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why should i buy life insurance
Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:
Replace income for dependents : If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you
financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
Pay final expenses
Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
Create an inheritance for your heirs
Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
Pay federal “death” taxes and state “death” taxes
Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.
Make significant charitable contributions
By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.
Create a source of savings
Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).
11 Habits of Highly Successful Dreamers
By Judy Belmont
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Walt Disney certainly was a dreamer, and his imagination and dreams resulted in creating fairytale destinations that revolutionized the entertainment industry and epitomized the magic of creative thinking. Walt Disney, the dreamer, imagined things that the common person could never have fathomed, and his example of creativity has been a major inspiration to millions of people worldwide.
1. Successful dreamers are flexible – they know when to hold them and know when to fold them!
As in the song by Kenny Rogers, healthy dreamers know when it is time to let go of one dream and trade it for another. They realize that some dreams just don’t come true, and even they do, those dreams might not turn out the way they had hoped or expected. For some, dreams of a happy marriage are replaced with a painful and bitter divorce. Likewise, our dream job or even career might end in disenchantment or even failure.
Sometimes you need to stop reaching because life did not support your dream, no matter how much you wanted it! Healthy dreamers do not see it as a defeat but rather see it as a foundation for conjuring up new dreams that fit them better now based on their experience.
2. Successful dreamers have one foot on the ground while they leap into the air.
While they let their imagination soar, they do not lose their senses and sensibilities. They have at least one foot planted on the ground. They plan, they work, they execute their dreams, and do not expect quick fixes and miracles that will magically transform their lives. They don’t keep their heads in the proverbial clouds and think that if they dream hard enough, all their dreams will somehow come true. Rather they plod along in reaching for their dream, and realize that actualizing their dreams take a lot of work and effort.
3. Successful dreamers know that happiness is in pursuing their dreams as much as in reaching it.
Healthy dreamers do not have pre-conditions to happiness. They realize the process is just as important as the product. While going towards their goals, they do not wait for life to turn out in reaching their dream – they see their life “turning out” as they go. They know that happiness comes from within and even if they achieve their wildest dreams on the outside, they realize that attitude will make or break their life adjustment. They don’t put their life on hold thinking that reaching their dreams will make it all “perfect”. In other words, they do not wait for reaching their dream to make them happy, yet focus on being happy in the process.
4. Successful dreamers don’t put all their dreams in one basket.
Successful dreamers do not have all or nothing thinking. They also have already made peace with the fact that life is not often fair, and do not expect that the stars will align and all their dreams will come true, despite their best efforts. They also realize that even if a dream comes true, it might not be what they wanted or needed after all. So they do not hinge too much on any one dream and constantly try to achieve a life balance or dreams in the works.
5. Successful dreamers don’t see disappointments as aberrations in life, they see them as stepping stones towards successes.
These individuals can break their dreams into smaller pieces if the whole dream does not turn out. They make mosaics or stepping stones out of their broken pieces of their dreams rather than give up on their dreams altogether. Instead of being miserable with so many broken pieces of dreams, they enthusiastically work with what they have to replace an old dream with a new one, that is more within their reach.
6. Successful dreamers love to learn and use their “Inner GPS”.
As their dreams evolve and take new shapes as they mature, dreamers keep learning lessons of what did and did not work in pursuing their dreams. They build on their experiences of what they learned as their dreams take shape. They constantly are recalibrating themselves like a GPS. They are sensitive to the fact that their dreams are taking them on a detour, and they readjust accordingly. They constantly take stock of their dreams and ideals to achieve a constant state of equilibrium.
7. Successful dreamers are propelled by courage rather than crippled by fear.
Some people cling to dreams out of fear, and others pursue dreams with courage. Those who are too needy and clingy to their dreams are often disappointed as the dream, even if they attained it, did not give them the security and confidence they has hoped for. Old fears replace new fears. On the other hand, healthy dreamers are courageous souls who possess the seeds of resilience that they can weather missteps along the way.
8. Successful dreamers move past the past.
Successful dreamers don’t live in the land of “what ifs” and “if onlys.” They are not blinded by the future or blindsided by their past – they focus on how they can actualize their dreams without putting their life on hold. They plan for tomorrow, learn from the past, but live in TODAY!
