MassMutual Honors Diwali and Business Tradition of Chopda Pujan

SPRINGFIELD, Mass., Oct. 22, 2014 /PRNewswire/ -- Almost three million Asian Indians in the United States are preparing to celebrate Diwali, the festival of lights, on Oct. 23. For the more than 300,000 Asian-Indian owned firms* in the U.S., the holiday takes on an added dimension, as the celebration marks the beginning of a new business year. To help business owners prepare for the New Year ahead, Massachusetts Mutual Life Insurance Company (MassMutual) is offering a series of free, no-obligation business seminars in five cities across the country this Diwali.

In a special Diwali ritual for businesses known as Chopda Pujan, new account books are opened and blessed. Business owners use this time to reflect on the past year while looking ahead to new opportunities for prosperity and wealth. It is said the goddess of wealth, known as Lakshmi, visits the homes of devotees on this day, and lamps light the way to welcome her.

A MassMutual study** found that although 77 percent of Asian Indian business owners believe financial planning for their business is very important, only 43 percent are concerned about who will run their businesses if they or another owner leaves, becomes disabled or dies; only 46 percent have a formal retirement plan.

"Entrepreneurial businesses are vital to our growing economic recovery, so it is concerning that so many business owners seem to be sacrificing their own and their family's financial future," says Nimesh Trivedi, Asian-Indian Market lead at MassMutual. "With help, business owners can look past the seemingly overwhelming day-to-day demands of running their businesses and establish and meet their long-term financial goals."

To help Asian Indian business owners open their new books this Diwali and plan for a prosperous new year, MassMutual is offering a series of free video-based seminars featuring stories shared by real business owners. The vignettes explore critical business planning topics, such as passing ownership on from one generation to the next, preparing for the unexpected, the death of an owner, retaining key employees, and proper estate and retirement planning.

Seminars addressing these topics critical to Asian Indian business owners are being presented in the following cities across the country this Diwali:  Houston, Atlanta, San Jose, Edison, NJ, and Chicago.

For more information on the multi-city business owner seminar tour, contact Nimesh Trivedi, 413.744.1244. For more information on planning for your businesses' and families' financial futures, visit massmutual.com/asianindian or view a video.

*2007 Survey of Business Owners Summaries of Findings, U.S. Census Bureau. This information is the most current data available.

**MassMutual's Business Owner Perspectives: 2011 Insights in an Uncertain Economy, conducted by GfK Custom Research North America for Massachusetts Mutual Life Insurance Company (MassMutual), 2011.

About MassMutual

Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube, Google+ and Pinterest.

CRN201610-187217

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