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INSCRIPTIONS 5
WALL 2 PANEL 1
INSCRIPTIONS IS ENTERING INTO ITS 2ND YEAR.
HIGHLIGHTS OF THIS ISSUE:
1) ESTATE PLANNING- ASSIGNMENT OF A LIFE INSURANCE POL-
ICY
2) TOT AGENT SPEAKS OF HIS FIRST TOT
3) SOLVENCY MARGIN CONTINUED FROM INSCRIPTIONS 4
4) INSURANCE LAWS
5) SUCCESS JOURNEY
AND THE SCULPTOR INSCRIBES TALKS ABOUT BECOMING A
CHAMPION
i
TITLES SPACE FOR P.NO
Sculptor Inscribes RG 2
Gurus speak Faculty Members’ space 11, 14 and 18
Caterpillar Space Students and Trainees 22
News Channel Happenings at Gopast 26
Inscriptions 5
CROWD
CHAMPIONS
A CHAMPION FROM THE
CROWD.
CHAMPION IN THE CROWD
How do some people break away from the crowd to become
champions, that they lead and guide while the rest of crowd
just witnesses (with open mouth) this progress with amaze-
ment? The champions enjoy the limelight, they are received
with trumpets blowing, bands beating the victory tunes, peo-
ple throng to shake hands with them. The crowd follows the
champions
Let us pick up a debate. Are Champions made? Or are Champi-
ons born? Does God specially create these people and endow
them with special gifts while denying the vast majority of the
population the rights to rise up. Has He designed a big major-
ity of the humankind with deficiencies, so that they will slog in
poverty (not exactly in money terms but in many terms). Has
He given eyes to this majority group only to witness those few
rising stars and be amazed? While He gave eyes to those cham-
pions to see beyond the present that they can easily seek what
others can never do?
The fact anyway remains that these champions also started
their journey from being a part of the crowd. While there can
a be a few instances of childhood brilliance later transformed
into spectacular glory as they grow, the vast majority of the
Champions have emerged from (as if) out of no where. The
world reckons their superiority only when they have earned
their crown and those glittering awards which sparkle bright
in the darkness of the mediocrity surrounding it. There have
been many instances where these champions have been de-
3
Mahatma Gandhi, JRD Tata, Dr APJ Abdul Kalam, Nelson Mandela,
Jack Welch, Steve Jobs, Bill Gates,
Sachin Tendulkar, Michael Jordan, Pele, Nadia Comenechi
nied their due recognition during their rising period. They
might have even been insulted and ignored before they earned
their stardom.
Without much ado: END OF THE DEBATE: WE MIGHT BE
BORN IN THE CROWD BY DEFAULT, BUT WE CAN BE-
COME CHAMPIONS BY OUR DESIGN. WE DONT HAVE TO
REMAIN IN THE CROWD.
Not to believe this capacity of ours is only an easy way for shift-
ing our responsibility of becoming the champions to external
conditions like Destiny or fate. It is another method of licens-
ing the laziness. An agreeable way to justify not attempting.
An escape route from the price in demand.
Then how do these champions break away from the crowd?
What differentiates these few people from their fellow beings?
What propels their rise? What accelerates their growth?
What happens to a person who likes being in the crowd?
Remaining too long in the crowd, creates an affinity towards
that position. It spins a web of laziness around him. The com-
fort inside becomes an addiction. Instead of aspiring for the
best, he starts reconciling with what is available immediately
around him. The vision does not recognise the bright colours
out there, instead becomes used to the darkness prevailing.
The ears do not long for the victory band out there but takes
the eerie silence nearby as its lullaby.
Moving up into the higher levels of the life pyramid appears to
be too big a price to be paid for too small a return. Creativity
becomes a crime, Desire is considered a source of pain. Petti-
ness is the norm. Giants have no place there. In short the wait-
ing for the END begins.
This is a sort of forced liking. The human spirit inside is not
designed for these adjustments. Whenever the human spirit
lifts it head to change the status-quo, immediately the mind
commands it to withdraw. This is so often repeated that even
the powerful spirit gives up ( for the time being) and prepares
itself to wait for long. It is like snuffing out the flame by throw-
ing a huge blanket over it.
The human spirit is designed for greatness, it enjoys the free-
dom and is contend only in contributing.
What happens when the person breaks away from the crowd
and emerges as a champion?
The thrill is unbound. Even the start of the struggle to get lib-
erated from the crowd itself becomes a delicious meal for the
human spirit. He does not have to wait till he is acclaimed as a
champion to feel that thrill. The very first step to cut that
chain holding him down, in itself lifts him up in spirits. Happi-
ness engulfs the whole of him. The liberation process is ec-
static.
The ears start hearing the victory band, the melancholy in-
stantly breaks. The vision start seeing the rays of those bright
colours ahead in life and the darkness disappears instantly.
4
The movement is full of feelings and lively. It tastes chocolates
and candies. It is as if suddenly the Heaven has just downed
itself on him and he would forever continue to live there.
Is being simple a crime?
No not at all. A champion can lead a simple life by choice. Ma-
hatma Gandhi was an epitome of a champion being simple.
All the discussion above on crowd is not just about possessing
and amassing materials. Gandhi chose to be simple. That was
his design. He did not agree to submit to inhuman treatment.
He did not give up his rights. He fought for his rights. He suf-
fered in the process of liberation. He was jailed, physically
abused and even insulted. But he continued his fight against
injustice.
For the materials he possessed, the wardrobe of hand spun cot-
ton dhoties, hand stitched leather chappals, the food menu of
goat milk, ground nuts and a couple of rotis he need not have
invested so much efforts. He was never idle. Awake at 4.00 in
the morning, sleeping during the later part of the night, filled
every minute in between with hard work. Writing letters, arti-
cles. Preparing notes, reading biographies, holding negotia-
tions, convincing people, walking kilometers and fasting often
and many other deeds filled the span in between his dawn and
dusk.
The discussion about the crowd is specifically about the mind-
set. A mindset of adjustments, compromises. Adjusting not be-
cause they are not capable of big accomplishments but be-
cause either they are not aware about those capabilities or just
would not like to pay the price to make themselves deserving
such accomplishments
WE MIGHT HAVE COMMENCED OUR JOURNEY OF LIFE
FROM BEING AN INSEPARABLE PART OF THE CROWD,
BUT WE DON’T HAVE TO REMAIN THERE. WE CAN RISE
OURSELVES UP AND BECOME THE CHAMPION IN THE
CROWD.
When we realise the difference between what we want and
what we have, progress begins. The more acute we are aware
about it more becomes our motive to progress. A vast majority
of people don’t really have a picture of what they want. This is
the biggest stumbling block for progress.
Recently in one of our seminars, I gave an exercise to the par-
ticipants. The participants were a mix of businessmen, profes-
sionals, executives, housewives, major students. I told them,
“Imagine that the God who created you appears before you
and gives his pen to you and says, “It is with this magic pen
that i write your future. now i am giving this to you for five
minutes, you can write whatever you want, and all that you
write, you will get in the future.” Now start writing, mind you
only five minutes.”
And i went around to see, what they are doing. For the first
two minutes, most of their sheets were empty. Some had writ-
ten a few things, and then they had scored off the same. Very
few people got going from the word “go”. At the end of 5 min-
utes, still some were struggling to finish even four lines. Some
5
finished with two or three lines quickly and were sitting idle,
for the balance few minutes left.
What does this indicate?
1) Many of us do not really know what we want.
2) Many of us do not have a vision of our future.
3) Many of us are contended with a little more pro-
gress.
4) Some are even afraid of becoming highly successful
We create our program and then we live it.
Quite often you would have heard comparisons between a hu-
man being and a computer. Let us do that once again. There
are two aspects of a computer, Hardware and the software.
The hard disk, the circuits that connect various components,
the cabinet are examples of hardware. The operating systems
like Windows, Mac OS X, and other utility programs like
Word, Excel, Pages, Numbers, Keynote, Powerpoint are exam-
ples of Softwares. Similarly the human body, the brain, the
veins, the arteries, the nerves are examples of the hardware
for humans and the mind, the spirit, the thoughts, beliefs,
knowledges, skills are examples of the software.
Let us say a computer has a highly sophisticated hardware
with great performing capacity, but does not have certain pro-
grams installed, then the output or the performance of the
computer is that much diminished. Like for example let us
take a laptop with 750GB HD, 2.4GHZ intel core i5, 4Gb mem-
ory, etc., but is not loaded with MS Word, or MS powerpoint
(Pages, or Keynote for Mac users), then this computer can not
be used to create a document or for showing slides to audi-
ence to explain some concepts.
