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Holistic investment planners, financial planning Chennai, Private wealth management Chennai

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Coronavirus Financial Contingency Plan

CoronaVirus Financial Contingency Plan-There is a Way and You Must Take These Measures for Good

by Holistic Leave a Comment | Filed Under: Financial Planning

COVID-19 just hit a million and marching forward.

It changed the status quo for the worse and disrupted the established order. From jobs, finances, to investments, to delaying of every plan we had for the next few months.

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The immediate threat, though, is contracting this coronavirus yourself or anyone in your family. It would mean an imminent threat to you and your family’s well being.

“Nothing splendid has ever been achieved except by those who dared believe that something inside them was superior to circumstance.” – Bruce Barton

You and I have the responsibility to prevent the threat at any cost. You also have to be prepared if the worst happens. I say this because I am prepared and I think you should be, too.

Table of Contents:

1. A Threat to Consider
2. Have Health Protection in Standby

  • List All Your Mediclaim Policies
  • Ensure Family Coverage
  • Ensure COVID-19 Coverage
  • Emergency Preparations

3. Be There Even During Your Isolation

  • The Unfolding of Unfortunate Events
  • The Information Vault

4. Not Only For COVID-19
5. Conclusion

A Threat to Consider

What happens if you unfortunately, contract this COVID-19?

How do you think events will unfold then?

The first thing to hit you will not be the disease itself but the panic that comes with it. If it happens,

Who will take care of everything if you are under quarantined intense medical care?

Will your family be able to hold everything together during this time of suffering?

This calls for a contingency plan to take care of everything, because the scenario without a contingency plan is very unpleasant.

Just by making a few things prepared in advance you can make a huge difference.

Here’s a quick 2-layer contingency plan to ensure you are best prepared for the worst.

1. Have Health Protection in Stand By

Tweak your health insurance policies the best you can.

There may be some restrictions to do it the best since we’re on lockdown. But here’s a list of steps you should do to tweak your risk management.

List all your mediclaim policies:

List all the health insurance policies you have, including the individual mediclaim policy or your family health plans and your employee health insurance policy.

Double-check your health insurance policies are active, not lapsed.

Ensure Family Coverage:

Are all members of your family covered with a health insurance plan?

It is often possible that only core family members are covered with an individual health insurance policy.

It tends to seem sufficient as core family members are usually covered with an employer-provided health plan alone. What are you going to do to cover the extended family members?

Virtually there seems no need for other family or individual health insurance policy.

You have to know that employer-provided health plans, though effective, leaves blind spots. Especially during times like these when job security is a question.

Make sure your entire family has a health insurance cover.

Ensure COVID-19 Coverage:

It is important to have a health cover in general. But right now, protection against the COVID-19 is a priority.

Do your health insurance plans cover for the treatment of COVID-19?

IRDA released a circular stating “all claims reported under Corona Virus shall be handled” as per norms prescribed. Many insurers ensured that their existing health insurance plans will cover the COVID-19 too.

If you have not done already, take a few minutes to make sure your health insurance policy providers cover the COVID-19.

You might not be successful in contacting their helpline because of the lockdown. Instead, you may try visiting their website or social media handles. You may also try and reach out to executives of the insurance provider over the phone to make sure.

Emergency Preparation:

If you or anyone in your family happens to contract the COVID-19, know where to reach.

Have your TPA card or insurance policy card ready.

Have the COVID-19 emergency helpline ready. Here are Corona Virus helpline numbers,

You can find the official coronavirus helpline here from Govt. of India here.

The coronavirus has a long incubation period; it might take a while to even show symptoms.

Having your health insurance policy card and emergency helpline handy will turn out to be very helpful.

Also, now that private hospitals are coming in with facilities set up to treat the COVID-19 patients, you can choose a hospital that you think is comfortable for you.

Check for hospitals that are in the network hospitals of your health insurance plan that also provide treatment for COVID-19, preferably closer to your residence.

These steps should ensure that you will be ready when it is necessary.

But let’s push it a bit further.

What happens if you catch the COVID-19 and are isolated?

2. Be There Even during Your Isolation

You getting into quarantine means your family has to manage their own until you return.

Will they be able to have everything under control?

The Unfolding of Unfortunate Events:

What if you wake up with fatigue tomorrow? You could be just tired.

But the next day you wake up with a fever and a severe cough the following day. It is then you realize something is not right. You go to the hospital and they confirm that you have the infamous COVID-19.

You try to remember how did it happen, but it doesn’t matter now. Panic hits you but your family, worse.

