The checklist I never wanted to make

This was prompted by the fact that I used to get on an average 1 request per month in my various alumni groups to donate as so and so of our batch / institution had a untimely death ( younger than 45 years old) leaving behind a housewife and 1 kids in school and financial liabilities ( house loans + car loans ) and no adequate life insurance cover . And these alumni groups are IIT / NIT / IIM and others such institutions.

Some heavy stuff wanted. to share -specially for all of us In India –

• One of our friend in the Bangalore Odia community passed away last year due to cardiac arrest and we were helping his wife and son (who just joined BITS ) on their insurance and other finance related work. Here are some learning –
• 1) Please keep at least one bank account ( user id and pwd ) with one of ur family number / or convert one main account to joint account
• 2- Share a)ur laptop screen lock pwd , b) email pwd ( used for bank / insurance ) &
• c) Share ur mobile screen lock pwd with spouse / older kids
• ( all three above bcoz with OTP required for login in most banks now, getting access to an account post demise is a difficult task and only legal way to do so is after submitting the death certificate and legal heir proof to bank. This process takes anything between 8–14 weeks in a place like Bangalore where BBMP ( Bangalore municipality) is relatively efficient with most services are process and delivered digitally via BangaloreOne portal.
• 4- Please have nominee details updated in all bank, insurance , MF , PPF , PF , demat account etc
• 5- Have one summary of all ur finances ( Bank account, Life / health/ car insurance etc , MF , PF , PPF , Demat etc handy in both softcopy and paper format) and share with spouse / older kids
• 6 – Same with all property documents ; sale deed , property tax paid acknowledgment, Khata. And if you don’t have Khata , please apply immediately and the process to get Khata takes anything between 6–12 months in Bangalore.
• 7 – Car / vehicle – RC book, Vehicle insurance ( whether covers third party insurance or not )
• 8 – Also check ur exiting liability ( like home loan/ car loan if any) and if those are covered under any insurance policy ( either by you or by the bank ) .
• If not, increase ur life insurance cover by that amount. This is very important else ur family will loose possession of home/ car unless the EMI or outanding balance paid by them.
• 8- Whether u like or not , get Adhaar card for all in family including minor ( with Adhaar it’s easy to sort out Nominee or legal heir paper work)
• 9- Also let ur family be aware about what kind of benefits r available from ur employer ( Group Insurance, PF , SA , Gratuity , EDLI and any other insurance policy) etc .