Let us say that this computer has a high quality hardware and
also say it has got all utility programs installed, but let us the
computer in infected with virus or worms, then again the per-
formance of the computer is not up-to-the-mark.
So how do we make this computer to perform the best? Sim-
ple; by installing programs which we need, by uninstalling pro-
grams like viruses and worms.
Let us say a person is well built, healthy, organs working top
class (What in insurance parlance is considered to be class1
life), but has an inferiority complex about himself, or does not
believe in his capacity to perform the best or let us say he has
a negative attitude, then you will find that this person does
not do well in life, does not do well in his profession. If this
person has to perform well then some programs have to be in-
stalled in him and some of the presently running programs
have to be uninstalled.
Let me demonstrate the impact of programing. Look at the il-
lustration given hereunder:
6
What you are seeing is a horse carrying a bridegroom in a cere-
monial welcome to his marriage. In many parts of Asia you
will find this type of a reception to the bridegroom. The proces-
sion starts from a temple and winds it way to the place where
the marriage is performed. The relatives and the friends of the
bridegroom they dance all along the way merrily in accompani-
ment.
This horse is rented or let-out only to such functions. This
horse will take anything between 15 to 20 minutes to walk one
KM.
Look at this:
This also is a horse, but this will run at a breath-taking speed
of about 80KMPH.
Both are horses. Whereas one takes 20 minutes to cover 1KM
distance while the other covers 80KM in one hour. What is
the difference? Hardware? No. It is the program that is govern-
ing the horse. The first one has been trained that it has to walk
slow. Otherwise who will rent it for a bridal ceremony? The
second one has been trained to run at 80KMPH. Both of them
have been conditioned, and that is why they perform so differ-
ently, even though their hardwares almost similar.
In the same way we human beings also behave differently
even though there may not be significant differences in the
hardware parts.
Look at this picture:
This is the picture of young Shivaji and his mother Jijabhai.
During his younger days his mother used to tell him stories of
courageous warriors. She used to tell him stories from the ep-
ics of Mahabaratha and Ramayana. She used to frequently nar-
7
rate the valor of the Prince Abhimanyu from the epic of Ma-
habaratha. These stories installed in child Shivaji the mindset
of courage, fearlessness, self-esteem and also qualities of lead-
ership . He grew up to become the king of Maratha, He stood
up against a mighty Moghul king Aurangazeeb. Maharaj Shi-
vaji headed an army of 5000 to fight with an army of 25000 of
the Moghul emperor. He won three big wars, defending his
soil and later died valiantly fighting for his soil. Even a men-
tion of the name Shivaji triggers a sense of pride amongst the
youth in India.
Look at these pics:
These are pictures of the young Mohandas Karamchand Gan-
dhi, and his mother Putlibhai. Putlibhai used to tell stories of
the Raja Harishchandra (Power of Truth) and stories form the
epic of Ramayana. The kindness of the Prince Rama, His devo-
tion to his parents, His nobility and above all the Righteous-
ness of Lord Rama. These stories influenced young Gandhi in
a big way. He grew up with these qualities, uncompromising
on truth, Politeness and firmness, Assertive but not aggres-
sive, deep rooted to principles and ethics. These qualities
made him the leader of the masses. He became a non-violent
rebel which the British raj in India could not contain. Even
with the mightiest of cavalries, ammunitions, fully loaded ar-
mories, the government could not restrain Gandhi. Ultimately
Gandhi won the cause and got India its independence and es-
tablished its Sovereignty. The world now knows him as Ma-
hatma Gandhi ( A superior soul ).
Let these examples not tempt us to believe that we are condi-
tioned by our parents, and some of us who have not achieved
big things, because our parents have not programed us that
way. No, No, No, that is not the truth. While parents did have
a role in programing us, there are other aspects that has even-
tually programmed us the way we are behaving now.
Look at this pic:
When we were sent into this Earth, our Creator had pre-
loaded some programs inside us. They are required to keep us
8
alive. Most of those programs operate involuntarily inside us
and are governed by our subconscious mind.
Thereafter our parents started loading some programs inside
us, like what we are doing now to our children. Sometimes
with good intentions we instal wrong programs in the chil-
dren. For example a mother says “Don’t run, you will fall and
get hurt”. “If you run, i am going to spank you hard, stop run-
ning”. Good intention but wrong programing. Father driving a
car, to drop his son at his school, looks around, sees no traffic
cop, drives wrong side in an one-way road, drives, just a cou-
ple of blocks to reach his school. Son is in the front seat watch-
ing. A wrong program getting installed. It is alright to break
rules, if you are not being watched.
After that our teachers install a few programs in us. Some of
those programs are related to knowledge building, some re-
lated to attitudes and beliefs and some related to our habits.
But if you look at the picture, you will find beyond all these,
we program ourselves. This part is the major one and proba-
bly more sustainable in terms of operations.
How do we install a program or uninstall a program in a com-
puter? Using input devices like, keyboard, disk reader, scan-
ner, touch screens, etc. In the same way we install programs
into us through our input devices. We are given 5 senses,
which act as our input devices. We can see (Visual), we can
hear (Audio), we can touch feel (Kinesthetic), We can smell
(Olfactory) and we can taste (Gustatory). Using these input de-
vices we upload informations from around us and we keep in-
stalling programs inside us. These programs keep running all
the while and operate us.
A person who keeps listening to pessimistic informations
from his surroundings quite often, is creating a program in
him of disbeliefs, doubting all the opportunities that come
along way. A person who gets to watch sad events often, who
gets to witness people loosing money, going bankrupt, installs
a program of fear inside him.
Installing EMPOWERING PROGRAMS:
When we read biographies of great people we get inspired. Sto-
ries of successes build confidence in us.
9
EMPOWERING PROGRAMS
VIRUSES/WORM
PROGRAMS
COURAGE FEARFUL
KINDNESS ANGER
PERSISTENCE RANDOMNESS
BRISKNESS LAZINESS
LEARNING JEALOUSY
SELFLESSNESS SELFISHNESS
MODESTY BOASTING
HONESTY CUNNINGNESS
When we watch motivating movies, inspiring clippings we are
inputting powerful information to our mind.
We get volumes of information from our friends. They influ-
ence us a lot. Therefore we need to choose them very carefully.
A lazy bunch of friends keep talking about being idle. They
might even be laughing at people who work hard. They might
be assigning nick names to such dedicated workers like “Ro-
bot” “Bores”. Their philosophy is that Working is idiots mo-
nopoly, smart are those who can just take it easy and enjoy
their life.
While the philosophy of enjoying life is not a bad one at all,
the dispute is in what is meaning of “enjoying” or being
happy. Let us not get confused between being comfortable
and being happy. Both are not the same. Comfort is body re-
lated, happiness is mind related. If someone is sleeping quite
late into the morning we should not say that he is happily
sleeping. What happiness can one get in sleeping. Ut the most
we can say he is comfortably sleeping. It can not be compared
with happiness. If idling is happiness, then what about the
people who are in coma stage in hospitals, can we say they are
very happy. It is true that they do not suffer any pain, but we
would not like to exchange positions with them.
So using the input devices (Senses like visual, audio and kines-
thetic) we can install an empowering program that can make
us a champion. Using the input devices we can even uninstall
some viruses that got installed already into us. I would there-
fore urge you to read motivating stories, watch inspiring mov-
ies, listen to tapes and CDs of worthy ideas, create a friend cir-
cle which is good natured, kind hearted, motivated by big
causes. When you do this on a consistent basis, we get the
power to move away from the crowd and become champion
form the crowd.
10
CHAPTER 2
GURUS
SPEAK
SOLVENCY MARGIN (CONTD FROM
INSCRIPTIONS 4)
R. RAMAKRISHNAN
http://ramvijay3539.blogspot.in
7) While valuing the liability in respect of a life insurance com-
pany, the actuary has to make suitable assumptions regard-
ing rates of mortality, rate of interest, expenses, inflation
and rates of future bonus. These assumptions are based on
past experience and the actuary’s assessment of future
trends. When the company offers also critical illness cover,
accident cover, disability cover, health cover, … etc., many
more assumptions will have to be made. The assumptions
made by the actuary will generally be conservative. He/she
may employ higher than necessary rates of mortality, mor-
bidity, disability, inflation, expenses … etc., and lower than
necessary rate of interest.