9. Successful dreamers are forgiving and grateful.
There is no place for the healthy dreamer in the land of “woulda, coulda, shoulda.” They do not judge their immature dreams, they do not begrudge themselves for having been naive or even foolish. They are not hard on themselves for not having the foresight of knowing what they now know in hindsight. They are grateful for second chances as they work their way towards fulfilling their dreams. They see each day as a new opportunity to forge ahead, and are grateful for the opportunities the new day can bring them.
10. Successful dreamers seek healthy support from others.
Those who seek support of others that support their dreams are much more resilient than “loners” who isolate themselves. They are perceptive enough to discern who supports their dreams and who does not, and they set limits with those people who are toxic influences on their development. They seek out people who do not feel threatened by their growth, and refuse to cling to people out of fear and insecurity. Rather, their relationships enhance their ability to dream, not stifle it.
11. Successful dreamers never give up hope.
No matter if one dream went wrong or many of them, successful dreamers never give up hope. They keep hope alive with the confidence that no matter what, they will meet new challenges with confidence and optimism. They refuse to give up hope that their dreams, and even their life, will turn out well. For their bumps and bruises along the way, they are soothed and healed by their hopeful mindset.
How about you – Are you a successful dreamer? What are your habits? What are your dreams? I welcome comments!
VIJAY DIVAS
Dear friends,
26th July is "Vijaya divas", Kargil victory day. I am not sure if everybody remembers, Even I had forgotten as we people of MUMBAI remember 26th july for the natural calamity we faced in 2005, but do remember to honour and salute our martyrs on that day, as they laid down their precious life to save our golden life..
Dear All,
Be patriot Send it to all Indians. ……….
IF YOU WORSHIP YOUR BOLLYWOOD STAR OR YOUR CRICKETING IDOL….. THINK AGAIN… THERE ARE OTHER PEOPLE WHO DESERVE IT MUCH MORE THAN THEM……. READ THIS MAIL FULLY…. ESPECIALLY THE LETTER WRITTEN BY ONE OF THE JAWAANS TO HIS FAMILY …. SALUTE THEM FOR ALL THEIR SACRIFICE ….
READ THE LETTER BELOW……………..
WE RECAPTURED OUR LAST HILL FROM PAKISTAN , BUT WE LOST OUR MOST VALUABLE, GREAT WARRIORS, BRAVE BROTHERS .TODAY IT'S TIME TO REMEMBER THEM
A SALUTE TO
OF KARGIL WAR
KARGIL'S FIRST HERO
Lt. Saurabh Kalia
His UNIFORM as a MEMORY
Capt.Vikram Batra
Param Vir Chakra(Posthumous)
Grenedier. Yogendra Singh
ParamVir Chakra
RFN .Sanjay Kumar
(Param Vir Chakra)
Major Padmapani Acharya,
Maha Vir Chakra (Posthumous)
Of the 2nd Battalion of The RAJPUTANA RIFLES
Lieutenant Balwan Singh,
Maha Vir Chakra
Of the 18th Battalion of GRENADIERS Regiment
Major M Saravanan,
VirChakra,
1 Bihar
Lieutenant Kanad Bhattacharya,
SenaMedal (Posthumous)( 22 YEARS )
Captain Saju Cherian,
Sena Medal
307 Medium Regiment
Lieutenant Keishing Clifford Nangrum,
MahaVir Chakra (Posthumous)
Of the 12th Battalion of JAMMU AND KASHMIR Light Infantry
Captain R Jerry Prem Raj,
Vir Chakra (Posthumous),
158 Medium Regiment
Major Sonam Wangchuk,
Maha Vir Chakra
Of the LADAKH Scouts
BOLLO BHARAT MATHA KI JAI, HINDUSTAN KI JAI
vinay mohanty
26th July is "Vijaya divas", Kargil victory day. I am not sure if everybody remembers, Even I had forgotten as we people of MUMBAI remember 26th july for the natural calamity we faced in 2005, but do remember to honour and salute our martyrs on that day, as they laid down their precious life to save our golden life..
Dear All,
Be patriot Send it to all Indians. ……….
IF YOU WORSHIP YOUR BOLLYWOOD STAR OR YOUR CRICKETING IDOL….. THINK AGAIN… THERE ARE OTHER PEOPLE WHO DESERVE IT MUCH MORE THAN THEM……. READ THIS MAIL FULLY…. ESPECIALLY THE LETTER WRITTEN BY ONE OF THE JAWAANS TO HIS FAMILY …. SALUTE THEM FOR ALL THEIR SACRIFICE ….
READ THE LETTER BELOW……………..
