Don’t keep your finances a secret, under Covid-19 shadow; Here is why

0
226

Normally, people keep information about financial matters confidential, but often such secrecy prevents those who are financially dependent from getting the money they need.

The rapid spread of covid-19 infection makes everyone vulnerable to viral infections. Moreover, the daily news of the deaths of thousands of people, young and old, and the long lines in cemeteries and cemeteries remind us that life is uncertain.

So, with the mortality rate multiplying during the current pandemic, it’s time to knock on the door in the guise of Covid-19 before you die and reveal your finance bank deposits, deposits, and insurance to loved ones near you or in any other form.

Normally, people keep financial information secret, but often those who rely on such secrets financially may lose out on getting the money they need in the event of a financial crisis after Breadwinner’s death.

According to some estimates, Rs 18,000 crore in unclaimed money deposited in banks has been transferred to the Depositors’ Education and Awareness Fund (DEAF), a fund launched by the Reserve Bank of India (RBI) in 2014 to provide such unclaimed money to banks.

According to the Insurance Regulatory and Development Authority of India (IRDAI), unclaimed money to insurance companies stands at about Rs 15,000 crore, while unclaimed money at post offices and corporates stands at around Rs 3,500 crore. Another important share of `26,497 crore is in EPFO’s Non-Provident Fund (PF) accounts.

The dormant Public Provident Fund (PPF) accounts are worth over Rs20,000 crore. In addition to death, there may be other reasons behind a large amount of unclaimed money in financial institutions, but it is
best not to take any chances. Therefore, in addition to nominating your loved one, disclose all your financial details to the nominee (s).
Since a pandemic affects many family members, reveal it to some other people you trust.

Do the following things to make the revelation:

• Prepare a diary and write down all your assets, certificates, papers, and the nominee’s name.

• Make a will on plain paper if you feel the need.

• If you have a diary and will detail, please share them with your loved ones or people you trust outside of your family, either personally or via email.

And continue to pay arrears to keep your financial instruments active, especially the premiums for all your life and health insurance policies.

Follow and connect with us on Facebook, LinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here