium or 105% of the total premium paid till the date of death.

At present death and maturity benefits are calculated on the basis of sum assured and bonus. Also currently there is no specified sum assured limit.With this move death benefits will be directly linked to premium payment unlike the case now.

As per IRDA product designs should be such that they meet the policyholder’s needs first and allow cash flows to satisfy the business requirement of the insurer and other service providers.For non-participating policies, the sum assured will be based on the Premium Paying Term (PPT) and the premium paid annually.

Life insurance products are classified as participating (par) or non-participating (non-par). In under-par or (with-profit) policies, policyholders are entitled to receive from the surplus of the insurer. This is generated by pooling and investing premium collected. Whatever surplus is generated, the insured receives his portion through a bonus. All traditional policies except pure term policies come under this category.

On the other hand, non-par products are those where returns are guaranteed and benefits are disclosed upfront. In these products insurer does not distribute its surplus. Under this category pure term plans and Unit-Linked Insurance Plan (ULIPs) falls.

74% People in India Research before Buying Life Insurance: E&Y

According to Ernst & Young’s Global insurance survey 2012, life insurance buyers in India are well aware about their needs and proactively research their options before buying life and pension policies. In India about 74% people conduct detailed research before buying life and pension products, while in U.K. only 37% people conduct research, in U.S.A. 31% and China 44% people research before buying life insurance product.

While buying life insurance products people focus more on price competitiveness in their research rather than product features and performance.However, while buying general insurance product customer prefer brand of the service provider, customer service and convenience over price. However survey also said that price sensitivity varies by segments and type of product.

Survey also said that customers are increasingly using online mode for research and buying a product. 31% people use online channels for research; however, sales activity lags research with only 11% customers actually making the purchase.

Survey also said that despite high use of online channel, personal contact still remains the important in purchase of insurance products. While buying life and pension product 94% respondents said that personal interaction is an important part of buying process. The trend is slightly more marked in India than in China, and is much stronger than in U.K. and U.S.A.
Posted by Akanksha on May 14th, 2012

Health Insurance Claim Process

vinay mohanty

loan a stone on your head

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chaild sefety identification kit

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BILL GATES in a restaurant...

only for fun

Bilgates went a restaurant

After eating, he gave 5$ to the waiter as a tip. The waiter had a

 strange feeling on his face after the tip.

 Gates realized & asked. What happened?

 Waiter: I'm just amazed Bcoz on the same table ur son gave Tip Of... 500$...

 & u his Father, richest man in the world Only Gave 5$

Gates Smiled & Replied With Meaningful words:

 "He is Son of the world's richest man, but i am the son of a wood cutter..."

 ( Never Forget Your Past. It's Your Best Teacher )