A few days ago I did a post about risk….here are some solutions..

1. If husband and wife are working in the same industry or worse in the same company, try to change the situation, NOW.

2. Take a stand alone or a floater MEDICAL INSURANCE  policy for say Rs. 3 lakhs for self and family.

3. If you have parents above the age of 65 years, YOU CAN STILL buy medical insurance for them from the govt. insurance companies. Talk to New India, Oriental, etc.

4. Make your will and register it if you think it will be challenged. If you do not think it will be challenged, still make it, discuss it with the beneficiaries and keep a soft copy also. A handwritten will written clearly and legibly can also be a good proof that the person was in his senses while making it.

5. List all your investments, and mail a soft copy to yourself. In case of an earthquake, you can still access it. If you do not know why you made a particular investment, it is a great time to get rid of it.

6. Keep copies of your passport, pancard, …and other important documents in a remote location ALSO. If you have a sister or a sister in law in Chennai and a brother in Delhi – use both the locations. Leaving a copy in your bank locker also makes sense. Of course a scanned copy being in your email sent box or inbox is a must of course.

7. Photocopies of your credit cards, debit (atm) cards, etc. being available in your office desk also makes sense. In case of a building collapse (like Andheri) at least your office back up copies can be useful.

sure there are more….will follow…:-)

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  1. In one word …… WOW.

    Brief, concise,To the point and of course very, very relevant.

    Subra at his best…

  2. Suggestion to keep all softcopies in e-mail box is good. But one needs to be aware of the fact that public e-mail boxes have routinely been hacked and so data could get to wrong hands.

  3. The soft copies can be encrypted and kept using public key cryptography. Free tools like gpg are available to do this. This way it will be more secure.
    Also, tools like GnuCash and KMyMoney can be used to record the expenses, income and investments in an integrated way which will make life easier.

  4. In above point 3, I want to get clarification from author. Is Govt insurance companies providing health insurance policy for persons 50years and above? As of my knowledge Star health is providing policy.

  5. i hope , someday , a follow up post from you, sir, for the preparedness at time/during such emergencies for coping them , such as, whom to inform in case of planned or unplanned hospitalization-how(email, phone, or only through written intimation?) , in what time , etc and then submitting the claim -again to whom, and time limit , or in case of death, the similar things, would be very useful and arising, like this one. thank you.

  6. @Subra Sir,

    Excellent one, I am not too comfortable with keeping photocopies of debit/credit card in office locker. There is a duplicate key which the office has and could be misused.

  7. Very important points raised.
    We all know a stitch in time saves nine If we keep aside sometime every month to keep our financial life in order our financial journey would definitely be smoother.

    It is wise to periodically review your important papers. Creating a system, reducing paper clutter and regularly having secure document shredding done for the records that you do not need makes your life easy. Having an organized system for your financial records will save you and your family time and aggravation in the future.

    Treat your paperwork like your best friend—it will save you from stress in the future.Covered it in detail in our post Paper Work A Necessary Headache

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