WE RECAPTURED OUR LAST HILL FROM PAKISTAN , BUT WE LOST OUR MOST VALUABLE, GREAT WARRIORS, BRAVE BROTHERS .TODAY IT'S TIME TO REMEMBER THEM
A SALUTE TO
OF KARGIL WAR
KARGIL'S FIRST HERO
Lt. Saurabh Kalia
His UNIFORM as a MEMORY
Capt.Vikram Batra
Param Vir Chakra(Posthumous)
Grenedier. Yogendra Singh
ParamVir Chakra
RFN .Sanjay Kumar
(Param Vir Chakra)
Major Padmapani Acharya,
Maha Vir Chakra (Posthumous)
Of the 2nd Battalion of The RAJPUTANA RIFLES
Lieutenant Balwan Singh,
Maha Vir Chakra
Of the 18th Battalion of GRENADIERS Regiment
Major M Saravanan,
VirChakra,
1 Bihar
Lieutenant Kanad Bhattacharya,
SenaMedal (Posthumous)( 22 YEARS )
Captain Saju Cherian,
Sena Medal
307 Medium Regiment
Lieutenant Keishing Clifford Nangrum,
MahaVir Chakra (Posthumous)
Of the 12th Battalion of JAMMU AND KASHMIR Light Infantry
Captain R Jerry Prem Raj,
Vir Chakra (Posthumous),
158 Medium Regiment
Major Sonam Wangchuk,
Maha Vir Chakra
Of the LADAKH Scouts
BOLLO BHARAT MATHA KI JAI, HINDUSTAN KI JAI
vinay mohanty
LIAFI agitation call for all india
Dear friends
As per your will LIAFI announced all over india agitation to safe gourd our demands , so tell involve to your friends and yourselves cent percent to achieve our demands, dont be choppy, invole agracivly, spread LIAFI masages to each and every corner of the country and guide to all over agents community it is need of the hour , without your involment no LIAFI i am praying to almighty to strenthen our LIAFI strenth
to achive our demands
vinay mohanty
Chairman IT(LIAFI)
As per your will LIAFI announced all over india agitation to safe gourd our demands , so tell involve to your friends and yourselves cent percent to achieve our demands, dont be choppy, invole agracivly, spread LIAFI masages to each and every corner of the country and guide to all over agents community it is need of the hour , without your involment no LIAFI i am praying to almighty to strenthen our LIAFI strenth
to achive our demands
vinay mohanty
Chairman IT(LIAFI)
IRDA to Widen Scope of Health Insurance
Draft guidelines on health insurance issued in May 2012, has widened the definition of health insurance. As per the draft guidelines travel, personal accident and critical illness covers will fall under the health insurance segment. At present personal accident and critical illness covers comes under miscellaneous business.
As per draft guidelines, Health insurance business means the effecting of insurance contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, travel health insurance and personal accident cover.
This may require the finance ministry to change the definition of health insurance under the health insurance act, as it does not include travel, critical illness and personal accident covers under health insurance.
Personal accident and critical illness covers ensure health related expenses; an international travel cover is largely health insurance as it is a mix of medical and travel-related cover.
Concern that insurers has raised with this change is that major health insurance norms like portability and lifetime renewability may be applicable to these covers as well, which may be very difficult for travel insurance, as it is a short term cover with a maximum policy term of six months.
Insurance Regulatory and Development Authority (IRDA) also wants that travel medical policies may be offered either as a stand-alone product or as an add-on covers to existing health policy as and when an existing policyholder travels.
At present travel, personal accident and critical illness indemnity covers are available only as stand alone covers, while benefit covers (issued by life insurers) can be bought as an add-on on term plans.
IRDA has also disallowed assigning health insurance policies to any one else whether indemnity or benefit based. This means you can’t link any of your general insurance policies to loan.
Many general insurers allow linking personal accident or critical illness cover under credit shield business that link it to home loan. Here, in case you lose your income due to accident or disability or any terminal decease, the policy proceeds takes care of the loan repayment.
4 LETERS from LIAFI For nationwide agitation
1. LIAFI-SG/GL-106/12 23-Jul-2012
Secretary
General
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4.
LIAFI
Office bearers,
Zonal
Office bearers,
LIAFI
EC members,
Divisional
President / Divisional Secretaries,
Dear Sirs,
Sub: Agitational Programme From 1st September to 31st
December 2012.
