The Insurance Regulator (IRDA) has capped the selling commission on the Unit Linked Insurance Policies (ULIP). ULIP has been masquerading as an insurance product and has been the biggest instrument of legal cheating in India. However, the IRDA seems to be a reluctant regulator. There is no attempt to address the opacity in the insurance product. Customers are being ripped off whilst their fear is being used as a selling tool.
I have belief that we need health insurance, crop insurance, fire insurance (not so sure), accident insurance etc., However, one insurance man does not need is Life Insurance. And ULIP is NOT INSURANCE at all. (T)ULIP it is.
Wednesday, July 29, 2009
Thursday, July 23, 2009
Official Lies - The inflation numbers
As per government data, inflation is negative!! Wow. Does it mean anything to the man on the street? All the mindless TV channels keep harping on this and playing it up as if it is a great thing. Not one of the effin anchor understands this number.
Food prices are going to rocket to unprecendented highs. This, the government statistics are unlikely to record. As the failed monsoon (government will use some statistic to prove that monsoon is 90% of normal, again a myth) screws up crops, the demand supply gap will push prices through the roof.
People are struggling to make ends meet. The TV channels and the government seem to be hand in hand in projecting an image of India that is so unreal.
Food prices are going to rocket to unprecendented highs. This, the government statistics are unlikely to record. As the failed monsoon (government will use some statistic to prove that monsoon is 90% of normal, again a myth) screws up crops, the demand supply gap will push prices through the roof.
People are struggling to make ends meet. The TV channels and the government seem to be hand in hand in projecting an image of India that is so unreal.
Friday, July 17, 2009
Education - The racket getting busted
Continuous stream of news about catching some corrupt official or a private college on the capitation issue. Is Kapil Sibal going after them, at last? My good wishes are with him.
Mr.Sibal, just one thing. When you catch these corrupt bastards, use your legal skills to ensure that none of them escape the noose. Death by hanging for the entire family should be the bare minimum. Confiscate all their wealth.
And also address the fact that most of the 'deemed' universities are owned by members/relatives etc from the administration. No quick fix possible. It is a system ruined by decades of Nehruvian strategy designed to keep education away from as many people for as long as possible.
At least, let us have quality education, based purely on merit. You can make a beginning by doing away with the effin reservations and by doing away with multiple agencies like state boards, cbse, icse, etc etc.
You should also let the Harvards and the Whartons set up schools or colleges (away from Metro cities please) so that the rich and filthy rich can send their spouses there.
Also, let private sector education be run on a for profit basis and subject them to income taxes.
Mr.Sibal, just one thing. When you catch these corrupt bastards, use your legal skills to ensure that none of them escape the noose. Death by hanging for the entire family should be the bare minimum. Confiscate all their wealth.
And also address the fact that most of the 'deemed' universities are owned by members/relatives etc from the administration. No quick fix possible. It is a system ruined by decades of Nehruvian strategy designed to keep education away from as many people for as long as possible.
At least, let us have quality education, based purely on merit. You can make a beginning by doing away with the effin reservations and by doing away with multiple agencies like state boards, cbse, icse, etc etc.
You should also let the Harvards and the Whartons set up schools or colleges (away from Metro cities please) so that the rich and filthy rich can send their spouses there.
Also, let private sector education be run on a for profit basis and subject them to income taxes.
Sunday, July 12, 2009
Law firms shattered
Service tax on lawyers. The previous FM spared them. Surprisingly, Pranab (accountant??) has spared the shattered accountants / company secretaries from this (ex)cess!! It is difficult to fathom the rationale, when every damn thing in the country is subject to service tax!!
UPA rules OK
After a disastrous (non) robin hood budget presented by old hand Pranab, it is now the turn of the Health Minister, Mr Azad. He believes that television watching is a good way to control population growth. If people do not watch tv, having nothing to do, they end up producing babies. Ergo, TV will prevent that activity. Wish his old man had watched more TV.
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