Suicide – Right or wrong?


Suicide, the word seems to be little awkward and is generally considered to be a crime. There can be many reasons to commit suicide. This article highlights one of the major problems i.e suicide which is rarely discussed.

India reported 1,33,623 suicidal deaths in the year 2015 as per the National Crime Records Bureau (NCRB), Ministry of Home Affairs, Government of India. This figure is strange as more than a lakh people committed suicide. Out of the total suicide, female suicide accounted to 42088 and male suicide were 91528 and rest 7 were transgender. Let us look at some statistics of suicides in India as illustrated in the following table which highlights the top 10 suicidal states.

Table 1: Suicidal deaths in top 10 states in the year 2015
State Suicidal Deaths
Maharashtra 16970
Tamil Nadu 15777
West Bengal 14602
Karnataka 10786
Madhya Pradesh 10293
Telangana 10140
Kerela 7692
Gujarat 7246
Chattisgarh 7118
Andhra Pradesh 6226
Source: National Crime Records Bureau (NCRB), Ministry of Home Affairs, Government of India.

As it can be interpreted from the above table, Maharashtra, Tamil Nadu and West Bengal are leading in suicidal deaths. The above table also states that the problem of suicide is present throughout India from north to south, west to east which is an alarming situation. Let us look at the top 10 major cities in India having a wide number of suicidal deaths which is illustrated in the following table.

Table 2: 10 major cities with suicidal deaths in the year 2015
City Suicidal deaths
Chennai 2274
Bengaluru 1855
Delhi 1553
Mumbai 1122
Pune 873
Ahmedabad 869
Hyderabad 728
Surat 663
Indore 528
Nagpur 483
Source: National Crime Records Bureau (NCRB), Ministry of Home Affairs, Government of India.

From the above table, Chennai is the leading city with highest number of suicidal deaths and can be said as the suicidal capital of India. The five major cities of India namely Delhi, Mumbai, Chennai, Bengaluru and Hyderabad are in the list of top 10 cities having suicidal deaths.

There can be many reasons for suicide. Some of the reasons can be work pressure, extra marital affairs, love failure, household atrocities, depression, stress, no hope for survival, examination pressure of failure, hunger, lack of basic amenities to live, poverty etc. However, the exact reason behind people committing suicide is difficult to find. Some people say that it is the state of mind which allows people to take such step. Yes, it is the mind who decides what to do and what not to do and it is ultimately the decision of people who go to end their life. This is startling but is the harsh reality.

Life is precious and should be lived and enjoyed while facing the bad moments. Nothing lasts forever, whether it is good or bad. Approach should be to fight and not to quit and end up one’s life. One needs to be strong enough to tackle the situation. It’s amazing to know that there are cases where people come to end up their life if failed in some activities which they have desired most. But is committing suicide is right? Life doesn’t end if you fail.

Please share your views on suicide. Those who commit suicide, is it right or wrong? What according to you is the reason behind committing suicide and what steps can be taken in order to curb suicidal deaths? Please share your thoughts.

– Ashish Kumar

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Insurance industry in India


 

Insurance is a part of financial services apart from banking, capital market, money market etc. Insurance is considered as a protection from events which results into financial loss. The insurance industry in India comprises of life insurance, general insurance, stand alone health insurance and reinsurance. The Indian insurance industry is guided by Insurance Act, 1938 which was amended from time to time, the latest amendment happened in 2015.

This post briefly gives an overview of insurance sector in India particularly discussing about the regulator, life insurance, general insurance, stand alone health insurance and reinsurance. The life insurance comprises of around 79% of the market, the rest 21% is occupied by general insurance. Of the general insurance, motor insurance has the highest market share of 44% followed by health insurance having market share of 29%, as per IRDAI Annual Report 2015-16. It is worth to mention that the insurance industry in India has showed a significant growth after it got opened for private sector in the year 2000. Since then, the industry is growing rapidly. In 2015, the reinsurance sector was allowed for foreign players which were solely dominated by General Insurance Corporation of India (GIC Re).  A small discussion about regulator, life insurance, stand alone health insurance and reinsurance is mentioned below.

Regulator:  Indian insurance industry is regulated by Insurance Regulatory and Development Authority of India (IRDAI) which was formed by an Act of Parliament in 1999. The Insurance Regulatory and Development Authority (IRDA) Act was passed in 1999 leading to the formation of IRDAI. IRDAI is headquartered in Hyderabad and has offices in New Delhi and Mumbai. The regulator is responsible for carrying various activities like granting license to insurance companies, framing regulations which the insurers need to follow, protecting policyholder’s interest etc. Breach of IRDAI regulations can have serious implications resulting from penalty to cancellation of license of the insurance company.

Life Insurance: At present, there are 24 life insurers in India, of which, Life Insurance Corporation of India (LIC) is wholly owned by the Government of India. LIC was formed in September 1956 by an Act of Parliament known as LIC Act, 1956.  Some of the private life insurers include ICICI Prudential Life Insurance, HDFC Standard Life Insurance, SBI Life Insurance etc.

General Insurance: Non-life or general insurance comprises of all kinds of insurance except life. It has various segments comprising of motor insurance, health insurance, fire insurance, marine insurance, engineering insurance, aviation insurance, satellite insurance etc. There are 33 non-life insurers operating in India consisting of public and private insurers. The public insurers include the following:

  • The New India Assurance Co Ltd. (NIACL), headquartered at Mumbai.
  • National Insurance Co Ltd. (NICL), headquartered at Kolkata.
  • Oriental Insurance Co Ltd (OIICL), headquartered at New Delhi.
  • United India Insurance Co Ltd (UIICL), headquartered at Chennai.
  • Export Credit Guarantee Corporation of India (ECGC)
  • Agriculture Insurance Company of India (AIC)

ECGC and AIC are known as specialized insurers. Apart from above mentioned public sector companies, some of the private non-life insurers include ICICI Lombard, HDFC Ergo General Insurance, SBI General Insurance, IFFCO Tokio General Insurance, Tata AIG General Insurance etc.

