Emergency can happen any time, keep these important documents safely, see the list

Insurance Bank Loan Papers News: A person running a household earns and saves for years, takes insurance, invests and also repays loans, but often important things are ignored. If due to some illness, accident or other emergency he is suddenly unable to take financial decisions, the family may have to face a lot of trouble. At such times, correct financial documents are most needed.

Keep all policies of life, health, motor and home insurance in one file. Along with this, also write down the policy number, contact number of the insurance company and information of the nominee. If digital copies of documents have been made, a trusted family member should also know where they are kept safe.

Prepare a simple list of all your bank accounts, fixed deposits, PF, mutual funds, and other investments. It is not necessary to write the password, but the family must know what the financial assets are. If you are running a home loan, car loan or personal loan, then keep the details of the loan granting institution, EMI amount, date of payments and any other loan information in one place. If you have taken loan protection insurance, keep its documents also with you.

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Keep identity card and nominee updated

Keep important identity cards like Aadhar, PAN, passport and voter ID in a safe place. Also keep updating the nominee’s information about bank account, insurance policy and investment from time to time. Having the right nominee makes the claim and settlement process much easier.

Give information to the family also

Just keeping the documents safe is not enough. Be sure to tell your life partner, elder children or any trusted member where the important documents are kept. The most important thing is that they should easily get the documents when needed.

Emergency never comes without warning. At such a time, the entire focus of the family should be on supporting each other, and not on finding the necessary documents. Therefore, take some time today to get your financial documents correct. This small preparation can save the family from big trouble in future.

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