Most of the Indian population realise the importance of life insurance or a will or a Mediclaim in the times of Crises. The year 2020, has taught us more than giving priority to the health. But why do we need a wake-up call to act on something that is so preliminary and simple. Why don’t we act when things are going hunky-dory?
A 40-year-old said, “Oh, I don’t need to make a will right now. I will probably do it a few years before my retirement. I am fit and fine now, and take proper care of my health.” In 2020, he succumbed to Covid-19, and left the legacy that he had created until then, hanging between family debates and fights.
Just before dying, he had an awakening, “Will is greater than a Wish.” The irony of this incident is that this gentleman knew the importance of “Will”; yet his wishful belief system told him that “Will” is to be done, only when you are about to retire.
Sadly, the person who dies does not pay the price of his negligence; it is his near and dear ones who suffer.
There’s a study that reveals the sorry statistics of people across different age groups, who have a will v/s who don’t have it. Even in 60+ years age-bracket, considered as the most vulnerable age group, only 17% have a living will.
Post 2020, each one of us is clear of how vulnerable our lives are, irrespective of which age-bracket we fall in. Consider will-creation similar to a life insurance policy, as a matter of necessity. It needs to be reviewed and renewed from time to time; it is meant to take care of your dependents.
There’s another interesting angle to the repercussions of not making a will.
The survey done by Jagoinvestor.com in the year 2021 is an eye-opener. A whopping sum of INR. 98,779 Crore is lying unclaimed in India.
A lot of times the work professionals do not share their investment or insurance related information with their family members, and this leads to letting a fortune slip away from those who have legal right over it.
There are ways to reclaim these sums by their supposedly legal heirs, though it’s a very tedious and sometimes expensive process.
The real scary question is whether the legal heirs know if the deceased person had an insurance policy, investments or bank account with these huge sums.
A will advisor, creator and executor is all you need.