They couldn’t grasp what is going on around them. They are isolated having no idea how you are and so are you. And thankfully none of them tests positive.

That’s a relief for now. But they’re still stressed over the fact that you are struggling to breathe and coughing your lungs out.

Especially your children—as a parent, it is your duty to make them feel safe. The news and media are not making it easy either.

How can your spouse make your children feel safe if they don’t in the first place?

The living expenses, expenses in case of an emergency in this situation, any loan that you’ve been paying, there are many. These build up the stress day after day until it breaks their spirit. And you won’t be there to hold their hand and say “It’s going to be alright”.

What is the point of having “financial security” or a detailed financial plan if it cannot come to the rescue of your family in your absence?

Do they have access to all the vital information that can make them a little more safe and secure?

Today, you are going to do just that.

“There are no great acts, only small acts done with great love” Mother Teresa

The Information Vault:

It is a one-point destination for all your personal finance and other essential information.

It is a Protected Document File that lets you save your

  • Personal and family members details
  • Emergency Contact
  • Insurance details
  • Bank and Property details
  • Investment details
  • Account credentials
  • Contact detail of your advisors
  • Loan details
  • The storage location of important documents

All this necessary information can be stored in one safe place that is easy to access.

Download Your Information Vault here—it’s free.

You can store this information vault of your on any of your devices and in your secured cloud drive. This way, you have access to all the necessary information anytime you want.

Download the information vault, save all your important and essential information and store it where you think it is secure.

Next time your look for a document or a policy number during an emergency, you’ll know where to look.

Watch the video to know more about information vault!

Not Only For COVID-19

This coronavirus crisis is only a very practical instance of how your Information Vault can change your life.

But, having your Information Vault is essential that goes beyond this COVID-19 crisis. It is not the only threat we’re facing.

It is the time and uncertainty racing we’re against. Today, it’s in the form of a pandemic outbreak. Tomorrow it could be something else.

Download the Information Vault—show your loved ones that you are there for them even when you are present.

We must all suffer from one of two pains: the pain of proactive action or the pain of regret. The difference is proactive action weighs ounces while regret weighs tons.

Next steps After the contingency Plan

Now as there is a stock market crash due the COVID 19, here are some ways for you to recover faster from this crash.

1. Should you come out of your investments?

The quick actions people may take during this time are:

  • Withdrawing to avoid further losses and
  • Timing the market bottom.

But do not make such decisions.

“Panic causes tunnel vision. Calm acceptance of danger allows us to more easily assess the situation and see the options.” – Simon Sinek

Hence do not jump out of your investments, rather stay invested. If in a financial need, use your debt investments, emergency funds, and if much needed use the EMI moratorium facility.

For more info read: How to take advantage of the coronavirus crash.

2. How can you have a faster recovery from the Stock market crash?

There are three ways:

A. A portfolio revamp

Check your investments and find if there are any poor-performing investments; if you find any; move them to better-performing investments. Experiments were done by revamping and it helped. Can you redeem and reinvest now?

To know more read: How to revamp for faster and better results.

B. A portfolio rebalance
After the stock market crash, your asset allocation would have changed. So you will have to bring it back to the original asset allocation. This is portfolio rebalance. This also reduces the risk factor.

For more, read: How portfolio rebalance is done.

C. Making the right choice on SIP

You can either stop, continue, or increase SIP.

Choices can be deceiving and time-consuming.

So we did two experiments to find what was the best option. The experiments included three investor categories, each of who chose one among the following options. One to stop, one to continue and one to increase SIP (all during the market fall).

In both the experiments, the one who increased SIP during the market fall, earned the highest portfolio value. Hence proved that increasing your SIP will help you recover faster.

For more, read: How to play smart with your SIP.

All these above discussed points are to be done before the market recovers for faster recovery. Knowledgeable and successful investors would do these before the market recovers and also gain when the market recovers. Are you one of them?

These methods reduce the risk factor and also give you better returns. Out of these how many have you done to recover from the stock market crash?

Conclusion

Could you imagine that a lifeless microscopic pathogen has intimidated the entire human race?

It’s unbelievable but it is happening. It is an unconventional, yet a strong way to show how fragile and uncertain our lives are.

Those with the courage to imagine the worst and plan for it will live to see another day. And the rest live their lives on chance.

The measures seen in this article are a way to tackle these chaotic days and give you the power and control that seems lost.

Are you going to take control or leave your life to chance?

Make your choice. Be vigilant! Be strong!

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Previous article: How to take advantage of this lockdown to take your financial life to the next level?
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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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