Standalone Health Insurance: These are those companies which are solely carrying their business on health insurance. There are six stand alone health insurers like Apollo Munich Health Insurance, Star and Allied Health Insurance, Max Bupa Health Insurance, Cigna TTK Health Insurance, Religare Health Insurance and Aditya Birla Health Insurance. One of the ways to recognize the stand alone health insurers is that the stand alone health insurers will have the word “health insurance” in the name of the company as in the above mentioned six stand alone health insurers.

Reinsurance: General Insurance Corporation of India (GIC Re) is owned by the Government of India and is the national reinsurer which is headquartered at Mumbai. The reinsurance industry in India is now opened for foreign players to open their branch offices in after the Insurance Act, 1938 was amended in 2015. At present there are 9 foreign reinsurers who have opened their branch offices in India. They are mentioned below:

  • Swiss Re
  • Munich Re
  • Llyod’s India
  • Reinsurance Group f America (RGA)
  • Hannover Re
  • SCOR
  • XL Insurance Company
  • Axa France Vie
  • General Reinsurance AG

It is important to note that apart from GIC Re and the above mentioned foreign reinsurers, ITI Re is the first private Indian reinsurance company which got licensed by IRDAI. Hence the Indian reinsurers include GIC Re and ITI Re.

 

Apart from the above players, the insurance industry also comprises of various intermediaries and distribution channels like agents, brokers, Insurance Marketing Firms (IMF), Web Aggregators etc. which I will discuss in separate post.

One thing to be noted is that the insurers in India can take part in either life insurance or general insurance business and not both. This means that a life insurer cannot start their business of motor insurance, fire insurance etc and vice versa. Health insurance is the only insurance product which can be offered by both non-life and life insurers. Non-life insurers can sell separate health insurance policy while life insurers offer health insurance in the form of riders. Riders are the extra benefits which are covered by paying some extra premium. Example of riders include Accidental Death Benefit (ADB) rider, critical illness rider etc. Life  insurers cannot offer separate health insurance products.

– Ashish Kumar

Collegedunia – The world of colleges


In India, one of the most difficult situation that students face is about the choice regarding college like which college is better, where to take admission, does the fee structure will be affordable or not etc.  The decision to choose better college based on their aspiration is not an easy task. There are times when wrong decision had been made by students because of lack of proper information. In this article I would like to share one website which I came across recently and found it worth to be visited for all those aspiring students who are in the dilemma because of lack of proper information.  The website is  Collegedunia.

collegedunia

Every aspiring student wants to get all the necessary information before taking admission in college. So he starts searching and collecting information and proceeds accordingly. But what if you get all the necessary information about colleges at one place? Yes, Collegedunia does that for you. This website contains information of around 15,000 colleges of our country. First I would like to share brief history and objective behind this website.

History

Collegedunia was founded by Sahil Chalana in May 2014. There are plenty of websites which provides tutorial and video lectures for the courses. But when it comes to getting information regarding colleges, it is difficult and time consuming task. So the objective behind formation of this website is clear –  ” to develop a one stop destination for students on a college/university hunt.”

“We go at great lengths to get our users the most detailed information which differentiates us from our competitors. One of the biggest learning I had from all this was that ventures fail but people who persist don’t,” says Sahil.

What you can get?

Collegedunia has information of about 20,000 colleges and almost all the competitive exams like CAT, MAT, GMAT, GATE etc. One can navigate to different sections like architecture, commerce, science, management, hotel management, design, medical, law, engineering, dental etc… You can browse to almost all the entrance examination like CAT, MAT, GATE, NIFT, JEE, IBSAT, NATA, NIFT etc…

Apart from these you can also look at different courses like B.Com, B.tech. Msc. Phd, M.Phil and many more to get information regarding colleges.  Not only this they have made available the information brochure of almost all the colleges. One can download that and can get the desired information. This serves as a great help for many students who face this difficulty in order to get the information.

yourstory_Collegedunia_InsideArticle1-1

One can also get the list of colleges present in a particular state and city and courses offered by them. It is a place where you have so many options to know about your college and decide accordingly.

Current status

Currently this website contains information close to 15,000 colleges across the country.  Collegedunia recently launched an exam feature where they notify aspirants about entrance exams deadlines, provide free sample papers, tips, counselling and result advice. Collegedunia is India’s most extensive listing portal – catering help to thousands of students.

Future Plan

Collegedunia is going to launch an app soon in order to make things easily available to the students. This will serve as a great boon too for many aspiring students.

This is a good initiative taken by Collegedunia to create a platform which will help thousands of students across the country. This is a complete package where you can get all the important information at one place and this is the thing which differentiates them. I would like to share few of the links which will be helpful in for you to gather information. Do have a look at them.

This website is surely going to serve the necessary requirement of having a single platform rather than to have individual one which is beneficial for thousands of students of our country.

The overall team of Collegedunia is increasing. It has increased from 5 to 50. Their office is situated in Prashant Vihar, New Delhi. Their target is to make available information of around 30,000 colleges by the end of this year. The company had announced a fund raise of INR 1 Crore form gaadi.com CEO Umang Kumar. The journey is good and steady and hope the journey continues.

I would like to appeal to all my readers to share this information regarding Collegedunia to their friends, relatives etc, so that they can benefit from this website and get the desired information.  The information provided by this website and the most important thing is, that too in one place is the reason which compelled me to write this article and share among you. I started collecting the information and here I am with this article so that those who are not aware of this can get to know and could benefit from this site.

 – Ashish Kumar