1. Know your insurance rights as employees/ employer What happens if your employee is injured while working under your roof? What if it is proved to be your negligence that caused her/him harm? Will you sweep the entire thing under the rug and pray it never reveals its ugly head again. But what if the employee decides to exercise legal recourse? How much mental agony apart from the financial burden will it create for you? Are you ready to face this? If not then you can fall back on a mundane but necessary insurance policy, which is 'Workmen's Compensation Policy'. « What is 'Workmen's Compensation Insurance Policy'? The Workmen's Compensation Insurance in its uncomplicated and simplest form is an insurance that provides for the payment of compensation by the employer to his employees if personal injury is caused to them by accidents arising out of and in the course of their employment, in exchange for mandatory relinquishment of the employee's right to sue her/his employer for the tort (legal term meaning a wrongful act that does not include a breach of contract or trust) of negligence. The Workmen's Compensation Insurance is the primary method by which any employer, whether as a principal or contractor, engaging 'workmen' as defined in the Workmen's Compensation Act or any employer of employees who do not qualify as 'workmen' but share an employee-employer relationship, can demonstrate the ability to satisfy the obligations imposed by the worker's compensation statutes. It is compensation payable under a scheme set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labor. « When is the compensation payable under this policy? The Indian Workmen's Compensation Act 1923, The Fatal Accidents Act 1855 (including subsequent amendments of the said Acts) and Common Law provides for compensation payable to employees under following circumstances (as per W.C. Amendment Act 2000): • Where employment injury results in death • Permanent total disablement • Permanent partial disablement • Where more than one injury is caused by same accident, it shall be aggregated; but in any case compensation won't exceed the amount payable for permanent total disablement • Temporary disablement (compensation will be in accordance with the provisions of the W.C. Act) • Actual medical expenses incurred in connection with on-duty injury/fatality • Legal costs and expenses incurred with the company's consent • What can employees get under the provisions of the W.C. Act? • Weekly payments in place of wages (functioning in this case as a form of disability insurance) • Compensation for economic loss (past and future) • Reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance) and • Benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance) « What are the exclusions under this policy? • Any injury by accident or disease directly attributable to war invasion and like perils • Liability towards the contractor's employees • Any liability attached due to an agreement, which would not have attached in the absence of that agreement • Any sum which the insured would have been entitled to recover from any party but for an agreement between the insured and party As the world progresses to a faster pace of life, the dangers lurking behind every corner increase exponentially. For every organization there is always that remote possibility of harm to their workmen and also the liability to be prosecuted for that one miniscule negligence. Workmen' Compensation Insurance is the easiest and cheapest way to keep your organization tarnish free, while having the unions and their leaders at bay.    Top| Back    2. Basics of a Personal Loan Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let’s start with some common questions. Personal loan is credit that is granted to the borrower for personal use. These loans are usually unsecured (no security or collateral required/asked) and is based solely on the borrower's integrity and ability to pay. » Who is eligible for a personal loan? The eligibility criteria and their specific details may differ from banks to bank based on their perception of the risks associated with given out personal loans. However, nearly all banks divide the potential borrowers into three categories: • Salaried individuals • Self employed individuals • Self employed professionals Other factors which are taken into consideration are, age, residence, work experience, repayment capacity, past obligations and place of work. » What kinds of interest rates are offered on personal loans? Personal loans are offered in: • Fixed rate • Floating rate • Flat rate Of the three, flat rates turn out to be the most expensive since the other two are calculated on a reducing balance basis. » What is the average interest rate for personal loans? The interest rate for a personal loan is decided on the basis of your credit repayment capability and history. Depending on this, interest rates could be anywhere between 14% and 25%, depending on the financial institution. » What documents are required for personal loans? Personal loans require the least number of documents, making it the fastest to be approved. Typically, financial institutions would require proof of identity, residence, income and also 3 to 6 months of your bank statements. Some banks also require guarantors and the same set of their documents. » How is a personal loan repaid? Is prepayment of a loan possible? Normally, personal loans are offered between 1 to 5 years. The loan is repaid with Equal Monthly Installments (EMIs). Prepayment is possible but will generally carry a significant prepayment charge. These are some basics that you should know when obtaining a personal loan. These days, securing a loan is easy. Repayment is the tough bit. When you don't repay on time, the recovery agent may come knocking at your door. When getting a personal loan it is important to ask yourself ‘Will I be able to pay it off? Some things which can help you pay back your personal loans are: Pay off your credit cards: Try to pay off your credit cards as soon as possible, since credit card debts inadvertently hamper loan payments. Budget you’re spending: Once you have taken a loan, ensure that you budget your spending, so that if in any unforeseen circumstance you cannot make a monthly payment, your savings will help you out. Personal loans if not utilized and repaid properly, can become a curse in disguise. Make your decisions prudently to ensure a safe financial future.    