8) Too much conservatism in assumptions will lead to higher
liability and lesser profit and affect the competitiveness of the
company. A liberal approach may lead to future losses and af-
fect the very existence of the company. The actuary always
strives to ensure that the set of assumptions made is as realis-
tic as possible, with just sufficient margins to provide for un-
predictable future variations.
Estimation of Liability
9) In the case of commercial undertakings, the values of both
assets and liabilities are determined by the Accountant. In the
case of a life insurance company, while the value of assets is
determined by the Accountant, the value of liabilities is “Esti-
mated” by the Actuary. It may be noted that, instead of “Deter-
mined”, the term “Estimated”, has been
used, since the liability arrived at by the actuary can never be
exact and can only be an approximate estimate.
10) There will always be a Gap between the Liability Esti-
mated on the basis of a set of assumptions and the Actual Li-
ability. It is not possible to quantify this Gap and not also pos-
sible to state whether this Gap is positive or negative, since
the Actual Liability will always remain an unknown, hypotheti-
cal entity.
Profit and Surplus
11) Profit is defined as Value of Assets LESS Value of Liability.
Since, in the case of a life insurance company, the value of li-
ability can only be approximately estimated, this difference be-
tween the values of assets and liability is known as Surplus
and not as Profit. As per the LIC Act, not less than 95% of this
surplus is to be allocated to the policyholders and only the bal-
ance of (not more than) 5%, can be transferred to the share-
holder (Government of India). As per the Insurance Act, 1938,
after the latest amendment in this regard, the shareholders
are eligible for the entire surplus emerging from the portfolio
of Non-Participating policies and, not more than 10% of the
surplus emerging from the portfolio of Participating policies.
This rule applies to all life insurance companies other than the
LIC and is based on the practice prevailing in the U.K. The sys-
tem may vary slightly from country to country.
Solvency Reserve
12
12) If the entire surplus emerging in a valuation gets distrib-
uted between the policyholders and shareholders, keeping
nothing in Reserve, the company may find it difficult to sur-
vive if the economic environment suddenly turns adverse. A
part of the surplus has therefore to be transferred to a special
reserve say, Reserve-X, and only the balance surplus has to be
distributed. This Reserve-X is known as the Solvency Reserve.
13
CHAPTER 3
GURUS
SPEAK
ESTATE PLANNING THROUGH
ASSIGNMENT OF A LIFE INSURANCE
POLICY-
R.GOPINATH
gopinathr@go-past.com
www.go-past.com
Estate planning through Assignment of Policy
There are three major purposes of acquiring any asset
1) To use it,
2) To convert into cash and
3) To pass on to others as a gift or as an estate (primar-
ily to the next generation).
The first and the second purposes are easily served, but the
third purpose of the asset to pass to others involves proce-
dures and subject to legal requirements. So if not properly
planned then this purpose is not served well. The succession
planing need to be designed well and should be structured
well so that the right people get the assets at the right time.
You would have seen disputes arising between siblings on is-
sues related to sharing the assets left behind by the parents.
We have seen at times clever people deceiving the innocent in-
heritors and gobbling away the properties. We have seen long
drawn legal battles running for decades to determine the legal
heirs.
One of the easiest way of passing on assets to the next genera-
tion is by writing a will naming the inheritors and their
shares. But it may not be the surest way, because of it being
subject to legal scrutiny. Disputes on the dating of the will, dis-
putes on the signatures being forged, disputes on the interpre-
tation of the words, statements, measurements, volumes and
values it contains, are the most common causes for legal bat-
tles involving the will. We can not raise the person from
Heaven to come and depose in the court to clarify his inten-
tions of his will. Many times people take advantage of this fact
and twist law to suit them well.
The recent court case involving the Royal family of Faridkot,
King Brar is an example of the hardships in inheriting the
property bequeathed through a will. This case has been going
on from 1993 and the Sessions court of Chandigarh has in
2013 ruled that the purported will written by King Brar depriv-
ing his two daughters of his entire wealth and giving it to a
Trust managed by his Accountants, advocates and a few of his
employees is “Forged”, and the rightful owner to the assets
will be his two daughters who are of 80+ age now. The Trus-
tees now say they will now appeal against this verdict at a
higher court. Meaning that even after 20 years and even after
a court ruling that the asset belongs to his daughters, the prin-
cesses are not going to get now to own the assets and only God
knows when they will get to do that.
Even with all these shortcomings Will is the easiest way of
passing on the asset. Let us now examine some other ways of
passing on the asset surely and safely to those whom we want
to. One such provision assigning a life insurance policy for its
values to those whom we want on to pass it on to. An assign-
ment of life insurance policy is akin to transfer of property.
But an assignment of life insurance policy is much more easier
15
than transfer of property done through sale deeds or gift
deeds.
There are three aspects of bequeathing an asset
1) To the right people,
2) For the right value and
3) At the right time.
A policy assignment serves all these three aspects well.
Assignment of policy:
A policy holder can assign his/her policy during the term of
the policy to any person or to a legal entity of the two reasons:
1) Out of natural love and affection (eg: To wife, own
children, father, mother or people with blood relationship)
2) In Lieu of valuable consideration (eg: Creditors,
services availed, monetary benefits received)
In most of the countries succession acts have been enacted to
decide the legal heirs. Mostly these acts consider the religion
of the owner of the assets in deciding the inheritors. Let us
take an Indian example: According to the Indian succession
act 1925 the class 1 legal heirs of a Hindu male is 1) his Wife,
2) his Mother and 3) his Children. Normally as class 1 legal
heirs wife will be entitled to 50% of the asset value and
mother and children will share the balance 50% equally
amongst themselves. You will notice that father is not a class 1
legal heir, so even if I nominate him as nominee in my life pol-
icy, his rights to the money will be only secondary to the rights
of the class 1 legal heirs.
But if I assign one my policies to him, then the ownership is
transferred right today. Since after assignment the policy title
belongs to him, my legal heirs will have no claim on that. To
assign a policy as I mentioned above here I don’t need the as-
sistance of an advocate, I don't need to pay any big cost and it
is almost effortless since my life insurance agents gets all the
documents signed right at my door step.
In the same way one cam pass on the title to his sister who or
brother who are dependent on him
One can even write a will mentioning this policy in that so as
to pass the title to his father, but the will becomes operational
only upon his death. When the will is contested in the court of
law, it is subject to the interpretation in the absence of the per-
son who willed. And you would have seen cases fought on
frivolous grounds like signature differs, witness not edible to
witness, forgery and so many other issues.
This should not be construed as being effective only to pass on
title to class 2 legal heirs or others. Even within the class 1 le-
gal heirs i want the benefit to be passed on to one person only,
then also i can use the Assignment provision. For example I
can assign my policy to my wife. In which case she becomes
the sole tittle owner of this asset. The other class 1 legal heirs
like my mother or my children then can not claim any share in
that, as the asset does not belong to me. It now belongs to my
16
wife. In the same way I can assign it to one of my daughters,
then she becomes the absolute title owner for this asset. If I
want my mother to be the sole beneficiary of this policy I can
do that by assigning it to her.
There are two types of assignments:
1) Absolute assignment
2) Conditional assignment
Absolute assignment as the name indicates, transfers the title
absolutely to the assignee. The assignor does not have any
authority on the policy thereafter even though he still contin-
ues to be the life assured of that policy. Unless the assignee re-
assigns the policy back the life assured will have no claim on
that policy.
Conditional assignment is where the title passes on the hap-
pening of an event. For example I can conditionally assign the
policy that the title is immediately transferred to my father,
however on my survival on the date of maturity the policy will
revert back to me automatically. This is a very helpful feature,
because all that I am concerned is that my father need to be
taken care of financially in my absence, otherwise I am there
to take care of him. In fact my wife and children care for him
much more than even what i can do now. I have no doubts in
my mind about that aspect, but still that legal angle worries
me. In the same way I can conditionally assign it to my sister
or to my brother or to my wife or to my daughter or to my son.
Assignment is an arrangement where I am absolutely sure
that the benefits are passed on to those whom I want to and I
am able to do it right now, putting an end to all disputes in in-
heritance. It goes to the right hands, for the right value and at
the right time.
17
CHAPTER 4
GURUS
SPEAK
V.Rajagopal
Advocate & Professor
vrajagopalchennai@yahoo.com
INSURANCE LAW IN INDIA.
Insurance may be described as a social device to reduce or eliminate risk of life and property. In India, insurance has a deep-rooted
history, finding place in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). Insurance
in India has evolved over time, heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance
business in India with the establishment of the Oriental Life Insurance Company in Calcutta. 1870 saw the enactment of the Brit-
ish Insurance Act. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert
Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from
the foreign companies.
