Today is Raksha Bandhan, a festival showcasing the beautiful brother-sister relationship that is celebrated in large parts of the country. In this festival, the sister ties a rakhi or amulet on her brother’s hand and in turn asks him to protect her (raksha).
With changing times the meaning of ‘raksha’ has changed from physical security to financial security. At a time of rampant job insecurity, providing a financial shield or financial ‘kavatch’ for one’s sister is very important. Below are some ways of doing that.
Multiple layers of security will be needed in order to not only protect her but also secure her future. Before anything else, the brother should protect against the downside. The best and the first way to do this is to buy insurance. A term (life insurance) policy and a medical (health insurance) policy at a young age is one of the best protections a brother can offer his sister. Enrolling the sibling in a comprehensive health insurance plan will give her the security to withstand financial shocks on account of health issues. Rising hospitalisation costs have been a big reason for shattered dreams.