World
Bangladesh war hero Lt Gen J.F.R. Jacob is dead
New Delhi : Lt Gen J.F.R. Jacob (retd), one of the last of the Indian Army veterans to have seen action in World War II and who played a steller role in the 1971 war that led to the creation of Bangladesh, died in a hospital here on Wednesday, an offcial said.
 
Jacob, 93, a bachelor, passed away around 8.30 a.m. at the Army Hospital (Research and Referral) due to pneumonia, a hospital official said. He had been admitted on January 1.
 
Enlisting in the British Indian Army in 1942 much against the wishes of his father, the Calcutta (now Kolkata)-born Jacob, who traced his roots to Baghdadi Jews from Iraq who settled in the city in the 18th century, saw his finest moment on Dec 16, 1971 when he flew to Dacca (now Dhaka) and persuaded the Pakistani Army commander in the then East Pakistan, Lt. Gen. A.A.K. Niazi, to surrender along with some 93,000 troops to bring the war to an end.
 
It was a campaign that was to have concluded in three but did so in two, largely due to Jacob's dramatic flight to Dacca.
 
Niazi would later claim that Jacob had arm-twisted him, but the Hamoodur Rahman Commission, which probed the Pakistani Army's debacle, had this to say: “He displayed a shameful and abject attitude in agreeing to surrender when he had himself offered a ceasefire to the Indian commander-in-chief; in signing the surrender document agreeing to lay down arms...."
 
The last word on Jacob, came from Pakistan's National Defence College, which concluded in a study that "the credit really goes to General Jacob's meticulous preparations in the Indian eastern command and to the implementation by his Corps commanders."
 
Jacob was then a major general and soon picked up his third star to head the Eastern Command, of which he was chief of staff under Lt. Gen. Jagjit Singh Aurora during the Bangladesh operations.
 
Prior to this, he commanded the 12 Infantry Division and saw action in the 1965 war with Pakistan. after retirement, he served as the governor of Goa and Punjab and as the security advisor to the Bharatiya Janata Party.
 
"I am proud to be a Jew, but am Indian through and through," he told journalist Aimee Ginsburg in 2012.
 
It is perhaps Ginsburg who paid Jacob the ultimate tribut, writing in openthemagazine.com in an article titled "The Sun Of His Many Parts" on June 2, 2012: "I first saw Gen Jack Jacob ten years ago, during the Sabbath services at the Judah Hyam synagogue, Delhi’s only Jewish temple. When he walked through the door, the (small) sea of congregators parted and an excited hush filled the hall. 'It’s Gen Jack Jacob!' the lady next to me, beautiful in her Sabbath salwar of turquoise silk, whispered in my ear. Her husband’s back straightened discernibly; 'Gen Jacob is our topmost Jew!' he said. 
 
"Of that long ago evening of prayer, that suddenly upright back is what I remember most. 'People throw around the phrase larger than life,” the Israeli ambassador said to me that night. 'Not many people fit the bill. Lt General Jack Jacob is larger than life.' Jacob, a large man with silver hair and posture becoming of his rank, was immaculate in his navy blue suit. Far removed from military affairs and not interested (at the time) in matters of my tribe, I looked, nodded and moved away."
 
"Years later, environmental and social activists in Goa introduced me to Jacob’s remarkable legacy as the state’s most effective and beloved (ex) Governor. Later still, the General’s autobiography An Odyssey in War and Peace became a besteller. I wrote to him finally, asking for a series of interviews. Eight minutes later, his reply was in my inbox: ‘I am approaching 90. I think I have earned a rest. I intend to now slowly fade away. If you want to write about me, you better be quick. Regards, jfrj," Ginsburg wrote.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Hrithik's 'noisy' birthday bash costs hotel Rs.25,000 in fines
Mumbai : Bollywood actor Hritik Roshan's 42nd birthday bash allegedly cost Four Seasons Hotel in Worli Rs.25,000 in fines after locals complained of noise.
 
The party on Saturday-Sunday night was held at the AER Lounge on the 34th floor rooftop and attracted a large crowd of celebs besides some gate-crashers.
 
Local resident Ashraf Khan - passing by at 1.30 a.m. when the celebrations were reaching a crescendo - complained about the loud music and also the vehicles haphazardly parked outside creating a snarl at that unearthly hour.
 
Since it was already past the official deadline of 10 p.m., police visited the hotel and imposed a fine of Rs.12,500, but the loud music continued.
 