The first statute in India to regulate the life insurance business was the Indian Life Assurance Companies Act, 1912. The Insurance
Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life in-
surance in India was completely nationalized on January 19, 1956, through the Life Insurance Corporation Act. All 245 insurance
companies operating then in the country were merged into one entity, the Life Insurance Corporation of India.
Presently, the Insurance sector in India is regulated by The Insurance Act, 1938, The Life Insurance Corporation Act, 1956, Marine
Insurance Act, 1963, General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority
(IRDA) Act, 1999, IRDA (Preparation of Financial Statements and Audit o r’s Repo rt of Insurance Companies) Regulations, 2002.
The provisions of the Indian Contract Act, 1872 are applicable to the contracts of insurance, whether for life or non-life. Similarly,
the provisions of the Companies Act, 1956 are applicable to the companies carrying on insurance business. The subordinate legisla-
tion includes Insurance Rules, 1939 and the Ombudsman Rules, 1998 and the Regulatory Authorities are Insurance Regulatory De-
velopment Authority (IRDA), Tariff Advisory Committee, Insurance Association of India, Councils/Committees and the Ombuds-
men.
As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion in new premium - in the corresponding pe-
riod in the previous year the amount stood at 6.9 billion dollars. LIC, a state held insurer, had been the biggest profit maker at that
time with an addition of 88% to their existing business. The privately owned insurers together had seen a leap of 34% to their pol-
icy sales. The health insurance sector, according to the RNCOS research report named "Booming Health Insurance in India"
posted unprecedented growth rates in 2008-09 and 2009-10. The report also estimates that between the 2009-10 and 2013-14 the
sector would see a compound annual growth rate (CAGR) of at least 25%.
19
Some findings of the World Bank regarding the condition of insurance industry in India are as follows:
• In 2010-11 the operating costs of privately owned life insurers was INR 159.62 billion while the total life insurance industry
expense was INR 329.42 billion.
• In the same time the privately owned general insurers spent INR 39.32 billion from an industry total of INR 106.20 billion.
• In 2010-11 the privately held life insurers paid benefits and claims worth INR 312.51 billion while the industry aggregate was
INR 1425.24 billion.
• At the same time the private general insurers paid benefits and claims worth INR 99.37 billion while the industry total was
INR 295.36 billion.
IRDA controls all the Insurance business in India. They set up the structure and boundaries for the insurance companies to act
within. Starting from licensing to approving the products, IRDA directs the companies in India. They also protect the interests of
customer in the country.
The institutions providing specialist education for the insurance, are as follows:
• National Insurance Academy, Pune.
• Amity School of Insurance Banking and Actuarial science of Amity University, Noida.
• Pondicherry University - The only Central University which offers Insurance Management in India.
• Birla Institute of Management Technology, Greater Noida - PGDM program in insurance business has been recognized as
equivalent to the Associate level of the Insurance Institute of India, Mumbai.
• NLU, Jodhpur - Two year MBA and one year MS (for Engineering Graduates) program in Insurance.
20
As Insurance Regulator the IRDA has framed various regulations viz training hours, examination and fees which are amended
from time to time. Since November 2011 IRDA the Insurance Regulator in India has introduced a syllabus (IC-33) conceived and
developed by CII, London. The syllabus mainly aims to make an Insurance Agent a financial professional.
Insurance industry is a growth-oriented industry globally. The professionals have the following opportunities in the insurance sec-
tor – Audit, Insurance Consultant, Actuary, Underwriting, Surveyor, Insurance Broker, Risk Management, Arbitration, Claims ad-
ministration, Creation of new insurance products, Asset Management, Accounting, Taxation, Independent director, Fraud investi-
gator, etc..
V.Rajagopal
Advocate & Professor
vrajagopalchennai@yahoo.com
21
CHAPTER 5
CATERPILLAR
SPACE
THIS SPACE IS MEANT FOR
THE STUDENTS OF GOPAST
FIRST VICTORIOUS JOURNEY
In our journey of life, by now, we would have achieved many victories. We are bound to achieve many more victory in the coming
days. But what was the first victorious journey that we did ? Any idea ? Have we ever thought about it ?
The food that we eat is digested by the digestive system in our body and converted into Juice, Blood, Muscle, Fat, Bone, Marrow
and Semen.
The beginning of a new life of human being is the result of an act of love, the sperm cells in the semen swim faster towards the egg
cell present in the embryo sac. On the way many sperm cells die. There are lakhs and lakhs of sperm cells in a single drop of se-
men. But only one sperm cell, with its head, will pierce through the outer layer of the egg
cell and becomes victorious in the journey. Egg cell will automatically transform itself in
such a way that no other sperm cell can enter it again.
In 1677 Anton Van Leeuwenhoek was the first man who saw the sperm cell for the first time
using a microscope. It has a disc shaped head measuring 5 µm by 3 µm and a tail measuring
50 µm. It cannot be seen with the naked eye. Even though it is so small, the complete blue
print of the yet to be born baby is stored in the sperm cell in the form of Chromosome &
DNA.
Today we stand tall as a man or woman with so many victories in our personal life and career. But the victory obtained by that one
tiny little “sperm cell” is the one and only reason for the fertilization of the egg cell and birth of a baby which then grows into a
child and then a man or woman.
If we can be victorious even when we are a tiny little thing, then imagine the kind of victories we can achieve now, as a full grown
person, in our personal life and career.
Let us analyze this fact, do our duty diligently and emerge victorious in life. Let this victorious journey continue till our last breath.
S. Veera (a) Veerarajkumar B.Tech., FChFP
Fellow Chartered Financial Practitioner
23
A TRIBUTE TO MY PROFESSION
A TRIBUTE TO MY PROFESSION
I am really overwhelmed and utilize this opportunity to share
my experience of getting qualified myself as Top of the Table
( TOT ) in the field of insurance industry. I started my career
as an agent and I staunchly believe that “we can be poor by
birth but not until death” . I got motivated and inspired by my
development officer Mr. Dhinachandran . I started learning
about the industry ,the market & the functioning of it through
training institutions like KC Academy & Gopast. When I
started doing business like others I too had lot of hurdles and
obstacles , because of the mentoring slowly I was able to over-
come . I took a pledge within myself that I have to do some-
thing to my industry and justice to my profession . This made
me to do three MDRT last year and qualified for Court of the
Table ( C O T ). By doing this I felt very happy that I was able
to give credit to my development officer. I was mentally and
monetarily motivated when I got an increment of rupees fifty
thousand.
My dream is to do monthly one MDRT . Moreover my mentor
Mr. Gopinath felt once that nobody has qualified TOT in south
zone so far. So to fulfill his dream I was blessed to complete
six MDRT this year and was able to qualify for TOT. Now it
generates lot of self motivation and confidence within myself
to do more in the field of insurance industry.
24
TOT AGENT SPEAKS
ABOUT HIS FIRST TOT
Anbarasan.T.G
taxanbu@yahoo.com
At one point of time Mr. Bharath Parekh and his levels of
achievements was almost like a distant dream, but slowly I re-
alized, if I can learn to work systematically and scientifically
like those legends, then it is possible for me also to reach
those heights. Now with the help of my associates and other
well wishers I feel that I must take it as a mission to represent
Southzone at the All India Top list. My ambition is to become
all time high in this industry.
Anbarasan.T.G
taxanbu@yahoo.com
25
CHAPTER 6
NEWS
CHANNEL
“PALM LEAF”
A PORTAL OF GOPAST WILL BE
LAUNCHED ON 14TH APRIL 2014
THIS WILL ENABLE THE TRAINEES
TO TAKE ALL THEIR LEARNINGS
FROM GOPAST DIRECTLY TO THEIR
CLIENTS
SOME
UTILITIES
IN PALM LEAF
MY TOOLS IS A MENU WHERE THE ASSOCIATE OF GOPAST
CAN DO CALCULATIONS AND ALSO ON-LINE REAL TIME
SHOW AND EXPLAIN TO THE CLIENT HIS LEARNINGS
MY RESOURCES IS A MENU WHERE THE ASSOCIATE STORES ALL
THE LEARNING MATERIALS FOR HIS/HER REFERENCE AND RE-
TRIEVE IT FOR BROWSING. ALMOST 2000 PAGES OF RESOURCE
MATERIALS HAVE BEEN UPLOADED. LIKE MWP ACT, ASSIGN-
MENT OF POLICY, WRITING A WILL, 7 METHODS TO DO PROSPECT-
ING, BUILDING A BRAND FOR THE AGENT, TIME MANAGEMENT,
GROUP INSURANCE, PARTNERSHIP INSURANCE, KEY MAN INSUR-
ANCE ETC.
