The COVID-19 pandemic has triggered financial and emotional upheavals for families across India since it hit its shores in March last year. But the most-affected category is that of children who have lost both their parents. According to the National Commission for Protection of Child Rights (NCPCR), over 3,500 kids fall in this category, while more than 26,000 have lost at least one parent.
Not surprisingly, such news reports have heightened the concerns of parents. While most parents invest in mutual funds and ensure that they have a large term insurance policy in place, the virulent second wave has shown that this may not be enough. Effective financial plan as well as legal framework that can protect your children even in your absence need to be put in place.
Tune in to Simply Save podcast to know more about nominations, Wills and private family trusts that can insulate your children against financial crises in future.