I have done many risk reduction techniques…here are some more..
1. If husband and wife are working in the same industry or worse in the same company, try to change the situation, NOW. The risk of big companies selling of small divisions is really accurate these days.
2. Take a stand alone or a floater MEDICAL INSURANCE policy for say Rs. 3 lakhs for self and family. More importantly create a nice corpus to bear the expenses. Remember insurance is a game where the dice is loaded against you. It is one of the worst expenses – and something you cannot live without. However if you have a reasonable sized corpus do not bother about increasing your insurance cover.
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. Available, and with a decent track record. Do not “assume” that medical insurance cover is not available – it is available.
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. Make your living will, and give a Medical Power of Attorney to your wife, sibling or own kid living nearby.
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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