As per the
decision of the 68th EC meeting held at Cuttack the following
Agitational programme is finalised. The letter sent to Chairman LIC about our
grievances was sent to all the Zonal Presidents and Secretaries. It is also
exhibited in our website www.liafi.in. A letter addressed to finance minister is
also enclosed on which you have to gather the signatures of policyholders as
per the table. Each Division should gather at least 5000 signatures. The badges
with main demands will be supplied at later date. I request all of you to make
this Agitational programme successful. Involve local Member of Parliament in
demonstrations.
AGITATIONAL PROGRAMME from1ST September to
December 2012
1
Boycott all official meetings from
Branch level to Corporate level except Club Conventions.
2
Badges with main demands to be worn at
all club conventions and at demonstrations.
3
Letters from Policyholders to
Government of India for enhancement in bonus.
4
Lunch hour slogans at Branch Offices on
every Friday from September to December.
5
15th October 2012: Full day
demonstration at Branch offices.
6
9th November 2012: Full day
demonstration at Divisional Offices.
7
19th December 2012
Demonstration at Central Office.
8
Agents’ Rest Day on 15th and
last day of Sept., Oct., Nov., and December.
Thanking
you,
Sincerely
yours
N. Gajapathi
Rao
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2.
The
Finance Minister,
Government
of India,
NEWDELHI
Honourable
Sir,
Sub:
Enhancement of Bonus- Requesting of.
I the under signed would like to
bring to your notice that I am a policyholder of LIC. I am not happy with the Bonus declared from
time to time. I feel when other Savings Institutions are giving more returns
why one should look at LIC. I request you to instruct LIC to declare higher
Bonus every year.
Thanking you sir,
Yours faithfully
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3.
LIAFI-SG/CO-085/11 21 July 2012
The Chairman,
L.I.C. of India, Central Office,
“Yogakshema”, Jeevan Bima Marg,
P.B. NO-19953,
MUMBAI-400 021
Dear Sir,
Sub: Redressal of
Grievances
Our All India Executive Committee Meeting was held at Cuttack on 24th
& 25th June 2012. Various issues were discussed especially the
house expressed concern at the low bonus rates declared from time to time. The
members are not at all happy at the deteriorating services in Branch and
Divisional Offices. They are worried at the attitude of Management in
addressing our issues. We are listing the following important issues for
immediate attention.
1
Issues of Policyholders:
a) Bonus: The policyholders are unhappy with the rate of bonus declared
from time to time. There is lot of scope to satisfy the customers by reducing
Corporate Expenses.
b) Final Additional Bonus: The policyholders perturbed at the sudden
decrease in final additional bonus. An enquiry is to be conducted in the entire
gamut of bonuses.
c) Service Tax: The levying of
Service Tax for new policies is unpalatable to policyholders. Management should
pay service tax as is done for the existing policies.
-2-
d) Increase in rate of interest under various financial transactions for
the financial year 2012-13 is another decision taken against
policyholders. This circular is to be
withdrawn forthwith.
Our main interest is only a satisfied Customer but not statistics. Our
Executive Committee Meeting has decided to make this point as popular issue. The house opined that
the management is more interested in their personnel than the key Policyholders
and Agents. We demand good returns to
Policyholders
2
Deteriorating Services: The Members expressed their anguish at the deteriorating services at
Branch and Divisional Offices. A random check by the higher authorities will
confirm our view. The Agents are getting disheartened for continuing as Agent.
There is urgent need to develop servicing to every ones satisfaction.
a) Punctuality became casualty despite of introducing the scheme of
providing meal coupons by spending around Rs. 350 Cr. annually.
b)
Closed Circuit Cameras to be arranged
in Branch Offices.
c)
Citizens Charter should be prominently
displayed and to be strictly observed.
d)
Accountability to be fixed for the
dereliction of duties.
e) Acknowledgement to be given for all documents deposited by policyholders
and Agents.
f)
Registration of Claims should be done
on the same day.
g)
Decentralization of NEFT to Branch
Offices
Our motto should be “service with a smile” which is eluding
policyholders. We demand immediate
improvement of Services.
3
Agent Related Issues: It is the unanimous opinion of the house that the Agents’ are
neglected lot. Even petty issues are not addressed quickly. Many letters
written by LIAFI are unheeded. Similar issues pertinent to LIC personnel are
immediately attended with benevolent views. The same affection is lacking
towards Agents.
