By Ajay Sharma, Managing Director & Partner, Mitra LLP Investment Advisors
India is a land of Festivals. Traditionally India had been an agrarian society and had made tremendous progress in agriculture. Prosperity brought celebration into our lives along with responsibility. The sense of responsibility towards our beings in society, including non-humans is reflected in our holidays and in our rituals.
One such festival that evokes responsibility among Indians is Raksha Bandhan. In his most famous interpretation to this day the brothers assure and promise to protect all the interests of their sisters and against all evils in the lives of their sisters.
On this Raksha Bandhan, let this promise not be limited to a few gifts and a promise to protect them physically, but to expand its purpose, both in terms of relationship and in the field of defense. This year, as you expand the field, include all those people who are dependent on you and provide them with your umbrella of financial protection. They can be your parents, your sisters, children, life partner, employees and anyone else.
Scope of defense
- The first and most important thing is to ensure that money should continue to flow to all those who depend on your income even in absentia. So calculate your human life value and buy a Long Term Insurance Plan If your wealth is short on the value of your human life.
- Second, buy health insurance for all those who depend on you, including you, to cover the extra expenses one has to incur in the event of an unfortunate incidence of illness.
- Third, evaluate your investments and check that you are saving enough to meet the financial objectives of each dependent by the time they become independent.
- Fourth ensure that you have a sufficient body in your case fund to meet the costs of any unforeseen situation.
- Fifth and equally important is to ensure that you save enough on meeting expenses after retirement.
Protect your employees
Ancient texts are full of stories that show that this festival was not just celebrated among brothers and sisters. On this day people use to tie the sacred thread around the wrist of their Master and seek their protection. As a master you can protect your maid, gardener, driver and any other employee at home or at work.
Buy Prime Ministers Jeevan Jyoti Bima Yojana and Suraksha Bima Yojana. They hardly cost anything. Make sure all your servants have the Ayushman Card to enjoy the benefits of Prime Minister Jan Arogya Yojana. You can also explore group claims, group accidents and group mandate plan for them. Motivate them to start a recurring deposit with a bank or a SIP in a liquid fund to create their own emergency funds and an SIP in a equity fund to create long-term corpus for themselves.
You can get the help of a certified Financial Planner in case you have a hard time figuring out how to do this. So this Raksha Bandhan promise will protect the financial interests of your loved ones and also provide protection for those who serve your interests.
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