After repeated complaints by Khan, the police again visited the hotel around 3.30 a.m. and slapped a second fine of Rs.12,500 on the hotel manager.
 
That did the trick and the loud partying finally ended. When contacted by IANS on Wednesday, a hotel spokesperson refused to divulge details.
 
"You ask the complainant how the sound reaches the ground from the 34th floor and the police about the fines," the spokesperson said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

IRDAI’s stick for individual agents and carrot for big players
IRDAI’s draft on commission, remuneration and reward will make individual agents frown and all other intermediaries cheer. Reward based on an objective can be 20% of first year commission for individual agents while other intermediaries can earn up to 40%!
 
The Insurance Regulatory and Development Authority of India (IRDAI) has ushered a new year with bad news for individual agents. The IRDAI draft titled “Payment of commission or remuneration or reward to insurance agents and insurance intermediaries, regulations, 2016” caps the reward based on an objective and transparent criteria to individual insurance agents over and above the commission or remuneration being not more than 20% of first year commission or remuneration and 40% of first year commission or remuneration in case of insurance intermediaries. It means corporate agents; brokers and other insurance intermediary will end up getting much higher rewards than individual agents get. The reference is for the rewards, which are over and above the commissions!
 
IRDAI has tried to justify the huge difference stating “However higher rewards for insurance intermediary vis-à-vis insurance agent as the insurance intermediary has higher establishment costs and compliance requirements.” But, isn’t individual agent also insurance intermediary as per IRDAI intermediary handbook? It specifies, “An Insurance Intermediary means individual agents, corporate agents including banks and brokers –they intermediate between the customer and the insurance company.” Read  
 
But, IRDAI’s draft differentiates between insurance agent and insurance intermediary. “Insurance Intermediary” is as defined in Section 2(f) of the IRDA Act, 1999 and includes Corporate Agents, Insurance Brokers, Web Aggregators, Insurance Marketing Firm and Any other entity as may be recognized by the Authority.
 
The draft specifies the safeguards for an individual insurance agent. There are safeguards provided under the regulations to an individual agent as required under the Act. These include: 
 
a)  No insurer to terminate, suspend or cancel the letter of appointment of an individual insurance agent on frivolous grounds and in an arbitrary manner; 
 
b) The insurer may terminate, suspend or cancel the letter of appointment of an individual insurance agent only in the manner as laid down under the Board approved policy; 
 
c)  No insurer shall transfer the policies solicited and procured by an individual insurance agent, so long he is engaged by the insurer as their insurance agent; and 
 
d) The operation of this sub-regulation shall be reviewed by the Audit Sub-Committee of the Board and its report submitted to the Board for their review.
 
The underlying approach in framing the regulations is as follows:
 
a) To have uniformity as regards the segments of business vis-à-vis the expenses of management, commissions and manner of computation of solvency margin.
 
b)    Same commission and remuneration for insurance agent and insurance intermediary 
 
c) However higher rewards for insurance intermediary vis-à-vis insurance agent as the insurance intermediary has higher establishment costs and compliance requirements.
 
d) Parity in commission remuneration to health segment being solicited under the life insurance category and general stand-alone category.
 
The objectives of the Policy shall include the utilization of insurance agents and insurance intermediaries in the manner that: a) increases insurance penetration and density in the country; b) is in the interests of the policyholders; c) is commensurate with the business strategy; d) brings cost efficiencies in the conduct of business and simplification of the administration of insurance business; e) gives an indication on the relative degree of importance placed on each of them.
 
These regulations will be effective from 1 April 2016. IRDAI is seeking comments or suggestions on the proposed regulations for consideration.  The comments or suggestions should reach them by 27 January 2016 in the specific format by e-mail to [email protected] and [email protected]
 

User

COMMENTS

Avinash Murkute

1 year ago

I sincerely suggest IRDA to punish nodal officers of insurance companies and intermediaries who don't even bother to reply to complaints. They are least bothered about IRDA. I would like to share my recent experience, a broker named Aditya Birla Insurance Brokers makes calls from number which can not be dialled back. (this number does not exist). The agents are more happy to sell policies without providing proper replies. They are trained to answer only what they know and their seniors also don't bother to answer real questions and provide false information. They don't know who will provide recordings and in how much time it will be provided and in what manner it shall be provided. Hope IRDA takes a note of this feedback proactively. Aditya Birla Group Nodal Officers - Hope you read MoneyLife.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)