You Heard The Man
March 24, 2014 Leave a comment
The World’s Biggest Life Insurance Policy
March 19, 2014 1 Comment
Guinness World Records has announced the World’s Biggest Life Insurance Policy ever issued.
However,neither the record keeper nor the issuer would say who is covered by the massive policy.Dovi Frances, the adviser who arranged the policy, would only say it went to a well-known technology billionaire from California.
The wealthiest of the wealthy often buy life insurance for several reasons.Primary among them are tax purposes.In many countries,a wealthy estate is often hit with a hefty tax bill, and there may not be enough cash to cover it, since many millionaires and billionaires hold their wealth in investments.
This $201 million policy overtakes the previous record of $100 million.It is more complicated than most. It’s underwritten by 19 different insurance companies, each with a slice of less than $20 million. If a single company took the risk of the whole policy they would go into bankruptcy if a claim were to be made.
The yearly premium is in the low single-digit millions.
How To Set Up A PayPal Account
March 14, 2014 Leave a comment
Last month I made some of the personal queries on this blog charged.Link.Since then I have had a lot of people writing in to ask me for my bank account details.
Personally,I prefer to be paid via PayPal, as an automated e-mail from them helps me match payments with the payers.So,if you can,please,please,please read the post below and try to set up you own free PayPal account, if you don’t have one already.
If you don’t have a credit/debit card or your bank account can’t be integrated with PayPal etc.etc. as its unfortunately happening with a lot of banks in India and it’s too much of a hassle to use Paypal,please deposit the money in my ICICI sba/c no:041401501858, IFSC:1CIC0000414, BSR: 6390609-6000009, SWIFT:ICICINBBXXX and send me an SMS on (91) 9920527208,with the details of where,when and how you have deposited the money.This is to help me quickly track money as I don’t get SMSs from the bank alerting me to small transactions.Please don’t just deposit the money and sit quietly.I have no way of knowing you are waiting for an answer. Read more of this post
Apology Accepted
March 11, 2014 Leave a comment
If you have been reading my blog for a while,you know I had a run-in with ICICI-Lombard’s SEO team last November.Link.
On my return to Mumbai,following is a mail I found in my inbox.It does make me feel a bit better about the matter for it shows that where an individual errs,the organization has a system in place to try to right issues.But I am not sure about removing an archived post.Right from the beginning,I have faithfully kept intact all posts,comments and replies without any whitewashing and I am not so certain I wish to change things now.Relationships,I believe are made not by never being wrong but by saying sorry when things go wrong.And as such,I believe,this is the end of this matter. Read more of this post
Debt Trap
February 24, 2014 Leave a comment
Here’s a small allegory for you:
X is a youngish executive with an annual income of 10 lakhs. Over the last few years, he has taken loans for all sorts of reasons. So much so that last year, his annual EMIs amounted to a total of 5.4 lakh. What is worse is that he is also unable to cut down on his expenses by much. Last year, he spent a total of almost 16 lakh.
To finance the spending and the EMIs, he took fresh loans of 5.25 lakh. He has borrowed from everywhere — on the many credit cards he has, against his property, informal loans from friends and relatives, from his employers etc.etc. In just the last year, he has actually borrowed almost as much as the old EMIs he has paid. So, he is now roughly borrowing as much as he is repaying in interest and principle.
X’s problem is that he an incurable optimist. Every year, he is convinced he will get a big salary hike and bonuses and then starts spending under this assumption. Of course, the increased income never lives up to his fantasies. So, he eventually finds himself out of pocket. He then makes some attempts to control his expenses, but is never successful. The inevitable result — even more loans. This year is no different. He is so convinced that he will get a big bonanza from his employer that he has gone ahead and taken a vehicle loan to buy a car. Read more of this post
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