I have been running senior citizens group for last over 9 years. When my mother in law (Late) was in Mumbai she was fascinated with dhamal and masti of the group.
Thursday, February 21, 2013
Vimal maa enjoying Antakshari in meeting of VNSS
I have been running senior citizens group for last over 9 years. When my mother in law (Late) was in Mumbai she was fascinated with dhamal and masti of the group.
Saturday, February 16, 2013
Death: how to ease paperwork for survivors
Death of family member; how to ease paperwork for survivors
In an interview to CNBC-TV18, personal finance expert, Lovaii Navlakhi, International Money Matters shared his views and concerns in case paperwork of the deceased is not in order.
Like this story, share it with millions of investors on M3.Death of family member; how to ease paperwork for survivors In an interview to CNBC-TV18, personal finance expert, Lovaii Navlakhi, International Money Matters shared his views and concerns in case paperwork of the deceased is not in order.
He explains about the trouble family members have to go through if the deceaseds paper work is not in order.
Below is the edited transcript of his interview
Q: Most of us leave our paperwork pretty much in disarray, and in the unfo rtunate event of the death of a primary earning member, the survivors are left hunting for paperwork rather than dealing with their loss. How exactly can one simplify the process? Could you tell us what are financial documents that a survivor needs to locate and what is the process they actually need to follow in case such an event takes place?
A: A lot of things are required to be done before the event and that is to make sure that every account holder, every investor, whether he is the earning member or not, needs to look at his investment documentation and make sure that he has a nominee at least for each and every investment. That is the first thing to do. So that in case of death, at least the nominee gets access to the investment and then can distribute it based on the will of the deceased.
It is very important to make a list of all the bank accounts and also all the investments. Try and write down who are the joint holders, the account number, and the name of the nominee. Some of these may have online access, so you need to store the passwords in a secured place where from where your family member can access them. I would recommend that instead of informing the family, maybe a professional lawyer firm or a chartered accountancy firm, somebody whom you trust and whose entity is going to be ongoing has access to this information, so the family members know whom to contact in case of the death of the earning member. So that another important step to get going that is make a list, have these things documented and then when you realise there are gaps, start filling them up.
Q: How important is it for a person to make the will?
A: We must understand that the role of the nominee is only to act as a trusty. He will receive the funds at the time of the death, but the distribution has to be based on a will. So the will will take precedence and in case there is no will, then there is a fairly complicated process. The process includes getting a succession certificate and applying for a probate from the court and this could take maybe a year or even longer, apart from the cost. The succession certificate requires signatures of all the family members associated with the deceased and since some of them could be abroad, getting their signatures could be difficult. So, that becomes a little bit of a cumbersome process.
A will is obviously very important. In case the will is not there then the personal law of the land takes over and then you will have to follow whether the Hindu Law or the Islamic Law will apply.
Caller Q: Investors cousin died in a car accident a few weeks ago. He owes about Rs 3 lakh to a credit card company along with some phone bills etc. He was 28 and single, survived by his parents who do not have the means to repay that debt. Is there any way the company could waive the debt if they send his death certificate? What happens in the event of a credit card loan? Does it fall on parents at all or can they default?
A: The credit card company basically has the access to the estate of the deceased because the deceased had the credit card. So if his parents are going to get access to the estate or the benefits of his PF or gratuity or life insurance policies that the individual may have had then the credit card company can stake a claim on the estate essentially.
On human grounds they can certainly apply to the credit card company and arrive at some sort of settlement if the company maybe happy to do something in that manner. This again highlights one thing which we spoke about in the previous segment and I probably missed covering is life insurance. People tend to think that when they have dependents and when they get married they will look at life insurance. But parents are dependent on them or if they are going to run up some dues and the parents are then going to be left with the responsibility of paying them it is really very important to look at personal accident insurance, life insurance at a very early stage. Also make sure that the family member knows where the life insurance policy is kept because the insurance company will want the original document when you make the claim along with the death certificate. So that is very important.
I think many credit card companies also offer insurance at the time when you take the card. Most of us shun it saying it is an extra cost and why should I take the cover. So, if you do not have life insurance cover on your own at least make sure that you take the group cover that the credit card company is offering.