-3-
a) Enhancement of Housing Loan.
b) Enhancement of Gratuity.
c) Enhancement of Group Insurance coverage up to the age of 75 years.
d) Amendments to Club Rules.
i.
Escalation Clause to be removed.
ii. Entry conditions to be lowered.
iii. Discrepancy in calculation of Office Allowance to be removed.
iv. Out of Pocket Expenditure to be increased.
v. Daily Allowance of Club member to enhance.
vi. Club Membership to awarded
without interviews.
vii. The recent enhancement in Mediclaim and Group Insurance coverage for
club members is meager and it should be further enhanced
e) Creating Agents' Welfare Fund
f) Strengthening Empowered Agents.
g) Improvement in CLIA Scheme.
h) Misuse of Section 16 & 19 of Agent Regulations 1972.
i) Contribution for samvardhan
pension scheme.
j) Strengthening of Direct and Career Agents.
Many detailed letters were addressed to you and concerned departments. The house expressed its impatience at delay in
getting redressal. We demand immediate
redressal of our issues.
4
Consultative Committee Meetings: Due importance is not given for information sharing and grievance
redressal at Branch, Division and Zonal levels. Even at corporate level the
concerned departmental heads are not attending these meetings. Due to this many
issues are repetitive for years. It is unfortunate that the healthy and
effective practice of presence of all departments’ heads in the Consultative
Committee Meeting is diluted completely. Added to this the Agents’
representation is restricted to 5 Members. Despite of several restrictions many
Divisions and Zones are not conducting these meetings. Many letters were addressed
and a number of discussions took place for restoring to the old practice
without any results.
-4-
We demand reverting back to the old practice of inviting one representative
from each zone besides President and Secretary General of our Federation. We
also demand conducting these meetings in all Divisions and Zones with
reasonable participation of Agent representatives. The periodicity shall be at
least once in four months with minutes and Action Taken Report circulated.
To impress upon the Management about the
gravity of the situation it is unanimously decided to start peaceful agitation
from 1st September 2012 culminating in to a demonstration at Central
Office in the month of December 2012.
Thanking you,
Sincerely yours,
For Life Insurance Agents Federation of India
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4.
LIAFI-SG/IRDA-105/12 21
July 2012
Shri.
J. Hari Narayan,
Chairman,
IRDA
3rd
Floor, Parisrama Bhavan,
Basheer
Bagh
HYDERABAD
500 004
Dear Sir,
Sub: Meeting with LiAFI on 19-07-2012
-reg
We thank you for patient
hearing of our views regarding a few important subjects. The following is the
gist of the discussions held.
1
Re-filing
of all existing products:
When a news item on this subject was shown to you, you spontaneously said that
the news is incorrect, and no need to panic. When we explained the chaos that
developed due to this news and requested you to issue a statement to dispel the
doubts you spoke in affirmative. We are eagerly waiting for it.
2
Reduction
in the Rate of Commission: When
we further referred to the news item of reduction in commission you clarified
that no such move is in the mind of IRDA and it will follow the Insurance Act.
3
Senior
Agency System:
We welcome your positive outlook on introduction of Senior Agency System in the
insurance industry. Our President Shri. H. M. Jain has already submitted his
views in writing which we again explained to you personally. We request you to
expedite the introduction of Senior Agency System.
4
Agents’
Welfare: IRDA is collecting Crores of rupees through
licence and renewal fees. We requested you to apportion some amount towards the
welfare of Agents in line with Bar-council of India, Indian Medical Association
and various other All India bodies. We are grateful for your assurance to do something
for the welfare of Agents.
-2-
5
Recruitment
of Agents:
We narrated the troubles being faced in
recruitment of Agents. You said that since some discipline is seen in
recruitment because of the latest procedures, it should not be disturbed.
6
Meeting
with our Representatives:
We requested you to interact with our leaders from eight zones of LIC for which
you readily accepted. Kindly indicate a date at your convenience at the
earliest.
7
Representative
from LIAFI in IRDA Advisory Committee: We requested you to induct one
representative from LIAFI in the advisory committee of IRDA. Shri. H.M. Jain is
in the committee in his personal capacity and nobody is representing LIAFI.
We impressed on you to take
us in to confidence before any proposals for brining changes in subjects
related to Agents and Policyholders. We hope you will take steps to implement
assurances given at the earliest.
Thanking you,
Sincerely yours,
For Life Insurance Agents’ Federation of India
Secretary General
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