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Prepare Financially for the Unpredictable with ULIP Plans

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July 22, 2019
Khusbhoo Balwani Rawal, 35, talks about how the 2005 Mumbai floods helped her realise the importance of looking out for each other (and herself).

There is a certain level of privilege that most of us enjoy and unfortunately people do not utilise it to help others.

I was stuck in Dadar during the 26 July floods in 2005 and random people had helped me that day. Somebody gave me a plastic bag to cover my phone and another person shared his umbrella with me. You could see the whole spirit of Bombay in action, even though the situation was so difficult.

People really stepped out at that time and went out of their way to help. Nobody was looking whether you are privileged or not, or what you did for a living. I was very lucky that people helped me reach Sion that day. I saw people carrying dogs and kids on their shoulder while walking in the water, which was really physical. It was quite a scary moment for everyone, but to see this around me was absolutely incredible.

Everyone worked like they were a part of a single community. And that is when I realised that whatever it is, you have to give back in whatever way you can.

Two years ago it got really flooded in August due to untimely monsoons. I stay at Char Rasta in Wadala, which is alright, but everywhere around this area, it gets flooded very quickly, as does Gandhi market where my mother stays. The water was rising and reached my knees and I saw a lot of cars stuck on the streets that day.

I was wondering whether I should go out and help, because I didn't really know any of these people. And nobody was there at home either.

But I decided I had to go, because someone had helped me when I needed it. So I made a few flasks of tea, took some biscuits, and caught hold of my building watchman. We took two umbrellas which flew away and broke at one point. But we went out in the streets regardless, walked in opposite directions, and distributed tea and biscuits to whoever we found.

This year it was raining quite heavily, but I wasn't in town. So I coordinated with my partner, who decided to open up her home for people to come in and rest. I have a banquet place at Churchgate which is huge - around 3,600 square feet - so I also thought that it could be one of the places for people to come in. In the future, I also want to do something for animals.

I'm a mother to my five-year-old daughter Aarianna, a part-time teacher, run a banquet-space, a co-founder of Micro-Fiction Fan Fest, do a little bit of writing and am also into curation during festivals.

Being a mother who wants the right education for her child, attending to my work, while also maintaining a certain kind of lifestyle where I like to shop and spend money, I try to work around ways where I can save a lot. You may have your father's money or your husband's family support, but I strongly believe every woman should be financially independent.

The moment you start earning, you realise that it is important to save. I believe in investing in a systematic way. I stay away from things that I don't know much about. Younger people tend to invest more in equity, but for someone who doesn't know about investments, it doesn't make sense.

I am currently investing for my child's education, considering the kind of expenses you incur if you want good schooling.

Financial stability and security is vital, so that a woman can look out for herself and her family. We are no longer living in a time where only the man does these things. So everyone needs to pool in these days, just like I had experienced one rainy day in Mumbai.

The best way to look out for your loved ones is through planning your finances, saving to help them achieve their dreams, and protecting them in case of unfortunate events. Investing in a good ULIP plan will help with the same.

ARN: ED/08/19/15396

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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