Q: What exactly do the settlements look like in the past if you have seen any? What if there is no estate attached to somebody say a 28 year old and does not have any formidable assets on their name, because they generally do not even get life insurance till a later age?
A: In terms of settlement basically the credit card company is going to have a situation where either they get something or they get zero because the estate does not have any funds. So, they maybe quite happy to do a settlement of the case, discussing with the dependents or the beneficiaries of the deceased. It is a case to case thing. I do not think it is a general thing that they will waive off 50 percent or some such number.
To answer the other question on what happens if there is no estate, I think in that case the credit card company really has no option but to write-off. Let us assume that there was an individual and there were no parents and no family members then really they do not have access to anything. But in case if the person was staying in a house or has some asset then they could make a claim and along with all other creditors they will fall in line.
In an interview to CNBC-TV18, personal finance expert, Lovaii Navlakhi, International Money Matters shared his views and concerns in case paperwork of the deceased is not in order.
Like this story, share it with millions of investors on M3.Death of family member; how to ease paperwork for survivors In an interview to CNBC-TV18, personal finance expert, Lovaii Navlakhi, International Money Matters shared his views and concerns in case paperwork of the deceased is not in order.
He explains about the trouble family members have to go through if the deceaseds paper work is not in order.
Below is the edited transcript of his interview
Q: Most of us leave our paperwork pretty much in disarray, and in the unfo rtunate event of the death of a primary earning member, the survivors are left hunting for paperwork rather than dealing with their loss. How exactly can one simplify the process? Could you tell us what are financial documents that a survivor needs to locate and what is the process they actually need to follow in case such an event takes place?
A: A lot of things are required to be done before the event and that is to make sure that every account holder, every investor, whether he is the earning member or not, needs to look at his investment documentation and make sure that he has a nominee at least for each and every investment. That is the first thing to do. So that in case of death, at least the nominee gets access to the investment and then can distribute it based on the will of the deceased.
It is very important to make a list of all the bank accounts and also all the investments. Try and write down who are the joint holders, the account number, and the name of the nominee. Some of these may have online access, so you need to store the passwords in a secured place where from where your family member can access them. I would recommend that instead of informing the family, maybe a professional lawyer firm or a chartered accountancy firm, somebody whom you trust and whose entity is going to be ongoing has access to this information, so the family members know whom to contact in case of the death of the earning member. So that another important step to get going that is make a list, have these things documented and then when you realise there are gaps, start filling them up.
Q: How important is it for a person to make the will?
A: We must understand that the role of the nominee is only to act as a trusty. He will receive the funds at the time of the death, but the distribution has to be based on a will. So the will will take precedence and in case there is no will, then there is a fairly complicated process. The process includes getting a succession certificate and applying for a probate from the court and this could take maybe a year or even longer, apart from the cost. The succession certificate requires signatures of all the family members associated with the deceased and since some of them could be abroad, getting their signatures could be difficult. So, that becomes a little bit of a cumbersome process.
A will is obviously very important. In case the will is not there then the personal law of the land takes over and then you will have to follow whether the Hindu Law or the Islamic Law will apply.
Caller Q: Investors cousin died in a car accident a few weeks ago. He owes about Rs 3 lakh to a credit card company along with some phone bills etc. He was 28 and single, survived by his parents who do not have the means to repay that debt. Is there any way the company could waive the debt if they send his death certificate? What happens in the event of a credit card loan? Does it fall on parents at all or can they default?
A: The credit card company basically has the access to the estate of the deceased because the deceased had the credit card. So if his parents are going to get access to the estate or the benefits of his PF or gratuity or life insurance policies that the individual may have had then the credit card company can stake a claim on the estate essentially.
On human grounds they can certainly apply to the credit card company and arrive at some sort of settlement if the company maybe happy to do something in that manner. This again highlights one thing which we spoke about in the previous segment and I probably missed covering is life insurance. People tend to think that when they have dependents and when they get married they will look at life insurance. But parents are dependent on them or if they are going to run up some dues and the parents are then going to be left with the responsibility of paying them it is really very important to look at personal accident insurance, life insurance at a very early stage. Also make sure that the family member knows where the life insurance policy is kept because the insurance company will want the original document when you make the claim along with the death certificate. So that is very important.