ASK RG IS A MENU WHERE
THE ASSOCIATE CAN ON-
LINE GET CONNECTED TO
MR R.GOPINATH
AND ASK QUERIES, GET
CLARIFICATIONS, GET DE-
TAILS OF ANY CALCULA-
TIONS AND TOOLS.
IN THIS SECTION STU-
DENTS, BUSINESSMEN
AND OTHERS CAN INTER-
ACT WITH RG REGARDING
ANY LEADERSHIP OR BE-
HAVIOURIAL ISSUES THEY
FEEL LIKE ASKING RG

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Inscriptions 5

  • 1. INSCRIPTIONS 5 WALL 2 PANEL 1 INSCRIPTIONS IS ENTERING INTO ITS 2ND YEAR. HIGHLIGHTS OF THIS ISSUE: 1) ESTATE PLANNING- ASSIGNMENT OF A LIFE INSURANCE POL- ICY 2) TOT AGENT SPEAKS OF HIS FIRST TOT 3) SOLVENCY MARGIN CONTINUED FROM INSCRIPTIONS 4 4) INSURANCE LAWS 5) SUCCESS JOURNEY AND THE SCULPTOR INSCRIBES TALKS ABOUT BECOMING A CHAMPION
  • 2. i TITLES SPACE FOR P.NO Sculptor Inscribes RG 2 Gurus speak Faculty Members’ space 11, 14 and 18 Caterpillar Space Students and Trainees 22 News Channel Happenings at Gopast 26
  • 4. A CHAMPION FROM THE CROWD. CHAMPION IN THE CROWD How do some people break away from the crowd to become champions, that they lead and guide while the rest of crowd just witnesses (with open mouth) this progress with amaze- ment? The champions enjoy the limelight, they are received with trumpets blowing, bands beating the victory tunes, peo- ple throng to shake hands with them. The crowd follows the champions Let us pick up a debate. Are Champions made? Or are Champi- ons born? Does God specially create these people and endow them with special gifts while denying the vast majority of the population the rights to rise up. Has He designed a big major- ity of the humankind with deficiencies, so that they will slog in poverty (not exactly in money terms but in many terms). Has He given eyes to this majority group only to witness those few rising stars and be amazed? While He gave eyes to those cham- pions to see beyond the present that they can easily seek what others can never do? The fact anyway remains that these champions also started their journey from being a part of the crowd. While there can a be a few instances of childhood brilliance later transformed into spectacular glory as they grow, the vast majority of the Champions have emerged from (as if) out of no where. The world reckons their superiority only when they have earned their crown and those glittering awards which sparkle bright in the darkness of the mediocrity surrounding it. There have been many instances where these champions have been de- 3 Mahatma Gandhi, JRD Tata, Dr APJ Abdul Kalam, Nelson Mandela, Jack Welch, Steve Jobs, Bill Gates, Sachin Tendulkar, Michael Jordan, Pele, Nadia Comenechi
  • 5. nied their due recognition during their rising period. They might have even been insulted and ignored before they earned their stardom. Without much ado: END OF THE DEBATE: WE MIGHT BE BORN IN THE CROWD BY DEFAULT, BUT WE CAN BE- COME CHAMPIONS BY OUR DESIGN. WE DONT HAVE TO REMAIN IN THE CROWD. Not to believe this capacity of ours is only an easy way for shift- ing our responsibility of becoming the champions to external conditions like Destiny or fate. It is another method of licens- ing the laziness. An agreeable way to justify not attempting. An escape route from the price in demand. Then how do these champions break away from the crowd? What differentiates these few people from their fellow beings? What propels their rise? What accelerates their growth? What happens to a person who likes being in the crowd? Remaining too long in the crowd, creates an affinity towards that position. It spins a web of laziness around him. The com- fort inside becomes an addiction. Instead of aspiring for the best, he starts reconciling with what is available immediately around him. The vision does not recognise the bright colours out there, instead becomes used to the darkness prevailing. The ears do not long for the victory band out there but takes the eerie silence nearby as its lullaby. Moving up into the higher levels of the life pyramid appears to be too big a price to be paid for too small a return. Creativity becomes a crime, Desire is considered a source of pain. Petti- ness is the norm. Giants have no place there. In short the wait- ing for the END begins. This is a sort of forced liking. The human spirit inside is not designed for these adjustments. Whenever the human spirit lifts it head to change the status-quo, immediately the mind commands it to withdraw. This is so often repeated that even the powerful spirit gives up ( for the time being) and prepares itself to wait for long. It is like snuffing out the flame by throw- ing a huge blanket over it. The human spirit is designed for greatness, it enjoys the free- dom and is contend only in contributing. What happens when the person breaks away from the crowd and emerges as a champion? The thrill is unbound. Even the start of the struggle to get lib- erated from the crowd itself becomes a delicious meal for the human spirit. He does not have to wait till he is acclaimed as a champion to feel that thrill. The very first step to cut that chain holding him down, in itself lifts him up in spirits. Happi- ness engulfs the whole of him. The liberation process is ec- static. The ears start hearing the victory band, the melancholy in- stantly breaks. The vision start seeing the rays of those bright colours ahead in life and the darkness disappears instantly. 4
  • 6. The movement is full of feelings and lively. It tastes chocolates and candies. It is as if suddenly the Heaven has just downed itself on him and he would forever continue to live there. Is being simple a crime? No not at all. A champion can lead a simple life by choice. Ma- hatma Gandhi was an epitome of a champion being simple. All the discussion above on crowd is not just about possessing and amassing materials. Gandhi chose to be simple. That was his design. He did not agree to submit to inhuman treatment. He did not give up his rights. He fought for his rights. He suf- fered in the process of liberation. He was jailed, physically abused and even insulted. But he continued his fight against injustice. For the materials he possessed, the wardrobe of hand spun cot- ton dhoties, hand stitched leather chappals, the food menu of goat milk, ground nuts and a couple of rotis he need not have invested so much efforts. He was never idle. Awake at 4.00 in the morning, sleeping during the later part of the night, filled every minute in between with hard work. Writing letters, arti- cles. Preparing notes, reading biographies, holding negotia- tions, convincing people, walking kilometers and fasting often and many other deeds filled the span in between his dawn and dusk. The discussion about the crowd is specifically about the mind- set. A mindset of adjustments, compromises. Adjusting not be- cause they are not capable of big accomplishments but be- cause either they are not aware about those capabilities or just would not like to pay the price to make themselves deserving such accomplishments WE MIGHT HAVE COMMENCED OUR JOURNEY OF LIFE FROM BEING AN INSEPARABLE PART OF THE CROWD, BUT WE DON’T HAVE TO REMAIN THERE. WE CAN RISE OURSELVES UP AND BECOME THE CHAMPION IN THE CROWD. When we realise the difference between what we want and what we have, progress begins. The more acute we are aware about it more becomes our motive to progress. A vast majority of people don’t really have a picture of what they want. This is the biggest stumbling block for progress. Recently in one of our seminars, I gave an exercise to the par- ticipants. The participants were a mix of businessmen, profes- sionals, executives, housewives, major students. I told them, “Imagine that the God who created you appears before you and gives his pen to you and says, “It is with this magic pen that i write your future. now i am giving this to you for five minutes, you can write whatever you want, and all that you write, you will get in the future.” Now start writing, mind you only five minutes.” And i went around to see, what they are doing. For the first two minutes, most of their sheets were empty. Some had writ- ten a few things, and then they had scored off the same. Very few people got going from the word “go”. At the end of 5 min- utes, still some were struggling to finish even four lines. Some 5
  • 7. finished with two or three lines quickly and were sitting idle, for the balance few minutes left. What does this indicate? 1) Many of us do not really know what we want. 2) Many of us do not have a vision of our future. 3) Many of us are contended with a little more pro- gress. 4) Some are even afraid of becoming highly successful We create our program and then we live it. Quite often you would have heard comparisons between a hu- man being and a computer. Let us do that once again. There are two aspects of a computer, Hardware and the software. The hard disk, the circuits that connect various components, the cabinet are examples of hardware. The operating systems like Windows, Mac OS X, and other utility programs like Word, Excel, Pages, Numbers, Keynote, Powerpoint are exam- ples of Softwares. Similarly the human body, the brain, the veins, the arteries, the nerves are examples of the hardware for humans and the mind, the spirit, the thoughts, beliefs, knowledges, skills are examples of the software. Let us say a computer has a highly sophisticated hardware with great performing capacity, but does not have certain pro- grams installed, then the output or the performance of the computer is that much diminished. Like for example let us take a laptop with 750GB HD, 2.4GHZ intel core i5, 4Gb mem- ory, etc., but is not loaded with MS Word, or MS powerpoint (Pages, or Keynote for Mac users), then this computer can not be used to create a document or for showing slides to audi- ence to explain some concepts. Let us say that this computer has a high quality hardware and also say it has got all utility programs installed, but let us the computer in infected with virus or worms, then again the per- formance of the computer is not up-to-the-mark. So how do we make this computer to perform the best? Sim- ple; by installing programs which we need, by uninstalling pro- grams like viruses and worms. Let us say a person is well built, healthy, organs working top class (What in insurance parlance is considered to be class1 life), but has an inferiority complex about himself, or does not believe in his capacity to perform the best or let us say he has a negative attitude, then you will find that this person does not do well in life, does not do well in his profession. If this person has to perform well then some programs have to be in- stalled in him and some of the presently running programs have to be uninstalled. Let me demonstrate the impact of programing. Look at the il- lustration given hereunder: 6