Top | Back    3. PROTECT …..your Credit Cards Ever been in a situation where you misplaced your wallet, or had it stolen? What was the first thing you did when you discovered your loss? Most people call their credit card providers as soon as they can, to cancel their cards so that there is no misuse or fraud. Recent surveys point to 26 million credit card users in India, with an average person’s wallet containing at least one debit and credit card. As more and more people turn to plastic for its convenience in daily living, avenues have opened for fraud and misuse, and the need for protection. Credit card fraud is a serious threat for many of us, especially online, where thieves don’t even need to use your PIN. But with CPP Card Protection you don’t need to panic, wherever you are. What is CPP? CPP Card Protection is India’s first 24-hour Card Protection service for use in the event of card loss, theft and related fraud. One free call to CPP ensures your cards are cancelled immediately; they also provide emergency travel and hotel assistance. You can now protect all your important cards & valuable documents including all your credit, debit, ATM, membership or loyalty cards. CPP Assistance Services, India is part of the CPP group, a pioneer and a world leader in the emerging assistance services market. CPP launched card protection in Asia as far back as 2004, starting with Hong Kong, followed by Singapore, Malaysia and now India. Features and benefits Fraud Protection This applies to protection against fraud both before and after notification. This means that your cards are protected against fraudulent use from 7 days prior to your loss report to CPP until your membership is valid. Emergency Travel & Hotel Assistance In the event of a travel/ hotel emergency, CPP will authorize an advance directly to your hotel to cover any bills, as well as arrange for travel tickets for your return. This assistance is not just limited to India, but applies to travel abroad as well. Loss Reporting Calls to report card loss are free, and will result in an immediate cancellation of all your cards. CPP also assists you to get them replaced. Valuable Document Registration Registering important documents with CPP (passport, driving license, insurance policies) ensures easy access if you should lose the originals. Plans and Coverage You can choose from a variety of plans, depending on your lifestyle and spend behaviour. • Coverage for fraud loss is up to Rs.1 lakh prior and Rs.20 lakhs post notification • Overseas emergency assistance for payment of hotel expenses is of up to Rs.1.2 lakhs and Rs.60,000 in India • Replacement travel ticket advance of Rs.1.2 lakhs overseas and Rs.60,000 in India. • The annual fee applicable is Rs. 995 for the Classic plan and Rs.1295 for the Premium plan. CPP Card Protection, a comprehensive card protection service for use in the event of card loss, theft and related fraud has been launched in India, by Citibank, HSBC, Standard Chartered and Kotak Mahindra Bank in partnership with CPP Assistance Services Pvt. Ltd.    Top | Back     4. Foods…. to lower high blood pressure High blood pressure, also known as hypertension, is the most common cardiovascular disease. Blood pressure refers to the force of blood pushing against artery walls as it courses through the body. Each time heart beats; it pumps out blood into the arteries. Blood pressure is highest when the heart beats, pumping the blood. This is called systolic pressure. When the heart is at rest, between beats, the blood pressure falls. This is the diastolic pressure. Most people with high blood pressure have no signs or symptoms. Although a few people with early-stage high blood pressure may have dull headaches, dizzy spells or a few more nosebleeds than normal, these signs and symptoms typically don't occur until high blood pressure has reached an advanced - even life-threatening - stage. Normal blood pressure is 120/80, where 120 is the systolic (maximum) blood pressure and 80 is the diastolic (minimum) blood pressure. When systolic blood pressure is above 140mm Hg or when diastolic blood pressure is above 90mm Hg, blood pressure is considered high. Hypertension may be caused by a variety of reasons such as: heredity, your genes, high salt in your diet, not being active, obesity, excessive alcohol intake and/or low potassium in your diet. Hypertension is an all too common condition in today's hectic society. With many people being overweight, eating a poor diet, and experiencing high stress levels, blood pressure problems will likely remain a reality. Although some people are genetically predisposed to hypertension, there's plenty of evidence that a healthy life style and good nutrition can help during hypertension. Here are a few tips to get you started: A number of common vegetables and spices have beneficial effects in controlling hypertension. Incorporate these into your cooking: Celery (ajmud): Oriental medicine practitioners have long used celery for lowering high blood pressure. There is some experimental evidence that shows that celery is useful for this. In one animal study, laboratory animals injected with celery extract showed lowered blood pressure. Eating as few as four celery stalks a day was found to be beneficial in lowering blood pressure in human beings. However, celery does contain sodium and other compounds that can have negative effects when large amounts are ingested. Garlic Garlic is a wonder drug