I think many credit card companies also offer insurance at the time when you take the card. Most of us shun it saying it is an extra cost and why should I take the cover. So, if you do not have life insurance cover on your own at least make sure that you take the group cover that the credit card company is offering.
Q: What exactly do the settlements look like in the past if you have seen any? What if there is no estate attached to somebody say a 28 year old and does not have any formidable assets on their name, because they generally do not even get life insurance till a later age?
A: In terms of settlement basically the credit card company is going to have a situation where either they get something or they get zero because the estate does not have any funds. So, they maybe quite happy to do a settlement of the case, discussing with the dependents or the beneficiaries of the deceased. It is a case to case thing. I do not think it is a general thing that they will waive off 50 percent or some such number.
To answer the other question on what happens if there is no estate, I think in that case the credit card company really has no option but to write-off. Let us assume that there was an individual and there were no parents and no family members then really they do not have access to anything. But in case if the person was staying in a house or has some asset then they could make a claim and along with all other creditors they will fall in line.
Sunday, January 20, 2013
Senior citizens being attended
Thursday, January 10, 2013
Sarthak Society ... for Sr. Citizens
to know about Sarthak Society , pl. visit: http://sarthaksociety.com/gallery.htm
Thursday, December 13, 2012
Indians now live longer, but in poor health in old age: Study
Printed from
Indians now live longer, but in poor health in old age: Study
An average Indian man can expect to live for as long as 63 years, while an Indian woman can live 4.5 years longer than her male counterpart.
The life expectancy (LE) at birth of an average Indian male has gone up by 15 years between 1970 and 2010, while that of an Indian woman by 18 years.
An average Indian man can expect to live for as long as 63 years, while an Indian woman can live 4.5 years longer than her male counterpart.
However, the number of years they stay healthy is much lesser.
An Indian male can claim to be in good health till he reaches the age of 54.6 years, and is expected to spend the last nine years of his life suffering from various ailments.
On the other hand, when it comes to an average Indian woman, though she is expected to live till 67.5 years, she will remain healthy till 57.1 years - spending over a decade, or 10.4 years in poor health.
The Global Burden of Disease Study, 2010 — the largest ever study to describe the global distribution and causes of a wide array of major diseases, injuries and health risk factors — has found that even though there is reason to cheer over an Indian's increasing lifespan, it is still much shorter than an average Chinese or an American.
An average Chinese male is living 10 years longer than an Indian male, while a Chinese woman is living 11.5 years longer than her Indian counterpart. An average American lives nearly 13 years longer than an Indian.
Published in the most prestigious British medical journal, The Lancet, the study was conducted over five years by 486 authors from over 300 institutes in 50 countries, including India.
A common practice in Indian households - mainly in rural settings of burning wood, coal and animal dung as fuel in chulhas — has proved to be the greatest enemy for Indians.
While globally, high blood pressure was the single biggest causative agent of disease, it was indoor air pollution (IAP) for Indians.
The WHO had earlier said that burning solid fuels to prepare their meals emit carbon monoxide, benzene and formaldehyde which can result in pneumonia, asthma, blindness, lung cancer, tuberculosis and low birth weight.
WHO estimates that pollution levels in rural Indian kitchens are 30 times higher than recommended levels and six times higher than air pollution levels found in the national Capital.
The other threats to normal Indians include diet low in fruits, high blood glucose levels, alcohol use, iron deficiency, sub optimal breast feeding, low physical activity and occupational injuries.
Tobacco smoking, including second-hand smoke, caused nearly 6.3 million deaths across the globe. With India being one of the world's major tobacco users, most of these deaths may have happened here.
Lower back pain — a common phenomenon among Indians — has been found to be the leading cause of years lived with disability (YLD) globally. Pain in the neck along with depressive disorders and iron deficiency anemia made up the top four leading causes of YLD.
Saturday, November 10, 2012
Our org VNSS organised Free ECG check up camp for Sr. Citizens
Project of Varishtha Nagrik Seva Sanstha nd Hiranandani Hospital
Friday, November 9, 2012
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