Simply Save podcast | How should NRIs rework their financial planning after returning to India?
Many NRIs living abroad lost their jobs due to Covid-19 and have returned back to India. These NRIs have to rework their investment portfolios, ensure a health insurance cover and rework their money lives
February 10, 2021 / 10:24 AM IST
The year of 2020 was tough for most of us due to the Covid-19 pandemic. While India has fared far better than most foreign countries in terms of curtailing infection, many foreign countries are still suffering from Covid-19. Those working in industries that are directly affected due to the Covid-19 pandemic and subsequent lockdowns, such as hotels and restaurants, travel companies, airlines, and so on, have been the worst affected of the lot. Many such NRIs have chosen to come back to India.
The question is how should they manage their finances in India now. Most financial planners recommend that people who are moving abroad must continue deploying some money in Indian markets as well. This kitty overtime can become substantial to serve as backup for returning NRIs, should they fall in difficult times abroad and are compelled to come back.
In today’s Simply Save podcast, Kalpesh Ashar, Founder, Full Circle Financial Planners and Advisors joins us, Kalpesh manages money of clients situated all over India, as well as NRIs settled abroad. Kalpesh says that he has seen many NRIs come back due to job losses on account of the Covid-19 pandemic. A well-planned portfolio carefully nurtured in India over these years, he says, come in handy for those coming back. A contingency fund is a must, says Kalpesh. A health insurance policy is also important. Fortunately, he adds, many NRIs willingly continue their health insurance policies in India all through their foreign migration. That’s because for many NRIs, it’s still cheaper to come to India and get any surgery or medical procedure done, if required, than getting the same in their country of residence abroad.
To sum it all, Kalpesh says that whether you live in India or abroad, the basics of financial planning remain the same.
Tune in to the Simply Save podcast for more.