for heart. It has beneficial effects in all cardiovascular system including blood pressure. In a study, when people with high blood pressure were given one clove of garlic a day for 12 weeks, their diastolic blood pressure and cholesterol levels were significantly reduced. Eating quantities as small as one clove of garlic a day was found to have beneficial effects on managing hypertension. Use garlic in your cooking, salad, soup, pickles, etc. It is very versatile. Onion Onions are useful in hypertension. Two to three tablespoons of onion essential oil a day was found to lower the systolic levels by an average of 25 points and the diastolic levels by 15 points in hypertension subjects. This should not be surprising because onion is a cousin of garlic. Tomato Tomatoes are high in gamma-amino butyric acid (GABA), a compound that can help bring down blood pressure. Broccoli (hari phoolgobhi) Glucoraphanin, also known as sulforaphane glucosinolate (SGS), a naturally-occurring compound found in broccoli sprouts and broccoli, help reduce the risk of high blood pressure, cardiovascular disease and stroke. Carrot Carrots are high in potassium, which can help prevent and control high blood pressure. They are also high in beta-carotene, which studies show can reduce the risk of heart disease leading to high blood pressure. Carrot juice helps to maintain normal blood pressure by regulating heart and kidney functions. A recommended dose is a 240 ml blend of one part celery juice, one part carrot juice and one part water, taken at least once a day. Saffron (kesar) Saffron contains a chemical called crocetin that lowers the blood pressure. You can use saffron in your cooking. (It is a very popular spice in Arabic cooking). You can also make a tea with it. Many Indians add a pinch of saffron in the brewed tea to give a heavenly flavor. Unfortunately, it is very expensive. Spices such as fennel (saunf), oregano (ajwain), black pepper (kali mirch) and basil (tulsi) have active ingredients that are beneficial in hypertension. Use them in your cooking. The link between hypertension and diet is irrefutable. Generally speaking, making small changes to one's diet is one of the best ways of dealing with something as unspecified in origin as hypertension, and natural treatment of the condition addresses that which contributes to hypertension.    Top | Back     5. Guidelines for creating a will Making a Will is one of the most important and integral part of Personal Financial Planning. Normally, all of us avoid making it. A Will enables each one of us to distribute our property and assets in the manner we wish to distribute it. A Will may also reduce the risks of undue litigation, delays, misunderstandings and disputes amongst family members. It is generally considered that creating a Will is a cumbersome and complicated process. On the contrary, it is rather simple and straightforward to create a will. A Will, in simple words, is a document to ensure that your estate (assets without liabilities) is disposed off the way you desire. In legal language, a Will is defined as ‘the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death.’ But such disposal comes into effect only after the death of the testator. A Will can be hand-written, or typed, on a piece of paper. It requires no stamp duty or registration, although experts advise that a Will must be registered so that it is in safe custody. The Will must be attested by two witnesses, one preferably a doctor. Consider some simple guidelines while creating a Will: • A Will can be hand written in ink but preferably should be typed. • It does not require any Stamp Paper & and it need not be Registered. • It should preferably be drafted by a lawyer, and checked by an Accountant. • It is advisable to name in your Will, more than one EXECUTOR / EXECUTRIX to administer the estate and distribute the property, as per your desire. • The Will must be signed by you in the presence of at least TWO WITNESSES who must also sign Will at the same time. Their full names and addresses should be given. (Note: Witnesses need not know the Contents of the Will) • The Executor or Beneficiary cannot ATTEST the Will as a witness. • The Executor of the Will can also be named as a beneficiary and vice versa. • SIGN each page of the Will, so that nobody can substitute a page later on, nor can anybody argue about fraudulent insertion of a page subsequently. • KEEP your Will in a safe place e.g. in a bank locker. Inform the Executor and Beneficiaries where the Will is kept. Also give a signed copy to your lawyer. • REVIEW your Will regularly, say once a year. It may need amending to take care of changes in your financial or family circumstances. • On the demise of a spouse, the surviving spouse needs to revise his/her Will. Some legal terms: Estate: The sum of all the assets of a person, less his liabilities becomes his estate. In short, all properties, bank accounts, investments, insurances and collectibles, less the liabilities of a person, are collectively called a person’s estate. Testator: A person who makes his Will is a testator. Executor: A person who executes the contents of the Will after the demise of the testator is called the executor. The executor is the legal representative for all purposes of the deceased person. Legatee/ Beneficiary: Legatee is a person who inherits the estate. You should state how you wish your assets to be distributed. This includes naming one or more persons whom, you would like to receive all or part of your estate when you die, and who will benefit if your first choice beneficiary (or second or third) predeceases you. Probate: Probate is the legal process of settling the estate of a deceased person, specifically resolving all claims and distributing the deceased person’s property under the valid Will.    Top | Back Please do not reply back to this mail. This is sent from an unattended mail box. 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