  • 8. What you are seeing is a horse carrying a bridegroom in a cere- monial welcome to his marriage. In many parts of Asia you will find this type of a reception to the bridegroom. The proces- sion starts from a temple and winds it way to the place where the marriage is performed. The relatives and the friends of the bridegroom they dance all along the way merrily in accompani- ment. This horse is rented or let-out only to such functions. This horse will take anything between 15 to 20 minutes to walk one KM. Look at this: This also is a horse, but this will run at a breath-taking speed of about 80KMPH. Both are horses. Whereas one takes 20 minutes to cover 1KM distance while the other covers 80KM in one hour. What is the difference? Hardware? No. It is the program that is govern- ing the horse. The first one has been trained that it has to walk slow. Otherwise who will rent it for a bridal ceremony? The second one has been trained to run at 80KMPH. Both of them have been conditioned, and that is why they perform so differ- ently, even though their hardwares almost similar. In the same way we human beings also behave differently even though there may not be significant differences in the hardware parts. Look at this picture: This is the picture of young Shivaji and his mother Jijabhai. During his younger days his mother used to tell him stories of courageous warriors. She used to tell him stories from the ep- ics of Mahabaratha and Ramayana. She used to frequently nar- 7
  • 9. rate the valor of the Prince Abhimanyu from the epic of Ma- habaratha. These stories installed in child Shivaji the mindset of courage, fearlessness, self-esteem and also qualities of lead- ership . He grew up to become the king of Maratha, He stood up against a mighty Moghul king Aurangazeeb. Maharaj Shi- vaji headed an army of 5000 to fight with an army of 25000 of the Moghul emperor. He won three big wars, defending his soil and later died valiantly fighting for his soil. Even a men- tion of the name Shivaji triggers a sense of pride amongst the youth in India. Look at these pics: These are pictures of the young Mohandas Karamchand Gan- dhi, and his mother Putlibhai. Putlibhai used to tell stories of the Raja Harishchandra (Power of Truth) and stories form the epic of Ramayana. The kindness of the Prince Rama, His devo- tion to his parents, His nobility and above all the Righteous- ness of Lord Rama. These stories influenced young Gandhi in a big way. He grew up with these qualities, uncompromising on truth, Politeness and firmness, Assertive but not aggres- sive, deep rooted to principles and ethics. These qualities made him the leader of the masses. He became a non-violent rebel which the British raj in India could not contain. Even with the mightiest of cavalries, ammunitions, fully loaded ar- mories, the government could not restrain Gandhi. Ultimately Gandhi won the cause and got India its independence and es- tablished its Sovereignty. The world now knows him as Ma- hatma Gandhi ( A superior soul ). Let these examples not tempt us to believe that we are condi- tioned by our parents, and some of us who have not achieved big things, because our parents have not programed us that way. No, No, No, that is not the truth. While parents did have a role in programing us, there are other aspects that has even- tually programmed us the way we are behaving now. Look at this pic: When we were sent into this Earth, our Creator had pre- loaded some programs inside us. They are required to keep us 8
  • 10. alive. Most of those programs operate involuntarily inside us and are governed by our subconscious mind. Thereafter our parents started loading some programs inside us, like what we are doing now to our children. Sometimes with good intentions we instal wrong programs in the chil- dren. For example a mother says “Don’t run, you will fall and get hurt”. “If you run, i am going to spank you hard, stop run- ning”. Good intention but wrong programing. Father driving a car, to drop his son at his school, looks around, sees no traffic cop, drives wrong side in an one-way road, drives, just a cou- ple of blocks to reach his school. Son is in the front seat watch- ing. A wrong program getting installed. It is alright to break rules, if you are not being watched. After that our teachers install a few programs in us. Some of those programs are related to knowledge building, some re- lated to attitudes and beliefs and some related to our habits. But if you look at the picture, you will find beyond all these, we program ourselves. This part is the major one and proba- bly more sustainable in terms of operations. How do we install a program or uninstall a program in a com- puter? Using input devices like, keyboard, disk reader, scan- ner, touch screens, etc. In the same way we install programs into us through our input devices. We are given 5 senses, which act as our input devices. We can see (Visual), we can hear (Audio), we can touch feel (Kinesthetic), We can smell (Olfactory) and we can taste (Gustatory). Using these input de- vices we upload informations from around us and we keep in- stalling programs inside us. These programs keep running all the while and operate us. A person who keeps listening to pessimistic informations from his surroundings quite often, is creating a program in him of disbeliefs, doubting all the opportunities that come along way. A person who gets to watch sad events often, who gets to witness people loosing money, going bankrupt, installs a program of fear inside him. Installing EMPOWERING PROGRAMS: When we read biographies of great people we get inspired. Sto- ries of successes build confidence in us. 9 EMPOWERING PROGRAMS VIRUSES/WORM PROGRAMS COURAGE FEARFUL KINDNESS ANGER PERSISTENCE RANDOMNESS BRISKNESS LAZINESS LEARNING JEALOUSY SELFLESSNESS SELFISHNESS MODESTY BOASTING HONESTY CUNNINGNESS
  • 11. When we watch motivating movies, inspiring clippings we are inputting powerful information to our mind. We get volumes of information from our friends. They influ- ence us a lot. Therefore we need to choose them very carefully. A lazy bunch of friends keep talking about being idle. They might even be laughing at people who work hard. They might be assigning nick names to such dedicated workers like “Ro- bot” “Bores”. Their philosophy is that Working is idiots mo- nopoly, smart are those who can just take it easy and enjoy their life. While the philosophy of enjoying life is not a bad one at all, the dispute is in what is meaning of “enjoying” or being happy. Let us not get confused between being comfortable and being happy. Both are not the same. Comfort is body re- lated, happiness is mind related. If someone is sleeping quite late into the morning we should not say that he is happily sleeping. What happiness can one get in sleeping. Ut the most we can say he is comfortably sleeping. It can not be compared with happiness. If idling is happiness, then what about the people who are in coma stage in hospitals, can we say they are very happy. It is true that they do not suffer any pain, but we would not like to exchange positions with them. So using the input devices (Senses like visual, audio and kines- thetic) we can install an empowering program that can make us a champion. Using the input devices we can even uninstall some viruses that got installed already into us. I would there- fore urge you to read motivating stories, watch inspiring mov- ies, listen to tapes and CDs of worthy ideas, create a friend cir- cle which is good natured, kind hearted, motivated by big causes. When you do this on a consistent basis, we get the power to move away from the crowd and become champion form the crowd. 10
  • 12. CHAPTER 2 GURUS SPEAK SOLVENCY MARGIN (CONTD FROM INSCRIPTIONS 4) R. RAMAKRISHNAN http://ramvijay3539.blogspot.in
