In the event of the death of a life partner in Corona, regenerate your life by doing financial management in this way

New Delhi. The corona pandemic took away many of our close ones from us. Families of families were devastated. A mountain of troubles broke out. Some such families also in which the head died. But life goes on continuously. Therefore, by adopting some financial measures (Financial Management in Corona), we can also revive our life.
People facing such a tough challenge will have to save all the necessary financial documents. The wife has to know the status of the husband’s assets, liabilities, insurance policy and bank accounts. CA Harigopal Patidar told News18 that such families should understand the assets and liabilities well within a month. If the husband has a life insurance policy, do not delay in claiming. You also have to get the assets in your own name.
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Consider withdrawing from stocks and investing in mutual funds
If you are left with only one earning member in your family, your risk taking ability naturally decreases. Hence, your responsibilities will also increase and you will not have time to keep an eye on your investments. In such a situation, consider taking out investment from stocks and investing in mutual funds. There is no need to invest the entire amount in debt funds alone. If there is enough money and the income is good, a bit more aggressive but cautious bets can be played. That is, you can invest in stocks for a long period.
Talk to the bank about debt restructuring
If any bank or financial institution asks to repay the loan, then definitely take a look at the documents with you. It will be known whether their claims are true or not. If you had taken a guarantee in the loan, were a co-applicant or are a legal heir, then the bank or financial institution will recover or demand the loan from the assets pledged or the amount taken as collateral. Those who are not able to pay should discuss with the lenders about debt restructuring. Use the amount received from the life insurance claim to pay off the home loan. Bank Bazaar CEO Adil Shetty says that at least you will have a place to hide your head. After this the amount is saved, then save it for children’s education or your retirement fund.
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Save an amount equal to 12 months’ monthly expenses
If only one of the spouses remains, then instead of six months’ monthly expenses, save an amount equal to 12 months’ monthly expenses for emergency needs. In such a situation, you will be able to face this difficult situation in a better way.
Take insurance for at least 10 times the annual cost
You can take a term insurance policy of 10 to 15 times of your annual expenses or Sum Assured at 8 to 10 times of annual income and total liabilities. If the policy is in the name of two people, then definitely inform the insurance company about the death of one of them. Request to make yourself the primary policyholder after handing over the death certificate. If the husband has taken Employees Deposit Linked Insurance Scheme (EDLI) or Group Insurance provided by the employer, then definitely claim the same.
Get the premium rate fixed for family floater policy
Generally, the company in which you work nowadays has group health insurance. But for emergencies, an additional Rs 15 to 20 lakh health insurance should be purchased. At the same time, inform the insurance company about the death of the husband so that the premium rate of the family floater policy can be re-fixed. Along with health insurance, take a critical illness policy (an insurance policy providing financial benefits in case of critical illness) and an accident cum disability (death-cum-disability cover) policy.
Don’t forget to prepare a will
Keep your assets and nominees in your investment plans separate. It may be that earlier the head of the family would have been the nominee in all the investments made in the name of the rest of the members. Now the name of your children should be added to it. Don’t forget to prepare a will.

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