Covid-19 And Your Family: The COVID-19 pandemic has taken a toll on people’s physical health as well as financial health. Families in which the main person providing livelihood had to be hospitalized for a long time due to corona or unfortunately passed away, as if a mountain of troubles have fallen on them. The problems are further aggravated when the head of the family has all the information about everything from bank accounts to health and life insurance, but he is not present to manage everything.
Is your family aware of investments and liabilities?
It is clear from the crises that many families had to deal with during the Corona epidemic that it is very important to prepare in advance to deal with situations like emergency. And for this, apart from the head of the family, all the important financial things including investments and liabilities should be known to other members as well. Not only this, the way there have been incidents of both parents falling prey to illness, in view of them, children who have become intelligent should also be informed about these things. Let us see what are the important things that it is important to tell the family about:
The family should be aware of these things
While this may require some adjustments depending on the circumstances of each family, in general, this check-list is very useful for future preparation:
1. Details of Health Insurance Policy: In the current situation, it is most important for the family members to have complete information about this. It should also contain the details of the health insurance provided by your employer as well as the top up and personal health policies taken separately. Along with this, the list of network hospitals covered under the insurance policy, the procedure for informing the insurance company or TPA and the helpline number, etc. should also be written.
2. Life Insurance Policy: It is also important to maintain a list in which the details of all the life insurance policies of all the members of your family are given. It should contain information about all your life insurance policies including traditional life insurance and ULIPs. It is important to have all the information in this list like policy number, sum assured, nominee details, riders, premium amount and date of payment, policy maturity date.
3. Bank Accounts and Deposit Information: A list of bank accounts of all family members should be prepared and kept. This list should contain the number of bank accounts and their balance as well as the details of the nomination. This list should be in such a place that family members can easily get it when needed. The information given in this list should be updated from time to time. Your net banking details should also be kept in a safe place, which should be known only to the responsible people of the family.
4. Investment Account Details: The details of all investment linked accounts, including demat accounts opened through any bank or brokerage, should also be kept safe in the form of a list. It should also be accompanied by a brief description and nomination details of the investments made through the demat account.
5. Details of other properties: Information related to the ownership of the house, details of bank lockers, information about investments made in institutions other than banks and provident fund details should also be written and kept in a safe place, which is known to the family members.
6. Loan Information: If you have taken any home loan, car loan, personal loan or any other loan, then write down all the details of it. In this, write down all the information like loan account number, loan amount, installment ie EMI details, loan repayment period, account number from which loan EMI is given, etc. If you have any insurance for the home loan, then do not forget to give the details also.
7. Credit and Debit Cards Information: Write down the details of all your credit and debit cards and the contact number of the card company. Along with this, there should also be information about how to get the cards blocked if they find the wrong use of the cards.
8. Joint Account: A joint account opened with your spouse or children is very useful in times of trouble. In case of any emergency, the amount deposited in such accounts is very useful in time.
9. Will: The custom of keeping a Registered Will in India is very rare, but it is very important to do so. After registering the will, keeping it in a safe place in the knowledge of the family members, can save from big troubles later.
Where and how to keep all these important information, you can decide keeping in mind the convenience of you and your family. Just keep in mind that the place is safe and can be easily found when the time comes. For this, new methods like Google Documents, Excel sheets can also be used, but keep in mind that such important documents should not fall into the wrong hands under any circumstances.