  • 13. 7) While valuing the liability in respect of a life insurance com- pany, the actuary has to make suitable assumptions regard- ing rates of mortality, rate of interest, expenses, inflation and rates of future bonus. These assumptions are based on past experience and the actuary’s assessment of future trends. When the company offers also critical illness cover, accident cover, disability cover, health cover, … etc., many more assumptions will have to be made. The assumptions made by the actuary will generally be conservative. He/she may employ higher than necessary rates of mortality, mor- bidity, disability, inflation, expenses … etc., and lower than necessary rate of interest. 8) Too much conservatism in assumptions will lead to higher liability and lesser profit and affect the competitiveness of the company. A liberal approach may lead to future losses and af- fect the very existence of the company. The actuary always strives to ensure that the set of assumptions made is as realis- tic as possible, with just sufficient margins to provide for un- predictable future variations. Estimation of Liability 9) In the case of commercial undertakings, the values of both assets and liabilities are determined by the Accountant. In the case of a life insurance company, while the value of assets is determined by the Accountant, the value of liabilities is “Esti- mated” by the Actuary. It may be noted that, instead of “Deter- mined”, the term “Estimated”, has been used, since the liability arrived at by the actuary can never be exact and can only be an approximate estimate. 10) There will always be a Gap between the Liability Esti- mated on the basis of a set of assumptions and the Actual Li- ability. It is not possible to quantify this Gap and not also pos- sible to state whether this Gap is positive or negative, since the Actual Liability will always remain an unknown, hypotheti- cal entity. Profit and Surplus 11) Profit is defined as Value of Assets LESS Value of Liability. Since, in the case of a life insurance company, the value of li- ability can only be approximately estimated, this difference be- tween the values of assets and liability is known as Surplus and not as Profit. As per the LIC Act, not less than 95% of this surplus is to be allocated to the policyholders and only the bal- ance of (not more than) 5%, can be transferred to the share- holder (Government of India). As per the Insurance Act, 1938, after the latest amendment in this regard, the shareholders are eligible for the entire surplus emerging from the portfolio of Non-Participating policies and, not more than 10% of the surplus emerging from the portfolio of Participating policies. This rule applies to all life insurance companies other than the LIC and is based on the practice prevailing in the U.K. The sys- tem may vary slightly from country to country. Solvency Reserve 12
  • 14. 12) If the entire surplus emerging in a valuation gets distrib- uted between the policyholders and shareholders, keeping nothing in Reserve, the company may find it difficult to sur- vive if the economic environment suddenly turns adverse. A part of the surplus has therefore to be transferred to a special reserve say, Reserve-X, and only the balance surplus has to be distributed. This Reserve-X is known as the Solvency Reserve. 13
  • 15. CHAPTER 3 GURUS SPEAK ESTATE PLANNING THROUGH ASSIGNMENT OF A LIFE INSURANCE POLICY- R.GOPINATH gopinathr@go-past.com www.go-past.com
  • 16. Estate planning through Assignment of Policy There are three major purposes of acquiring any asset 1) To use it, 2) To convert into cash and 3) To pass on to others as a gift or as an estate (primar- ily to the next generation). The first and the second purposes are easily served, but the third purpose of the asset to pass to others involves proce- dures and subject to legal requirements. So if not properly planned then this purpose is not served well. The succession planing need to be designed well and should be structured well so that the right people get the assets at the right time. You would have seen disputes arising between siblings on is- sues related to sharing the assets left behind by the parents. We have seen at times clever people deceiving the innocent in- heritors and gobbling away the properties. We have seen long drawn legal battles running for decades to determine the legal heirs. One of the easiest way of passing on assets to the next genera- tion is by writing a will naming the inheritors and their shares. But it may not be the surest way, because of it being subject to legal scrutiny. Disputes on the dating of the will, dis- putes on the signatures being forged, disputes on the interpre- tation of the words, statements, measurements, volumes and values it contains, are the most common causes for legal bat- tles involving the will. We can not raise the person from Heaven to come and depose in the court to clarify his inten- tions of his will. Many times people take advantage of this fact and twist law to suit them well. The recent court case involving the Royal family of Faridkot, King Brar is an example of the hardships in inheriting the property bequeathed through a will. This case has been going on from 1993 and the Sessions court of Chandigarh has in 2013 ruled that the purported will written by King Brar depriv- ing his two daughters of his entire wealth and giving it to a Trust managed by his Accountants, advocates and a few of his employees is “Forged”, and the rightful owner to the assets will be his two daughters who are of 80+ age now. The Trus- tees now say they will now appeal against this verdict at a higher court. Meaning that even after 20 years and even after a court ruling that the asset belongs to his daughters, the prin- cesses are not going to get now to own the assets and only God knows when they will get to do that. Even with all these shortcomings Will is the easiest way of passing on the asset. Let us now examine some other ways of passing on the asset surely and safely to those whom we want to. One such provision assigning a life insurance policy for its values to those whom we want on to pass it on to. An assign- ment of life insurance policy is akin to transfer of property. But an assignment of life insurance policy is much more easier 15
  • 17. than transfer of property done through sale deeds or gift deeds. There are three aspects of bequeathing an asset 1) To the right people, 2) For the right value and 3) At the right time. A policy assignment serves all these three aspects well. Assignment of policy: A policy holder can assign his/her policy during the term of the policy to any person or to a legal entity of the two reasons: 1) Out of natural love and affection (eg: To wife, own children, father, mother or people with blood relationship) 2) In Lieu of valuable consideration (eg: Creditors, services availed, monetary benefits received) In most of the countries succession acts have been enacted to decide the legal heirs. Mostly these acts consider the religion of the owner of the assets in deciding the inheritors. Let us take an Indian example: According to the Indian succession act 1925 the class 1 legal heirs of a Hindu male is 1) his Wife, 2) his Mother and 3) his Children. Normally as class 1 legal heirs wife will be entitled to 50% of the asset value and mother and children will share the balance 50% equally amongst themselves. You will notice that father is not a class 1 legal heir, so even if I nominate him as nominee in my life pol- icy, his rights to the money will be only secondary to the rights of the class 1 legal heirs. But if I assign one my policies to him, then the ownership is transferred right today. Since after assignment the policy title belongs to him, my legal heirs will have no claim on that. To assign a policy as I mentioned above here I don’t need the as- sistance of an advocate, I don't need to pay any big cost and it is almost effortless since my life insurance agents gets all the documents signed right at my door step. In the same way one cam pass on the title to his sister who or brother who are dependent on him One can even write a will mentioning this policy in that so as to pass the title to his father, but the will becomes operational only upon his death. When the will is contested in the court of law, it is subject to the interpretation in the absence of the per- son who willed. And you would have seen cases fought on frivolous grounds like signature differs, witness not edible to witness, forgery and so many other issues. This should not be construed as being effective only to pass on title to class 2 legal heirs or others. Even within the class 1 le- gal heirs i want the benefit to be passed on to one person only, then also i can use the Assignment provision. For example I can assign my policy to my wife. In which case she becomes the sole tittle owner of this asset. The other class 1 legal heirs like my mother or my children then can not claim any share in that, as the asset does not belong to me. It now belongs to my 16
  • 18. wife. In the same way I can assign it to one of my daughters, then she becomes the absolute title owner for this asset. If I want my mother to be the sole beneficiary of this policy I can do that by assigning it to her. There are two types of assignments: 1) Absolute assignment 2) Conditional assignment Absolute assignment as the name indicates, transfers the title absolutely to the assignee. The assignor does not have any authority on the policy thereafter even though he still contin- ues to be the life assured of that policy. Unless the assignee re- assigns the policy back the life assured will have no claim on that policy. Conditional assignment is where the title passes on the hap- pening of an event. For example I can conditionally assign the policy that the title is immediately transferred to my father, however on my survival on the date of maturity the policy will revert back to me automatically. This is a very helpful feature, because all that I am concerned is that my father need to be taken care of financially in my absence, otherwise I am there to take care of him. In fact my wife and children care for him much more than even what i can do now. I have no doubts in my mind about that aspect, but still that legal angle worries me. In the same way I can conditionally assign it to my sister or to my brother or to my wife or to my daughter or to my son. Assignment is an arrangement where I am absolutely sure that the benefits are passed on to those whom I want to and I am able to do it right now, putting an end to all disputes in in- heritance. It goes to the right hands, for the right value and at the right time. 17
  • 19. CHAPTER 4 GURUS SPEAK V.Rajagopal Advocate & Professor vrajagopalchennai@yahoo.com
  • 20. INSURANCE LAW IN INDIA. Insurance may be described as a social device to reduce or eliminate risk of life and property. In India, insurance has a deep-rooted history, finding place in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). Insurance in India has evolved over time, heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. 1870 saw the enactment of the Brit- ish Insurance Act. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies. The first statute in India to regulate the life insurance business was the Indian Life Assurance Companies Act, 1912. The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life in- surance in India was completely nationalized on January 19, 1956, through the Life Insurance Corporation Act. All 245 insurance companies operating then in the country were merged into one entity, the Life Insurance Corporation of India. Presently, the Insurance sector in India is regulated by The Insurance Act, 1938, The Life Insurance Corporation Act, 1956, Marine Insurance Act, 1963, General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDA (Preparation of Financial Statements and Audit o r’s Repo rt of Insurance Companies) Regulations, 2002. The provisions of the Indian Contract Act, 1872 are applicable to the contracts of insurance, whether for life or non-life. Similarly, the provisions of the Companies Act, 1956 are applicable to the companies carrying on insurance business. The subordinate legisla- tion includes Insurance Rules, 1939 and the Ombudsman Rules, 1998 and the Regulatory Authorities are Insurance Regulatory De- velopment Authority (IRDA), Tariff Advisory Committee, Insurance Association of India, Councils/Committees and the Ombuds- men. As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion in new premium - in the corresponding pe- riod in the previous year the amount stood at 6.9 billion dollars. LIC, a state held insurer, had been the biggest profit maker at that time with an addition of 88% to their existing business. The privately owned insurers together had seen a leap of 34% to their pol- icy sales. The health insurance sector, according to the RNCOS research report named "Booming Health Insurance in India" posted unprecedented growth rates in 2008-09 and 2009-10. The report also estimates that between the 2009-10 and 2013-14 the sector would see a compound annual growth rate (CAGR) of at least 25%. 19
  • 21. Some findings of the World Bank regarding the condition of insurance industry in India are as follows: • In 2010-11 the operating costs of privately owned life insurers was INR 159.62 billion while the total life insurance industry expense was INR 329.42 billion. • In the same time the privately owned general insurers spent INR 39.32 billion from an industry total of INR 106.20 billion. • In 2010-11 the privately held life insurers paid benefits and claims worth INR 312.51 billion while the industry aggregate was INR 1425.24 billion. • At the same time the private general insurers paid benefits and claims worth INR 99.37 billion while the industry total was INR 295.36 billion. IRDA controls all the Insurance business in India. They set up the structure and boundaries for the insurance companies to act within. Starting from licensing to approving the products, IRDA directs the companies in India. They also protect the interests of customer in the country. The institutions providing specialist education for the insurance, are as follows: • National Insurance Academy, Pune. • Amity School of Insurance Banking and Actuarial science of Amity University, Noida. • Pondicherry University - The only Central University which offers Insurance Management in India. • Birla Institute of Management Technology, Greater Noida - PGDM program in insurance business has been recognized as equivalent to the Associate level of the Insurance Institute of India, Mumbai. • NLU, Jodhpur - Two year MBA and one year MS (for Engineering Graduates) program in Insurance. 20
  • 22. As Insurance Regulator the IRDA has framed various regulations viz training hours, examination and fees which are amended from time to time. Since November 2011 IRDA the Insurance Regulator in India has introduced a syllabus (IC-33) conceived and developed by CII, London. The syllabus mainly aims to make an Insurance Agent a financial professional. Insurance industry is a growth-oriented industry globally. The professionals have the following opportunities in the insurance sec- tor – Audit, Insurance Consultant, Actuary, Underwriting, Surveyor, Insurance Broker, Risk Management, Arbitration, Claims ad- ministration, Creation of new insurance products, Asset Management, Accounting, Taxation, Independent director, Fraud investi- gator, etc.. V.Rajagopal Advocate & Professor vrajagopalchennai@yahoo.com 21
  • 23. CHAPTER 5 CATERPILLAR SPACE THIS SPACE IS MEANT FOR THE STUDENTS OF GOPAST
  • 24. FIRST VICTORIOUS JOURNEY In our journey of life, by now, we would have achieved many victories. We are bound to achieve many more victory in the coming days. But what was the first victorious journey that we did ? Any idea ? Have we ever thought about it ? The food that we eat is digested by the digestive system in our body and converted into Juice, Blood, Muscle, Fat, Bone, Marrow and Semen. The beginning of a new life of human being is the result of an act of love, the sperm cells in the semen swim faster towards the egg cell present in the embryo sac. On the way many sperm cells die. There are lakhs and lakhs of sperm cells in a single drop of se- men. But only one sperm cell, with its head, will pierce through the outer layer of the egg cell and becomes victorious in the journey. Egg cell will automatically transform itself in such a way that no other sperm cell can enter it again. In 1677 Anton Van Leeuwenhoek was the first man who saw the sperm cell for the first time using a microscope. It has a disc shaped head measuring 5 µm by 3 µm and a tail measuring 50 µm. It cannot be seen with the naked eye. Even though it is so small, the complete blue print of the yet to be born baby is stored in the sperm cell in the form of Chromosome & DNA. Today we stand tall as a man or woman with so many victories in our personal life and career. But the victory obtained by that one tiny little “sperm cell” is the one and only reason for the fertilization of the egg cell and birth of a baby which then grows into a child and then a man or woman. If we can be victorious even when we are a tiny little thing, then imagine the kind of victories we can achieve now, as a full grown person, in our personal life and career. Let us analyze this fact, do our duty diligently and emerge victorious in life. Let this victorious journey continue till our last breath. S. Veera (a) Veerarajkumar B.Tech., FChFP Fellow Chartered Financial Practitioner 23
  • 25. A TRIBUTE TO MY PROFESSION A TRIBUTE TO MY PROFESSION I am really overwhelmed and utilize this opportunity to share my experience of getting qualified myself as Top of the Table ( TOT ) in the field of insurance industry. I started my career as an agent and I staunchly believe that “we can be poor by birth but not until death” . I got motivated and inspired by my development officer Mr. Dhinachandran . I started learning about the industry ,the market & the functioning of it through training institutions like KC Academy & Gopast. When I started doing business like others I too had lot of hurdles and obstacles , because of the mentoring slowly I was able to over- come . I took a pledge within myself that I have to do some- thing to my industry and justice to my profession . This made me to do three MDRT last year and qualified for Court of the Table ( C O T ). By doing this I felt very happy that I was able to give credit to my development officer. I was mentally and monetarily motivated when I got an increment of rupees fifty thousand. My dream is to do monthly one MDRT . Moreover my mentor Mr. Gopinath felt once that nobody has qualified TOT in south zone so far. So to fulfill his dream I was blessed to complete six MDRT this year and was able to qualify for TOT. Now it generates lot of self motivation and confidence within myself to do more in the field of insurance industry. 24 TOT AGENT SPEAKS ABOUT HIS FIRST TOT Anbarasan.T.G taxanbu@yahoo.com
  • 26. At one point of time Mr. Bharath Parekh and his levels of achievements was almost like a distant dream, but slowly I re- alized, if I can learn to work systematically and scientifically like those legends, then it is possible for me also to reach those heights. Now with the help of my associates and other well wishers I feel that I must take it as a mission to represent Southzone at the All India Top list. My ambition is to become all time high in this industry. Anbarasan.T.G taxanbu@yahoo.com 25
  • 27. CHAPTER 6 NEWS CHANNEL “PALM LEAF” A PORTAL OF GOPAST WILL BE LAUNCHED ON 14TH APRIL 2014 THIS WILL ENABLE THE TRAINEES TO TAKE ALL THEIR LEARNINGS FROM GOPAST DIRECTLY TO THEIR CLIENTS
  • 29. MY TOOLS IS A MENU WHERE THE ASSOCIATE OF GOPAST CAN DO CALCULATIONS AND ALSO ON-LINE REAL TIME SHOW AND EXPLAIN TO THE CLIENT HIS LEARNINGS
  • 30. MY RESOURCES IS A MENU WHERE THE ASSOCIATE STORES ALL THE LEARNING MATERIALS FOR HIS/HER REFERENCE AND RE- TRIEVE IT FOR BROWSING. ALMOST 2000 PAGES OF RESOURCE MATERIALS HAVE BEEN UPLOADED. LIKE MWP ACT, ASSIGN- MENT OF POLICY, WRITING A WILL, 7 METHODS TO DO PROSPECT- ING, BUILDING A BRAND FOR THE AGENT, TIME MANAGEMENT, GROUP INSURANCE, PARTNERSHIP INSURANCE, KEY MAN INSUR- ANCE ETC.
  • 31. ASK RG IS A MENU WHERE THE ASSOCIATE CAN ON- LINE GET CONNECTED TO MR R.GOPINATH AND ASK QUERIES, GET CLARIFICATIONS, GET DE- TAILS OF ANY CALCULA- TIONS AND TOOLS. IN THIS SECTION STU- DENTS, BUSINESSMEN AND OTHERS CAN INTER- ACT WITH RG REGARDING ANY LEADERSHIP OR BE- HAVIOURIAL ISSUES THEY FEEL LIKE ASKING RG